CNYA.L vs. HMCT.L
CNYA.L (iShares MSCI China A UCITS ETF USD (Acc)) and HMCT.L (HSBC MSCI CHINA A UCITS ETF) are both China Equities funds - CNYA.L tracks the MSCI China A Inclusion Index (Net) while HMCT.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 5 years, CNYA.L returned -1.29%/yr vs -0.90%/yr for HMCT.L. With a 0.97 correlation, they move nearly in lockstep. CNYA.L charges 0.40%/yr vs 0.30%/yr for HMCT.L.
Performance
CNYA.L vs. HMCT.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNYA.L achieves a 4.12% return, which is significantly lower than HMCT.L's 7.12% return.
CNYA.L
- 1D
- -2.16%
- 1M
- -4.94%
- 6M
- 0.97%
- YTD
- 4.12%
- 1Y
- 25.16%
- 3Y*
- 9.63%
- 5Y*
- -1.29%
- 10Y*
- 5.34%
HMCT.L
- 1D
- 2.55%
- 1M
- -2.13%
- 6M
- 4.02%
- YTD
- 7.12%
- 1Y
- 28.55%
- 3Y*
- 10.41%
- 5Y*
- -0.90%
- 10Y*
- —
CNYA.L vs. HMCT.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CNYA.L iShares MSCI China A UCITS ETF USD (Acc) | 4.12% | 26.26% | 11.19% | -14.20% | -26.19% | 3.18% | 42.31% | 34.76% | -14.14% |
HMCT.L HSBC MSCI CHINA A UCITS ETF | 7.12% | 25.91% | 11.74% | -13.89% | -25.90% | 2.76% | 44.06% | 34.24% | -14.27% |
Correlation
The correlation between CNYA.L and HMCT.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018 | 0.97 |
The correlation between CNYA.L and HMCT.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
CNYA.L vs. HMCT.L — Risk / Return Rank
CNYA.L
HMCT.L
CNYA.L vs. HMCT.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A UCITS ETF USD (Acc) (CNYA.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.
| CNYA.L | HMCT.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.27 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 3.69 | -0.56 |
| Martin ratioReturn relative to average drawdown | 8.30 | 9.39 | -1.09 |
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Drawdowns
CNYA.L vs. HMCT.L - Drawdown Comparison
The maximum CNYA.L drawdown since its inception was -52.23%, 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 CNYA.L and HMCT.L.
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Drawdown Indicators
| CNYA.L | HMCT.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.23% | -49.07% | -3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.00% | -7.57% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -27.99% | -28.42% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -44.56% | -44.11% | -0.45% |
Max Drawdown (10Y)Largest decline over 10 years | -49.31% | — | — |
Current DrawdownCurrent decline from peak | -17.02% | -14.10% | -2.92% |
Average DrawdownAverage peak-to-trough decline | -32.14% | -21.48% | -10.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.98% | +0.04% |
Volatility
CNYA.L vs. HMCT.L - Volatility Comparison
iShares MSCI China A UCITS ETF USD (Acc) (CNYA.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.L) have volatilities of 8.85% and 8.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYA.L | HMCT.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.85% | 8.60% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 15.06% | 14.67% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.35% | 18.92% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.90% | 22.66% | +0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.89% | 23.77% | -0.88% |
CNYA.L vs. HMCT.L - Expense Ratio Comparison
CNYA.L has a 0.40% expense ratio, which is higher than HMCT.L's 0.30% expense ratio.
Dividends
CNYA.L vs. HMCT.L - Dividend Comparison
CNYA.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 |
|---|---|---|---|---|---|---|---|---|---|
CNYA.L iShares MSCI China A UCITS ETF USD (Acc) | 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
With a correlation of 0.98, CNYA.L and HMCT.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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.
HMCT.L is cheaper with a 0.30% expense ratio, compared with 0.40% for CNYA.L.
CNYA.L tracks MSCI China A Inclusion Index (Net), while HMCT.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.40% for CNYA.L and 0.30% for HMCT.L.
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