HCAN.L vs. SPXS.L

Last updated Jul 16, 2026

HCAN.L (HSBC MSCI Canada UCITS ETF) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - HCAN.L tracks the HSBC MSCI Canada UCITS ETF while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, HCAN.L returned 10.39%/yr vs -27.53%/yr for SPXS.L. A 0.69 correlation means they provide meaningful diversification when combined. HCAN.L charges 0.35%/yr vs 0.05%/yr for SPXS.L.

Performance

HCAN.L vs. SPXS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Canada UCITS ETF (HCAN.L) and Invesco S&P 500 UCITS ETF (SPXS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with HCAN.L having a 9.55% return and SPXS.L slightly higher at 9.88%. Over the past 10 years, HCAN.L has outperformed SPXS.L with an annualized return of 10.39%, while SPXS.L has yielded a comparatively lower -27.53% annualized return.

HCAN.L

• 1D: -0.17%
• 1M: 0.23%
• 6M: 7.92%
• YTD: 9.55%
• 1Y: 29.38%
• 3Y*: 20.05%
• 5Y*: 12.91%
• 10Y*: 10.39%

SPXS.L

• 1D: 0.00%
• 1M: -0.81%
• 6M: 9.42%
• YTD: 9.88%
• 1Y: -98.79%
• 3Y*: -74.39%
• 5Y*: -54.77%
• 10Y*: -27.53%

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

HCAN.L vs. SPXS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCAN.L HSBC MSCI Canada UCITS ETF	9.55%	27.77%	13.87%	8.86%	-1.98%	25.93%	2.24%	21.12%	-14.36%	4.17%
SPXS.L Invesco S&P 500 UCITS ETF	9.88%	-98.91%	27.76%	20.65%	-8.84%	30.87%	14.43%	25.88%	0.43%	11.11%

Correlation

The correlation between HCAN.L and SPXS.L is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011	0.69

The correlation between HCAN.L and SPXS.L shifts across timeframes, from 0.53 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HCAN.L vs. SPXS.L — Risk / Return Rank

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

HCAN.L

HCAN.L Risk / Return Rank: 92
HCAN.L Sharpe Ratio Rank: 93
HCAN.L Sortino Ratio Rank: 93
HCAN.L Omega Ratio Rank: 92
HCAN.L Calmar Ratio Rank: 89
HCAN.L Martin Ratio Rank: 91

SPXS.L

SPXS.L Risk / Return Rank: 2
SPXS.L Sharpe Ratio Rank: 2
SPXS.L Sortino Ratio Rank: 4
SPXS.L Omega Ratio Rank: 0
SPXS.L Calmar Ratio Rank: 0
SPXS.L Martin Ratio Rank: 3

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.

HCAN.L vs. SPXS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Canada UCITS ETF (HCAN.L) and Invesco S&P 500 UCITS ETF (SPXS.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.

	HCAN.L	SPXS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.67	-0.99	+3.66
Sortino ratio: Return per unit of downside risk	3.72	-0.78	+4.50
Omega ratio: Gain probability vs. loss probability	1.50	0.52	+0.98
Calmar ratio: Return relative to maximum drawdown	4.22	-1.00	+5.21
Martin ratio: Return relative to average drawdown	16.91	-1.23	+18.14

HCAN.L vs. SPXS.L - Sharpe Ratio Comparison

The current HCAN.L Sharpe Ratio is 2.67, which is higher than the SPXS.L Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of HCAN.L and SPXS.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

HCAN.L vs. SPXS.L - Drawdown Comparison

The maximum HCAN.L drawdown since its inception was -34.05%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for HCAN.L and SPXS.L.

Drawdown Indicators

	HCAN.L	SPXS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.05%	-99.07%	+65.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-99.07%	+91.96%
Max Drawdown (3Y) Largest decline over 3 years	-14.21%	-99.07%	+84.86%
Max Drawdown (5Y) Largest decline over 5 years	-14.21%	-99.07%	+84.86%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-99.07%	+65.35%
Current Drawdown Current decline from peak	-0.73%	-98.92%	+98.19%
Average Drawdown Average peak-to-trough decline	-7.37%	-7.34%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	80.59%	-78.81%

Volatility

HCAN.L vs. SPXS.L - Volatility Comparison

HSBC MSCI Canada UCITS ETF (HCAN.L) has a higher volatility of 3.25% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.88%. This indicates that HCAN.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAN.L	SPXS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.88%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	9.25%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	99.46%	-88.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.26%	46.95%	-32.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	35.32%	-19.34%

HCAN.L vs. SPXS.L - Expense Ratio Comparison

HCAN.L has a 0.35% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.

Dividends

HCAN.L vs. SPXS.L - Dividend Comparison

HCAN.L's dividend yield for the trailing twelve months is around 1.39%, while SPXS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAN.L HSBC MSCI Canada UCITS ETF	1.39%	1.55%	1.97%	2.14%	1.90%	1.53%	1.93%	1.04%	0.00%	0.81%	1.60%	2.17%
SPXS.L Invesco S&P 500 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%

Frequently Asked Questions

Can I hold both HCAN.L and SPXS.L in my portfolio?

HCAN.L and SPXS.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HCAN.L or SPXS.L?

On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HCAN.L or SPXS.L?

SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.35% for HCAN.L.

What is the main difference between HCAN.L and SPXS.L?

HCAN.L tracks HSBC MSCI Canada UCITS ETF, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.35% for HCAN.L and 0.05% for SPXS.L.