HIWO.L vs. HMUD.L

Last updated Jun 5, 2026

HIWO.L (HSBC MSCI World Islamic Screened UCITS ETF USD Accumulating) and HMUD.L (HSBC MSCI USA UCITS ETF) are both exchange-traded funds - HIWO.L is a Global Equities fund tracking the MSCI World Islamic Universal Screened Select Index, while HMUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 3 years, HIWO.L returned 20.20%/yr vs 20.51%/yr for HMUD.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

HIWO.L vs. HMUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI World Islamic Screened UCITS ETF USD Accumulating (HIWO.L) and HSBC MSCI USA UCITS ETF (HMUD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIWO.L achieves a 21.27% return, which is significantly higher than HMUD.L's 8.96% return.

HIWO.L

• 1D: -0.40%
• 1M: 7.59%
• YTD: 21.27%
• 6M: 21.57%
• 1Y: 38.78%
• 3Y*: 20.20%
• 5Y*: —
• 10Y*: —

HMUD.L

• 1D: 0.81%
• 1M: 3.71%
• YTD: 8.96%
• 6M: 9.23%
• 1Y: 21.75%
• 3Y*: 20.51%
• 5Y*: 12.27%
• 10Y*: 14.59%

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

HIWO.L vs. HMUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HIWO.L HSBC MSCI World Islamic Screened UCITS ETF USD Accumulating	21.27%	20.87%	6.39%	26.10%	-4.68%
HMUD.L HSBC MSCI USA UCITS ETF	8.96%	13.89%	25.06%	27.46%	-5.97%

Correlation

The correlation between HIWO.L and HMUD.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022	0.89

The correlation between HIWO.L and HMUD.L has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

HIWO.L vs. HMUD.L — Risk / Return Rank

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

HIWO.L

HIWO.L Risk / Return Rank: 80
HIWO.L Sharpe Ratio Rank: 79
HIWO.L Sortino Ratio Rank: 80
HIWO.L Omega Ratio Rank: 75
HIWO.L Calmar Ratio Rank: 83
HIWO.L Martin Ratio Rank: 83

HMUD.L

HMUD.L Risk / Return Rank: 61
HMUD.L Sharpe Ratio Rank: 59
HMUD.L Sortino Ratio Rank: 67
HMUD.L Omega Ratio Rank: 60
HMUD.L Calmar Ratio Rank: 55
HMUD.L Martin Ratio Rank: 65

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.

HIWO.L vs. HMUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World Islamic Screened UCITS ETF USD Accumulating (HIWO.L) and HSBC MSCI USA UCITS ETF (HMUD.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.

	HIWO.L	HMUD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.96	+0.55
Sortino ratio: Return per unit of downside risk	3.53	3.00	+0.53
Omega ratio: Gain probability vs. loss probability	1.43	1.36	+0.08
Calmar ratio: Return relative to maximum drawdown	4.34	2.65	+1.68
Martin ratio: Return relative to average drawdown	16.37	11.72	+4.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIWO.L vs. HMUD.L - Sharpe Ratio Comparison

The current HIWO.L Sharpe Ratio is 2.51, which is comparable to the HMUD.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of HIWO.L and HMUD.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

	HIWO.L	HMUD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	1.96	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.89	-0.06

Drawdowns

HIWO.L vs. HMUD.L - Drawdown Comparison

The maximum HIWO.L drawdown since its inception was -22.45%, smaller than the maximum HMUD.L drawdown of -34.30%. Use the drawdown chart below to compare losses from any high point for HIWO.L and HMUD.L.

Drawdown Indicators

	HIWO.L	HMUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.45%	-34.30%	+11.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-8.29%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-22.45%	-19.47%	-2.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.30%	—
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.48%	-4.05%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	1.88%	+0.51%

Volatility

HIWO.L vs. HMUD.L - Volatility Comparison

HSBC MSCI World Islamic Screened UCITS ETF USD Accumulating (HIWO.L) has a higher volatility of 6.11% compared to HSBC MSCI USA UCITS ETF (HMUD.L) at 2.81%. This indicates that HIWO.L's price experiences larger fluctuations and is considered to be riskier than HMUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIWO.L	HMUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	2.81%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	8.24%	+4.53%
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	11.22%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.66%	16.11%	+7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.66%	16.36%	+7.30%

HIWO.L vs. HMUD.L - Expense Ratio Comparison

Both HIWO.L and HMUD.L have an expense ratio of 0.30%.

Dividends

HIWO.L vs. HMUD.L - Dividend Comparison

HIWO.L has not paid dividends to shareholders, while HMUD.L's dividend yield for the trailing twelve months is around 0.91%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIWO.L HSBC MSCI World Islamic Screened UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMUD.L HSBC MSCI USA UCITS ETF	0.91%	0.95%	0.82%	0.97%	1.07%	0.78%	1.11%	1.22%	1.45%	1.24%	1.43%	1.43%

Frequently Asked Questions

Can I hold both HIWO.L and HMUD.L in my portfolio?

HIWO.L and HMUD.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HIWO.L or HMUD.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HIWO.L or HMUD.L?

HIWO.L and HMUD.L have the same expense ratio: 0.30% per year.

What is the main difference between HIWO.L and HMUD.L?

HIWO.L is categorized as Global Equities, while HMUD.L is Large Cap Blend Equities. HIWO.L tracks MSCI World Islamic Universal Screened Select Index, while HMUD.L tracks Russell 1000 TR USD.