HEMC.L vs. EXCS.L
HEMC.L (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from HSBC and iShares respectively. Both are passively managed. Over the past 3 years, HEMC.L returned 20.54%/yr vs 24.90%/yr for EXCS.L. Their correlation of 0.85 suggests significant overlap in exposure. HEMC.L charges 0.15%/yr vs 0.18%/yr for EXCS.L.
Performance
HEMC.L vs. EXCS.L - Performance Comparison
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Returns By Period
In the year-to-date period, HEMC.L achieves a 26.32% return, which is significantly lower than EXCS.L's 38.77% return.
HEMC.L
- 1D
- -1.65%
- 1M
- 6.49%
- YTD
- 26.32%
- 6M
- 28.17%
- 1Y
- 54.26%
- 3Y*
- 20.54%
- 5Y*
- —
- 10Y*
- —
EXCS.L
- 1D
- -1.64%
- 1M
- 8.94%
- YTD
- 38.77%
- 6M
- 43.14%
- 1Y
- 73.63%
- 3Y*
- 24.90%
- 5Y*
- —
- 10Y*
- —
HEMC.L vs. EXCS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEMC.L HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 26.32% | 24.74% | 8.89% | 2.36% | -2.34% |
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 38.77% | 26.13% | 5.55% | 10.95% | 2.49% |
Correlation
The correlation between HEMC.L and EXCS.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.85 |
The correlation between HEMC.L and EXCS.L has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.
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Return for Risk
HEMC.L vs. EXCS.L — Risk / Return Rank
HEMC.L
EXCS.L
HEMC.L vs. EXCS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.
| HEMC.L | EXCS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.70 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.98 | 6.20 | -1.22 |
| Martin ratioReturn relative to average drawdown | 17.55 | 22.70 | -5.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEMC.L | EXCS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.19 | 3.88 | -0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 1.03 | -0.07 |
Drawdowns
HEMC.L vs. EXCS.L - Drawdown Comparison
The maximum HEMC.L drawdown since its inception was -15.14%, smaller than the maximum EXCS.L drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for HEMC.L and EXCS.L.
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Drawdown Indicators
| HEMC.L | EXCS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.14% | -17.51% | +2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -11.81% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -15.14% | -17.51% | +2.37% |
Current DrawdownCurrent decline from peak | -2.51% | -2.34% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -4.25% | -4.85% | +0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 3.23% | -0.15% |
Volatility
HEMC.L vs. EXCS.L - Volatility Comparison
The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) is 7.44%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 8.66%. This indicates that HEMC.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEMC.L | EXCS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 8.66% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.44% | 16.55% | -2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.93% | 18.88% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 15.36% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.44% | 15.36% | +0.08% |
HEMC.L vs. EXCS.L - Expense Ratio Comparison
HEMC.L has a 0.15% expense ratio, which is lower than EXCS.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HEMC.L vs. EXCS.L - Dividend Comparison
Neither HEMC.L nor EXCS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, HEMC.L and EXCS.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, HEMC.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEMC.L is cheaper with a 0.15% expense ratio, compared with 0.18% for EXCS.L.
Both ETFs track MSCI EM NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HEMC.L and 0.18% for EXCS.L.
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