From Verm's post:
That adds up to four 20's equaling twelve 50 calibers, judged by those standards. Of course you have other advantages of the 20. You have much greater penetration of armor. The 20 will go thru 3/4 inch of armor at 500 yards, while the 50 cal, will go through only .43 inchs.
Okay if this is taken as a vaild source for gun reliability let's use it for armor too.
Panzer IV H armor:
Front Armor = 82.0
Side Armor = 30.0
Rear Armor = 21.0
Front Turret = 80.0
Side Turret = 33.0
Rear Turret = 30.0
Top Armor = 10.0
According to the book, at 500 yards (with no ammo specified) it can penetrate 19mm of armor.
So looking at that, the Panzer IV is invulnerable to the Hispano with the exception of the roof armor of the engine starting at the turrent ring and ending at the grill hinge. But in reality it's not that simple. And neither is gun reliability, unfortunately.