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FXC.L vs. HMCH.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXC.L vs. HMCH.L

Last updated Jun 4, 2026

FXC.L (iShares China Large Cap UCITS) and HMCH.L (HSBC MSCI China UCITS ETF) are both China Equities funds tracking the MSCI China NR USD, from iShares and HSBC respectively. Both are passively managed. Over the past 10 years, FXC.L returned 4.68%/yr vs 5.90%/yr for HMCH.L. With a 0.96 correlation, they move nearly in lockstep. FXC.L charges 0.74%/yr vs 0.30%/yr for HMCH.L.

Performance

FXC.L vs. HMCH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares China Large Cap UCITS (FXC.L) and HSBC MSCI China UCITS ETF (HMCH.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with FXC.L having a -6.72% return and HMCH.L slightly higher at -6.67%. Over the past 10 years, FXC.L has underperformed HMCH.L with an annualized return of 4.68%, while HMCH.L has yielded a comparatively higher 5.90% annualized return.

FXC.L

1D
-2.40%
1M
-1.78%
YTD
-6.72%
6M
-8.20%
1Y
3.46%
3Y*
9.76%
5Y*
-1.37%
10Y*
4.68%

HMCH.L

1D
-1.92%
1M
-1.07%
YTD
-6.67%
6M
-8.22%
1Y
8.33%
3Y*
7.75%
5Y*
-4.01%
10Y*
5.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXC.L vs. HMCH.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXC.L
iShares China Large Cap UCITS		-6.72%20.50%33.78%-17.86%-10.68%-18.89%7.61%10.16%-6.21%24.12%
HMCH.L
HSBC MSCI China UCITS ETF		-6.67%22.87%20.73%-16.33%-13.40%-21.06%24.96%17.80%-14.28%40.24%

Correlation

The correlation between FXC.L and HMCH.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

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

0.97

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

0.98

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

0.96

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2011

0.96

The correlation between FXC.L and HMCH.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

FXC.L vs. HMCH.L - Sectors Allocation Comparison

Sectors
FXC.L
HMCH.L

Financial Services

34.7%
19.2%

Consumer Cyclical

26.6%
26.1%

Communication Services

16.2%
18.4%

Technology

5.4%
10.7%

Energy

5.2%
3.5%

Basic Materials

4.1%
5.3%

Industrials

3.1%
5.4%

Healthcare

2.3%
5.1%

Real Estate

1.1%
1.7%

Consumer Defensive

0.9%
3.0%

Utilities

0.4%
1.7%

Financial Services

FXC.L
34.7%
HMCH.L
19.2%

Consumer Cyclical

FXC.L
26.6%
HMCH.L
26.1%

Communication Services

FXC.L
16.2%
HMCH.L
18.4%

Technology

FXC.L
5.4%
HMCH.L
10.7%

Energy

FXC.L
5.2%
HMCH.L
3.5%

Basic Materials

FXC.L
4.1%
HMCH.L
5.3%

Industrials

FXC.L
3.1%
HMCH.L
5.4%

Healthcare

FXC.L
2.3%
HMCH.L
5.1%

Real Estate

FXC.L
1.1%
HMCH.L
1.7%

Consumer Defensive

FXC.L
0.9%
HMCH.L
3.0%

Utilities

FXC.L
0.4%
HMCH.L
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares China Large Cap UCITS

HSBC MSCI China UCITS ETF

Often compared with FXC.L:
FXC.L vs. KWEB.LFXC.L vs. FRCH.LFXC.L vs. XCX6.LFXC.L vs. ASIL.LFXC.L vs. IWDA.LFXC.L vs. CSPX.LFXC.L vs. IWDA.AS
Often compared with HMCH.L:
HMCH.L vs. HMCD.LHMCH.L vs. XCHA.DEHMCH.L vs. HMCT.LHMCH.L vs. VOOHMCH.L vs. ^GSPCHMCH.L vs. VUSA.ASHMCH.L vs. BYDDY

Return for Risk

FXC.L vs. HMCH.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXC.L
FXC.L Risk / Return Rank: 1111
Overall Rank
FXC.L Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FXC.L Sortino Ratio Rank: 1111
Sortino Ratio Rank
FXC.L Omega Ratio Rank: 1111
Omega Ratio Rank
FXC.L Calmar Ratio Rank: 1212
Calmar Ratio Rank
FXC.L Martin Ratio Rank: 1111
Martin Ratio Rank
HMCH.L
HMCH.L Risk / Return Rank: 1515
Overall Rank
HMCH.L Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
HMCH.L Sortino Ratio Rank: 1515
Sortino Ratio Rank
HMCH.L Omega Ratio Rank: 1515
Omega Ratio Rank
HMCH.L Calmar Ratio Rank: 1515
Calmar Ratio Rank
HMCH.L Martin Ratio Rank: 1414
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.

FXC.L vs. HMCH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS (FXC.L) and HSBC MSCI China UCITS ETF (HMCH.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.

FXC.LHMCH.LDifference
Sharpe ratioReturn per unit of total volatility
0.19
0.45

-0.26

Sortino ratioReturn per unit of downside risk
0.40
0.75

-0.35

Omega ratioGain probability vs. loss probability

1.05

1.09

-0.04

Calmar ratioReturn relative to maximum drawdown

0.22

0.48

-0.26

Martin ratioReturn relative to average drawdown

0.48

1.02

-0.54

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

FXC.L vs. HMCH.L - Sharpe Ratio Comparison

The current FXC.L Sharpe Ratio is 0.19, which is lower than the HMCH.L Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of FXC.L and HMCH.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

FXC.LHMCH.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.19

0.45

-0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.05

-0.15

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.23

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.17

+0.14

Drawdowns

FXC.L vs. HMCH.L - Drawdown Comparison

The maximum FXC.L drawdown since its inception was -60.51%, which is greater than HMCH.L's maximum drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for FXC.L and HMCH.L.

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Drawdown Indicators

FXC.LHMCH.LDifference

Max Drawdown

Largest peak-to-trough decline

-60.51%

-56.50%

-4.01%

Max Drawdown (1Y)

Largest decline over 1 year

-15.54%

-17.18%

+1.64%

Max Drawdown (3Y)

Largest decline over 3 years

-27.53%

-24.67%

-2.86%

Max Drawdown (5Y)

Largest decline over 5 years

-46.74%

-49.31%

+2.57%

Max Drawdown (10Y)

Largest decline over 10 years

-53.90%

-56.50%

+2.60%

Current Drawdown

Current decline from peak

-21.71%

-32.25%

+10.54%

Average Drawdown

Average peak-to-trough decline

-18.76%

-20.25%

+1.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.20%

8.12%

-0.92%

Volatility

FXC.L vs. HMCH.L - Volatility Comparison

iShares China Large Cap UCITS (FXC.L) and HSBC MSCI China UCITS ETF (HMCH.L) have volatilities of 6.71% and 7.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXC.LHMCH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.71%

7.03%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

13.16%

-0.59%

Volatility (1Y)

Calculated over the trailing 1-year period

17.97%

18.47%

-0.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.14%

27.66%

+0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.95%

25.21%

-0.26%

FXC.L vs. HMCH.L - Expense Ratio Comparison

FXC.L has a 0.74% expense ratio, which is higher than HMCH.L's 0.30% expense ratio.

Dividends

FXC.L vs. HMCH.L - Dividend Comparison

FXC.L's dividend yield for the trailing twelve months is around 2.58%, more than HMCH.L's 2.14% yield.

PositionTTM20252024202320222021202020192018201720162015
FXC.L
iShares China Large Cap UCITS		2.58%2.37%2.99%3.10%2.85%2.51%3.26%3.22%3.89%3.18%3.04%4.00%
HMCH.L
HSBC MSCI China UCITS ETF		2.14%2.34%2.17%2.12%1.85%1.28%0.92%1.65%1.36%0.78%1.89%2.84%

Frequently Asked Questions

With a correlation of 0.96, FXC.L and HMCH.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, HMCH.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.74% for FXC.L.

Both ETFs track MSCI China NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.74% for FXC.L and 0.30% for HMCH.L.

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