EMDV.L vs. HMEF.L

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L).

EMDV.L and HMEF.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMDV.L is a passively managed fund by State Street that tracks the performance of the MSCI EM NR USD. It was launched on Oct 14, 2011. HMEF.L is a passively managed fund by HSBC that tracks the performance of the MSCI EM NR USD. It was launched on Sep 5, 2011. Both EMDV.L and HMEF.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMDV.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

EMDV.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMDV.L SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)	2.53%	8.10%	16.29%	-0.66%	1.92%	0.14%	-5.08%	7.32%	-0.61%	16.71%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	6.17%	24.55%	9.08%	2.44%	-10.01%	-2.27%	14.81%	12.74%	-9.63%	25.68%

Different Trading Currencies

EMDV.L is traded in GBP, while HMEF.L is traded in GBp. To make them comparable, the HMEF.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMDV.L achieves a 2.53% return, which is significantly lower than HMEF.L's 6.17% return. Over the past 10 years, EMDV.L has underperformed HMEF.L with an annualized return of 6.45%, while HMEF.L has yielded a comparatively higher 8.82% annualized return.

EMDV.L

• 1D: 0.58%
• 1M: -3.69%
• YTD: 2.53%
• 6M: 1.86%
• 1Y: 11.28%
• 3Y*: 8.11%
• 5Y*: 5.14%
• 10Y*: 6.45%

HMEF.L

• 1D: 3.24%
• 1M: -5.62%
• YTD: 6.17%
• 6M: 10.21%
• 1Y: 30.69%
• 3Y*: 13.43%
• 5Y*: 4.84%
• 10Y*: 8.82%

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

EMDV.L vs. HMEF.L - Expense Ratio Comparison

EMDV.L has a 0.55% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

EMDV.L

SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)

HMEF.L

HSBC MSCI Emerging Markets UCITS ETF USD

Return for Risk

EMDV.L vs. HMEF.L — Risk / Return Rank

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

EMDV.L

EMDV.L Risk / Return Rank: 40
EMDV.L Sharpe Ratio Rank: 42
EMDV.L Sortino Ratio Rank: 40
EMDV.L Omega Ratio Rank: 35
EMDV.L Calmar Ratio Rank: 48
EMDV.L Martin Ratio Rank: 35

HMEF.L

HMEF.L Risk / Return Rank: 85
HMEF.L Sharpe Ratio Rank: 86
HMEF.L Sortino Ratio Rank: 86
HMEF.L Omega Ratio Rank: 84
HMEF.L Calmar Ratio Rank: 86
HMEF.L Martin Ratio Rank: 83

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.

EMDV.L vs. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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.

	EMDV.L	HMEF.L	Difference
Sharpe ratio Return per unit of total volatility	0.84	1.83	-1.00
Sortino ratio Return per unit of downside risk	1.21	2.37	-1.16
Omega ratio Gain probability vs. loss probability	1.15	1.35	-0.20
Calmar ratio Return relative to maximum drawdown	1.40	2.84	-1.43
Martin ratio Return relative to average drawdown	3.58	10.08	-6.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDV.L vs. HMEF.L - Sharpe Ratio Comparison

The current EMDV.L Sharpe Ratio is 0.84, which is lower than the HMEF.L Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EMDV.L and HMEF.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMDV.L	HMEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.83	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.31	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.50	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.33	-0.10

Correlation

The correlation between EMDV.L and HMEF.L is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EMDV.L vs. HMEF.L - Dividend Comparison

EMDV.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 1.97%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDV.L SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)	0.00%	1.29%	4.08%	4.98%	4.45%	3.28%	3.19%	3.83%	3.49%	2.89%	4.15%	5.95%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	1.97%	1.98%	2.43%	2.58%	2.99%	2.01%	1.66%	2.11%	2.14%	1.61%	1.69%	2.25%

Drawdowns

EMDV.L vs. HMEF.L - Drawdown Comparison

The maximum EMDV.L drawdown since its inception was -48.26%, which is greater than HMEF.L's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for EMDV.L and HMEF.L.

Drawdown Indicators

	EMDV.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-48.26%	-31.72%	-16.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-11.07%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-23.78%	+8.47%
Max Drawdown (10Y) Largest decline over 10 years	-34.93%	-27.33%	-7.60%
Current Drawdown Current decline from peak	-6.54%	-7.68%	+1.14%
Average Drawdown Average peak-to-trough decline	-13.59%	-10.09%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.12%	+0.16%

Volatility

EMDV.L vs. HMEF.L - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) is 3.72%, while HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a volatility of 7.28%. This indicates that EMDV.L experiences smaller price fluctuations and is considered to be less risky than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDV.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	7.28%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	12.74%	-3.82%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	16.71%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	15.80%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	17.71%	-0.66%