HCAD.L vs. HUKX.L

Last updated Jul 16, 2026

HCAD.L (HSBC MSCI Canada UCITS ETF) and HUKX.L (HSBC FTSE 100 UCITS ETF GBP) are both exchange-traded funds - HCAD.L is a Global Equities fund tracking the HSBC MSCI Canada UCITS ETF, while HUKX.L is a Europe Equities fund tracking the FTSE AllSh TR GBP. Both are passively managed. Over the past 10 years, HCAD.L returned 10.99%/yr vs 8.84%/yr for HUKX.L. A 0.72 correlation means they provide meaningful diversification when combined. HCAD.L charges 0.35%/yr vs 0.07%/yr for HUKX.L.

Performance

HCAD.L vs. HUKX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Canada UCITS ETF (HCAD.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HCAD.L achieves a 10.17% return, which is significantly higher than HUKX.L's 7.82% return. Over the past 10 years, HCAD.L has outperformed HUKX.L with an annualized return of 10.99%, while HUKX.L has yielded a comparatively lower 8.84% annualized return.

HCAD.L

• 1D: 0.03%
• 1M: 0.76%
• 6M: 8.45%
• YTD: 10.17%
• 1Y: 30.52%
• 3Y*: 21.36%
• 5Y*: 12.48%
• 10Y*: 10.99%

HUKX.L

• 1D: 0.95%
• 1M: 1.66%
• 6M: 5.23%
• YTD: 7.82%
• 1Y: 22.05%
• 3Y*: 17.31%
• 5Y*: 11.97%
• 10Y*: 8.84%

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

HCAD.L vs. HUKX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCAD.L HSBC MSCI Canada UCITS ETF	10.17%	36.92%	12.13%	15.13%	-12.45%	24.30%	5.88%	26.16%	-17.43%	15.40%
HUKX.L HSBC FTSE 100 UCITS ETF GBP	7.82%	35.72%	7.75%	13.02%	-6.16%	16.48%	-8.93%	22.13%	-13.84%	23.09%

Correlation

The correlation between HCAD.L and HUKX.L is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011	0.72

The correlation between HCAD.L and HUKX.L shifts across timeframes, from 0.59 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HCAD.L vs. HUKX.L — Risk / Return Rank

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

HCAD.L

HCAD.L Risk / Return Rank: 87
HCAD.L Sharpe Ratio Rank: 88
HCAD.L Sortino Ratio Rank: 87
HCAD.L Omega Ratio Rank: 84
HCAD.L Calmar Ratio Rank: 87
HCAD.L Martin Ratio Rank: 88

HUKX.L

HUKX.L Risk / Return Rank: 66
HUKX.L Sharpe Ratio Rank: 71
HUKX.L Sortino Ratio Rank: 70
HUKX.L Omega Ratio Rank: 74
HUKX.L Calmar Ratio Rank: 58
HUKX.L Martin Ratio Rank: 55

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.

HCAD.L vs. HUKX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Canada UCITS ETF (HCAD.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.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.

	HCAD.L	HUKX.L	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.61	+0.67
Sortino ratio: Return per unit of downside risk	3.20	2.28	+0.93
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	3.97	2.25	+1.72
Martin ratio: Return relative to average drawdown	15.09	7.08	+8.00

HCAD.L vs. HUKX.L - Sharpe Ratio Comparison

The current HCAD.L Sharpe Ratio is 2.29, which is higher than the HUKX.L Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HCAD.L and HUKX.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

HCAD.L vs. HUKX.L - Drawdown Comparison

The maximum HCAD.L drawdown since its inception was -43.05%, roughly equal to the maximum HUKX.L drawdown of -42.05%. Use the drawdown chart below to compare losses from any high point for HCAD.L and HUKX.L.

Drawdown Indicators

	HCAD.L	HUKX.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.05%	-42.05%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-9.74%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-13.28%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-26.01%	+1.21%
Max Drawdown (10Y) Largest decline over 10 years	-41.07%	-42.05%	+0.98%
Current Drawdown Current decline from peak	0.00%	-2.13%	+2.13%
Average Drawdown Average peak-to-trough decline	-10.56%	-7.71%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.11%	-1.10%

Volatility

HCAD.L vs. HUKX.L - Volatility Comparison

HSBC MSCI Canada UCITS ETF (HCAD.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.L) have volatilities of 3.93% and 3.86%, 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.

Volatility by Period

	HCAD.L	HUKX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.86%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	11.67%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.20%	13.64%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	16.36%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.85%	17.53%	+0.32%

HCAD.L vs. HUKX.L - Expense Ratio Comparison

HCAD.L has a 0.35% expense ratio, which is higher than HUKX.L's 0.07% expense ratio.

Dividends

HCAD.L vs. HUKX.L - Dividend Comparison

HCAD.L's dividend yield for the trailing twelve months is around 1.39%, less than HUKX.L's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAD.L HSBC MSCI Canada UCITS ETF	1.39%	1.49%	2.00%	2.10%	2.01%	1.57%	1.81%	1.91%	2.17%	1.53%	1.77%	2.25%
HUKX.L HSBC FTSE 100 UCITS ETF GBP	2.81%	2.95%	3.74%	3.50%	3.63%	3.19%	4.04%	4.31%	4.35%	3.79%	3.49%	3.79%

Frequently Asked Questions

Can I hold both HCAD.L and HUKX.L in my portfolio?

HCAD.L and HUKX.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HCAD.L or HUKX.L?

On fees, HUKX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HCAD.L or HUKX.L?

HUKX.L is cheaper with a 0.07% expense ratio, compared with 0.35% for HCAD.L.

What is the main difference between HCAD.L and HUKX.L?

HCAD.L is categorized as Global Equities, while HUKX.L is Europe Equities. HCAD.L tracks HSBC MSCI Canada UCITS ETF, while HUKX.L tracks FTSE AllSh TR GBP. Their fees differ too: 0.35% for HCAD.L and 0.07% for HUKX.L.