SPYE.DE vs. H4ZZ.DE
SPYE.DE (SPDR MSCI Europe UCITS ETF) and H4ZZ.DE (HSBC Euro Stoxx 50 UCITS ETF EUR (Acc)) are both Europe Equities funds - SPYE.DE tracks the MSCI Europe while H4ZZ.DE tracks the EURO STOXX 50. Both are passively managed. Over the past 3 years, SPYE.DE returned 13.73%/yr vs 15.64%/yr for H4ZZ.DE. Their correlation of 0.94 suggests significant overlap in exposure. SPYE.DE charges 0.25%/yr vs 0.05%/yr for H4ZZ.DE.
Performance
SPYE.DE vs. H4ZZ.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPYE.DE achieves a 7.68% return, which is significantly higher than H4ZZ.DE's 7.20% return.
SPYE.DE
- 1D
- 0.62%
- 1M
- 1.21%
- YTD
- 7.68%
- 6M
- 10.03%
- 1Y
- 16.22%
- 3Y*
- 13.73%
- 5Y*
- 9.86%
- 10Y*
- 9.09%
H4ZZ.DE
- 1D
- 0.77%
- 1M
- 1.96%
- YTD
- 7.20%
- 6M
- 8.56%
- 1Y
- 15.62%
- 3Y*
- 15.64%
- 5Y*
- —
- 10Y*
- —
SPYE.DE vs. H4ZZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPYE.DE SPDR MSCI Europe UCITS ETF | 7.68% | 20.32% | 8.24% | 15.50% | 2.75% |
H4ZZ.DE HSBC Euro Stoxx 50 UCITS ETF EUR (Acc) | 7.20% | 22.35% | 10.99% | 22.53% | 9.82% |
Correlation
The correlation between SPYE.DE and H4ZZ.DE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022 | 0.94 |
The correlation between SPYE.DE and H4ZZ.DE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
SPYE.DE vs. H4ZZ.DE — Risk / Return Rank
SPYE.DE
H4ZZ.DE
SPYE.DE vs. H4ZZ.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (SPYE.DE) and HSBC Euro Stoxx 50 UCITS ETF EUR (Acc) (H4ZZ.DE). 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.
| SPYE.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.43 | +0.30 |
| Martin ratioReturn relative to average drawdown | 6.36 | 4.86 | +1.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPYE.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 0.98 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 1.18 | -0.66 |
Drawdowns
SPYE.DE vs. H4ZZ.DE - Drawdown Comparison
The maximum SPYE.DE drawdown since its inception was -35.54%, which is greater than H4ZZ.DE's maximum drawdown of -16.46%. Use the drawdown chart below to compare losses from any high point for SPYE.DE and H4ZZ.DE.
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Drawdown Indicators
| SPYE.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.54% | -16.46% | -19.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.45% | -10.94% | +1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -16.65% | -16.46% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -19.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.54% | — | — |
Current DrawdownCurrent decline from peak | -1.47% | -0.53% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -5.36% | -2.68% | -2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 3.23% | -0.64% |
Volatility
SPYE.DE vs. H4ZZ.DE - Volatility Comparison
The current volatility for SPDR MSCI Europe UCITS ETF (SPYE.DE) is 4.24%, while HSBC Euro Stoxx 50 UCITS ETF EUR (Acc) (H4ZZ.DE) has a volatility of 4.93%. This indicates that SPYE.DE experiences smaller price fluctuations and is considered to be less risky than H4ZZ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYE.DE | H4ZZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 4.93% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 12.97% | -2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.87% | 15.97% | -3.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.30% | 15.85% | -1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 15.85% | -0.14% |
SPYE.DE vs. H4ZZ.DE - Expense Ratio Comparison
SPYE.DE has a 0.25% expense ratio, which is higher than H4ZZ.DE's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPYE.DE vs. H4ZZ.DE - Dividend Comparison
Neither SPYE.DE nor H4ZZ.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, SPYE.DE and H4ZZ.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, H4ZZ.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZZ.DE is cheaper with a 0.05% expense ratio, compared with 0.25% for SPYE.DE.
SPYE.DE tracks MSCI Europe, while H4ZZ.DE tracks EURO STOXX 50. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.25% for SPYE.DE and 0.05% for H4ZZ.DE.
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