HMAD.L vs. DXJP.L
HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) and DXJP.L (WisdomTree Japan Equity UCITS ETF GBP Hedged) are both Japan Equities funds - HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF while DXJP.L tracks the WisdomTree Japan Equity Index (GBP Hedged). Both are passively managed. Over the past 10 years, HMAD.L returned 9.94%/yr vs 17.74%/yr for DXJP.L. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.
Performance
HMAD.L vs. DXJP.L - Performance Comparison
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Different Trading Currencies
HMAD.L is traded in USD, while DXJP.L is traded in GBp. To make them comparable, the DXJP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HMAD.L achieves a 26.73% return, which is significantly higher than DXJP.L's 23.47% return. Over the past 10 years, HMAD.L has underperformed DXJP.L with an annualized return of 9.94%, while DXJP.L has yielded a comparatively higher 17.74% annualized return.
HMAD.L
- 1D
- -1.11%
- 1M
- -8.23%
- 6M
- 19.23%
- YTD
- 26.73%
- 1Y
- 48.95%
- 3Y*
- 24.40%
- 5Y*
- 7.36%
- 10Y*
- 9.94%
DXJP.L
- 1D
- 0.46%
- 1M
- 3.07%
- 6M
- 16.63%
- YTD
- 23.47%
- 1Y
- 56.30%
- 3Y*
- 34.05%
- 5Y*
- 26.19%
- 10Y*
- 17.74%
HMAD.L vs. DXJP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF | 26.73% | 41.42% | 11.84% | 1.71% | -21.78% | -8.81% | 26.05% | 17.57% | -14.95% | 42.10% |
DXJP.L WisdomTree Japan Equity UCITS ETF GBP Hedged | 23.47% | 43.48% | 26.35% | 47.75% | -6.42% | 15.88% | 6.00% | 18.81% | -25.06% | 32.27% |
Correlation
The correlation between HMAD.L and DXJP.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2015 | 0.53 |
The correlation between HMAD.L and DXJP.L has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.
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Return for Risk
HMAD.L vs. DXJP.L — Risk / Return Rank
HMAD.L
DXJP.L
HMAD.L vs. DXJP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) and WisdomTree Japan Equity UCITS ETF GBP Hedged (DXJP.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.
| HMAD.L | DXJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.45 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 5.09 | -1.31 |
| Martin ratioReturn relative to average drawdown | 11.13 | 16.92 | -5.79 |
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Drawdowns
HMAD.L vs. DXJP.L - Drawdown Comparison
The maximum HMAD.L drawdown since its inception was -50.05%, roughly equal to the maximum DXJP.L drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for HMAD.L and DXJP.L.
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Drawdown Indicators
| HMAD.L | DXJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.05% | -51.37% | +1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.83% | -11.00% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -23.79% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -43.66% | -24.92% | -18.74% |
Max Drawdown (10Y)Largest decline over 10 years | -50.05% | -51.37% | +1.32% |
Current DrawdownCurrent decline from peak | -10.65% | -0.48% | -10.17% |
Average DrawdownAverage peak-to-trough decline | -16.49% | -13.15% | -3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 3.32% | +1.05% |
Volatility
HMAD.L vs. DXJP.L - Volatility Comparison
HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a higher volatility of 10.83% compared to WisdomTree Japan Equity UCITS ETF GBP Hedged (DXJP.L) at 6.26%. This indicates that HMAD.L's price experiences larger fluctuations and is considered to be riskier than DXJP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMAD.L | DXJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.83% | 6.26% | +4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 21.87% | 17.11% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.64% | 21.55% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.14% | 22.12% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 21.90% | -1.19% |
HMAD.L vs. DXJP.L - Expense Ratio Comparison
Both HMAD.L and DXJP.L have an expense ratio of 0.45%.
Dividends
HMAD.L vs. DXJP.L - Dividend Comparison
HMAD.L has not paid dividends to shareholders, while DXJP.L's dividend yield for the trailing twelve months is around 0.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DXJP.L WisdomTree Japan Equity UCITS ETF GBP Hedged | 0.84% | 1.58% | 1.61% | 1.92% | 2.49% | 1.62% | 1.64% | 2.26% | 2.41% | 1.34% | 0.62% |
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF | 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
HMAD.L and DXJP.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HMAD.L and DXJP.L have the same expense ratio: 0.45% per year.
HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF, while DXJP.L tracks WisdomTree Japan Equity Index (GBP Hedged). They also come from different issuers: HSBC and WisdomTree.
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