ESEM.L vs. HMEF.L

Last updated Jun 5, 2026

ESEM.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds - ESEM.L tracks the MSCI EM (Emerging Markets) Universal Select Business Screens Index while HMEF.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, ESEM.L returned 23.60%/yr vs 20.79%/yr for HMEF.L. Their correlation of 0.93 suggests significant overlap in exposure. ESEM.L charges 0.19%/yr vs 0.15%/yr for HMEF.L.

Performance

ESEM.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc (ESEM.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ESEM.L achieves a 27.82% return, which is significantly higher than HMEF.L's 25.22% return.

ESEM.L

• 1D: -1.43%
• 1M: 4.08%
• YTD: 27.82%
• 6M: 29.81%
• 1Y: 51.85%
• 3Y*: 23.60%
• 5Y*: —
• 10Y*: —

HMEF.L

• 1D: -1.61%
• 1M: 2.41%
• YTD: 25.22%
• 6M: 26.88%
• 1Y: 48.41%
• 3Y*: 20.79%
• 5Y*: 4.61%
• 10Y*: 7.68%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
ESEM.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	27.82%	33.08%	5.76%	9.03%	-20.65%	-5.82%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	25.22%	31.08%	4.66%	5.11%	-21.94%	-7.71%

Correlation

The correlation between ESEM.L and HMEF.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.93

The correlation between ESEM.L and HMEF.L has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

ESEM.L vs. HMEF.L - Sectors Allocation Comparison

Sectors	ESEM.L	HMEF.L
Technology	41.4%	42.9%
Financial Services	25.1%	17.8%
Consumer Cyclical	7.7%	8.7%
Communication Services	6.2%	6.2%
Basic Materials	4.7%	5.9%
Industrials	4.5%	6.8%
Healthcare	2.7%	2.6%
Energy	2.7%	3.5%
Consumer Defensive	2.6%	2.7%
Utilities	1.2%	1.9%
Real Estate	0.9%	1.0%

Return for Risk

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

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

ESEM.L

ESEM.L Risk / Return Rank: 80
ESEM.L Sharpe Ratio Rank: 82
ESEM.L Sortino Ratio Rank: 80
ESEM.L Omega Ratio Rank: 82
ESEM.L Calmar Ratio Rank: 79
ESEM.L Martin Ratio Rank: 79

HMEF.L

HMEF.L Risk / Return Rank: 86
HMEF.L Sharpe Ratio Rank: 89
HMEF.L Sortino Ratio Rank: 87
HMEF.L Omega Ratio Rank: 89
HMEF.L Calmar Ratio Rank: 85
HMEF.L Martin Ratio Rank: 81

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc (ESEM.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.

	ESEM.L	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.61	+0.02
Sortino ratio: Return per unit of downside risk	3.52	3.49	+0.03
Omega ratio: Gain probability vs. loss probability	1.48	1.47	+0.01
Calmar ratio: Return relative to maximum drawdown	4.02	3.79	+0.23
Martin ratio: Return relative to average drawdown	15.05	13.67	+1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ESEM.L Sharpe Ratio is 2.63, which is comparable to the HMEF.L Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of ESEM.L and HMEF.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ESEM.L	HMEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.61	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.19	+0.23

Drawdowns

ESEM.L vs. HMEF.L - Drawdown Comparison

The maximum ESEM.L drawdown since its inception was -35.55%, smaller than the maximum HMEF.L drawdown of -42.58%. Use the drawdown chart below to compare losses from any high point for ESEM.L and HMEF.L.

Drawdown Indicators

	ESEM.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-42.58%	+7.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.94%	-13.08%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-17.13%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.58%	—
Current Drawdown Current decline from peak	-2.48%	-2.86%	+0.38%
Average Drawdown Average peak-to-trough decline	-14.38%	-16.39%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.63%	-0.17%

Volatility

ESEM.L vs. HMEF.L - Volatility Comparison

Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc (ESEM.L) has a higher volatility of 9.02% compared to HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) at 8.21%. This indicates that ESEM.L's price experiences larger fluctuations and is considered to be riskier than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESEM.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.02%	8.21%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	17.42%	16.33%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	19.00%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	18.66%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	19.41%	-0.27%

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

ESEM.L has a 0.19% expense ratio, which is higher than HMEF.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESEM.L vs. HMEF.L - Dividend Comparison

ESEM.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESEM.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%

Frequently Asked Questions

Can I hold both ESEM.L and HMEF.L in my portfolio?

With a correlation of 0.94, ESEM.L and HMEF.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.

Which ETF is better, ESEM.L or HMEF.L?

On fees, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESEM.L or HMEF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.19% for ESEM.L.

What is the main difference between ESEM.L and HMEF.L?

ESEM.L tracks MSCI EM (Emerging Markets) Universal Select Business Screens Index, while HMEF.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.19% for ESEM.L and 0.15% for HMEF.L.