SPX4.L vs. H50E.L

Last updated Jun 5, 2026

SPX4.L (SPDR S&P 400 US Mid Cap UCITS ETF) and H50E.L (HSBC EURO STOXX 50 UCITS ETF) are both exchange-traded funds - SPX4.L is a Mid Cap Blend Equities fund tracking the Russell Mid Cap TR USD, while H50E.L is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 3 years, SPX4.L returned 13.07%/yr vs 15.76%/yr for H50E.L. A 0.61 correlation means they provide meaningful diversification when combined. SPX4.L charges 0.30%/yr vs 0.25%/yr for H50E.L.

Performance

SPX4.L vs. H50E.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) and HSBC EURO STOXX 50 UCITS ETF (H50E.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPX4.L is traded in GBP, while H50E.L is traded in GBp. To make them comparable, the H50E.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPX4.L achieves a 13.69% return, which is significantly higher than H50E.L's 6.58% return.

SPX4.L

• 1D: 0.40%
• 1M: 2.49%
• YTD: 13.69%
• 6M: 12.94%
• 1Y: 27.04%
• 3Y*: 13.07%
• 5Y*: —
• 10Y*: —

H50E.L

• 1D: 0.97%
• 1M: 5.00%
• YTD: 6.58%
• 6M: 7.69%
• 1Y: 18.97%
• 3Y*: 15.76%
• 5Y*: 11.75%
• 10Y*: 11.61%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPX4.L vs. H50E.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF	13.69%	0.12%	14.37%	10.71%	-1.28%
H50E.L HSBC EURO STOXX 50 UCITS ETF	6.58%	28.02%	6.20%	20.06%	4.87%

Correlation

The correlation between SPX4.L and H50E.L is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.61

The correlation between SPX4.L and H50E.L has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

SPX4.L vs. H50E.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPX4.L

SPX4.L Risk / Return Rank: 64
SPX4.L Sharpe Ratio Rank: 59
SPX4.L Sortino Ratio Rank: 57
SPX4.L Omega Ratio Rank: 56
SPX4.L Calmar Ratio Rank: 79
SPX4.L Martin Ratio Rank: 70

H50E.L

H50E.L Risk / Return Rank: 36
H50E.L Sharpe Ratio Rank: 36
H50E.L Sortino Ratio Rank: 37
H50E.L Omega Ratio Rank: 36
H50E.L Calmar Ratio Rank: 34
H50E.L Martin Ratio Rank: 36

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPX4.L vs. H50E.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) and HSBC EURO STOXX 50 UCITS ETF (H50E.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SPX4.L	H50E.L	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.25	+0.70
Sortino ratio: Return per unit of downside risk	2.70	1.87	+0.83
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	3.98	1.64	+2.34
Martin ratio: Return relative to average drawdown	12.97	5.52	+7.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPX4.L vs. H50E.L - Sharpe Ratio Comparison

The current SPX4.L Sharpe Ratio is 1.96, which is higher than the H50E.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SPX4.L and H50E.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPX4.L	H50E.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.25	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.39	0.00

Drawdowns

SPX4.L vs. H50E.L - Drawdown Comparison

The maximum SPX4.L drawdown since its inception was -26.24%, smaller than the maximum H50E.L drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for SPX4.L and H50E.L.

Drawdown Indicators

	SPX4.L	H50E.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-34.68%	+8.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-11.49%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	-14.20%	-12.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.50%	—
Current Drawdown Current decline from peak	0.00%	-0.42%	+0.42%
Average Drawdown Average peak-to-trough decline	-7.81%	-7.22%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	3.43%	-1.39%

Volatility

SPX4.L vs. H50E.L - Volatility Comparison

The current volatility for SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) is 3.61%, while HSBC EURO STOXX 50 UCITS ETF (H50E.L) has a volatility of 4.79%. This indicates that SPX4.L experiences smaller price fluctuations and is considered to be less risky than H50E.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPX4.L	H50E.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	4.79%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	12.32%	-2.88%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	15.11%	-1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	17.19%	+5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	17.99%	+4.47%

SPX4.L vs. H50E.L - Expense Ratio Comparison

SPX4.L has a 0.30% expense ratio, which is higher than H50E.L's 0.25% expense ratio.

Dividends

SPX4.L vs. H50E.L - Dividend Comparison

SPX4.L has not paid dividends to shareholders, while H50E.L's dividend yield for the trailing twelve months is around 2.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H50E.L HSBC EURO STOXX 50 UCITS ETF	2.45%	2.46%	2.98%	2.92%	2.77%	2.01%	2.05%	3.04%	3.50%	2.76%	2.79%	2.63%
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPX4.L and H50E.L in my portfolio?

SPX4.L and H50E.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPX4.L or H50E.L?

On fees, H50E.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPX4.L or H50E.L?

H50E.L is cheaper with a 0.25% expense ratio, compared with 0.30% for SPX4.L.

What is the main difference between SPX4.L and H50E.L?

SPX4.L is categorized as Mid Cap Blend Equities, while H50E.L is Europe Equities. SPX4.L tracks Russell Mid Cap TR USD, while H50E.L tracks MSCI EMU NR EUR. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.30% for SPX4.L and 0.25% for H50E.L.