SPYX.DE vs. H41E.DE
SPYX.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) and H41E.DE (HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - SPYX.DE tracks the MSCI Emerging Markets Small Cap while H41E.DE tracks the MSCI Emerging Markets Value SRI ESG Target Select. Both are passively managed. Over the past 3 years, SPYX.DE returned 14.36%/yr vs 27.78%/yr for H41E.DE. A 0.73 correlation means they provide meaningful diversification when combined. SPYX.DE charges 0.55%/yr vs 0.35%/yr for H41E.DE.
Performance
SPYX.DE vs. H41E.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPYX.DE achieves a 17.87% return, which is significantly lower than H41E.DE's 39.52% return.
SPYX.DE
- 1D
- 0.12%
- 1M
- 0.89%
- YTD
- 17.87%
- 6M
- 17.31%
- 1Y
- 27.59%
- 3Y*
- 14.36%
- 5Y*
- 8.43%
- 10Y*
- 9.22%
H41E.DE
- 1D
- -1.46%
- 1M
- 11.44%
- YTD
- 39.52%
- 6M
- 42.99%
- 1Y
- 69.89%
- 3Y*
- 27.78%
- 5Y*
- —
- 10Y*
- —
SPYX.DE vs. H41E.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPYX.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF | 17.87% | 6.29% | 8.50% | 18.50% | -2.88% |
H41E.DE HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) | 39.52% | 22.02% | 17.74% | 11.43% | -2.00% |
Correlation
The correlation between SPYX.DE and H41E.DE is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022 | 0.73 |
The correlation between SPYX.DE and H41E.DE has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
SPYX.DE vs. H41E.DE — Risk / Return Rank
SPYX.DE
H41E.DE
SPYX.DE vs. H41E.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Small Cap UCITS ETF (SPYX.DE) and HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.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.
| SPYX.DE | H41E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.69 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 7.09 | -4.32 |
| Martin ratioReturn relative to average drawdown | 9.22 | 25.00 | -15.79 |
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
| SPYX.DE | H41E.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.60 | 3.91 | -2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 1.56 | -1.19 |
Drawdowns
SPYX.DE vs. H41E.DE - Drawdown Comparison
The maximum SPYX.DE drawdown since its inception was -41.12%, which is greater than H41E.DE's maximum drawdown of -20.92%. Use the drawdown chart below to compare losses from any high point for SPYX.DE and H41E.DE.
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Drawdown Indicators
| SPYX.DE | H41E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.12% | -20.92% | -20.20% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -9.80% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -22.71% | -20.92% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.12% | — | — |
Current DrawdownCurrent decline from peak | -1.63% | -3.33% | +1.70% |
Average DrawdownAverage peak-to-trough decline | -8.26% | -3.10% | -5.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.79% | +0.20% |
Volatility
SPYX.DE vs. H41E.DE - Volatility Comparison
The current volatility for SPDR MSCI Emerging Markets Small Cap UCITS ETF (SPYX.DE) is 7.12%, while HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) has a volatility of 7.97%. This indicates that SPYX.DE experiences smaller price fluctuations and is considered to be less risky than H41E.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYX.DE | H41E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.12% | 7.97% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 14.24% | 14.66% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.22% | 17.80% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.85% | 16.06% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.85% | 16.06% | +0.79% |
SPYX.DE vs. H41E.DE - Expense Ratio Comparison
SPYX.DE has a 0.55% expense ratio, which is higher than H41E.DE's 0.35% expense ratio.
Dividends
SPYX.DE vs. H41E.DE - Dividend Comparison
Neither SPYX.DE nor H41E.DE has paid dividends to shareholders.
Frequently Asked Questions
SPYX.DE and H41E.DE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, H41E.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H41E.DE is cheaper with a 0.35% expense ratio, compared with 0.55% for SPYX.DE.
SPYX.DE tracks MSCI Emerging Markets Small Cap, while H41E.DE tracks MSCI Emerging Markets Value SRI ESG Target Select. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.55% for SPYX.DE and 0.35% for H41E.DE.
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