HBKS.L vs. EGOG.L

Last updated Jun 5, 2026

HBKS.L (HSBC Global Sukuk UCITS ETF C USD) and EGOG.L (UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (hedged to GBP) A-dis) are both Global Bonds funds - HBKS.L tracks the FTSE IdealRatings Sukuk Index while EGOG.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past year, HBKS.L returned 5.15% vs 1.76% for EGOG.L. At a 0.02 correlation, their price movements are largely independent. HBKS.L charges 0.40%/yr vs 0.20%/yr for EGOG.L.

Performance

HBKS.L vs. EGOG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Global Sukuk UCITS ETF C USD (HBKS.L) and UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (hedged to GBP) A-dis (EGOG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HBKS.L achieves a 0.69% return, which is significantly higher than EGOG.L's -0.03% return.

HBKS.L

• 1D: 0.31%
• 1M: 1.44%
• YTD: 0.69%
• 6M: -0.75%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EGOG.L

• 1D: 0.04%
• 1M: 0.37%
• YTD: -0.03%
• 6M: -0.16%
• 1Y: 1.76%
• 3Y*: 2.65%
• 5Y*: -0.75%
• 10Y*: —

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

HBKS.L vs. EGOG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBKS.L HSBC Global Sukuk UCITS ETF C USD	0.69%	-0.34%	4.48%	1.79%
EGOG.L UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (hedged to GBP) A-dis	-0.03%	3.06%	2.00%	3.52%

Correlation

The correlation between HBKS.L and EGOG.L is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.02

Return for Risk

HBKS.L vs. EGOG.L — Risk / Return Rank

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

HBKS.L

HBKS.L Risk / Return Rank: 21
HBKS.L Sharpe Ratio Rank: 22
HBKS.L Sortino Ratio Rank: 21
HBKS.L Omega Ratio Rank: 20
HBKS.L Calmar Ratio Rank: 22
HBKS.L Martin Ratio Rank: 19

EGOG.L

EGOG.L Risk / Return Rank: 21
EGOG.L Sharpe Ratio Rank: 22
EGOG.L Sortino Ratio Rank: 22
EGOG.L Omega Ratio Rank: 20
EGOG.L Calmar Ratio Rank: 22
EGOG.L Martin Ratio Rank: 20

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.

HBKS.L vs. EGOG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Global Sukuk UCITS ETF C USD (HBKS.L) and UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (hedged to GBP) A-dis (EGOG.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.

	HBKS.L	EGOG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.73	0.73	0.00
Sortino ratio: Return per unit of downside risk	1.10	1.10	0.00
Omega ratio: Gain probability vs. loss probability	1.13	1.12	0.00
Calmar ratio: Return relative to maximum drawdown	0.96	0.96	0.00
Martin ratio: Return relative to average drawdown	2.08	2.28	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBKS.L vs. EGOG.L - Sharpe Ratio Comparison

The current HBKS.L Sharpe Ratio is 0.73, which is comparable to the EGOG.L Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of HBKS.L and EGOG.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

	HBKS.L	EGOG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.73	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.48	+0.83

Drawdowns

HBKS.L vs. EGOG.L - Drawdown Comparison

The maximum HBKS.L drawdown since its inception was -8.09%, smaller than the maximum EGOG.L drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for HBKS.L and EGOG.L.

Drawdown Indicators

	HBKS.L	EGOG.L	Difference
Max Drawdown Largest peak-to-trough decline	-8.09%	-16.69%	+8.60%
Max Drawdown (1Y) Largest decline over 1 year	-5.33%	-3.05%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.73%	—
Current Drawdown Current decline from peak	-2.83%	-7.30%	+4.47%
Average Drawdown Average peak-to-trough decline	-2.41%	-8.24%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.22%	+1.24%

Volatility

HBKS.L vs. EGOG.L - Volatility Comparison

HSBC Global Sukuk UCITS ETF C USD (HBKS.L) has a higher volatility of 1.91% compared to UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (hedged to GBP) A-dis (EGOG.L) at 1.57%. This indicates that HBKS.L's price experiences larger fluctuations and is considered to be riskier than EGOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBKS.L	EGOG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.57%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	2.89%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.00%	4.00%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	8.63%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	8.62%	-1.69%

HBKS.L vs. EGOG.L - Expense Ratio Comparison

HBKS.L has a 0.40% expense ratio, which is higher than EGOG.L's 0.20% expense ratio.

Dividends

HBKS.L vs. EGOG.L - Dividend Comparison

HBKS.L has not paid dividends to shareholders, while EGOG.L's dividend yield for the trailing twelve months is around 2.71%.

Position	TTM	2025	2024	2023	2022	2021
EGOG.L UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (hedged to GBP) A-dis	2.71%	2.91%	2.30%	1.44%	0.44%	0.17%
HBKS.L HSBC Global Sukuk UCITS ETF C USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBKS.L and EGOG.L in my portfolio?

HBKS.L and EGOG.L have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBKS.L or EGOG.L?

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

Which ETF is cheaper, HBKS.L or EGOG.L?

EGOG.L is cheaper with a 0.20% expense ratio, compared with 0.40% for HBKS.L.

What is the main difference between HBKS.L and EGOG.L?

HBKS.L tracks FTSE IdealRatings Sukuk Index, while EGOG.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: HSBC and UBS. Their fees differ too: 0.40% for HBKS.L and 0.20% for EGOG.L.