CES1.L vs. HSBA.L
CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) is Europe Equities fund tracking the MSCI EMU Small Cap NR EUR, while HSBA.L (HSBC Holdings plc) is a stock. Over the past 10 years, CES1.L returned 10.11%/yr vs 17.80%/yr for HSBA.L. At a 0.49 correlation, their price movements are largely independent.
Performance
CES1.L vs. HSBA.L - Performance Comparison
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Returns By Period
In the year-to-date period, CES1.L achieves a 10.08% return, which is significantly lower than HSBA.L's 20.29% return. Over the past 10 years, CES1.L has underperformed HSBA.L with an annualized return of 10.11%, while HSBA.L has yielded a comparatively higher 17.80% annualized return.
CES1.L
- 1D
- 0.11%
- 1M
- 2.95%
- YTD
- 10.08%
- 6M
- 12.64%
- 1Y
- 20.42%
- 3Y*
- 13.56%
- 5Y*
- 6.70%
- 10Y*
- 10.11%
HSBA.L
- 1D
- -1.80%
- 1M
- 7.41%
- YTD
- 20.29%
- 6M
- 31.42%
- 1Y
- 64.23%
- 3Y*
- 40.13%
- 5Y*
- 32.91%
- 10Y*
- 17.80%
CES1.L vs. HSBA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CES1.L iShares MSCI EMU Small Cap UCITS ETF (Acc) | 10.08% | 30.70% | -4.07% | 11.92% | -11.62% | 15.21% | 11.44% | 21.04% | -16.15% | 28.53% |
HSBA.L HSBC Holdings plc | 20.29% | 57.78% | 34.72% | 32.14% | 19.91% | 22.90% | -35.99% | -2.42% | -11.05% | 23.54% |
Correlation
The correlation between CES1.L and HSBA.L is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.49 |
The correlation between CES1.L and HSBA.L has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.
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Return for Risk
CES1.L vs. HSBA.L — Risk / Return Rank
CES1.L
HSBA.L
CES1.L vs. HSBA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) and HSBC Holdings plc (HSBA.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.
| CES1.L | HSBA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.46 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 4.01 | -2.27 |
| Martin ratioReturn relative to average drawdown | 6.55 | 14.99 | -8.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CES1.L | HSBA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 2.55 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 1.34 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.72 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.49 | +0.18 |
Drawdowns
CES1.L vs. HSBA.L - Drawdown Comparison
The maximum CES1.L drawdown since its inception was -32.68%, smaller than the maximum HSBA.L drawdown of -61.74%. Use the drawdown chart below to compare losses from any high point for CES1.L and HSBA.L.
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Drawdown Indicators
| CES1.L | HSBA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -61.74% | +29.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.66% | -15.93% | +4.27% |
Max Drawdown (3Y)Largest decline over 3 years | -13.92% | -21.98% | +8.06% |
Max Drawdown (5Y)Largest decline over 5 years | -27.02% | -21.98% | -5.04% |
Max Drawdown (10Y)Largest decline over 10 years | -32.68% | -59.97% | +27.29% |
Current DrawdownCurrent decline from peak | -1.41% | -3.04% | +1.63% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -14.81% | +8.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 4.27% | -1.16% |
Volatility
CES1.L vs. HSBA.L - Volatility Comparison
The current volatility for iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) is 4.07%, while HSBC Holdings plc (HSBA.L) has a volatility of 7.83%. This indicates that CES1.L experiences smaller price fluctuations and is considered to be less risky than HSBA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CES1.L | HSBA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 7.83% | -3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 11.17% | 20.90% | -9.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.43% | 25.10% | -11.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 24.56% | -8.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 24.75% | -8.74% |
Dividends
CES1.L vs. HSBA.L - Dividend Comparison
CES1.L has not paid dividends to shareholders, while HSBA.L's dividend yield for the trailing twelve months is around 4.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CES1.L iShares MSCI EMU Small Cap 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% |
HSBA.L HSBC Holdings plc | 4.11% | 4.29% | 7.16% | 6.80% | 4.11% | 3.54% | 0.00% | 6.79% | 5.83% | 5.18% | 5.79% | 6.12% |
Frequently Asked Questions
CES1.L and HSBA.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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