FRQX.L vs. HMXJ.L

Last updated Jun 5, 2026

FRQX.L (Franklin AC Asia ex Japan UCITS ETF) and HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) are both Asia Pacific Equities funds - FRQX.L tracks the MSCI AC Asia Ex Japan NR USD while HMXJ.L tracks the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 5 years, FRQX.L returned 14.74%/yr vs 6.07%/yr for HMXJ.L. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

FRQX.L vs. HMXJ.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Franklin AC Asia ex Japan UCITS ETF (FRQX.L) and HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, FRQX.L achieves a 43.69% return, which is significantly higher than HMXJ.L's 8.91% return.

FRQX.L

• 1D: -2.00%
• 1M: 10.47%
• YTD: 43.69%
• 6M: 48.15%
• 1Y: 78.41%
• 3Y*: 26.02%
• 5Y*: 14.74%
• 10Y*: —

HMXJ.L

• 1D: -0.47%
• 1M: 0.55%
• YTD: 8.91%
• 6M: 9.65%
• 1Y: 17.57%
• 3Y*: 10.62%
• 5Y*: 6.07%
• 10Y*: 8.45%

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

FRQX.L vs. HMXJ.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FRQX.L Franklin AC Asia ex Japan UCITS ETF	43.69%	21.13%	9.39%	5.79%	-2.53%	5.94%	3.15%	6.30%	-4.69%
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	8.91%	12.37%	6.43%	0.38%	5.35%	5.41%	3.21%	13.89%	-5.49%

Correlation

The correlation between FRQX.L and HMXJ.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.64

Over the past year, the correlation between FRQX.L and HMXJ.L has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

FRQX.L vs. HMXJ.L - Sectors Allocation Comparison

Sectors	FRQX.L	HMXJ.L
Technology	54.7%	1.0%
Financial Services	15.6%	45.1%
Industrials	8.9%	8.5%
Consumer Cyclical	4.6%	6.3%
Basic Materials	3.2%	16.1%
Communication Services	2.4%	2.6%
Energy	2.3%	2.7%
Healthcare	2.2%	3.3%
Consumer Defensive	2.2%	3.0%
Utilities	1.9%	3.5%
Real Estate	1.9%	7.8%

Return for Risk

FRQX.L vs. HMXJ.L — Risk / Return Rank

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

FRQX.L

FRQX.L Risk / Return Rank: 94
FRQX.L Sharpe Ratio Rank: 96
FRQX.L Sortino Ratio Rank: 96
FRQX.L Omega Ratio Rank: 95
FRQX.L Calmar Ratio Rank: 92
FRQX.L Martin Ratio Rank: 93

HMXJ.L

HMXJ.L Risk / Return Rank: 48
HMXJ.L Sharpe Ratio Rank: 47
HMXJ.L Sortino Ratio Rank: 50
HMXJ.L Omega Ratio Rank: 46
HMXJ.L Calmar Ratio Rank: 51
HMXJ.L Martin Ratio Rank: 46

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.

FRQX.L vs. HMXJ.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin AC Asia ex Japan UCITS ETF (FRQX.L) and HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.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.

	FRQX.L	HMXJ.L	Difference
Sharpe ratio: Return per unit of total volatility	4.05	1.61	+2.44
Sortino ratio: Return per unit of downside risk	5.31	2.40	+2.91
Omega ratio: Gain probability vs. loss probability	1.71	1.29	+0.42
Calmar ratio: Return relative to maximum drawdown	5.97	2.46	+3.51
Martin ratio: Return relative to average drawdown	23.58	7.37	+16.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRQX.L vs. HMXJ.L - Sharpe Ratio Comparison

The current FRQX.L Sharpe Ratio is 4.05, which is higher than the HMXJ.L Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FRQX.L and HMXJ.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

	FRQX.L	HMXJ.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.05	1.61	+2.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.44	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.42	+0.23

Drawdowns

FRQX.L vs. HMXJ.L - Drawdown Comparison

The maximum FRQX.L drawdown since its inception was -20.77%, smaller than the maximum HMXJ.L drawdown of -32.30%. Use the drawdown chart below to compare losses from any high point for FRQX.L and HMXJ.L.

Drawdown Indicators

	FRQX.L	HMXJ.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.77%	-32.30%	+11.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.07%	-7.12%	-5.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	-17.47%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-17.65%	-1.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.30%	—
Current Drawdown Current decline from peak	-2.56%	-2.76%	+0.20%
Average Drawdown Average peak-to-trough decline	-3.94%	-6.74%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.38%	+0.93%

Volatility

FRQX.L vs. HMXJ.L - Volatility Comparison

Franklin AC Asia ex Japan UCITS ETF (FRQX.L) has a higher volatility of 7.40% compared to HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) at 3.58%. This indicates that FRQX.L's price experiences larger fluctuations and is considered to be riskier than HMXJ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRQX.L	HMXJ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	3.58%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	16.78%	8.32%	+8.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.27%	10.89%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	13.80%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	16.12%	+0.32%

FRQX.L vs. HMXJ.L - Expense Ratio Comparison

Both FRQX.L and HMXJ.L have an expense ratio of 0.40%.

Dividends

FRQX.L vs. HMXJ.L - Dividend Comparison

FRQX.L has not paid dividends to shareholders, while HMXJ.L's dividend yield for the trailing twelve months is around 3.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQX.L Franklin AC Asia ex Japan UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	3.02%	3.43%	3.80%	4.13%	3.79%	2.71%	3.05%	3.88%	3.80%	3.23%	3.32%	4.03%

Frequently Asked Questions

Can I hold both FRQX.L and HMXJ.L in my portfolio?

FRQX.L and HMXJ.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRQX.L or HMXJ.L?

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRQX.L or HMXJ.L?

FRQX.L and HMXJ.L have the same expense ratio: 0.40% per year.

What is the main difference between FRQX.L and HMXJ.L?

FRQX.L tracks MSCI AC Asia Ex Japan NR USD, while HMXJ.L tracks MSCI Pacific Ex Japan NR USD. They also come from different issuers: Franklin Templeton and HSBC.