CSH2.L vs. HDEM.L
CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) and HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) are both exchange-traded funds - CSH2.L is a Money Market fund tracking the SONIA Compounded (GBP Hedged), while HDEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, CSH2.L returned 2.09%/yr vs 7.43%/yr for HDEM.L. At a correlation of -0.04, they often move in opposite directions. CSH2.L charges 0.10%/yr vs 0.49%/yr for HDEM.L.
Performance
CSH2.L vs. HDEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, CSH2.L achieves a 1.93% return, which is significantly lower than HDEM.L's 7.37% return. Over the past 10 years, CSH2.L has underperformed HDEM.L with an annualized return of 2.09%, while HDEM.L has yielded a comparatively higher 7.43% annualized return.
CSH2.L
- 1D
- 0.01%
- 1M
- 0.33%
- YTD
- 1.93%
- 6M
- 1.99%
- 1Y
- 4.35%
- 3Y*
- 4.97%
- 5Y*
- 3.70%
- 10Y*
- 2.09%
HDEM.L
- 1D
- -1.04%
- 1M
- -0.01%
- YTD
- 7.37%
- 6M
- 8.55%
- 1Y
- 22.58%
- 3Y*
- 12.85%
- 5Y*
- 6.56%
- 10Y*
- 7.43%
CSH2.L vs. HDEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc | 1.93% | 4.67% | 5.61% | 4.72% | 1.54% | 0.13% | 0.30% | 0.82% | 0.70% | 0.42% |
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF | 7.37% | 18.32% | 3.91% | 3.74% | -6.40% | 15.10% | -10.00% | 11.46% | -1.01% | 14.12% |
Correlation
The correlation between CSH2.L and HDEM.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since May 27, 2016 | -0.04 |
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Return for Risk
CSH2.L vs. HDEM.L — Risk / Return Rank
CSH2.L
HDEM.L
CSH2.L vs. HDEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.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.
| CSH2.L | HDEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.98 | ||
| Sortino ratioReturn per unit of downside risk | +12.09 | ||
| Omega ratioGain probability vs. loss probability | 4.49 | 1.37 | +3.12 |
| Calmar ratioReturn relative to maximum drawdown | 27.47 | 4.26 | +23.21 |
| Martin ratioReturn relative to average drawdown | 160.87 | 10.91 | +149.97 |
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Drawdowns
CSH2.L vs. HDEM.L - Drawdown Comparison
The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum HDEM.L drawdown of -32.18%. Use the drawdown chart below to compare losses from any high point for CSH2.L and HDEM.L.
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Drawdown Indicators
| CSH2.L | HDEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.37% | -32.18% | +31.81% |
Max Drawdown (1Y)Largest decline over 1 year | -0.16% | -5.28% | +5.12% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -12.22% | +11.93% |
Max Drawdown (5Y)Largest decline over 5 years | -0.29% | -18.05% | +17.76% |
Max Drawdown (10Y)Largest decline over 10 years | -0.37% | -32.18% | +31.81% |
Current DrawdownCurrent decline from peak | 0.00% | -4.58% | +4.58% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -7.67% | +7.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 2.06% | -2.03% |
Volatility
CSH2.L vs. HDEM.L - Volatility Comparison
The current volatility for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) is 0.06%, while Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) has a volatility of 3.60%. This indicates that CSH2.L experiences smaller price fluctuations and is considered to be less risky than HDEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSH2.L | HDEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 3.60% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 0.23% | 7.57% | -7.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.53% | 10.44% | -9.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.56% | 13.55% | -12.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.44% | 15.73% | -15.29% |
CSH2.L vs. HDEM.L - Expense Ratio Comparison
CSH2.L has a 0.10% expense ratio, which is lower than HDEM.L's 0.49% expense ratio.
Dividends
CSH2.L vs. HDEM.L - Dividend Comparison
CSH2.L has not paid dividends to shareholders, while HDEM.L's dividend yield for the trailing twelve months is around 4.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF | 4.91% | 5.18% | 5.61% | 6.08% | 8.92% | 5.96% | 4.31% | 5.23% | 5.37% | 5.06% | 2.27% |
Frequently Asked Questions
CSH2.L and HDEM.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSH2.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSH2.L is cheaper with a 0.10% expense ratio, compared with 0.49% for HDEM.L.
CSH2.L is categorized as Money Market, while HDEM.L is Emerging Markets Equities. CSH2.L tracks SONIA Compounded (GBP Hedged), while HDEM.L tracks MSCI EM NR USD. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.10% for CSH2.L and 0.49% for HDEM.L.
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