^NDX vs. HSTE.L

Last updated Jun 13, 2026

^NDX (NASDAQ 100 Index) is an index, while HSTE.L (HSBC Hang Seng Tech UCITS ETF) is Technology Equities fund tracking the MSCI World/Information Tech NR USD. Over the past 5 years, ^NDX returned 16.18%/yr vs -9.96%/yr for HSTE.L. At a 0.28 correlation, their price movements are largely independent.

Performance

^NDX vs. HSTE.L - Performance Comparison

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

Returns By Period

In the year-to-date period, ^NDX achieves a 17.37% return, which is significantly higher than HSTE.L's -15.63% 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%

HSTE.L

• 1D: 1.56%
• 1M: -7.38%
• YTD: -15.63%
• 6M: -15.96%
• 1Y: -10.18%
• 3Y*: 5.51%
• 5Y*: -9.96%
• 10Y*: —

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

^NDX vs. HSTE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
^NDX NASDAQ 100 Index	17.37%	20.17%	24.88%	53.81%	-32.97%	26.63%	2.00%
HSTE.L HSBC Hang Seng Tech UCITS ETF	-15.63%	24.64%	19.65%	-8.46%	-27.99%	-32.88%	-86.54%

Correlation

The correlation between ^NDX and HSTE.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.28

The correlation between ^NDX and HSTE.L shifts across timeframes, from 0.28 (3 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

^NDX vs. HSTE.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

HSTE.L

HSTE.L Risk / Return Rank: 6
HSTE.L Sharpe Ratio Rank: 6
HSTE.L Sortino Ratio Rank: 6
HSTE.L Omega Ratio Rank: 6
HSTE.L Calmar Ratio Rank: 6
HSTE.L Martin Ratio Rank: 6

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. HSTE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) and HSBC Hang Seng Tech UCITS ETF (HSTE.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	HSTE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.05	-0.44	+2.49
Sortino ratio: Return per unit of downside risk	2.68	-0.47	+3.15
Omega ratio: Gain probability vs. loss probability	1.36	0.95	+0.41
Calmar ratio: Return relative to maximum drawdown	2.92	-0.39	+3.31
Martin ratio: Return relative to average drawdown	10.85	-0.71	+11.56

^NDX vs. HSTE.L - Sharpe Ratio Comparison

The current ^NDX Sharpe Ratio is 2.05, which is higher than the HSTE.L Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of ^NDX and HSTE.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. HSTE.L - Drawdown Comparison

The maximum ^NDX drawdown since its inception was -82.90%, smaller than the maximum HSTE.L drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for ^NDX and HSTE.L.

Drawdown Indicators

	^NDX	HSTE.L	Difference
Max Drawdown Largest peak-to-trough decline	-82.90%	-95.65%	+12.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-31.01%	+18.89%
Max Drawdown (3Y) Largest decline over 3 years	-22.93%	-34.96%	+12.03%
Max Drawdown (5Y) Largest decline over 5 years	-35.56%	-67.13%	+31.57%
Max Drawdown (10Y) Largest decline over 10 years	-35.56%	—	—
Current Drawdown Current decline from peak	-3.34%	-92.51%	+89.17%
Average Drawdown Average peak-to-trough decline	-24.61%	-91.79%	+67.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	17.20%	-13.94%

Volatility

^NDX vs. HSTE.L - Volatility Comparison

The current volatility for NASDAQ 100 Index (^NDX) is 7.51%, while HSBC Hang Seng Tech UCITS ETF (HSTE.L) has a volatility of 9.98%. This indicates that ^NDX experiences smaller price fluctuations and is considered to be less risky than HSTE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NDX	HSTE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	9.98%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	20.46%	-6.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.29%	27.54%	-10.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	39.39%	-16.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	53.79%	-31.18%

Frequently Asked Questions

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

^NDX and HSTE.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.