CNAL.L vs. HMCH.L

Last updated Jun 4, 2026

CNAL.L (Lyxor Fortune SG UCITS MSCI China A DR) and HMCH.L (HSBC MSCI China UCITS ETF) are both China Equities funds - CNAL.L tracks the MSCI China A Onshore NR CNY while HMCH.L tracks the MSCI China NR USD. Both are passively managed. Over the past 5 years, CNAL.L returned 0.10%/yr vs -4.01%/yr for HMCH.L. At a 0.29 correlation, their price movements are largely independent. CNAL.L charges 0.35%/yr vs 0.30%/yr for HMCH.L.

Performance

CNAL.L vs. HMCH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Fortune SG UCITS MSCI China A DR (CNAL.L) and HSBC MSCI China UCITS ETF (HMCH.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNAL.L achieves a 9.67% return, which is significantly higher than HMCH.L's -6.67% return.

CNAL.L

• 1D: 0.22%
• 1M: 3.12%
• YTD: 9.67%
• 6M: 13.01%
• 1Y: 39.01%
• 3Y*: 8.19%
• 5Y*: 0.10%
• 10Y*: —

HMCH.L

• 1D: -1.92%
• 1M: -1.07%
• YTD: -6.67%
• 6M: -8.22%
• 1Y: 8.33%
• 3Y*: 7.75%
• 5Y*: -4.01%
• 10Y*: 5.90%

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

CNAL.L vs. HMCH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CNAL.L Lyxor Fortune SG UCITS MSCI China A DR	9.67%	16.96%	16.16%	-18.82%	-20.03%	8.27%	35.63%	30.64%	-23.83%
HMCH.L HSBC MSCI China UCITS ETF	-6.67%	22.87%	20.73%	-16.33%	-13.40%	-21.06%	24.96%	17.80%	-18.11%

Correlation

The correlation between CNAL.L and HMCH.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 18, 2018	0.29

Over the past year, CNAL.L and HMCH.L have become more correlated (0.68) than their long-term average of 0.29, meaning their price movements have been converging.

CNAL.L vs. HMCH.L - Sectors Allocation Comparison

Sectors	CNAL.L	HMCH.L
Technology	27.2%	10.7%
Financial Services	18.8%	19.2%
Industrials	15.7%	5.4%
Basic Materials	12.4%	5.3%
Consumer Defensive	7.4%	3.0%
Consumer Cyclical	5.6%	26.1%
Healthcare	4.3%	5.1%
Energy	3.4%	3.5%
Utilities	3.2%	1.7%
Communication Services	1.4%	18.4%
Real Estate	0.6%	1.7%

Return for Risk

CNAL.L vs. HMCH.L — Risk / Return Rank

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

CNAL.L

CNAL.L Risk / Return Rank: 80
CNAL.L Sharpe Ratio Rank: 78
CNAL.L Sortino Ratio Rank: 75
CNAL.L Omega Ratio Rank: 75
CNAL.L Calmar Ratio Rank: 90
CNAL.L Martin Ratio Rank: 81

HMCH.L

HMCH.L Risk / Return Rank: 15
HMCH.L Sharpe Ratio Rank: 15
HMCH.L Sortino Ratio Rank: 15
HMCH.L Omega Ratio Rank: 15
HMCH.L Calmar Ratio Rank: 15
HMCH.L Martin Ratio Rank: 14

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.

CNAL.L vs. HMCH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor Fortune SG UCITS MSCI China A DR (CNAL.L) and HSBC MSCI China UCITS ETF (HMCH.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.

	CNAL.L	HMCH.L	Difference
Sharpe ratio: Return per unit of total volatility	2.51	0.45	+2.05
Sortino ratio: Return per unit of downside risk	3.35	0.75	+2.60
Omega ratio: Gain probability vs. loss probability	1.44	1.09	+0.35
Calmar ratio: Return relative to maximum drawdown	5.62	0.48	+5.13
Martin ratio: Return relative to average drawdown	15.97	1.02	+14.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNAL.L vs. HMCH.L - Sharpe Ratio Comparison

The current CNAL.L Sharpe Ratio is 2.51, which is higher than the HMCH.L Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of CNAL.L and HMCH.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

	CNAL.L	HMCH.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	0.45	+2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.15	+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	0.34	0.17	+0.17

Drawdowns

CNAL.L vs. HMCH.L - Drawdown Comparison

The maximum CNAL.L drawdown since its inception was -44.83%, smaller than the maximum HMCH.L drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for CNAL.L and HMCH.L.

Drawdown Indicators

	CNAL.L	HMCH.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.83%	-56.50%	+11.67%
Max Drawdown (1Y) Largest decline over 1 year	-6.91%	-17.18%	+10.27%
Max Drawdown (3Y) Largest decline over 3 years	-26.58%	-24.67%	-1.91%
Max Drawdown (5Y) Largest decline over 5 years	-42.19%	-49.31%	+7.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.50%	—
Current Drawdown Current decline from peak	-10.69%	-32.25%	+21.56%
Average Drawdown Average peak-to-trough decline	-21.41%	-20.25%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	8.12%	-5.68%

Volatility

CNAL.L vs. HMCH.L - Volatility Comparison

The current volatility for Lyxor Fortune SG UCITS MSCI China A DR (CNAL.L) is 5.46%, while HSBC MSCI China UCITS ETF (HMCH.L) has a volatility of 7.03%. This indicates that CNAL.L experiences smaller price fluctuations and is considered to be less risky than HMCH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNAL.L	HMCH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	7.03%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	13.16%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	18.47%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.36%	27.66%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.10%	25.21%	+14.89%

CNAL.L vs. HMCH.L - Expense Ratio Comparison

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

Dividends

CNAL.L vs. HMCH.L - Dividend Comparison

CNAL.L has not paid dividends to shareholders, while HMCH.L's dividend yield for the trailing twelve months is around 2.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNAL.L Lyxor Fortune SG UCITS MSCI China A DR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMCH.L HSBC MSCI China UCITS ETF	2.14%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%

Frequently Asked Questions

Can I hold both CNAL.L and HMCH.L in my portfolio?

CNAL.L and HMCH.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNAL.L or HMCH.L?

On fees, HMCH.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, CNAL.L or HMCH.L?

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.35% for CNAL.L.

What is the main difference between CNAL.L and HMCH.L?

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