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AUEG.L vs. HMEF.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AUEG.L vs. HMEF.L

Last updated Jun 5, 2026

AUEG.L (Amundi MSCI Emerging Markets UCITS ETF USD) 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 10 years, AUEG.L returned 10.92%/yr vs 8.47%/yr for HMEF.L. With a 0.99 correlation, they move nearly in lockstep. AUEG.L charges 0.20%/yr vs 0.15%/yr for HMEF.L.

Performance

AUEG.L vs. HMEF.L - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with AUEG.L having a 26.01% return and HMEF.L slightly lower at 25.52%. Over the past 10 years, AUEG.L has outperformed HMEF.L with an annualized return of 10.92%, while HMEF.L has yielded a comparatively lower 8.47% annualized return.

AUEG.L

1D
-1.63%
1M
6.26%
YTD
26.01%
6M
28.10%
1Y
53.88%
3Y*
20.95%
5Y*
8.55%
10Y*
10.92%

HMEF.L

1D
-1.66%
1M
3.69%
YTD
25.52%
6M
26.00%
1Y
50.01%
3Y*
17.76%
5Y*
5.72%
10Y*
8.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
AUEG.L
Amundi MSCI Emerging Markets UCITS ETF USD		26.01%25.28%8.99%3.02%-10.18%-2.18%14.26%13.31%-9.74%25.23%
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		25.52%21.88%6.43%-0.16%-12.59%-4.10%12.68%10.34%-11.43%23.56%

Correlation

The correlation between AUEG.L and HMEF.L is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2015

0.99

The correlation between AUEG.L and HMEF.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

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

Sectors
AUEG.L
HMEF.L

Technology

36.9%
42.9%

Financial Services

19.5%
17.8%

Consumer Cyclical

9.6%
8.7%

Industrials

7.5%
6.8%

Communication Services

6.9%
6.2%

Basic Materials

6.6%
5.9%

Energy

4.1%
3.5%

Consumer Defensive

3.0%
2.7%

Healthcare

2.9%
2.6%

Utilities

2.1%
1.9%

Real Estate

1.0%
1.0%

Technology

AUEG.L
36.9%
HMEF.L
42.9%

Financial Services

AUEG.L
19.5%
HMEF.L
17.8%

Consumer Cyclical

AUEG.L
9.6%
HMEF.L
8.7%

Industrials

AUEG.L
7.5%
HMEF.L
6.8%

Communication Services

AUEG.L
6.9%
HMEF.L
6.2%

Basic Materials

AUEG.L
6.6%
HMEF.L
5.9%

Energy

AUEG.L
4.1%
HMEF.L
3.5%

Consumer Defensive

AUEG.L
3.0%
HMEF.L
2.7%

Healthcare

AUEG.L
2.9%
HMEF.L
2.6%

Utilities

AUEG.L
2.1%
HMEF.L
1.9%

Real Estate

AUEG.L
1.0%
HMEF.L
1.0%

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Amundi MSCI Emerging Markets UCITS ETF USD

HSBC MSCI Emerging Markets UCITS ETF USD

Often compared with AUEG.L:
AUEG.L vs. CW8G.LAUEG.L vs. VFEM.LAUEG.L vs. EWWAUEG.L vs. GLDAUEG.L vs. 500U.LAUEG.L vs. DEMS.LAUEG.L vs. EMVL.L
Often compared with HMEF.L:
HMEF.L vs. VFEG.LHMEF.L vs. IEEM.LHMEF.L vs. AIAI.LHMEF.L vs. EMIM.LHMEF.L vs. VWRL.LHMEF.L vs. EQQQ.LHMEF.L vs. HMWO.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AUEG.L
AUEG.L Risk / Return Rank: 8989
Overall Rank
AUEG.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
AUEG.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
AUEG.L Omega Ratio Rank: 9191
Omega Ratio Rank
AUEG.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
AUEG.L Martin Ratio Rank: 8585
Martin Ratio Rank
HMEF.L
HMEF.L Risk / Return Rank: 8686
Overall Rank
HMEF.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
HMEF.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
HMEF.L Omega Ratio Rank: 8989
Omega Ratio Rank
HMEF.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
HMEF.L Martin Ratio Rank: 8181
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Emerging Markets UCITS ETF USD (AUEG.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.

AUEG.LHMEF.LDifference
Sharpe ratioReturn per unit of total volatility
3.20
2.99

+0.20

Sortino ratioReturn per unit of downside risk
4.11
3.88

+0.23

Omega ratioGain probability vs. loss probability

1.59

1.55

+0.04

Calmar ratioReturn relative to maximum drawdown

4.89

4.60

+0.29

Martin ratioReturn relative to average drawdown

17.24

15.90

+1.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current AUEG.L Sharpe Ratio is 3.20, which is comparable to the HMEF.L Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of AUEG.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.

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Sharpe Ratios by Period

AUEG.LHMEF.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.20

2.99

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.35

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.47

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.27

+0.35

Drawdowns

AUEG.L vs. HMEF.L - Drawdown Comparison

The maximum AUEG.L drawdown since its inception was -27.50%, smaller than the maximum HMEF.L drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for AUEG.L and HMEF.L.

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Drawdown Indicators

AUEG.LHMEF.LDifference

Max Drawdown

Largest peak-to-trough decline

-27.50%

-32.91%

+5.41%

Max Drawdown (1Y)

Largest decline over 1 year

-10.97%

-11.07%

+0.10%

Max Drawdown (3Y)

Largest decline over 3 years

-15.37%

-15.40%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-23.59%

-26.99%

+3.40%

Max Drawdown (10Y)

Largest decline over 10 years

-27.50%

-30.58%

+3.08%

Current Drawdown

Current decline from peak

-2.45%

-2.56%

+0.11%

Average Drawdown

Average peak-to-trough decline

-9.17%

-12.28%

+3.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

3.21%

-0.09%

Volatility

AUEG.L vs. HMEF.L - Volatility Comparison

Amundi MSCI Emerging Markets UCITS ETF USD (AUEG.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) have volatilities of 7.40% and 7.42%, 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.

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Volatility by Period

AUEG.LHMEF.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.40%

7.42%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

14.32%

14.61%

-0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

16.80%

17.04%

-0.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.19%

16.23%

-0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.91%

17.92%

-0.01%

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

AUEG.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

AUEG.L vs. HMEF.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
AUEG.L
Amundi MSCI Emerging Markets UCITS ETF USD		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

With a correlation of 0.98, AUEG.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.

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.

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

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

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