ESES.L vs. HEMC.L
ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF) and HEMC.L (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - ESES.L tracks the Invesco MSCI Emerging Markets Universal Screened UCITS ETF while HEMC.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, ESES.L returned 18.98%/yr vs 19.28%/yr for HEMC.L. Their correlation of 0.87 suggests significant overlap in exposure.
Performance
ESES.L vs. HEMC.L - Performance Comparison
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Different Trading Currencies
ESES.L is traded in GBp, while HEMC.L is traded in GBP. To make them comparable, the HEMC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, ESES.L achieves a 22.99% return, which is significantly higher than HEMC.L's 21.46% return.
ESES.L
- 1D
- -0.75%
- 1M
- -5.75%
- 6M
- 17.36%
- YTD
- 22.99%
- 1Y
- 39.41%
- 3Y*
- 18.98%
- 5Y*
- 7.51%
- 10Y*
- —
HEMC.L
- 1D
- 0.00%
- 1M
- -5.48%
- 6M
- 15.20%
- YTD
- 21.46%
- 1Y
- 38.64%
- 3Y*
- 19.28%
- 5Y*
- —
- 10Y*
- —
ESES.L vs. HEMC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF | 22.99% | 24.05% | 7.54% | 2.94% | -4.55% |
HEMC.L HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 21.46% | 24.74% | 8.89% | 3.02% | -21.60% |
Correlation
The correlation between ESES.L and HEMC.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2022 | 0.87 |
The correlation between ESES.L and HEMC.L has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
ESES.L vs. HEMC.L — Risk / Return Rank
ESES.L
HEMC.L
ESES.L vs. HEMC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESES.L) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.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.
| ESES.L | HEMC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.36 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 1.42 | +2.21 |
| Martin ratioReturn relative to average drawdown | 11.46 | 2.53 | +8.92 |
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Drawdowns
ESES.L vs. HEMC.L - Drawdown Comparison
The maximum ESES.L drawdown since its inception was -23.59%, smaller than the maximum HEMC.L drawdown of -27.17%. Use the drawdown chart below to compare losses from any high point for ESES.L and HEMC.L.
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Drawdown Indicators
| ESES.L | HEMC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.59% | -27.17% | +3.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -27.17% | +16.38% |
Max Drawdown (3Y)Largest decline over 3 years | -23.59% | -27.17% | +3.58% |
Max Drawdown (5Y)Largest decline over 5 years | -23.59% | — | — |
Current DrawdownCurrent decline from peak | -7.86% | -8.44% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -10.52% | -15.57% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 15.26% | -11.83% |
Volatility
ESES.L vs. HEMC.L - Volatility Comparison
The current volatility for Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESES.L) is 7.50%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) has a volatility of 9.20%. This indicates that ESES.L experiences smaller price fluctuations and is considered to be less risky than HEMC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESES.L | HEMC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.50% | 9.20% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 17.04% | 17.61% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.04% | 45.20% | -26.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.66% | 30.14% | -8.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3,197.93% | 30.14% | +3,167.79% |
Dividends
ESES.L vs. HEMC.L - Dividend Comparison
Neither ESES.L nor HEMC.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, ESES.L and HEMC.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.
ESES.L tracks Invesco MSCI Emerging Markets Universal Screened UCITS ETF, while HEMC.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and HSBC.
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