HMCA.L vs. JREC.L

Last updated Jul 16, 2026

HMCA.L (HSBC MSCI CHINA A UCITS ETF) and JREC.L (JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)) are both China Equities funds. HMCA.L is passively managed, while JREC.L is actively managed. Over the past 3 years, HMCA.L returned 9.23%/yr vs 9.94%/yr for JREC.L. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

HMCA.L vs. JREC.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 JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HMCA.L achieves a 6.43% return, which is significantly lower than JREC.L's 9.07% return.

HMCA.L

• 1D: -1.04%
• 1M: -2.86%
• 6M: 3.21%
• YTD: 6.43%
• 1Y: 27.18%
• 3Y*: 9.23%
• 5Y*: -0.24%
• 10Y*: —

JREC.L

• 1D: -1.80%
• 1M: -2.78%
• 6M: 5.86%
• YTD: 9.07%
• 1Y: 31.42%
• 3Y*: 9.94%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HMCA.L HSBC MSCI CHINA A UCITS ETF	6.43%	17.37%	13.48%	-18.53%	-9.18%
JREC.L JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)	9.07%	19.23%	11.57%	-17.36%	-9.90%

Correlation

The correlation between HMCA.L and JREC.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022	0.87

The correlation between HMCA.L and JREC.L has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

HMCA.L vs. JREC.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: 61
HMCA.L Sharpe Ratio Rank: 55
HMCA.L Sortino Ratio Rank: 53
HMCA.L Omega Ratio Rank: 54
HMCA.L Calmar Ratio Rank: 78
HMCA.L Martin Ratio Rank: 64

JREC.L

JREC.L Risk / Return Rank: 74
JREC.L Sharpe Ratio Rank: 67
JREC.L Sortino Ratio Rank: 67
JREC.L Omega Ratio Rank: 65
JREC.L Calmar Ratio Rank: 91
JREC.L Martin Ratio Rank: 79

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. JREC.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 JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.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.

	HMCA.L	JREC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.68	-0.14
Sortino ratio: Return per unit of downside risk	2.12	2.32	-0.20
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	3.26	3.83	-0.57
Martin ratio: Return relative to average drawdown	9.32	11.58	-2.26

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

The current HMCA.L Sharpe Ratio is 1.54, which is comparable to the JREC.L Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of HMCA.L and JREC.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.

Drawdowns

HMCA.L vs. JREC.L - Drawdown Comparison

The maximum HMCA.L drawdown since its inception was -44.24%, which is greater than JREC.L's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for HMCA.L and JREC.L.

Drawdown Indicators

	HMCA.L	JREC.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.24%	-36.61%	-7.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-8.17%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	-25.01%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-41.62%	—	—
Current Drawdown Current decline from peak	-12.15%	-7.21%	-4.94%
Average Drawdown Average peak-to-trough decline	-17.84%	-16.89%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.71%	+0.20%

Volatility

HMCA.L vs. JREC.L - Volatility Comparison

The current volatility for HSBC MSCI CHINA A UCITS ETF (HMCA.L) is 8.56%, while JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.L) has a volatility of 9.11%. This indicates that HMCA.L experiences smaller price fluctuations and is considered to be less risky than JREC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCA.L	JREC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	9.11%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	13.25%	14.56%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	18.67%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.50%	22.38%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.98%	22.38%	+0.60%

Dividends

HMCA.L vs. JREC.L - Dividend Comparison

HMCA.L's dividend yield for the trailing twelve months is around 1.72%, while JREC.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMCA.L HSBC MSCI CHINA A UCITS ETF	1.72%	1.76%	1.97%	2.20%	1.76%	1.09%	0.88%	1.78%	0.29%
JREC.L JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMCA.L and JREC.L in my portfolio?

With a correlation of 0.94, HMCA.L and JREC.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.

What is the main difference between HMCA.L and JREC.L?

They also come from different issuers: HSBC and ETF Issuer.