CNKY.L vs. HMAD.L
CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) and HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) are both Japan Equities funds - CNKY.L tracks the TOPIX TR JPY while HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF. Both are passively managed. Over the past 10 years, CNKY.L returned 11.36%/yr vs 9.83%/yr for HMAD.L. A 0.58 correlation means they provide meaningful diversification when combined. CNKY.L charges 0.48%/yr vs 0.45%/yr for HMAD.L.
Performance
CNKY.L vs. HMAD.L - Performance Comparison
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Different Trading Currencies
CNKY.L is traded in GBp, while HMAD.L is traded in USD. To make them comparable, the HMAD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CNKY.L achieves a 29.82% return, which is significantly higher than HMAD.L's 27.63% return. Over the past 10 years, CNKY.L has outperformed HMAD.L with an annualized return of 11.36%, while HMAD.L has yielded a comparatively lower 9.83% annualized return.
CNKY.L
- 1D
- -1.84%
- 1M
- -4.21%
- 6M
- 22.08%
- YTD
- 29.82%
- 1Y
- 56.71%
- 3Y*
- 21.39%
- 5Y*
- 12.24%
- 10Y*
- 11.36%
HMAD.L
- 1D
- 0.00%
- 1M
- -8.01%
- 6M
- 19.83%
- YTD
- 27.63%
- 1Y
- 49.02%
- 3Y*
- 23.44%
- 5Y*
- 7.98%
- 10Y*
- 9.83%
CNKY.L vs. HMAD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNKY.L iShares Nikkei 225 UCITS ETF (Acc) | 29.82% | 20.64% | 9.15% | 15.02% | -10.53% | -4.18% | 21.18% | 16.38% | -3.99% | 14.19% |
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF | 27.63% | 31.35% | 13.79% | -3.37% | -12.48% | -7.95% | 22.35% | 13.10% | -9.90% | 29.81% |
Correlation
The correlation between CNKY.L and HMAD.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.58 |
The correlation between CNKY.L and HMAD.L shifts across timeframes, from 0.51 (5 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CNKY.L vs. HMAD.L — Risk / Return Rank
CNKY.L
HMAD.L
CNKY.L vs. HMAD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) and HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.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.
| CNKY.L | HMAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 4.26 | -0.02 |
| Martin ratioReturn relative to average drawdown | 11.91 | 11.84 | +0.06 |
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Drawdowns
CNKY.L vs. HMAD.L - Drawdown Comparison
The maximum CNKY.L drawdown since its inception was -99.40%, which is greater than HMAD.L's maximum drawdown of -39.79%. Use the drawdown chart below to compare losses from any high point for CNKY.L and HMAD.L.
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Drawdown Indicators
| CNKY.L | HMAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -39.79% | -59.61% |
Max Drawdown (1Y)Largest decline over 1 year | -13.32% | -11.48% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.39% | -19.67% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -20.83% | -32.77% | +11.94% |
Max Drawdown (10Y)Largest decline over 10 years | -23.61% | -39.79% | +16.18% |
Current DrawdownCurrent decline from peak | -96.70% | -11.48% | -85.22% |
Average DrawdownAverage peak-to-trough decline | -95.12% | -12.55% | -82.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.75% | 4.14% | +0.61% |
Volatility
CNKY.L vs. HMAD.L - Volatility Comparison
The current volatility for iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) is 10.00%, while HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a volatility of 10.66%. This indicates that CNKY.L experiences smaller price fluctuations and is considered to be less risky than HMAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNKY.L | HMAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.00% | 10.66% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 20.75% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.00% | 23.52% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.41% | 20.50% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 20.07% | -2.61% |
CNKY.L vs. HMAD.L - Expense Ratio Comparison
CNKY.L has a 0.48% expense ratio, which is higher than HMAD.L's 0.45% expense ratio.
Dividends
CNKY.L vs. HMAD.L - Dividend Comparison
Neither CNKY.L nor HMAD.L has paid dividends to shareholders.
Frequently Asked Questions
CNKY.L and HMAD.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAD.L is cheaper with a 0.45% expense ratio, compared with 0.48% for CNKY.L.
CNKY.L tracks TOPIX TR JPY, while HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.48% for CNKY.L and 0.45% for HMAD.L.
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