ESPS.L vs. HPAX.L

Last updated Jun 4, 2026

ESPS.L (Invesco MSCI Pacific Ex Japan ESG Universal Screened UCITS ETF Acc) and HPAX.L (HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF) are both Asia Pacific Equities funds - ESPS.L tracks the MSCI Pacific Ex Japan NR USD while HPAX.L tracks the MSCI AC Asia Pac Ex JPN NR USD. Both are passively managed. Over the past 3 years, ESPS.L returned 9.70%/yr vs 18.32%/yr for HPAX.L. At a 0.46 correlation, their price movements are largely independent. ESPS.L charges 0.19%/yr vs 0.25%/yr for HPAX.L.

Performance

ESPS.L vs. HPAX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Pacific Ex Japan ESG Universal Screened UCITS ETF Acc (ESPS.L) and HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF (HPAX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ESPS.L achieves a 7.41% return, which is significantly lower than HPAX.L's 27.26% return.

ESPS.L

• 1D: -0.43%
• 1M: 0.59%
• YTD: 7.41%
• 6M: 8.29%
• 1Y: 16.01%
• 3Y*: 9.70%
• 5Y*: 6.22%
• 10Y*: —

HPAX.L

• 1D: -1.04%
• 1M: 9.85%
• YTD: 27.26%
• 6M: 29.75%
• 1Y: 52.62%
• 3Y*: 18.32%
• 5Y*: —
• 10Y*: —

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

ESPS.L vs. HPAX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ESPS.L Invesco MSCI Pacific Ex Japan ESG Universal Screened UCITS ETF Acc	7.41%	10.52%	7.35%	2.26%	-3.72%
HPAX.L HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF	27.26%	17.60%	11.84%	-2.35%	-3.87%

Correlation

The correlation between ESPS.L and HPAX.L is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 13, 2022	0.46

The correlation between ESPS.L and HPAX.L shifts across timeframes, from 0.46 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ESPS.L vs. HPAX.L — Risk / Return Rank

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

ESPS.L

ESPS.L Risk / Return Rank: 42
ESPS.L Sharpe Ratio Rank: 42
ESPS.L Sortino Ratio Rank: 44
ESPS.L Omega Ratio Rank: 42
ESPS.L Calmar Ratio Rank: 44
ESPS.L Martin Ratio Rank: 39

HPAX.L

HPAX.L Risk / Return Rank: 88
HPAX.L Sharpe Ratio Rank: 91
HPAX.L Sortino Ratio Rank: 89
HPAX.L Omega Ratio Rank: 90
HPAX.L Calmar Ratio Rank: 88
HPAX.L Martin Ratio Rank: 84

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.

ESPS.L vs. HPAX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Pacific Ex Japan ESG Universal Screened UCITS ETF Acc (ESPS.L) and HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF (HPAX.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.

	ESPS.L	HPAX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.47	3.19	-1.71
Sortino ratio: Return per unit of downside risk	2.16	4.09	-1.93
Omega ratio: Gain probability vs. loss probability	1.27	1.58	-0.32
Calmar ratio: Return relative to maximum drawdown	2.12	5.15	-3.03
Martin ratio: Return relative to average drawdown	6.09	16.99	-10.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESPS.L vs. HPAX.L - Sharpe Ratio Comparison

The current ESPS.L Sharpe Ratio is 1.47, which is lower than the HPAX.L Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of ESPS.L and HPAX.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

	ESPS.L	HPAX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	3.19	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.73	-0.06

Drawdowns

ESPS.L vs. HPAX.L - Drawdown Comparison

The maximum ESPS.L drawdown since its inception was -17.76%, smaller than the maximum HPAX.L drawdown of -18.77%. Use the drawdown chart below to compare losses from any high point for ESPS.L and HPAX.L.

Drawdown Indicators

	ESPS.L	HPAX.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.76%	-18.77%	+1.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-10.17%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-18.77%	+1.01%
Max Drawdown (5Y) Largest decline over 5 years	-17.76%	—	—
Current Drawdown Current decline from peak	-3.28%	-1.04%	-2.24%
Average Drawdown Average peak-to-trough decline	-4.55%	-5.94%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.09%	-0.47%

Volatility

ESPS.L vs. HPAX.L - Volatility Comparison

The current volatility for Invesco MSCI Pacific Ex Japan ESG Universal Screened UCITS ETF Acc (ESPS.L) is 3.47%, while HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF (HPAX.L) has a volatility of 7.47%. This indicates that ESPS.L experiences smaller price fluctuations and is considered to be less risky than HPAX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESPS.L	HPAX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	7.47%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	13.77%	-5.45%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	16.43%	-5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	15.84%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	15.84%	+3.03%

ESPS.L vs. HPAX.L - Expense Ratio Comparison

ESPS.L has a 0.19% expense ratio, which is lower than HPAX.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESPS.L vs. HPAX.L - Dividend Comparison

Neither ESPS.L nor HPAX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ESPS.L and HPAX.L in my portfolio?

ESPS.L and HPAX.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESPS.L or HPAX.L?

On fees, ESPS.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESPS.L or HPAX.L?

ESPS.L is cheaper with a 0.19% expense ratio, compared with 0.25% for HPAX.L.

What is the main difference between ESPS.L and HPAX.L?

ESPS.L tracks MSCI Pacific Ex Japan NR USD, while HPAX.L tracks MSCI AC Asia Pac Ex JPN NR USD. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.19% for ESPS.L and 0.25% for HPAX.L.