AEME.L vs. HMEF.L

Last updated Jun 5, 2026

AEME.L (Amundi Index MSCI Emerging Markets UCITS ETF DR (C)) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Amundi and HSBC respectively. Both are passively managed. Over the past 5 years, AEME.L returned 7.32%/yr vs 4.61%/yr for HMEF.L. Their correlation of 0.94 suggests significant overlap in exposure. AEME.L charges 0.20%/yr vs 0.15%/yr for HMEF.L.

Performance

AEME.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Index MSCI Emerging Markets UCITS ETF DR (C) (AEME.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AEME.L is traded in USD, while HMEF.L is traded in GBp. To make them comparable, the HMEF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with AEME.L having a 26.36% return and HMEF.L slightly lower at 25.21%.

AEME.L

• 1D: -1.56%
• 1M: 5.74%
• YTD: 26.36%
• 6M: 29.09%
• 1Y: 53.12%
• 3Y*: 24.01%
• 5Y*: 7.32%
• 10Y*: —

HMEF.L

• 1D: -1.61%
• 1M: 5.62%
• YTD: 25.21%
• 6M: 28.23%
• 1Y: 49.76%
• 3Y*: 20.79%
• 5Y*: 4.61%
• 10Y*: 7.68%

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

AEME.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AEME.L Amundi Index MSCI Emerging Markets UCITS ETF DR (C)	26.36%	34.94%	6.72%	8.41%	-19.84%	-9.55%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	25.21%	31.08%	4.66%	5.11%	-21.94%	-11.21%

Correlation

The correlation between AEME.L and HMEF.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 3, 2021	0.94

The correlation between AEME.L and HMEF.L has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

AEME.L vs. HMEF.L - Sectors Allocation Comparison

Sectors	AEME.L	HMEF.L
Technology	43.0%	42.9%
Financial Services	17.9%	17.8%
Consumer Cyclical	8.7%	8.7%
Industrials	6.8%	6.8%
Communication Services	6.2%	6.2%
Basic Materials	5.9%	5.9%
Energy	3.5%	3.5%
Consumer Defensive	2.7%	2.7%
Healthcare	2.6%	2.6%
Utilities	1.9%	1.9%
Real Estate	1.0%	1.0%

Return for Risk

AEME.L vs. HMEF.L — Risk / Return Rank

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

AEME.L

AEME.L Risk / Return Rank: 80
AEME.L Sharpe Ratio Rank: 84
AEME.L Sortino Ratio Rank: 81
AEME.L Omega Ratio Rank: 82
AEME.L Calmar Ratio Rank: 77
AEME.L Martin Ratio Rank: 77

HMEF.L

HMEF.L Risk / Return Rank: 86
HMEF.L Sharpe Ratio Rank: 89
HMEF.L Sortino Ratio Rank: 87
HMEF.L Omega Ratio Rank: 89
HMEF.L Calmar Ratio Rank: 85
HMEF.L Martin Ratio Rank: 81

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.

AEME.L vs. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Index MSCI Emerging Markets UCITS ETF DR (C) (AEME.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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.

	AEME.L	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.61	+0.09
Sortino ratio: Return per unit of downside risk	3.57	3.49	+0.08
Omega ratio: Gain probability vs. loss probability	1.48	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	3.91	3.79	+0.13
Martin ratio: Return relative to average drawdown	14.49	13.67	+0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEME.L vs. HMEF.L - Sharpe Ratio Comparison

The current AEME.L Sharpe Ratio is 2.70, which is comparable to the HMEF.L Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of AEME.L and HMEF.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.

Sharpe Ratios by Period

	AEME.L	HMEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.61	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.25	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.19	+0.18

Drawdowns

AEME.L vs. HMEF.L - Drawdown Comparison

The maximum AEME.L drawdown since its inception was -40.09%, smaller than the maximum HMEF.L drawdown of -42.58%. Use the drawdown chart below to compare losses from any high point for AEME.L and HMEF.L.

Drawdown Indicators

	AEME.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.09%	-42.58%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-13.08%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	-17.13%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-37.21%	-39.72%	+2.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.58%	—
Current Drawdown Current decline from peak	-2.74%	-2.86%	+0.12%
Average Drawdown Average peak-to-trough decline	-17.95%	-16.39%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	3.63%	+0.03%

Volatility

AEME.L vs. HMEF.L - Volatility Comparison

Amundi Index MSCI Emerging Markets UCITS ETF DR (C) (AEME.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) have volatilities of 8.57% and 8.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEME.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	8.21%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	16.83%	16.33%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	19.00%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	18.66%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	19.41%	-0.70%

AEME.L vs. HMEF.L - Expense Ratio Comparison

AEME.L has a 0.20% expense ratio, which is higher than HMEF.L'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

AEME.L vs. HMEF.L - Dividend Comparison

AEME.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEME.L Amundi Index MSCI Emerging Markets UCITS ETF DR (C)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%

Frequently Asked Questions

Can I hold both AEME.L and HMEF.L in my portfolio?

With a correlation of 0.96, AEME.L and HMEF.L 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, AEME.L or HMEF.L?

On fees, HMEF.L 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, AEME.L or HMEF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.20% for AEME.L.

What is the main difference between AEME.L and HMEF.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: Amundi and HSBC. Their fees differ too: 0.20% for AEME.L and 0.15% for HMEF.L.