HMAF.L vs. VWCG.DE
HMAF.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD) and VWCG.DE (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) are both exchange-traded funds - HMAF.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD, while VWCG.DE is a Europe Equities fund tracking the FTSE Developed Europe. Both are passively managed. Over the past 5 years, HMAF.L returned 9.34%/yr vs 10.11%/yr for VWCG.DE. A 0.52 correlation means they provide meaningful diversification when combined. HMAF.L charges 0.45%/yr vs 0.10%/yr for VWCG.DE.
Performance
HMAF.L vs. VWCG.DE - Performance Comparison
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Different Trading Currencies
HMAF.L is traded in GBP, while VWCG.DE is traded in EUR. To make them comparable, the VWCG.DE 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 VWCG.DE's 6.50% 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%
VWCG.DE
- 1D
- 0.70%
- 1M
- 3.37%
- YTD
- 6.50%
- 6M
- 8.83%
- 1Y
- 19.52%
- 3Y*
- 14.26%
- 5Y*
- 10.11%
- 10Y*
- —
HMAF.L vs. VWCG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 4.03% |
VWCG.DE Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating | 6.50% | 26.72% | 4.20% | 13.76% | -4.76% | 15.94% | 2.91% | 4.15% |
Correlation
The correlation between HMAF.L and VWCG.DE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2019 | 0.52 |
The correlation between HMAF.L and VWCG.DE has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
HMAF.L vs. VWCG.DE — Risk / Return Rank
HMAF.L
VWCG.DE
HMAF.L vs. VWCG.DE - 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 Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VWCG.DE). 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 | VWCG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.29 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 6.85 | 1.85 | +5.00 |
| Martin ratioReturn relative to average drawdown | 22.75 | 6.74 | +16.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HMAF.L | VWCG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 1.55 | +2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.71 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.61 | -0.07 |
Drawdowns
HMAF.L vs. VWCG.DE - Drawdown Comparison
The maximum HMAF.L drawdown since its inception was -39.58%, which is greater than VWCG.DE's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for HMAF.L and VWCG.DE.
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Drawdown Indicators
| HMAF.L | VWCG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.58% | -28.16% | -11.42% |
Max Drawdown (1Y)Largest decline over 1 year | -10.62% | -10.53% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -19.52% | -13.75% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -34.30% | -16.26% | -18.04% |
Max Drawdown (10Y)Largest decline over 10 years | -39.58% | — | — |
Current DrawdownCurrent decline from peak | -3.05% | -1.16% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -12.55% | -4.12% | -8.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 2.89% | +0.31% |
Volatility
HMAF.L vs. VWCG.DE - Volatility Comparison
HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) has a higher volatility of 8.65% compared to Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VWCG.DE) at 4.09%. This indicates that HMAF.L's price experiences larger fluctuations and is considered to be riskier than VWCG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMAF.L | VWCG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 4.09% | +4.56% |
Volatility (6M)Calculated over the trailing 6-month period | 15.96% | 10.56% | +5.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.95% | 12.54% | +6.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.03% | 14.17% | +4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.99% | 16.56% | +2.43% |
HMAF.L vs. VWCG.DE - Expense Ratio Comparison
HMAF.L has a 0.45% expense ratio, which is higher than VWCG.DE's 0.10% expense ratio.
Dividends
HMAF.L vs. VWCG.DE - Dividend Comparison
Neither HMAF.L nor VWCG.DE has paid dividends to shareholders.
| Position | 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% |
VWCG.DE Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HMAF.L and VWCG.DE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VWCG.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VWCG.DE is cheaper with a 0.10% expense ratio, compared with 0.45% for HMAF.L.
HMAF.L is categorized as Asia Pacific Equities, while VWCG.DE is Europe Equities. HMAF.L tracks MSCI AC Asia Ex Japan NR USD, while VWCG.DE tracks FTSE Developed Europe. They also come from different issuers: HSBC and Vanguard. Their fees differ too: 0.45% for HMAF.L and 0.10% for VWCG.DE.
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