CA3S.L vs. HMCD.L

Last updated Jun 4, 2026

CA3S.L (Invesco S&P China A 300 Swap UCITS ETF Acc) and HMCD.L (HSBC MSCI China UCITS ETF) are both China Equities funds - CA3S.L tracks the MSCI China A Onshore NR CNY while HMCD.L tracks the MSCI China NR USD. Both are passively managed. Over the past 3 years, CA3S.L returned 13.85%/yr vs 7.49%/yr for HMCD.L. A 0.69 correlation means they provide meaningful diversification when combined. CA3S.L charges 0.35%/yr vs 0.30%/yr for HMCD.L.

Performance

CA3S.L vs. HMCD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) and HSBC MSCI China UCITS ETF (HMCD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CA3S.L is traded in GBp, while HMCD.L is traded in USD. To make them comparable, the HMCD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CA3S.L achieves a 15.44% return, which is significantly higher than HMCD.L's -6.82% return.

CA3S.L

• 1D: 0.33%
• 1M: 5.31%
• YTD: 15.44%
• 6M: 19.58%
• 1Y: 52.73%
• 3Y*: 13.85%
• 5Y*: —
• 10Y*: —

HMCD.L

• 1D: -2.67%
• 1M: -2.21%
• YTD: -6.82%
• 6M: -8.57%
• 1Y: 7.69%
• 3Y*: 7.49%
• 5Y*: -4.13%
• 10Y*: 5.83%

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

CA3S.L vs. HMCD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CA3S.L Invesco S&P China A 300 Swap UCITS ETF Acc	15.44%	24.66%	16.66%	-16.63%	3.94%
HMCD.L HSBC MSCI China UCITS ETF	-6.82%	22.20%	20.76%	-15.94%	8.53%

Correlation

The correlation between CA3S.L and HMCD.L is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.69

The correlation between CA3S.L and HMCD.L has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

CA3S.L vs. HMCD.L — Risk / Return Rank

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

CA3S.L

CA3S.L Risk / Return Rank: 92
CA3S.L Sharpe Ratio Rank: 92
CA3S.L Sortino Ratio Rank: 90
CA3S.L Omega Ratio Rank: 90
CA3S.L Calmar Ratio Rank: 95
CA3S.L Martin Ratio Rank: 93

HMCD.L

HMCD.L Risk / Return Rank: 14
HMCD.L Sharpe Ratio Rank: 14
HMCD.L Sortino Ratio Rank: 14
HMCD.L Omega Ratio Rank: 14
HMCD.L Calmar Ratio Rank: 14
HMCD.L Martin Ratio Rank: 13

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.

CA3S.L vs. HMCD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) and HSBC MSCI China UCITS ETF (HMCD.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.

	CA3S.L	HMCD.L	Difference
Sharpe ratio: Return per unit of total volatility	3.33	0.39	+2.93
Sortino ratio: Return per unit of downside risk	4.23	0.69	+3.55
Omega ratio: Gain probability vs. loss probability	1.58	1.08	+0.50
Calmar ratio: Return relative to maximum drawdown	8.43	0.45	+7.97
Martin ratio: Return relative to average drawdown	24.49	0.94	+23.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CA3S.L vs. HMCD.L - Sharpe Ratio Comparison

The current CA3S.L Sharpe Ratio is 3.33, which is higher than the HMCD.L Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of CA3S.L and HMCD.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

	CA3S.L	HMCD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.33	0.39	+2.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.16	+0.30

Drawdowns

CA3S.L vs. HMCD.L - Drawdown Comparison

The maximum CA3S.L drawdown since its inception was -35.12%, smaller than the maximum HMCD.L drawdown of -56.56%. Use the drawdown chart below to compare losses from any high point for CA3S.L and HMCD.L.

Drawdown Indicators

	CA3S.L	HMCD.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.12%	-56.56%	+21.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-16.93%	+10.70%
Max Drawdown (3Y) Largest decline over 3 years	-26.15%	-24.84%	-1.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-49.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.56%	—
Current Drawdown Current decline from peak	-0.47%	-32.66%	+32.19%
Average Drawdown Average peak-to-trough decline	-15.53%	-20.52%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	8.16%	-6.01%

Volatility

CA3S.L vs. HMCD.L - Volatility Comparison

The current volatility for Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) is 5.32%, while HSBC MSCI China UCITS ETF (HMCD.L) has a volatility of 7.69%. This indicates that CA3S.L experiences smaller price fluctuations and is considered to be less risky than HMCD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CA3S.L	HMCD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	7.69%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	14.26%	-3.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.80%	19.58%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	27.89%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	25.66%	-4.67%

CA3S.L vs. HMCD.L - Expense Ratio Comparison

CA3S.L has a 0.35% expense ratio, which is higher than HMCD.L's 0.30% expense ratio.

Dividends

CA3S.L vs. HMCD.L - Dividend Comparison

CA3S.L has not paid dividends to shareholders, while HMCD.L's dividend yield for the trailing twelve months is around 2.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CA3S.L Invesco S&P China A 300 Swap UCITS ETF 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%
HMCD.L HSBC MSCI China UCITS ETF	2.15%	2.25%	2.20%	2.08%	1.95%	1.31%	0.86%	1.59%	1.46%	0.75%	2.07%	2.95%

Frequently Asked Questions

Can I hold both CA3S.L and HMCD.L in my portfolio?

CA3S.L and HMCD.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CA3S.L or HMCD.L?

On fees, HMCD.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CA3S.L or HMCD.L?

HMCD.L is cheaper with a 0.30% expense ratio, compared with 0.35% for CA3S.L.

What is the main difference between CA3S.L and HMCD.L?

CA3S.L tracks MSCI China A Onshore NR CNY, while HMCD.L tracks MSCI China NR USD. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.35% for CA3S.L and 0.30% for HMCD.L.