CHI3.L vs. HMCT.L

Last updated Jul 16, 2026

CHI3.L (Leverage Shares 3x Long China ETP Securities) and HMCT.L (HSBC MSCI CHINA A UCITS ETF) are both China Equities funds. CHI3.L is actively managed, while HMCT.L is passively managed. Over the past 3 years, CHI3.L returned -15.83%/yr vs 10.41%/yr for HMCT.L. A 0.75 correlation means they provide meaningful diversification when combined. CHI3.L charges 0.75%/yr vs 0.30%/yr for HMCT.L.

Performance

CHI3.L vs. HMCT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long China ETP Securities (CHI3.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHI3.L achieves a -36.01% return, which is significantly lower than HMCT.L's 7.12% return.

CHI3.L

• 1D: 6.48%
• 1M: -5.40%
• 6M: -44.40%
• YTD: -36.01%
• 1Y: -29.49%
• 3Y*: -15.83%
• 5Y*: —
• 10Y*: —

HMCT.L

• 1D: 2.55%
• 1M: -2.13%
• 6M: 4.02%
• YTD: 7.12%
• 1Y: 28.55%
• 3Y*: 10.41%
• 5Y*: -0.90%
• 10Y*: —

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

CHI3.L vs. HMCT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CHI3.L Leverage Shares 3x Long China ETP Securities	-36.01%	50.00%	6.20%	-53.60%	-45.60%
HMCT.L HSBC MSCI CHINA A UCITS ETF	7.12%	25.91%	11.74%	-13.89%	-8.13%

Correlation

The correlation between CHI3.L and HMCT.L is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.75

The correlation between CHI3.L and HMCT.L has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

CHI3.L vs. HMCT.L - Sectors Allocation Comparison

Sectors	CHI3.L	HMCT.L
Consumer Cyclical	25.6%	5.2%
Financial Services	19.1%	17.5%
Communication Services	18.5%	1.3%
Technology	11.1%	32.1%
Basic Materials	5.4%	11.2%
Industrials	5.3%	15.3%
Healthcare	5.1%	3.9%
Energy	3.5%	3.1%
Consumer Defensive	3.0%	6.7%
Utilities	1.7%	3.3%
Real Estate	1.6%	0.5%

Return for Risk

CHI3.L vs. HMCT.L — Risk / Return Rank

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

CHI3.L

CHI3.L Risk / Return Rank: 5
CHI3.L Sharpe Ratio Rank: 5
CHI3.L Sortino Ratio Rank: 6
CHI3.L Omega Ratio Rank: 6
CHI3.L Calmar Ratio Rank: 5
CHI3.L Martin Ratio Rank: 5

HMCT.L

HMCT.L Risk / Return Rank: 61
HMCT.L Sharpe Ratio Rank: 52
HMCT.L Sortino Ratio Rank: 53
HMCT.L Omega Ratio Rank: 52
HMCT.L Calmar Ratio Rank: 85
HMCT.L Martin Ratio Rank: 65

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.

CHI3.L vs. HMCT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long China ETP Securities (CHI3.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CHI3.L	HMCT.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	1.48	-1.96
Sortino ratio: Return per unit of downside risk	-0.38	2.11	-2.49
Omega ratio: Gain probability vs. loss probability	0.96	1.27	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.46	3.69	-4.15
Martin ratio: Return relative to average drawdown	-0.86	9.39	-10.25

CHI3.L vs. HMCT.L - Sharpe Ratio Comparison

The current CHI3.L Sharpe Ratio is -0.48, which is lower than the HMCT.L Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of CHI3.L and HMCT.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.

Drawdowns

CHI3.L vs. HMCT.L - Drawdown Comparison

The maximum CHI3.L drawdown since its inception was -84.75%, which is greater than HMCT.L's maximum drawdown of -49.07%. Use the drawdown chart below to compare losses from any high point for CHI3.L and HMCT.L.

Drawdown Indicators

	CHI3.L	HMCT.L	Difference
Max Drawdown Largest peak-to-trough decline	-84.75%	-49.07%	-35.68%
Max Drawdown (1Y) Largest decline over 1 year	-63.95%	-7.57%	-56.38%
Max Drawdown (3Y) Largest decline over 3 years	-65.83%	-28.42%	-37.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-44.11%	—
Current Drawdown Current decline from peak	-77.35%	-14.10%	-63.25%
Average Drawdown Average peak-to-trough decline	-64.92%	-21.48%	-43.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.35%	2.98%	+31.37%

Volatility

CHI3.L vs. HMCT.L - Volatility Comparison

Leverage Shares 3x Long China ETP Securities (CHI3.L) has a higher volatility of 17.27% compared to HSBC MSCI CHINA A UCITS ETF (HMCT.L) at 8.60%. This indicates that CHI3.L's price experiences larger fluctuations and is considered to be riskier than HMCT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHI3.L	HMCT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.27%	8.60%	+8.67%
Volatility (6M) Calculated over the trailing 6-month period	45.76%	14.67%	+31.09%
Volatility (1Y) Calculated over the trailing 1-year period	61.04%	18.92%	+42.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.01%	22.66%	+60.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.01%	23.77%	+59.24%

CHI3.L vs. HMCT.L - Expense Ratio Comparison

CHI3.L has a 0.75% expense ratio, which is higher than HMCT.L's 0.30% expense ratio.

Dividends

CHI3.L vs. HMCT.L - Dividend Comparison

CHI3.L has not paid dividends to shareholders, while HMCT.L's dividend yield for the trailing twelve months is around 1.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CHI3.L Leverage Shares 3x Long China ETP Securities	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMCT.L HSBC MSCI CHINA A UCITS ETF	1.70%	1.73%	2.03%	2.16%	1.69%	1.12%	0.84%	1.71%	0.29%

Frequently Asked Questions

Can I hold both CHI3.L and HMCT.L in my portfolio?

CHI3.L and HMCT.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CHI3.L or HMCT.L?

On fees, HMCT.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, CHI3.L or HMCT.L?

HMCT.L is cheaper with a 0.30% expense ratio, compared with 0.75% for CHI3.L.

What is the main difference between CHI3.L and HMCT.L?

They also come from different issuers: Leverage Shares and HSBC. Their fees differ too: 0.75% for CHI3.L and 0.30% for HMCT.L.