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HMCA.L vs. IASH.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMCA.L vs. IASH.L

Last updated Jun 4, 2026

HMCA.L (HSBC MSCI CHINA A UCITS ETF) and IASH.L (iShares MSCI China A UCITS USD) are both China Equities funds tracking the MSCI China A Onshore NR CNY, from HSBC and iShares respectively. Both are passively managed. Over the past 5 years, HMCA.L returned 0.16%/yr vs 0.05%/yr for IASH.L. With a 0.98 correlation, they move nearly in lockstep. HMCA.L charges 0.30%/yr vs 0.40%/yr for IASH.L.

Performance

HMCA.L vs. IASH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI CHINA A UCITS ETF (HMCA.L) and iShares MSCI China A UCITS USD (IASH.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMCA.L is traded in GBP, while IASH.L is traded in GBp. To make them comparable, the IASH.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with HMCA.L having a 9.35% return and IASH.L slightly higher at 9.51%.

HMCA.L

1D
0.14%
1M
2.79%
YTD
9.35%
6M
12.47%
1Y
38.67%
3Y*
8.45%
5Y*
0.16%
10Y*
—

IASH.L

1D
-0.06%
1M
3.10%
YTD
9.51%
6M
12.93%
1Y
38.65%
3Y*
8.41%
5Y*
0.05%
10Y*
7.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMCA.L vs. IASH.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HMCA.L
HSBC MSCI CHINA A UCITS ETF		9.35%17.38%13.48%-18.58%-17.12%4.17%39.06%30.18%-12.02%
IASH.L
iShares MSCI China A UCITS USD		9.51%17.67%12.92%-18.83%-17.27%4.48%37.65%29.94%-11.24%

Correlation

The correlation between HMCA.L and IASH.L is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Jul 30, 2018

0.98

The correlation between HMCA.L and IASH.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

HMCA.L vs. IASH.L - Sectors Allocation Comparison

Sectors
HMCA.L
IASH.L

Technology

32.1%
31.0%

Financial Services

17.5%
17.8%

Industrials

15.4%
15.5%

Basic Materials

11.2%
11.4%

Consumer Defensive

6.6%
6.7%

Consumer Cyclical

5.2%
5.4%

Healthcare

3.8%
3.9%

Utilities

3.3%
3.2%

Energy

3.2%
3.2%

Communication Services

1.3%
1.3%

Real Estate

0.5%
0.6%

Technology

HMCA.L
32.1%
IASH.L
31.0%

Financial Services

HMCA.L
17.5%
IASH.L
17.8%

Industrials

HMCA.L
15.4%
IASH.L
15.5%

Basic Materials

HMCA.L
11.2%
IASH.L
11.4%

Consumer Defensive

HMCA.L
6.6%
IASH.L
6.7%

Consumer Cyclical

HMCA.L
5.2%
IASH.L
5.4%

Healthcare

HMCA.L
3.8%
IASH.L
3.9%

Utilities

HMCA.L
3.3%
IASH.L
3.2%

Energy

HMCA.L
3.2%
IASH.L
3.2%

Communication Services

HMCA.L
1.3%
IASH.L
1.3%

Real Estate

HMCA.L
0.5%
IASH.L
0.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC MSCI CHINA A UCITS ETF

iShares MSCI China A UCITS USD

Often compared with HMCA.L:
HMCA.L vs. NUCG.LHMCA.L vs. BCHS.LHMCA.L vs. HERG.LHMCA.L vs. UC04.LHMCA.L vs. LYPG.DEHMCA.L vs. CNYAHMCA.L vs. SPX5.L
Often compared with IASH.L:
IASH.L vs. ICGA.DEIASH.L vs. CNYAIASH.L vs. CHIN.DEIASH.L vs. EMIM.LIASH.L vs. HSTC.LIASH.L vs. XCH.TOIASH.L vs. IWDA.AS

Return for Risk

HMCA.L vs. IASH.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMCA.L
HMCA.L Risk / Return Rank: 7979
Overall Rank
HMCA.L Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
HMCA.L Sortino Ratio Rank: 7474
Sortino Ratio Rank
HMCA.L Omega Ratio Rank: 7575
Omega Ratio Rank
HMCA.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
HMCA.L Martin Ratio Rank: 8080
Martin Ratio Rank
IASH.L
IASH.L Risk / Return Rank: 7979
Overall Rank
IASH.L Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
IASH.L Sortino Ratio Rank: 7373
Sortino Ratio Rank
IASH.L Omega Ratio Rank: 7575
Omega Ratio Rank
IASH.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
IASH.L Martin Ratio Rank: 8080
Martin Ratio Rank
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.

HMCA.L vs. IASH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI CHINA A UCITS ETF (HMCA.L) and iShares MSCI China A UCITS USD (IASH.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.

HMCA.LIASH.LDifference
Sharpe ratioReturn per unit of total volatility
2.51
2.47

+0.04

Sortino ratioReturn per unit of downside risk
3.34
3.31

+0.03

Omega ratioGain probability vs. loss probability

1.44

1.44

0.00

Calmar ratioReturn relative to maximum drawdown

5.50

5.73

-0.23

Martin ratioReturn relative to average drawdown

15.66

15.80

-0.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMCA.L vs. IASH.L - Sharpe Ratio Comparison

The current HMCA.L Sharpe Ratio is 2.51, which is comparable to the IASH.L Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of HMCA.L and IASH.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.

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Sharpe Ratios by Period

HMCA.LIASH.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.51

2.47

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.01

0.00

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.33

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.09

+0.19

Drawdowns

HMCA.L vs. IASH.L - Drawdown Comparison

The maximum HMCA.L drawdown since its inception was -44.23%, smaller than the maximum IASH.L drawdown of -48.39%. Use the drawdown chart below to compare losses from any high point for HMCA.L and IASH.L.

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Drawdown Indicators

HMCA.LIASH.LDifference

Max Drawdown

Largest peak-to-trough decline

-44.23%

-48.39%

+4.16%

Max Drawdown (1Y)

Largest decline over 1 year

-7.00%

-6.72%

-0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-26.19%

-25.77%

-0.42%

Max Drawdown (5Y)

Largest decline over 5 years

-41.62%

-42.23%

+0.61%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.67%

—

Current Drawdown

Current decline from peak

-9.73%

-10.06%

+0.33%

Average Drawdown

Average peak-to-trough decline

-17.97%

-24.72%

+6.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.46%

2.44%

+0.02%

Volatility

HMCA.L vs. IASH.L - Volatility Comparison

HSBC MSCI CHINA A UCITS ETF (HMCA.L) and iShares MSCI China A UCITS USD (IASH.L) have volatilities of 5.42% and 5.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMCA.LIASH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.42%

5.69%

-0.27%

Volatility (6M)

Calculated over the trailing 6-month period

10.37%

10.68%

-0.31%

Volatility (1Y)

Calculated over the trailing 1-year period

15.35%

15.61%

-0.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.22%

21.27%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

22.79%

+0.09%

HMCA.L vs. IASH.L - Expense Ratio Comparison

HMCA.L has a 0.30% expense ratio, which is lower than IASH.L's 0.40% expense ratio.

Dividends

HMCA.L vs. IASH.L - Dividend Comparison

HMCA.L's dividend yield for the trailing twelve months is around 1.67%, while IASH.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
HMCA.L
HSBC MSCI CHINA A UCITS ETF		1.67%1.76%1.97%2.20%1.76%1.09%0.88%1.78%0.29%
IASH.L
iShares MSCI China A UCITS USD		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.98, HMCA.L and IASH.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.

On fees, HMCA.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMCA.L is cheaper with a 0.30% expense ratio, compared with 0.40% for IASH.L.

Both ETFs track MSCI China A Onshore NR CNY. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.30% for HMCA.L and 0.40% for IASH.L.

Portfolio Optimizer

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