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FEX.L vs. HMUS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEX.L vs. HMUS.L

Last updated Jun 4, 2026

FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) and HMUS.L (HSBC MSCI USA UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from First Trust and HSBC respectively. Both are passively managed. Over the past 10 years, FEX.L returned 13.68%/yr vs 14.19%/yr for HMUS.L. Their correlation of 0.82 suggests significant overlap in exposure. FEX.L charges 0.75%/yr vs 0.30%/yr for HMUS.L.

Performance

FEX.L vs. HMUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and HSBC MSCI USA UCITS ETF (HMUS.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FEX.L achieves a 14.44% return, which is significantly higher than HMUS.L's 7.66% return. Both investments have delivered pretty close results over the past 10 years, with FEX.L having a 13.68% annualized return and HMUS.L not far ahead at 14.19%.

FEX.L

1D
0.52%
1M
5.95%
YTD
14.44%
6M
15.16%
1Y
30.58%
3Y*
17.63%
5Y*
12.02%
10Y*
13.68%

HMUS.L

1D
0.28%
1M
5.02%
YTD
7.66%
6M
7.76%
1Y
21.62%
3Y*
16.26%
5Y*
12.23%
10Y*
14.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEX.L vs. HMUS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEX.L
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD		14.44%7.34%18.68%8.36%-1.83%28.60%9.66%22.13%-5.90%10.65%
HMUS.L
HSBC MSCI USA UCITS ETF		7.66%5.24%25.87%19.21%-11.56%27.15%15.77%24.66%-1.56%9.13%

Correlation

The correlation between FEX.L and HMUS.L is 0.76, 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

0.76

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

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2013

0.82

The correlation between FEX.L and HMUS.L has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

FEX.L vs. HMUS.L - Sectors Allocation Comparison

Sectors
FEX.L
HMUS.L

Technology

21.0%
38.7%

Industrials

18.8%
7.7%

Financial Services

14.0%
11.2%

Healthcare

8.9%
9.3%

Consumer Cyclical

8.3%
9.0%

Utilities

7.3%
1.7%

Energy

6.0%
3.8%

Real Estate

4.6%
1.8%

Consumer Defensive

4.4%
4.7%

Communication Services

3.4%
10.6%

Basic Materials

3.4%
1.6%

Technology

FEX.L
21.0%
HMUS.L
38.7%

Industrials

FEX.L
18.8%
HMUS.L
7.7%

Financial Services

FEX.L
14.0%
HMUS.L
11.2%

Healthcare

FEX.L
8.9%
HMUS.L
9.3%

Consumer Cyclical

FEX.L
8.3%
HMUS.L
9.0%

Utilities

FEX.L
7.3%
HMUS.L
1.7%

Energy

FEX.L
6.0%
HMUS.L
3.8%

Real Estate

FEX.L
4.6%
HMUS.L
1.8%

Consumer Defensive

FEX.L
4.4%
HMUS.L
4.7%

Communication Services

FEX.L
3.4%
HMUS.L
10.6%

Basic Materials

FEX.L
3.4%
HMUS.L
1.6%

Compare stocks, funds, or ETFs

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First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD

HSBC MSCI USA UCITS ETF

Often compared with FEX.L:
FEX.L vs. XZMD.LFEX.L vs. FPX.LFEX.L vs. FRUE.LFEX.L vs. FEXU.LFEX.L vs. CAPS.LFEX.L vs. BBUS.LFEX.L vs. ISDU.L
Often compared with HMUS.L:
HMUS.L vs. IGDA.LHMUS.L vs. XDUS.LHMUS.L vs. HMUD.LHMUS.L vs. IUSA.LHMUS.L vs. SPYHMUS.L vs. VOOHMUS.L vs. SPMO

Return for Risk

FEX.L vs. HMUS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEX.L
FEX.L Risk / Return Rank: 8888
Overall Rank
FEX.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
FEX.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
FEX.L Omega Ratio Rank: 8484
Omega Ratio Rank
FEX.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
FEX.L Martin Ratio Rank: 9090
Martin Ratio Rank
HMUS.L
HMUS.L Risk / Return Rank: 6666
Overall Rank
HMUS.L Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
HMUS.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
HMUS.L Omega Ratio Rank: 6565
Omega Ratio Rank
HMUS.L Calmar Ratio Rank: 6868
Calmar Ratio Rank
HMUS.L Martin Ratio Rank: 6868
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.

FEX.L vs. HMUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and HSBC MSCI USA UCITS ETF (HMUS.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.

FEX.LHMUS.LDifference
Sharpe ratioReturn per unit of total volatility
2.82
2.15

+0.67

Sortino ratioReturn per unit of downside risk
3.82
2.98

+0.84

Omega ratioGain probability vs. loss probability

1.51

1.39

+0.12

Calmar ratioReturn relative to maximum drawdown

6.57

3.36

+3.22

Martin ratioReturn relative to average drawdown

20.88

12.55

+8.33

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

FEX.L vs. HMUS.L - Sharpe Ratio Comparison

The current FEX.L Sharpe Ratio is 2.82, which is higher than the HMUS.L Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FEX.L and HMUS.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

FEX.LHMUS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.82

2.15

+0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.90

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.98

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.92

-0.09

Drawdowns

FEX.L vs. HMUS.L - Drawdown Comparison

The maximum FEX.L drawdown since its inception was -31.58%, which is greater than HMUS.L's maximum drawdown of -25.78%. Use the drawdown chart below to compare losses from any high point for FEX.L and HMUS.L.

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Drawdown Indicators

FEX.LHMUS.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.58%

-25.78%

-5.80%

Max Drawdown (1Y)

Largest decline over 1 year

-4.63%

-6.80%

+2.17%

Max Drawdown (3Y)

Largest decline over 3 years

-21.34%

-21.87%

+0.53%

Max Drawdown (5Y)

Largest decline over 5 years

-21.34%

-21.87%

+0.53%

Max Drawdown (10Y)

Largest decline over 10 years

-31.58%

-25.78%

-5.80%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.12%

-3.65%

-0.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.46%

1.82%

-0.36%

Volatility

FEX.L vs. HMUS.L - Volatility Comparison

First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) has a higher volatility of 3.60% compared to HSBC MSCI USA UCITS ETF (HMUS.L) at 2.49%. This indicates that FEX.L's price experiences larger fluctuations and is considered to be riskier than HMUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEX.LHMUS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.60%

2.49%

+1.11%

Volatility (6M)

Calculated over the trailing 6-month period

7.23%

7.42%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

10.85%

10.69%

+0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.53%

15.18%

-0.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.45%

16.78%

-0.33%

FEX.L vs. HMUS.L - Expense Ratio Comparison

FEX.L has a 0.75% expense ratio, which is higher than HMUS.L's 0.30% expense ratio.

Dividends

FEX.L vs. HMUS.L - Dividend Comparison

FEX.L has not paid dividends to shareholders, while HMUS.L's dividend yield for the trailing twelve months is around 0.01%.

PositionTTM20252024202320222021202020192018201720162015
FEX.L
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HMUS.L
HSBC MSCI USA UCITS ETF		0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%

Frequently Asked Questions

FEX.L and HMUS.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HMUS.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMUS.L is cheaper with a 0.30% expense ratio, compared with 0.75% for FEX.L.

Both ETFs track Russell 1000 TR USD. They also come from different issuers: First Trust and HSBC. Their fees differ too: 0.75% for FEX.L and 0.30% for HMUS.L.

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