AVEM.L vs. HMEF.L

Last updated Jun 8, 2026

AVEM.L (Avantis Emerging Markets Equity UCITS ETF USD Acc) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds. AVEM.L is actively managed, while HMEF.L is passively managed. Over the past year, AVEM.L returned 37.78% vs 44.98% for HMEF.L. Their correlation of 0.92 suggests significant overlap in exposure. AVEM.L charges 0.35%/yr vs 0.15%/yr for HMEF.L.

Performance

AVEM.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEM.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

AVEM.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

In the year-to-date period, AVEM.L achieves a 16.34% return, which is significantly lower than HMEF.L's 20.52% return.

AVEM.L

• 1D: -1.11%
• 1M: -2.81%
• YTD: 16.34%
• 6M: 18.51%
• 1Y: 37.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HMEF.L

• 1D: -4.33%
• 1M: -2.71%
• YTD: 20.52%
• 6M: 22.13%
• 1Y: 44.98%
• 3Y*: 21.53%
• 5Y*: 6.23%
• 10Y*: 45.74%

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

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

	2026 (YTD)	2025
AVEM.L Avantis Emerging Markets Equity UCITS ETF USD Acc	16.34%	26.19%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	20.52%	25.44%

Correlation

The correlation between AVEM.L and HMEF.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.92

The correlation between AVEM.L and HMEF.L has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

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

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

AVEM.L

AVEM.L Risk / Return Rank: 66
AVEM.L Sharpe Ratio Rank: 67
AVEM.L Sortino Ratio Rank: 67
AVEM.L Omega Ratio Rank: 67
AVEM.L Calmar Ratio Rank: 64
AVEM.L Martin Ratio Rank: 66

HMEF.L

HMEF.L Risk / Return Rank: 86
HMEF.L Sharpe Ratio Rank: 88
HMEF.L Sortino Ratio Rank: 85
HMEF.L Omega Ratio Rank: 88
HMEF.L Calmar Ratio Rank: 85
HMEF.L Martin Ratio Rank: 82

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.

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

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEM.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.

	AVEM.L	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.30	-0.29
Sortino ratio: Return per unit of downside risk	2.77	3.06	-0.29
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	2.89	3.41	-0.52
Martin ratio: Return relative to average drawdown	11.01	12.59	-1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current AVEM.L Sharpe Ratio is 2.01, which is comparable to the HMEF.L Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of AVEM.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

	AVEM.L	HMEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.30	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	0.66	+1.25

Drawdowns

AVEM.L vs. HMEF.L - Drawdown Comparison

The maximum AVEM.L drawdown since its inception was -13.87%, smaller than the maximum HMEF.L drawdown of -39.89%. Use the drawdown chart below to compare losses from any high point for AVEM.L and HMEF.L.

Drawdown Indicators

	AVEM.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-13.87%	-39.89%	+26.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-13.08%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.89%	—
Current Drawdown Current decline from peak	-7.02%	-7.06%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.11%	-11.09%	+8.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.55%	-0.12%

Volatility

AVEM.L vs. HMEF.L - Volatility Comparison

The current volatility for Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEM.L) is 7.97%, while HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a volatility of 8.90%. This indicates that AVEM.L experiences smaller price fluctuations and is considered to be less risky than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEM.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.97%	8.90%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	15.98%	16.93%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.86%	19.42%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	18.73%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	141.93%	-122.07%

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

AVEM.L has a 0.35% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

Dividends

AVEM.L vs. HMEF.L - Dividend Comparison

AVEM.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 1.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEM.L Avantis Emerging Markets Equity UCITS ETF USD Acc	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	1.68%	1.98%	2.43%	2.58%	2.99%	2.01%	1.66%	2.11%	2.14%	37.43%	168.62%	225.12%

Frequently Asked Questions

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

With a correlation of 0.92, AVEM.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, AVEM.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, AVEM.L or HMEF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.35% for AVEM.L.

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

They also come from different issuers: Avantis and HSBC. Their fees differ too: 0.35% for AVEM.L and 0.15% for HMEF.L.