HMAF.L vs. ASDV.L

Last updated Jun 5, 2026

HMAF.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD) and ASDV.L (SPDR S&P Pan Asia Dividend Aristocrats UCITS) are both Asia Pacific Equities funds - HMAF.L tracks the MSCI AC Asia Ex Japan NR USD while ASDV.L tracks the MSCI AC Asia Pacific NR USD. Both are passively managed. Over the past 10 years, HMAF.L returned 12.09%/yr vs 7.45%/yr for ASDV.L. A 0.73 correlation means they provide meaningful diversification when combined. HMAF.L charges 0.45%/yr vs 0.55%/yr for ASDV.L.

Performance

HMAF.L vs. ASDV.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 USD (HMAF.L) and SPDR S&P Pan Asia Dividend Aristocrats UCITS (ASDV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMAF.L is traded in GBP, while ASDV.L is traded in USD. To make them comparable, the ASDV.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMAF.L achieves a 36.25% return, which is significantly higher than ASDV.L's 3.78% return. Over the past 10 years, HMAF.L has outperformed ASDV.L with an annualized return of 12.09%, while ASDV.L has yielded a comparatively lower 7.45% annualized return.

HMAF.L

• 1D: -2.32%
• 1M: 8.81%
• YTD: 36.25%
• 6M: 39.16%
• 1Y: 73.09%
• 3Y*: 25.41%
• 5Y*: 9.34%
• 10Y*: 12.09%

ASDV.L

• 1D: -0.44%
• 1M: 0.35%
• YTD: 3.78%
• 6M: 1.87%
• 1Y: 12.99%
• 3Y*: 10.55%
• 5Y*: 5.25%
• 10Y*: 7.45%

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

HMAF.L vs. ASDV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD	36.25%	31.76%	13.79%	-3.80%	-12.60%	-7.57%	21.71%	13.88%	-10.05%	29.41%
ASDV.L SPDR S&P Pan Asia Dividend Aristocrats UCITS	3.78%	14.49%	6.67%	9.70%	-5.57%	3.51%	-2.79%	16.05%	-3.63%	18.62%

Correlation

The correlation between HMAF.L and ASDV.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Sep 30, 2013	0.73

Over the past year, the correlation between HMAF.L and ASDV.L has dropped to 0.43 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

HMAF.L vs. ASDV.L - Sectors Allocation Comparison

Sectors	HMAF.L	ASDV.L
Technology	51.5%	6.7%
Financial Services	14.9%	33.0%
Consumer Cyclical	9.3%	6.7%
Industrials	7.3%	7.3%
Communication Services	6.5%	6.2%
Basic Materials	2.4%	2.8%
Healthcare	2.2%	8.7%
Real Estate	1.6%	4.6%
Consumer Defensive	1.6%	9.2%
Energy	1.4%	-
Utilities	1.3%	14.9%

Return for Risk

HMAF.L vs. ASDV.L — Risk / Return Rank

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

HMAF.L

HMAF.L Risk / Return Rank: 94
HMAF.L Sharpe Ratio Rank: 95
HMAF.L Sortino Ratio Rank: 94
HMAF.L Omega Ratio Rank: 94
HMAF.L Calmar Ratio Rank: 94
HMAF.L Martin Ratio Rank: 92

ASDV.L

ASDV.L Risk / Return Rank: 30
ASDV.L Sharpe Ratio Rank: 29
ASDV.L Sortino Ratio Rank: 28
ASDV.L Omega Ratio Rank: 28
ASDV.L Calmar Ratio Rank: 32
ASDV.L Martin Ratio Rank: 30

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.

HMAF.L vs. ASDV.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 USD (HMAF.L) and SPDR S&P Pan Asia Dividend Aristocrats UCITS (ASDV.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.

	HMAF.L	ASDV.L	Difference
Sharpe ratio: Return per unit of total volatility	3.84	1.20	+2.64
Sortino ratio: Return per unit of downside risk	4.74	1.68	+3.06
Omega ratio: Gain probability vs. loss probability	1.67	1.22	+0.46
Calmar ratio: Return relative to maximum drawdown	6.85	1.94	+4.91
Martin ratio: Return relative to average drawdown	22.75	4.84	+17.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMAF.L vs. ASDV.L - Sharpe Ratio Comparison

The current HMAF.L Sharpe Ratio is 3.84, which is higher than the ASDV.L Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of HMAF.L and ASDV.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

	HMAF.L	ASDV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	1.20	+2.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.39	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.50	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.49	+0.05

Drawdowns

HMAF.L vs. ASDV.L - Drawdown Comparison

The maximum HMAF.L drawdown since its inception was -39.58%, which is greater than ASDV.L's maximum drawdown of -27.03%. Use the drawdown chart below to compare losses from any high point for HMAF.L and ASDV.L.

Drawdown Indicators

	HMAF.L	ASDV.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.58%	-27.03%	-12.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.62%	-6.67%	-3.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.52%	-10.42%	-9.10%
Max Drawdown (5Y) Largest decline over 5 years	-34.30%	-20.03%	-14.27%
Max Drawdown (10Y) Largest decline over 10 years	-39.58%	-25.32%	-14.26%
Current Drawdown Current decline from peak	-3.05%	-4.30%	+1.25%
Average Drawdown Average peak-to-trough decline	-12.55%	-5.60%	-6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.68%	+0.52%

Volatility

HMAF.L vs. ASDV.L - Volatility Comparison

HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) has a higher volatility of 8.65% compared to SPDR S&P Pan Asia Dividend Aristocrats UCITS (ASDV.L) at 3.42%. This indicates that HMAF.L's price experiences larger fluctuations and is considered to be riskier than ASDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAF.L	ASDV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	3.42%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	8.79%	+7.17%
Volatility (1Y) Calculated over the trailing 1-year period	18.95%	10.75%	+8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.03%	13.30%	+5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	14.95%	+4.04%

HMAF.L vs. ASDV.L - Expense Ratio Comparison

HMAF.L has a 0.45% expense ratio, which is lower than ASDV.L's 0.55% expense ratio.

Dividends

HMAF.L vs. ASDV.L - Dividend Comparison

HMAF.L has not paid dividends to shareholders, while ASDV.L's dividend yield for the trailing twelve months is around 2.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASDV.L SPDR S&P Pan Asia Dividend Aristocrats UCITS	2.89%	2.85%	3.11%	2.89%	3.63%	2.98%	2.82%	2.65%	2.52%	1.70%	2.37%	3.24%
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.59%

Frequently Asked Questions

Can I hold both HMAF.L and ASDV.L in my portfolio?

HMAF.L and ASDV.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMAF.L or ASDV.L?

On fees, HMAF.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMAF.L or ASDV.L?

HMAF.L is cheaper with a 0.45% expense ratio, compared with 0.55% for ASDV.L.

What is the main difference between HMAF.L and ASDV.L?

HMAF.L tracks MSCI AC Asia Ex Japan NR USD, while ASDV.L tracks MSCI AC Asia Pacific NR USD. They also come from different issuers: HSBC and State Street. Their fees differ too: 0.45% for HMAF.L and 0.55% for ASDV.L.