HMAD.L vs. IPXJ.L
HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) and IPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist)) are both Japan Equities funds - HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF while IPXJ.L tracks the iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist). Both are passively managed. Over the past 10 years, HMAD.L returned 9.94%/yr vs 7.06%/yr for IPXJ.L. A 0.77 correlation means they provide meaningful diversification when combined. HMAD.L charges 0.45%/yr vs 0.60%/yr for IPXJ.L.
Performance
HMAD.L vs. IPXJ.L - Performance Comparison
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Returns By Period
In the year-to-date period, HMAD.L achieves a 26.73% return, which is significantly higher than IPXJ.L's 10.20% return. Over the past 10 years, HMAD.L has outperformed IPXJ.L with an annualized return of 9.94%, while IPXJ.L has yielded a comparatively lower 7.06% 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%
IPXJ.L
- 1D
- -0.55%
- 1M
- 1.44%
- 6M
- 8.32%
- YTD
- 10.20%
- 1Y
- 15.90%
- 3Y*
- 12.30%
- 5Y*
- 5.56%
- 10Y*
- 7.06%
HMAD.L vs. IPXJ.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% |
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) | 10.20% | 19.91% | 4.45% | 5.64% | -6.26% | 3.62% | 6.65% | 17.59% | -10.82% | 25.42% |
Correlation
The correlation between HMAD.L and IPXJ.L is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.77 |
The correlation between HMAD.L and IPXJ.L shifts across timeframes, from 0.65 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HMAD.L vs. IPXJ.L — Risk / Return Rank
HMAD.L
IPXJ.L
HMAD.L vs. IPXJ.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 iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.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 | IPXJ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.20 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 1.81 | +1.97 |
| Martin ratioReturn relative to average drawdown | 11.13 | 4.92 | +6.20 |
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Drawdowns
HMAD.L vs. IPXJ.L - Drawdown Comparison
The maximum HMAD.L drawdown since its inception was -50.05%, which is greater than IPXJ.L's maximum drawdown of -38.93%. Use the drawdown chart below to compare losses from any high point for HMAD.L and IPXJ.L.
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Drawdown Indicators
| HMAD.L | IPXJ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.05% | -38.93% | -11.12% |
Max Drawdown (1Y)Largest decline over 1 year | -12.83% | -8.53% | -4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -18.67% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -43.66% | -24.44% | -19.22% |
Max Drawdown (10Y)Largest decline over 10 years | -50.05% | -38.93% | -11.12% |
Current DrawdownCurrent decline from peak | -10.65% | -1.69% | -8.96% |
Average DrawdownAverage peak-to-trough decline | -16.49% | -8.62% | -7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 3.15% | +1.22% |
Volatility
HMAD.L vs. IPXJ.L - Volatility Comparison
HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a higher volatility of 10.83% compared to iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L) at 3.37%. This indicates that HMAD.L's price experiences larger fluctuations and is considered to be riskier than IPXJ.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 | IPXJ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.83% | 3.37% | +7.46% |
Volatility (6M)Calculated over the trailing 6-month period | 21.87% | 11.42% | +10.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.64% | 13.84% | +10.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.14% | 17.21% | +4.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 17.71% | +3.00% |
HMAD.L vs. IPXJ.L - Expense Ratio Comparison
HMAD.L has a 0.45% expense ratio, which is lower than IPXJ.L's 0.60% expense ratio.
Dividends
HMAD.L vs. IPXJ.L - Dividend Comparison
HMAD.L has not paid dividends to shareholders, while IPXJ.L's dividend yield for the trailing twelve months is around 3.56%.
| 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% |
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) | 3.56% | 2.88% | 3.49% | 3.50% | 3.76% | 2.92% | 2.45% | 3.58% | 3.92% | 3.19% | 3.48% | 3.44% |
Frequently Asked Questions
HMAD.L and IPXJ.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAD.L is cheaper with a 0.45% expense ratio, compared with 0.60% for IPXJ.L.
HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF, while IPXJ.L tracks iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist). They also come from different issuers: HSBC and iShares. Their fees differ too: 0.45% for HMAD.L and 0.60% for IPXJ.L.
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