UETE.DE vs. H4Z3.DE

Last updated Jun 5, 2026

UETE.DE (UBS ETF (LU) MSCI Emerging Markets SRI UCITS ETF (USD) Acc) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - UETE.DE tracks the MSCI Emerging Markets SRI Low Carbon Select 5% Issuer Capped while H4Z3.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, UETE.DE returned 24.18%/yr vs 20.42%/yr for H4Z3.DE. Their correlation of 0.87 suggests significant overlap in exposure. UETE.DE charges 0.24%/yr vs 0.15%/yr for H4Z3.DE.

Performance

UETE.DE vs. H4Z3.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in UBS ETF (LU) MSCI Emerging Markets SRI UCITS ETF (USD) Acc (UETE.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UETE.DE achieves a 34.13% return, which is significantly higher than H4Z3.DE's 27.75% return.

UETE.DE

• 1D: -1.52%
• 1M: 6.56%
• YTD: 34.13%
• 6M: 35.13%
• 1Y: 59.19%
• 3Y*: 24.18%
• 5Y*: 10.19%
• 10Y*: —

H4Z3.DE

• 1D: -1.67%
• 1M: 3.67%
• YTD: 27.75%
• 6M: 28.22%
• 1Y: 49.05%
• 3Y*: 20.42%
• 5Y*: —
• 10Y*: —

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

UETE.DE vs. H4Z3.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UETE.DE UBS ETF (LU) MSCI Emerging Markets SRI UCITS ETF (USD) Acc	34.13%	21.00%	16.13%	2.60%	-6.76%
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	27.75%	18.60%	13.73%	4.66%	-6.26%

Correlation

The correlation between UETE.DE and H4Z3.DE is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022	0.87

The correlation between UETE.DE and H4Z3.DE has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

UETE.DE vs. H4Z3.DE — Risk / Return Rank

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

UETE.DE

UETE.DE Risk / Return Rank: 69
UETE.DE Sharpe Ratio Rank: 66
UETE.DE Sortino Ratio Rank: 65
UETE.DE Omega Ratio Rank: 85
UETE.DE Calmar Ratio Rank: 76
UETE.DE Martin Ratio Rank: 53

H4Z3.DE

H4Z3.DE Risk / Return Rank: 86
H4Z3.DE Sharpe Ratio Rank: 87
H4Z3.DE Sortino Ratio Rank: 86
H4Z3.DE Omega Ratio Rank: 86
H4Z3.DE Calmar Ratio Rank: 86
H4Z3.DE Martin Ratio Rank: 85

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.

UETE.DE vs. H4Z3.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Emerging Markets SRI UCITS ETF (USD) Acc (UETE.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.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.

	UETE.DE	H4Z3.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.85	-0.69
Sortino ratio: Return per unit of downside risk	2.96	3.82	-0.86
Omega ratio: Gain probability vs. loss probability	1.51	1.52	-0.01
Calmar ratio: Return relative to maximum drawdown	3.82	4.77	-0.94
Martin ratio: Return relative to average drawdown	9.11	17.12	-8.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UETE.DE vs. H4Z3.DE - Sharpe Ratio Comparison

The current UETE.DE Sharpe Ratio is 2.16, which is comparable to the H4Z3.DE Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of UETE.DE and H4Z3.DE, 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

	UETE.DE	H4Z3.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.85	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.91	-0.44

Drawdowns

UETE.DE vs. H4Z3.DE - Drawdown Comparison

The maximum UETE.DE drawdown since its inception was -36.83%, which is greater than H4Z3.DE's maximum drawdown of -18.86%. Use the drawdown chart below to compare losses from any high point for UETE.DE and H4Z3.DE.

Drawdown Indicators

	UETE.DE	H4Z3.DE	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-18.86%	-17.97%
Max Drawdown (1Y) Largest decline over 1 year	-15.70%	-10.47%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-20.20%	-18.86%	-1.34%
Max Drawdown (5Y) Largest decline over 5 years	-23.75%	—	—
Current Drawdown Current decline from peak	-2.50%	-2.73%	+0.23%
Average Drawdown Average peak-to-trough decline	-10.85%	-4.95%	-5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.60%	2.92%	+3.68%

Volatility

UETE.DE vs. H4Z3.DE - Volatility Comparison

UBS ETF (LU) MSCI Emerging Markets SRI UCITS ETF (USD) Acc (UETE.DE) has a higher volatility of 8.58% compared to HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) at 7.35%. This indicates that UETE.DE's price experiences larger fluctuations and is considered to be riskier than H4Z3.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UETE.DE	H4Z3.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	7.35%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	14.91%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	17.54%	+10.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.18%	15.77%	+4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	15.77%	+6.11%

UETE.DE vs. H4Z3.DE - Expense Ratio Comparison

UETE.DE has a 0.24% expense ratio, which is higher than H4Z3.DE's 0.15% 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

UETE.DE vs. H4Z3.DE - Dividend Comparison

Neither UETE.DE nor H4Z3.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UETE.DE and H4Z3.DE in my portfolio?

With a correlation of 0.92, UETE.DE and H4Z3.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.

Which ETF is better, UETE.DE or H4Z3.DE?

On fees, H4Z3.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UETE.DE or H4Z3.DE?

H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.24% for UETE.DE.

What is the main difference between UETE.DE and H4Z3.DE?

UETE.DE tracks MSCI Emerging Markets SRI Low Carbon Select 5% Issuer Capped, while H4Z3.DE tracks MSCI Emerging Markets. They also come from different issuers: UBS and HSBC. Their fees differ too: 0.24% for UETE.DE and 0.15% for H4Z3.DE.