EMIM.L vs. HSEF.L
EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) and HSEF.L (HSBC Emerging Market Sustainable Equity UCITS ETF USD) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from iShares and HSBC respectively. Both are passively managed. Over the past 5 years, EMIM.L returned 8.76%/yr vs 7.39%/yr for HSEF.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.18% expense ratio.
Performance
EMIM.L vs. HSEF.L - Performance Comparison
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Different Trading Currencies
EMIM.L is traded in GBp, while HSEF.L is traded in GBP. To make them comparable, the HSEF.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMIM.L achieves a 24.23% return, which is significantly higher than HSEF.L's 15.11% return.
EMIM.L
- 1D
- -1.35%
- 1M
- 5.54%
- YTD
- 24.23%
- 6M
- 26.48%
- 1Y
- 50.85%
- 3Y*
- 20.15%
- 5Y*
- 8.76%
- 10Y*
- 11.09%
HSEF.L
- 1D
- -0.64%
- 1M
- 3.00%
- YTD
- 15.11%
- 6M
- 15.45%
- 1Y
- 38.19%
- 3Y*
- 17.57%
- 5Y*
- 7.39%
- 10Y*
- —
EMIM.L vs. HSEF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 24.23% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 13.93% |
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD | 15.11% | 20.85% | 17.02% | -1.33% | -8.36% | 1.82% | 11.41% |
Correlation
The correlation between EMIM.L and HSEF.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 1, 2020 | 0.95 |
The correlation between EMIM.L and HSEF.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
EMIM.L vs. HSEF.L — Risk / Return Rank
EMIM.L
HSEF.L
EMIM.L vs. HSEF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) and HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.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.
| EMIM.L | HSEF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.45 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.63 | 3.93 | +0.70 |
| Martin ratioReturn relative to average drawdown | 16.57 | 13.29 | +3.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMIM.L | HSEF.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.04 | 2.58 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.47 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.59 | -0.10 |
Drawdowns
EMIM.L vs. HSEF.L - Drawdown Comparison
The maximum EMIM.L drawdown since its inception was -31.70%, which is greater than HSEF.L's maximum drawdown of -23.33%. Use the drawdown chart below to compare losses from any high point for EMIM.L and HSEF.L.
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Drawdown Indicators
| EMIM.L | HSEF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.70% | -23.33% | -8.37% |
Max Drawdown (1Y)Largest decline over 1 year | -10.92% | -9.67% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -15.36% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -21.98% | -19.36% | -2.62% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | — | — |
Current DrawdownCurrent decline from peak | -2.39% | -1.81% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -9.31% | +0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 2.87% | +0.19% |
Volatility
EMIM.L vs. HSEF.L - Volatility Comparison
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a higher volatility of 7.03% compared to HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) at 5.49%. This indicates that EMIM.L's price experiences larger fluctuations and is considered to be riskier than HSEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMIM.L | HSEF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.03% | 5.49% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 11.66% | +2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 14.77% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 15.64% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 15.71% | +2.10% |
EMIM.L vs. HSEF.L - Expense Ratio Comparison
Both EMIM.L and HSEF.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
EMIM.L vs. HSEF.L - Dividend Comparison
Neither EMIM.L nor HSEF.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, EMIM.L and HSEF.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.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMIM.L and HSEF.L have the same expense ratio: 0.18% per year.
Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and HSBC.
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