XREA.DE vs. H4ZL.DE

Last updated Jun 5, 2026

XREA.DE (Xtrackers FTSE Developed Europe Ex UK Property UCITS ETF) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both REIT funds - XREA.DE tracks the FTSE EPRA/NAREIT Developed Europe ex UK Capped while H4ZL.DE tracks the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past 10 years, XREA.DE returned 1.57%/yr vs 2.35%/yr for H4ZL.DE. A 0.65 correlation means they provide meaningful diversification when combined. XREA.DE charges 0.33%/yr vs 0.24%/yr for H4ZL.DE.

Performance

XREA.DE vs. H4ZL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers FTSE Developed Europe Ex UK Property UCITS ETF (XREA.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XREA.DE achieves a -0.91% return, which is significantly lower than H4ZL.DE's 6.32% return. Over the past 10 years, XREA.DE has underperformed H4ZL.DE with an annualized return of 1.57%, while H4ZL.DE has yielded a comparatively higher 2.35% annualized return.

XREA.DE

• 1D: 0.48%
• 1M: -3.50%
• YTD: -0.91%
• 6M: 0.57%
• 1Y: -1.75%
• 3Y*: 9.96%
• 5Y*: -3.70%
• 10Y*: 1.57%

H4ZL.DE

• 1D: -0.02%
• 1M: -2.45%
• YTD: 6.32%
• 6M: 5.97%
• 1Y: 6.50%
• 3Y*: 3.13%
• 5Y*: 0.30%
• 10Y*: 2.35%

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

XREA.DE vs. H4ZL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XREA.DE Xtrackers FTSE Developed Europe Ex UK Property UCITS ETF	-0.91%	8.31%	-2.14%	17.83%	-34.64%	12.36%	-7.76%	26.96%	-4.17%	15.53%
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	6.32%	-4.65%	2.27%	6.12%	-20.22%	36.90%	-16.99%	23.91%	-0.81%	-2.27%

Correlation

The correlation between XREA.DE and H4ZL.DE is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 23, 2014	0.65

The correlation between XREA.DE and H4ZL.DE has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

XREA.DE vs. H4ZL.DE — Risk / Return Rank

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

XREA.DE

XREA.DE Risk / Return Rank: 8
XREA.DE Sharpe Ratio Rank: 8
XREA.DE Sortino Ratio Rank: 8
XREA.DE Omega Ratio Rank: 8
XREA.DE Calmar Ratio Rank: 8
XREA.DE Martin Ratio Rank: 8

H4ZL.DE

H4ZL.DE Risk / Return Rank: 19
H4ZL.DE Sharpe Ratio Rank: 19
H4ZL.DE Sortino Ratio Rank: 18
H4ZL.DE Omega Ratio Rank: 18
H4ZL.DE Calmar Ratio Rank: 20
H4ZL.DE Martin Ratio Rank: 21

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.

XREA.DE vs. H4ZL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers FTSE Developed Europe Ex UK Property UCITS ETF (XREA.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.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.

	XREA.DE	H4ZL.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.59	-0.70
Sortino ratio: Return per unit of downside risk	-0.04	0.88	-0.93
Omega ratio: Gain probability vs. loss probability	0.99	1.11	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.11	0.84	-0.95
Martin ratio: Return relative to average drawdown	-0.29	2.48	-2.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XREA.DE vs. H4ZL.DE - Sharpe Ratio Comparison

The current XREA.DE Sharpe Ratio is -0.11, which is lower than the H4ZL.DE Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of XREA.DE and H4ZL.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

	XREA.DE	H4ZL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	0.59	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	0.02	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.14	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.29	-0.09

Drawdowns

XREA.DE vs. H4ZL.DE - Drawdown Comparison

The maximum XREA.DE drawdown since its inception was -47.51%, which is greater than H4ZL.DE's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for XREA.DE and H4ZL.DE.

Drawdown Indicators

	XREA.DE	H4ZL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-47.51%	-41.97%	-5.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.08%	-7.82%	-7.26%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-20.68%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-47.51%	-30.45%	-17.06%
Max Drawdown (10Y) Largest decline over 10 years	-47.51%	-41.97%	-5.54%
Current Drawdown Current decline from peak	-24.16%	-13.81%	-10.35%
Average Drawdown Average peak-to-trough decline	-15.55%	-10.80%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	2.67%	+2.94%

Volatility

XREA.DE vs. H4ZL.DE - Volatility Comparison

Xtrackers FTSE Developed Europe Ex UK Property UCITS ETF (XREA.DE) has a higher volatility of 4.66% compared to HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) at 2.88%. This indicates that XREA.DE's price experiences larger fluctuations and is considered to be riskier than H4ZL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XREA.DE	H4ZL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	2.88%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	8.34%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.34%	11.21%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	14.69%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	16.27%	+3.51%

XREA.DE vs. H4ZL.DE - Expense Ratio Comparison

XREA.DE has a 0.33% expense ratio, which is higher than H4ZL.DE's 0.24% expense ratio.

Dividends

XREA.DE vs. H4ZL.DE - Dividend Comparison

Neither XREA.DE nor H4ZL.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	0.00%	0.00%	0.00%	2.63%	3.62%	2.19%	3.13%	2.95%	3.29%	3.08%	2.96%	2.67%
XREA.DE Xtrackers FTSE Developed Europe Ex UK Property 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 XREA.DE and H4ZL.DE in my portfolio?

XREA.DE and H4ZL.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XREA.DE or H4ZL.DE?

On fees, H4ZL.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XREA.DE or H4ZL.DE?

H4ZL.DE is cheaper with a 0.24% expense ratio, compared with 0.33% for XREA.DE.

What is the main difference between XREA.DE and H4ZL.DE?

XREA.DE tracks FTSE EPRA/NAREIT Developed Europe ex UK Capped, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. They also come from different issuers: Xtrackers and HSBC. Their fees differ too: 0.33% for XREA.DE and 0.24% for H4ZL.DE.