^NDX vs. HNSS.L

Last updated Jun 13, 2026

^NDX (NASDAQ 100 Index) is an index, while HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) is Semiconductors fund tracking the Nasdaq Global Semiconductor Index. Over the past 3 years, ^NDX returned 25.76%/yr vs 57.21%/yr for HNSS.L. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

^NDX vs. HNSS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Index (^NDX) and HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^NDX is traded in USD, while HNSS.L is traded in GBP. To make them comparable, the HNSS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^NDX achieves a 17.37% return, which is significantly lower than HNSS.L's 83.82% return.

^NDX

• 1D: 0.64%
• 1M: 0.19%
• YTD: 17.37%
• 6M: 17.62%
• 1Y: 37.01%
• 3Y*: 25.76%
• 5Y*: 16.18%
• 10Y*: 20.95%

HNSS.L

• 1D: 0.00%
• 1M: 5.13%
• YTD: 83.82%
• 6M: 88.94%
• 1Y: 170.38%
• 3Y*: 57.21%
• 5Y*: —
• 10Y*: —

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

^NDX vs. HNSS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
^NDX NASDAQ 100 Index	17.37%	20.17%	24.88%	53.81%	-24.60%
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF	83.82%	56.48%	17.97%	39.90%	-33.45%

Correlation

The correlation between ^NDX and HNSS.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 25, 2022	0.68

The correlation between ^NDX and HNSS.L has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

Return for Risk

^NDX vs. HNSS.L — Risk / Return Rank

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

^NDX

^NDX Risk / Return Rank: 79
^NDX Sharpe Ratio Rank: 80
^NDX Sortino Ratio Rank: 79
^NDX Omega Ratio Rank: 81
^NDX Calmar Ratio Rank: 78
^NDX Martin Ratio Rank: 76

HNSS.L

HNSS.L Risk / Return Rank: 91
HNSS.L Sharpe Ratio Rank: 94
HNSS.L Sortino Ratio Rank: 90
HNSS.L Omega Ratio Rank: 95
HNSS.L Calmar Ratio Rank: 93
HNSS.L Martin Ratio Rank: 83

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.

^NDX vs. HNSS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) and HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	^NDX	HNSS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.05	3.03	-0.98
Sortino ratio: Return per unit of downside risk	2.68	3.63	-0.95
Omega ratio: Gain probability vs. loss probability	1.36	1.61	-0.25
Calmar ratio: Return relative to maximum drawdown	2.92	5.37	-2.45
Martin ratio: Return relative to average drawdown	10.85	14.49	-3.64

^NDX vs. HNSS.L - Sharpe Ratio Comparison

The current ^NDX Sharpe Ratio is 2.05, which is lower than the HNSS.L Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of ^NDX and HNSS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

^NDX vs. HNSS.L - Drawdown Comparison

The maximum ^NDX drawdown since its inception was -82.90%, which is greater than HNSS.L's maximum drawdown of -51.82%. Use the drawdown chart below to compare losses from any high point for ^NDX and HNSS.L.

Drawdown Indicators

	^NDX	HNSS.L	Difference
Max Drawdown Largest peak-to-trough decline	-82.90%	-51.82%	-31.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-30.87%	+18.75%
Max Drawdown (3Y) Largest decline over 3 years	-22.93%	-37.48%	+14.55%
Max Drawdown (5Y) Largest decline over 5 years	-35.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.56%	—	—
Current Drawdown Current decline from peak	-3.34%	-6.42%	+3.08%
Average Drawdown Average peak-to-trough decline	-24.61%	-19.16%	-5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	11.43%	-8.17%

Volatility

^NDX vs. HNSS.L - Volatility Comparison

The current volatility for NASDAQ 100 Index (^NDX) is 7.51%, while HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) has a volatility of 14.15%. This indicates that ^NDX experiences smaller price fluctuations and is considered to be less risky than HNSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NDX	HNSS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	14.15%	-6.64%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	27.54%	-13.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.29%	54.65%	-37.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	40.49%	-17.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	40.49%	-17.88%

Frequently Asked Questions

Can I hold both ^NDX and HNSS.L in my portfolio?

^NDX and HNSS.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.