HEMC.L vs. JMRE.L

Last updated Jun 5, 2026

HEMC.L (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) and JMRE.L (JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from HSBC and JPMorgan respectively. Both are passively managed. Over the past 3 years, HEMC.L returned 20.54%/yr vs 21.44%/yr for JMRE.L. With a 0.97 correlation, they move nearly in lockstep. HEMC.L charges 0.15%/yr vs 0.30%/yr for JMRE.L.

Performance

HEMC.L vs. JMRE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) and JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JMRE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HEMC.L achieves a 26.32% return, which is significantly lower than JMRE.L's 29.27% return.

HEMC.L

• 1D: -1.65%
• 1M: 6.49%
• YTD: 26.32%
• 6M: 28.17%
• 1Y: 54.26%
• 3Y*: 20.54%
• 5Y*: —
• 10Y*: —

JMRE.L

• 1D: -1.66%
• 1M: 6.70%
• YTD: 29.27%
• 6M: 31.42%
• 1Y: 58.05%
• 3Y*: 21.44%
• 5Y*: 8.43%
• 10Y*: —

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

HEMC.L vs. JMRE.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%
JMRE.L JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	29.27%	25.64%	8.21%	2.02%	-3.13%

Correlation

The correlation between HEMC.L and JMRE.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022	0.98

The correlation between HEMC.L and JMRE.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

HEMC.L vs. JMRE.L — Risk / Return Rank

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

HEMC.L

HEMC.L Risk / Return Rank: 89
HEMC.L Sharpe Ratio Rank: 91
HEMC.L Sortino Ratio Rank: 89
HEMC.L Omega Ratio Rank: 91
HEMC.L Calmar Ratio Rank: 88
HEMC.L Martin Ratio Rank: 85

JMRE.L

JMRE.L Risk / Return Rank: 91
JMRE.L Sharpe Ratio Rank: 93
JMRE.L Sortino Ratio Rank: 92
JMRE.L Omega Ratio Rank: 93
JMRE.L Calmar Ratio Rank: 90
JMRE.L Martin Ratio Rank: 88

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.

HEMC.L vs. JMRE.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 JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JMRE.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	JMRE.L	Difference
Sharpe ratio: Return per unit of total volatility	3.19	3.43	-0.24
Sortino ratio: Return per unit of downside risk	4.08	4.38	-0.30
Omega ratio: Gain probability vs. loss probability	1.59	1.63	-0.04
Calmar ratio: Return relative to maximum drawdown	4.98	5.49	-0.51
Martin ratio: Return relative to average drawdown	17.55	19.12	-1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEMC.L vs. JMRE.L - Sharpe Ratio Comparison

The current HEMC.L Sharpe Ratio is 3.19, which is comparable to the JMRE.L Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of HEMC.L and JMRE.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

	HEMC.L	JMRE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	3.43	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.24	+0.71

Drawdowns

HEMC.L vs. JMRE.L - Drawdown Comparison

The maximum HEMC.L drawdown since its inception was -15.14%, smaller than the maximum JMRE.L drawdown of -31.64%. Use the drawdown chart below to compare losses from any high point for HEMC.L and JMRE.L.

Drawdown Indicators

	HEMC.L	JMRE.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.14%	-31.64%	+16.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-10.51%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.14%	-23.91%	+8.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.50%	—
Current Drawdown Current decline from peak	-2.51%	-2.44%	-0.07%
Average Drawdown Average peak-to-trough decline	-4.25%	-14.76%	+10.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.03%	+0.05%

Volatility

HEMC.L vs. JMRE.L - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) and JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JMRE.L) have volatilities of 7.44% and 7.50%, 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

	HEMC.L	JMRE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.44%	7.50%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	14.44%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	16.87%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.44%	26.64%	-11.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	26.15%	-10.71%

HEMC.L vs. JMRE.L - Expense Ratio Comparison

HEMC.L has a 0.15% expense ratio, which is lower than JMRE.L's 0.30% expense ratio.

Dividends

HEMC.L vs. JMRE.L - Dividend Comparison

Neither HEMC.L nor JMRE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HEMC.L and JMRE.L in my portfolio?

With a correlation of 0.99, HEMC.L and JMRE.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.

Which ETF is better, HEMC.L or JMRE.L?

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.

Which ETF is cheaper, HEMC.L or JMRE.L?

HEMC.L is cheaper with a 0.15% expense ratio, compared with 0.30% for JMRE.L.

What is the main difference between HEMC.L and JMRE.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: HSBC and JPMorgan. Their fees differ too: 0.15% for HEMC.L and 0.30% for JMRE.L.