HMAD.L vs. HMEF.L
HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both exchange-traded funds - HMAD.L is a Japan Equities fund tracking the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF, while HMEF.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, HMAD.L returned 9.94%/yr vs 45.23%/yr for HMEF.L. Their correlation of 0.91 suggests significant overlap in exposure. HMAD.L charges 0.45%/yr vs 0.15%/yr for HMEF.L.
Performance
HMAD.L vs. HMEF.L - Performance Comparison
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Different Trading Currencies
HMAD.L is traded in USD, while HMEF.L is traded in GBp. To make them comparable, the HMEF.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 HMEF.L's 20.71% return. Over the past 10 years, HMAD.L has underperformed HMEF.L with an annualized return of 9.94%, while HMEF.L has yielded a comparatively higher 45.23% 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%
HMEF.L
- 1D
- -0.07%
- 1M
- -5.76%
- 6M
- 14.66%
- YTD
- 20.71%
- 1Y
- 38.62%
- 3Y*
- 20.15%
- 5Y*
- 7.00%
- 10Y*
- 45.23%
HMAD.L vs. HMEF.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% |
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD | 20.71% | 33.96% | 7.26% | 7.85% | -19.63% | -3.16% | 18.32% | 17.27% | -14.74% | 120.60% |
Correlation
The correlation between HMAD.L and HMEF.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.91 |
The correlation between HMAD.L and HMEF.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
HMAD.L vs. HMEF.L — Risk / Return Rank
HMAD.L
HMEF.L
HMAD.L vs. HMEF.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 HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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 | HMEF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.33 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 2.94 | +0.84 |
| Martin ratioReturn relative to average drawdown | 11.13 | 9.64 | +1.49 |
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Drawdowns
HMAD.L vs. HMEF.L - Drawdown Comparison
The maximum HMAD.L drawdown since its inception was -50.05%, which is greater than HMEF.L's maximum drawdown of -39.89%. Use the drawdown chart below to compare losses from any high point for HMAD.L and HMEF.L.
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Drawdown Indicators
| HMAD.L | HMEF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.05% | -39.89% | -10.16% |
Max Drawdown (1Y)Largest decline over 1 year | -12.83% | -13.08% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -16.21% | -3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -43.66% | -34.86% | -8.80% |
Max Drawdown (10Y)Largest decline over 10 years | -50.05% | -39.89% | -10.16% |
Current DrawdownCurrent decline from peak | -10.65% | -7.49% | -3.16% |
Average DrawdownAverage peak-to-trough decline | -16.49% | -11.05% | -5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 4.00% | +0.37% |
Volatility
HMAD.L vs. HMEF.L - Volatility Comparison
HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a higher volatility of 10.83% compared to HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) at 8.81%. This indicates that HMAD.L's price experiences larger fluctuations and is considered to be riskier than HMEF.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 | HMEF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.83% | 8.81% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 21.87% | 19.13% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.64% | 21.24% | +3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.14% | 19.15% | +2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 141.96% | -121.25% |
HMAD.L vs. HMEF.L - Expense Ratio Comparison
HMAD.L has a 0.45% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.
Dividends
HMAD.L vs. HMEF.L - Dividend Comparison
HMAD.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 1.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD | 1.70% | 1.98% | 2.43% | 2.58% | 2.99% | 2.01% | 1.66% | 2.11% | 2.14% | 37.43% | 168.62% | 225.12% |
Frequently Asked Questions
With a correlation of 0.94, HMAD.L and HMEF.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, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.45% for HMAD.L.
HMAD.L is categorized as Japan Equities, while HMEF.L is Emerging Markets Equities. HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF, while HMEF.L tracks MSCI EM NR USD. Their fees differ too: 0.45% for HMAD.L and 0.15% for HMEF.L.
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