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FTAL.L vs. HMCX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FTAL.L vs. HMCX.L

Last updated Jun 5, 2026

FTAL.L (SPDR FTSE UK All Share UCITS ETF) and HMCX.L (HSBC FTSE 250 UCITS ETF GBP) are both Europe Equities funds - FTAL.L tracks the FTSE AllSh TR GBP while HMCX.L tracks the FTSE 250 Ex Investment Trust TR GBP. Both are passively managed. Over the past 10 years, FTAL.L returned 8.54%/yr vs 2.70%/yr for HMCX.L. A 0.76 correlation means they provide meaningful diversification when combined. FTAL.L charges 0.20%/yr vs 0.35%/yr for HMCX.L.

Performance

FTAL.L vs. HMCX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR FTSE UK All Share UCITS ETF (FTAL.L) and HSBC FTSE 250 UCITS ETF GBP (HMCX.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, FTAL.L achieves a 5.93% return, which is significantly higher than HMCX.L's 4.02% return. Over the past 10 years, FTAL.L has outperformed HMCX.L with an annualized return of 8.54%, while HMCX.L has yielded a comparatively lower 2.70% annualized return.

FTAL.L

1D
0.30%
1M
2.15%
YTD
5.93%
6M
8.27%
1Y
20.36%
3Y*
14.06%
5Y*
10.22%
10Y*
8.54%

HMCX.L

1D
0.46%
1M
4.18%
YTD
4.02%
6M
5.81%
1Y
9.84%
3Y*
6.41%
5Y*
0.01%
10Y*
2.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FTAL.L vs. HMCX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FTAL.L
SPDR FTSE UK All Share UCITS ETF		5.93%23.19%9.03%7.92%0.55%17.18%-9.96%19.29%-9.71%12.99%
HMCX.L
HSBC FTSE 250 UCITS ETF GBP		4.02%8.36%3.93%4.54%-19.69%13.90%-7.19%25.24%-15.88%14.31%

Correlation

The correlation between FTAL.L and HMCX.L is 0.71, 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

0.71

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

0.76

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

0.78

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

0.78

Correlation (All Time)
Calculated using the full available price history since Apr 30, 2012

0.76

The correlation between FTAL.L and HMCX.L has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

FTAL.L vs. HMCX.L - Sectors Allocation Comparison

Sectors
FTAL.L
HMCX.L

Financial Services

24.2%
19.5%

Industrials

14.5%
19.9%

Healthcare

12.8%
4.4%

Consumer Defensive

12.1%
6.2%

Energy

10.9%
2.5%

Basic Materials

8.4%
6.7%

Consumer Cyclical

5.6%
13.4%

Utilities

5.1%
3.0%

Communication Services

3.0%
5.9%

Real Estate

1.7%
9.5%

Technology

1.7%
9.0%

Financial Services

FTAL.L
24.2%
HMCX.L
19.5%

Industrials

FTAL.L
14.5%
HMCX.L
19.9%

Healthcare

FTAL.L
12.8%
HMCX.L
4.4%

Consumer Defensive

FTAL.L
12.1%
HMCX.L
6.2%

Energy

FTAL.L
10.9%
HMCX.L
2.5%

Basic Materials

FTAL.L
8.4%
HMCX.L
6.7%

Consumer Cyclical

FTAL.L
5.6%
HMCX.L
13.4%

Utilities

FTAL.L
5.1%
HMCX.L
3.0%

Communication Services

FTAL.L
3.0%
HMCX.L
5.9%

Real Estate

FTAL.L
1.7%
HMCX.L
9.5%

Technology

FTAL.L
1.7%
HMCX.L
9.0%

Compare stocks, funds, or ETFs

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SPDR FTSE UK All Share UCITS ETF

HSBC FTSE 250 UCITS ETF GBP

Often compared with FTAL.L:
FTAL.L vs. CUKX.LFTAL.L vs. VUKG.LFTAL.L vs. EUEA.ASFTAL.L vs. NG.LFTAL.L vs. REL.LFTAL.L vs. LWDB.LFTAL.L vs. GBPG.L
Often compared with HMCX.L:
HMCX.L vs. XLKHMCX.L vs. QQQHMCX.L vs. ^GSPCHMCX.L vs. UBSHMCX.L vs. HUKX.LHMCX.L vs. SPMOHMCX.L vs. SWPPX

Return for Risk

FTAL.L vs. HMCX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FTAL.L
FTAL.L Risk / Return Rank: 5353
Overall Rank
FTAL.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
FTAL.L Sortino Ratio Rank: 5757
Sortino Ratio Rank
FTAL.L Omega Ratio Rank: 5959
Omega Ratio Rank
FTAL.L Calmar Ratio Rank: 4747
Calmar Ratio Rank
FTAL.L Martin Ratio Rank: 4747
Martin Ratio Rank
HMCX.L
HMCX.L Risk / Return Rank: 2222
Overall Rank
HMCX.L Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
HMCX.L Sortino Ratio Rank: 2222
Sortino Ratio Rank
HMCX.L Omega Ratio Rank: 2222
Omega Ratio Rank
HMCX.L Calmar Ratio Rank: 1919
Calmar Ratio Rank
HMCX.L Martin Ratio Rank: 2222
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.

FTAL.L vs. HMCX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE UK All Share UCITS ETF (FTAL.L) and HSBC FTSE 250 UCITS ETF GBP (HMCX.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.

FTAL.LHMCX.LDifference
Sharpe ratioReturn per unit of total volatility
1.87
0.75

+1.13

Sortino ratioReturn per unit of downside risk
2.66
1.18

+1.48

Omega ratioGain probability vs. loss probability

1.35

1.14

+0.21

Calmar ratioReturn relative to maximum drawdown

2.26

0.80

+1.46

Martin ratioReturn relative to average drawdown

7.66

2.76

+4.90

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

FTAL.L vs. HMCX.L - Sharpe Ratio Comparison

The current FTAL.L Sharpe Ratio is 1.87, which is higher than the HMCX.L Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of FTAL.L and HMCX.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

FTAL.LHMCX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.87

0.75

+1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

0.00

+0.80

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.17

+0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.30

+0.26

Drawdowns

FTAL.L vs. HMCX.L - Drawdown Comparison

The maximum FTAL.L drawdown since its inception was -35.26%, smaller than the maximum HMCX.L drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for FTAL.L and HMCX.L.

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Drawdown Indicators

FTAL.LHMCX.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.26%

-41.87%

+6.61%

Max Drawdown (1Y)

Largest decline over 1 year

-8.95%

-12.19%

+3.24%

Max Drawdown (3Y)

Largest decline over 3 years

-13.17%

-17.36%

+4.19%

Max Drawdown (5Y)

Largest decline over 5 years

-13.17%

-31.75%

+18.58%

Max Drawdown (10Y)

Largest decline over 10 years

-35.26%

-41.87%

+6.61%

Current Drawdown

Current decline from peak

-3.78%

-5.53%

+1.75%

Average Drawdown

Average peak-to-trough decline

-4.31%

-9.50%

+5.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

3.56%

-0.91%

Volatility

FTAL.L vs. HMCX.L - Volatility Comparison

The current volatility for SPDR FTSE UK All Share UCITS ETF (FTAL.L) is 4.08%, while HSBC FTSE 250 UCITS ETF GBP (HMCX.L) has a volatility of 4.57%. This indicates that FTAL.L experiences smaller price fluctuations and is considered to be less risky than HMCX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FTAL.LHMCX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.08%

4.57%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

9.45%

11.16%

-1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

10.84%

13.15%

-2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.68%

15.08%

-2.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.75%

16.17%

-1.42%

FTAL.L vs. HMCX.L - Expense Ratio Comparison

FTAL.L has a 0.20% expense ratio, which is lower than HMCX.L's 0.35% expense ratio.

Dividends

FTAL.L vs. HMCX.L - Dividend Comparison

FTAL.L has not paid dividends to shareholders, while HMCX.L's dividend yield for the trailing twelve months is around 0.04%.

PositionTTM20252024202320222021202020192018201720162015
FTAL.L
SPDR FTSE UK All Share 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%
HMCX.L
HSBC FTSE 250 UCITS ETF GBP		0.04%0.04%0.03%0.03%0.03%0.02%0.02%0.03%0.03%0.03%0.03%0.03%

Frequently Asked Questions

FTAL.L and HMCX.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FTAL.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FTAL.L is cheaper with a 0.20% expense ratio, compared with 0.35% for HMCX.L.

FTAL.L tracks FTSE AllSh TR GBP, while HMCX.L tracks FTSE 250 Ex Investment Trust TR GBP. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.20% for FTAL.L and 0.35% for HMCX.L.

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