HBKU.L vs. HSPX.L

Last updated Jul 18, 2026

HBKU.L (HSBC Global Sukuk UCITS ETF USD (Acc)) and HSPX.L (HSBC S&P 500 UCITS ETF) are both exchange-traded funds - HBKU.L is a Global Sukuk fund tracking the FTSE IdealRatings Sukuk Index, while HSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, HBKU.L returned 3.88% vs 19.85% for HSPX.L. At a 0.17 correlation, their price movements are largely independent. HBKU.L charges 0.37%/yr vs 0.09%/yr for HSPX.L.

Performance

HBKU.L vs. HSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Global Sukuk UCITS ETF USD (Acc) (HBKU.L) and HSBC S&P 500 UCITS ETF (HSPX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBKU.L is traded in USD, while HSPX.L is traded in GBp. To make them comparable, the HSPX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

HBKU.L

• 1D: 0.09%
• 1M: -0.35%
• 6M: 0.17%
• YTD: 0.00%
• 1Y: 3.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSPX.L

• 1D: -1.28%
• 1M: 0.19%
• 6M: 8.05%
• YTD: 8.93%
• 1Y: 19.85%
• 3Y*: 19.46%
• 5Y*: 12.79%
• 10Y*: 14.80%

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

HBKU.L vs. HSPX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBKU.L HSBC Global Sukuk UCITS ETF USD (Acc)	0.00%	7.38%	2.88%	4.00%
HSPX.L HSBC S&P 500 UCITS ETF	8.93%	17.62%	25.20%	7.47%

Correlation

The correlation between HBKU.L and HSPX.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.17

Return for Risk

HBKU.L vs. HSPX.L — Risk / Return Rank

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

HBKU.L

HBKU.L Risk / Return Rank: 33
HBKU.L Sharpe Ratio Rank: 34
HBKU.L Sortino Ratio Rank: 32
HBKU.L Omega Ratio Rank: 38
HBKU.L Calmar Ratio Rank: 29
HBKU.L Martin Ratio Rank: 32

HSPX.L

HSPX.L Risk / Return Rank: 70
HSPX.L Sharpe Ratio Rank: 70
HSPX.L Sortino Ratio Rank: 68
HSPX.L Omega Ratio Rank: 70
HSPX.L Calmar Ratio Rank: 70
HSPX.L Martin Ratio Rank: 69

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.

HBKU.L vs. HSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Global Sukuk UCITS ETF USD (Acc) (HBKU.L) and HSBC S&P 500 UCITS ETF (HSPX.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HBKU.L	HSPX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.70	-0.74
Sortino ratio: Return per unit of downside risk	1.37	2.47	-1.11
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.10
Calmar ratio: Return relative to maximum drawdown	1.13	2.26	-1.14
Martin ratio: Return relative to average drawdown	3.50	9.22	-5.72

HBKU.L vs. HSPX.L - Sharpe Ratio Comparison

The current HBKU.L Sharpe Ratio is 0.96, which is lower than the HSPX.L Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of HBKU.L and HSPX.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.

Drawdowns

HBKU.L vs. HSPX.L - Drawdown Comparison

The maximum HBKU.L drawdown since its inception was -3.43%, smaller than the maximum HSPX.L drawdown of -43.22%. Use the drawdown chart below to compare losses from any high point for HBKU.L and HSPX.L.

Drawdown Indicators

	HBKU.L	HSPX.L	Difference
Max Drawdown Largest peak-to-trough decline	-3.43%	-43.22%	+39.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-8.73%	+5.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.44%	—
Current Drawdown Current decline from peak	-1.37%	-1.74%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.75%	-8.93%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	2.15%	-1.04%

Volatility

HBKU.L vs. HSPX.L - Volatility Comparison

The current volatility for HSBC Global Sukuk UCITS ETF USD (Acc) (HBKU.L) is 0.75%, while HSBC S&P 500 UCITS ETF (HSPX.L) has a volatility of 3.22%. This indicates that HBKU.L experiences smaller price fluctuations and is considered to be less risky than HSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBKU.L	HSPX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	3.22%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	8.76%	-5.14%
Volatility (1Y) Calculated over the trailing 1-year period	4.03%	11.70%	-7.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.62%	15.61%	-11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	16.00%	-12.38%

HBKU.L vs. HSPX.L - Expense Ratio Comparison

HBKU.L has a 0.37% expense ratio, which is higher than HSPX.L's 0.09% expense ratio.

Dividends

HBKU.L vs. HSPX.L - Dividend Comparison

HBKU.L has not paid dividends to shareholders, while HSPX.L's dividend yield for the trailing twelve months is around 0.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBKU.L HSBC Global Sukuk UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HSPX.L HSBC S&P 500 UCITS ETF	0.84%	0.94%	0.98%	1.19%	1.27%	0.95%	1.41%	1.47%	1.60%	1.54%	1.49%	1.61%

Frequently Asked Questions

Can I hold both HBKU.L and HSPX.L in my portfolio?

HBKU.L and HSPX.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBKU.L or HSPX.L?

On fees, HSPX.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBKU.L or HSPX.L?

HSPX.L is cheaper with a 0.09% expense ratio, compared with 0.37% for HBKU.L.

What is the main difference between HBKU.L and HSPX.L?

HBKU.L is categorized as Global Sukuk, while HSPX.L is S&P 500. HBKU.L tracks FTSE IdealRatings Sukuk Index, while HSPX.L tracks S&P 500 Index. Their fees differ too: 0.37% for HBKU.L and 0.09% for HSPX.L.