HMAF.L vs. H50E.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) and HSBC EURO STOXX 50 UCITS ETF (H50E.L).

HMAF.L and H50E.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMAF.L is a passively managed fund by HSBC that tracks the performance of the MSCI AC Asia Ex Japan NR USD. It was launched on Sep 27, 2013. H50E.L is a passively managed fund by HSBC that tracks the performance of the MSCI EMU NR EUR. It was launched on Oct 5, 2009. Both HMAF.L and H50E.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HMAF.L vs. H50E.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 HSBC EURO STOXX 50 UCITS ETF (H50E.L). The values are adjusted to include any dividend payments, if applicable.

HMAF.L vs. H50E.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	8.96%	31.76%	13.79%	-3.80%	-12.60%	-7.57%	21.71%	13.88%	-10.05%	29.41%
H50E.L HSBC EURO STOXX 50 UCITS ETF	-0.76%	28.02%	6.20%	20.06%	-3.33%	15.58%	3.30%	21.72%	-10.53%	14.39%

Different Trading Currencies

HMAF.L is traded in GBP, while H50E.L is traded in GBp. To make them comparable, the H50E.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 8.96% return, which is significantly higher than H50E.L's -0.76% return. Over the past 10 years, HMAF.L has underperformed H50E.L with an annualized return of 9.46%, while H50E.L has yielded a comparatively higher 11.05% annualized return.

HMAF.L

• 1D: 3.70%
• 1M: -5.75%
• YTD: 8.96%
• 6M: 12.66%
• 1Y: 40.00%
• 3Y*: 14.91%
• 5Y*: 4.26%
• 10Y*: 9.46%

H50E.L

• 1D: 2.82%
• 1M: -4.34%
• YTD: -0.76%
• 6M: 3.33%
• 1Y: 15.48%
• 3Y*: 12.85%
• 5Y*: 11.42%
• 10Y*: 11.05%

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

HMAF.L vs. H50E.L - Expense Ratio Comparison

HMAF.L has a 0.45% expense ratio, which is higher than H50E.L's 0.25% expense ratio.

HMAF.L

HSBC MSCI AC Far East ex Japan UCITS ETF USD

H50E.L

HSBC EURO STOXX 50 UCITS ETF

Return for Risk

HMAF.L vs. H50E.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: 90
HMAF.L Sharpe Ratio Rank: 90
HMAF.L Sortino Ratio Rank: 90
HMAF.L Omega Ratio Rank: 89
HMAF.L Calmar Ratio Rank: 93
HMAF.L Martin Ratio Rank: 88

H50E.L

H50E.L Risk / Return Rank: 48
H50E.L Sharpe Ratio Rank: 50
H50E.L Sortino Ratio Rank: 47
H50E.L Omega Ratio Rank: 46
H50E.L Calmar Ratio Rank: 50
H50E.L Martin Ratio Rank: 50

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. H50E.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 HSBC EURO STOXX 50 UCITS ETF (H50E.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	H50E.L	Difference
Sharpe ratio Return per unit of total volatility	2.09	0.95	+1.14
Sortino ratio Return per unit of downside risk	2.67	1.34	+1.32
Omega ratio Gain probability vs. loss probability	1.39	1.19	+0.20
Calmar ratio Return relative to maximum drawdown	3.85	1.37	+2.47
Martin ratio Return relative to average drawdown	12.13	5.05	+7.09
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. H50E.L - Sharpe Ratio Comparison

The current HMAF.L Sharpe Ratio is 2.09, which is higher than the H50E.L Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of HMAF.L and H50E.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HMAF.L	H50E.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	0.95	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.67	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.62	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.37	+0.08

Correlation

The correlation between HMAF.L and H50E.L is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HMAF.L vs. H50E.L - Dividend Comparison

HMAF.L has not paid dividends to shareholders, while H50E.L's dividend yield for the trailing twelve months is around 2.63%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
H50E.L HSBC EURO STOXX 50 UCITS ETF	2.63%	2.46%	2.98%	2.92%	2.77%	2.01%	2.05%	3.04%	3.50%	2.76%	2.79%	2.63%

Drawdowns

HMAF.L vs. H50E.L - Drawdown Comparison

The maximum HMAF.L drawdown since its inception was -39.58%, which is greater than H50E.L's maximum drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for HMAF.L and H50E.L.

Drawdown Indicators

	HMAF.L	H50E.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.58%	-34.68%	-4.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-11.49%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-34.56%	-21.72%	-12.84%
Max Drawdown (10Y) Largest decline over 10 years	-39.58%	-31.50%	-8.08%
Current Drawdown Current decline from peak	-7.31%	-7.28%	-0.03%
Average Drawdown Average peak-to-trough decline	-12.69%	-7.26%	-5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.13%	+0.24%

Volatility

HMAF.L vs. H50E.L - Volatility Comparison

HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) has a higher volatility of 7.52% compared to HSBC EURO STOXX 50 UCITS ETF (H50E.L) at 6.45%. This indicates that HMAF.L's price experiences larger fluctuations and is considered to be riskier than H50E.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAF.L	H50E.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	6.45%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	11.04%	+2.70%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	16.31%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.58%	17.06%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	17.93%	+0.81%