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EXCS.L vs. HMEF.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EXCS.L vs. HMEF.L

Last updated Jun 4, 2026

EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) and HMEF.L (HSBC MSCI Emerging Markets 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 3 years, EXCS.L returned 26.11%/yr vs 18.37%/yr for HMEF.L. Their correlation of 0.85 suggests significant overlap in exposure. EXCS.L charges 0.18%/yr vs 0.15%/yr for HMEF.L.

Performance

EXCS.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EXCS.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, EXCS.L achieves a 41.08% return, which is significantly higher than HMEF.L's 27.63% return.

EXCS.L

1D
-0.71%
1M
13.86%
YTD
41.08%
6M
45.00%
1Y
77.57%
3Y*
26.11%
5Y*
—
10Y*
—

HMEF.L

1D
-0.91%
1M
10.58%
YTD
27.63%
6M
29.72%
1Y
55.19%
3Y*
18.37%
5Y*
6.08%
10Y*
8.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		41.08%26.13%5.55%10.95%-8.31%2.81%
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		27.63%21.88%6.43%-0.16%-12.59%0.57%

Correlation

The correlation between EXCS.L and HMEF.L is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2021

0.85

The correlation between EXCS.L and HMEF.L has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

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

Sectors
EXCS.L
HMEF.L

Technology

45.1%
42.9%

Financial Services

19.5%
17.8%

Industrials

8.3%
6.8%

Basic Materials

6.8%
5.9%

Consumer Cyclical

4.5%
8.7%

Energy

4.2%
3.5%

Communication Services

3.4%
6.2%

Consumer Defensive

2.9%
2.7%

Utilities

2.3%
1.9%

Healthcare

2.2%
2.6%

Real Estate

1.0%
1.0%

Technology

EXCS.L
45.1%
HMEF.L
42.9%

Financial Services

EXCS.L
19.5%
HMEF.L
17.8%

Industrials

EXCS.L
8.3%
HMEF.L
6.8%

Basic Materials

EXCS.L
6.8%
HMEF.L
5.9%

Consumer Cyclical

EXCS.L
4.5%
HMEF.L
8.7%

Energy

EXCS.L
4.2%
HMEF.L
3.5%

Communication Services

EXCS.L
3.4%
HMEF.L
6.2%

Consumer Defensive

EXCS.L
2.9%
HMEF.L
2.7%

Utilities

EXCS.L
2.3%
HMEF.L
1.9%

Healthcare

EXCS.L
2.2%
HMEF.L
2.6%

Real Estate

EXCS.L
1.0%
HMEF.L
1.0%

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iShares MSCI EM ex-China UCITS ETF USD (Acc)

HSBC MSCI Emerging Markets UCITS ETF USD

Often compared with EXCS.L:
EXCS.L vs. EMIM.LEXCS.L vs. EIMI.LEXCS.L vs. XDEM.LEXCS.L vs. QQQEXCS.L vs. EEMEXCS.L vs. ^GSPCEXCS.L vs. VFEG.L
Often compared with HMEF.L:
HMEF.L vs. VFEG.LHMEF.L vs. IEEM.LHMEF.L vs. AIAI.LHMEF.L vs. EMIM.LHMEF.L vs. VWRL.LHMEF.L vs. EQQQ.LHMEF.L vs. HMWO.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EXCS.L
EXCS.L Risk / Return Rank: 9494
Overall Rank
EXCS.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
EXCS.L Sortino Ratio Rank: 9494
Sortino Ratio Rank
EXCS.L Omega Ratio Rank: 9595
Omega Ratio Rank
EXCS.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
EXCS.L Martin Ratio Rank: 9292
Martin Ratio Rank
HMEF.L
HMEF.L Risk / Return Rank: 8888
Overall Rank
HMEF.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
HMEF.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
HMEF.L Omega Ratio Rank: 9191
Omega Ratio Rank
HMEF.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
HMEF.L Martin Ratio Rank: 8484
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.

EXCS.LHMEF.LDifference
Sharpe ratioReturn per unit of total volatility
4.11
3.24

+0.87

Sortino ratioReturn per unit of downside risk
5.03
4.16

+0.87

Omega ratioGain probability vs. loss probability

1.74

1.60

+0.14

Calmar ratioReturn relative to maximum drawdown

6.54

4.96

+1.58

Martin ratioReturn relative to average drawdown

23.94

17.16

+6.78

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current EXCS.L Sharpe Ratio is 4.11, which is comparable to the HMEF.L Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of EXCS.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.

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Sharpe Ratios by Period

EXCS.LHMEF.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.11

3.24

+0.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.37

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.50

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.06

0.28

+0.78

Drawdowns

EXCS.L vs. HMEF.L - Drawdown Comparison

The maximum EXCS.L drawdown since its inception was -17.51%, smaller than the maximum HMEF.L drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for EXCS.L and HMEF.L.

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Drawdown Indicators

EXCS.LHMEF.LDifference

Max Drawdown

Largest peak-to-trough decline

-17.51%

-32.91%

+15.40%

Max Drawdown (1Y)

Largest decline over 1 year

-11.81%

-11.07%

-0.74%

Max Drawdown (3Y)

Largest decline over 3 years

-17.51%

-15.40%

-2.11%

Max Drawdown (5Y)

Largest decline over 5 years

—

-26.99%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-30.58%

—

Current Drawdown

Current decline from peak

-0.71%

-0.91%

+0.20%

Average Drawdown

Average peak-to-trough decline

-4.85%

-12.28%

+7.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

3.21%

+0.02%

Volatility

EXCS.L vs. HMEF.L - Volatility Comparison

iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a higher volatility of 8.68% compared to HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) at 7.32%. This indicates that EXCS.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.

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Volatility by Period

EXCS.LHMEF.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.68%

7.32%

+1.36%

Volatility (6M)

Calculated over the trailing 6-month period

16.44%

14.49%

+1.95%

Volatility (1Y)

Calculated over the trailing 1-year period

18.79%

16.96%

+1.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.35%

16.22%

-0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.35%

17.91%

-2.56%

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

EXCS.L has a 0.18% 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

EXCS.L vs. HMEF.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (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

With a correlation of 0.93, EXCS.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.

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.

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.18% for EXCS.L.

Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.18% for EXCS.L and 0.15% for HMEF.L.

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