HMAD.L vs. HSXD.L

Last updated Jul 16, 2026

HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) and HSXD.L (HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF) are both Japan Equities funds from HSBC - HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF while HSXD.L tracks the HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF. Both are passively managed. Over the past 5 years, HMAD.L returned 7.36%/yr vs 9.90%/yr for HSXD.L. Their correlation of 0.95 suggests significant overlap in exposure. HMAD.L charges 0.45%/yr vs 0.25%/yr for HSXD.L.

Performance

HMAD.L vs. HSXD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) and HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HMAD.L having a 26.73% return and HSXD.L slightly higher at 27.12%.

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%

HSXD.L

• 1D: -1.47%
• 1M: -7.17%
• 6M: 21.56%
• YTD: 27.12%
• 1Y: 45.66%
• 3Y*: 23.98%
• 5Y*: 9.90%
• 10Y*: —

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

HMAD.L vs. HSXD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF	26.73%	41.42%	11.84%	1.71%	-21.78%	-8.81%	17.86%
HSXD.L HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF	27.12%	32.35%	14.83%	4.23%	-15.92%	-0.71%	22.36%

Correlation

The correlation between HMAD.L and HSXD.L is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 20, 2020	0.95

The correlation between HMAD.L and HSXD.L has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

HMAD.L vs. HSXD.L — Risk / Return Rank

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

HMAD.L

HMAD.L Risk / Return Rank: 77
HMAD.L Sharpe Ratio Rank: 77
HMAD.L Sortino Ratio Rank: 70
HMAD.L Omega Ratio Rank: 75
HMAD.L Calmar Ratio Rank: 86
HMAD.L Martin Ratio Rank: 75

HSXD.L

HSXD.L Risk / Return Rank: 78
HSXD.L Sharpe Ratio Rank: 80
HSXD.L Sortino Ratio Rank: 75
HSXD.L Omega Ratio Rank: 79
HSXD.L Calmar Ratio Rank: 83
HSXD.L Martin Ratio Rank: 74

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.

HMAD.L vs. HSXD.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 Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.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	HSXD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.03	-0.06
Sortino ratio: Return per unit of downside risk	2.56	2.71	-0.15
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.78	3.51	+0.27
Martin ratio: Return relative to average drawdown	11.13	10.85	+0.28

HMAD.L vs. HSXD.L - Sharpe Ratio Comparison

The current HMAD.L Sharpe Ratio is 1.97, which is comparable to the HSXD.L Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HMAD.L and HSXD.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.

Drawdowns

HMAD.L vs. HSXD.L - Drawdown Comparison

The maximum HMAD.L drawdown since its inception was -50.05%, which is greater than HSXD.L's maximum drawdown of -38.23%. Use the drawdown chart below to compare losses from any high point for HMAD.L and HSXD.L.

Drawdown Indicators

	HMAD.L	HSXD.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.05%	-38.23%	-11.82%
Max Drawdown (1Y) Largest decline over 1 year	-12.83%	-12.86%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-20.22%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-43.66%	-32.89%	-10.77%
Max Drawdown (10Y) Largest decline over 10 years	-50.05%	—	—
Current Drawdown Current decline from peak	-10.65%	-9.93%	-0.72%
Average Drawdown Average peak-to-trough decline	-16.49%	-14.15%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	4.16%	+0.21%

Volatility

HMAD.L vs. HSXD.L - Volatility Comparison

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a higher volatility of 10.83% compared to HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L) at 10.03%. This indicates that HMAD.L's price experiences larger fluctuations and is considered to be riskier than HSXD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAD.L	HSXD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.83%	10.03%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	21.87%	20.15%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	24.64%	22.21%	+2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.14%	19.62%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	19.15%	+1.56%

HMAD.L vs. HSXD.L - Expense Ratio Comparison

HMAD.L has a 0.45% expense ratio, which is higher than HSXD.L's 0.25% expense ratio.

Dividends

HMAD.L vs. HSXD.L - Dividend Comparison

Neither HMAD.L nor HSXD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HMAD.L and HSXD.L in my portfolio?

With a correlation of 0.95, HMAD.L and HSXD.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, HMAD.L or HSXD.L?

On fees, HSXD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMAD.L or HSXD.L?

HSXD.L is cheaper with a 0.25% expense ratio, compared with 0.45% for HMAD.L.

What is the main difference between HMAD.L and HSXD.L?

HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF, while HSXD.L tracks HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF. Their fees differ too: 0.45% for HMAD.L and 0.25% for HSXD.L.