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HMCD.L vs. HUKX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMCD.L vs. HUKX.L

Last updated Jun 4, 2026

HMCD.L (HSBC MSCI China UCITS ETF) and HUKX.L (HSBC FTSE 100 UCITS ETF GBP) are both exchange-traded funds - HMCD.L is a China Equities fund tracking the MSCI China NR USD, while HUKX.L is a Europe Equities fund tracking the FTSE AllSh TR GBP. Both are passively managed. Over the past 10 years, HMCD.L returned 5.01%/yr vs 8.33%/yr for HUKX.L. A 0.50 correlation means they provide meaningful diversification when combined. HMCD.L charges 0.30%/yr vs 0.07%/yr for HUKX.L.

Performance

HMCD.L vs. HUKX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI China UCITS ETF (HMCD.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMCD.L is traded in USD, while HUKX.L is traded in GBp. To make them comparable, the HUKX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMCD.L achieves a -7.16% return, which is significantly lower than HUKX.L's 5.15% return. Over the past 10 years, HMCD.L has underperformed HUKX.L with an annualized return of 5.01%, while HUKX.L has yielded a comparatively higher 8.33% annualized return.

HMCD.L

1D
-2.92%
1M
-3.29%
YTD
-7.16%
6M
-8.08%
1Y
6.94%
3Y*
10.22%
5Y*
-5.15%
10Y*
5.01%

HUKX.L

1D
-0.54%
1M
-1.24%
YTD
5.15%
6M
8.67%
1Y
20.04%
3Y*
17.55%
5Y*
10.64%
10Y*
8.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMCD.L vs. HUKX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HMCD.L
HSBC MSCI China UCITS ETF		-7.16%31.58%18.68%-11.51%-22.53%-22.09%29.32%21.59%-18.94%54.07%
HUKX.L
HSBC FTSE 100 UCITS ETF GBP		5.15%35.72%7.75%13.02%-6.16%16.48%-8.93%22.13%-13.84%23.09%

Correlation

The correlation between HMCD.L and HUKX.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

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

0.46

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

0.45

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2011

0.50

The correlation between HMCD.L and HUKX.L has been stable across timeframes, ranging from 0.44 to 0.50 - a consistent structural relationship.

HMCD.L vs. HUKX.L - Sectors Allocation Comparison

Sectors
HMCD.L
HUKX.L

Consumer Cyclical

26.5%
4.5%

Financial Services

19.1%
26.2%

Communication Services

18.8%
2.3%

Technology

9.5%
0.3%

Basic Materials

5.5%
8.5%

Healthcare

5.3%
12.9%

Industrials

5.0%
13.0%

Energy

3.7%
10.7%

Consumer Defensive

3.2%
13.7%

Utilities

1.7%
4.8%

Real Estate

1.5%
1.0%

Consumer Cyclical

HMCD.L
26.5%
HUKX.L
4.5%

Financial Services

HMCD.L
19.1%
HUKX.L
26.2%

Communication Services

HMCD.L
18.8%
HUKX.L
2.3%

Technology

HMCD.L
9.5%
HUKX.L
0.3%

Basic Materials

HMCD.L
5.5%
HUKX.L
8.5%

Healthcare

HMCD.L
5.3%
HUKX.L
12.9%

Industrials

HMCD.L
5.0%
HUKX.L
13.0%

Energy

HMCD.L
3.7%
HUKX.L
10.7%

Consumer Defensive

HMCD.L
3.2%
HUKX.L
13.7%

Utilities

HMCD.L
1.7%
HUKX.L
4.8%

Real Estate

HMCD.L
1.5%
HUKX.L
1.0%

Compare stocks, funds, or ETFs

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HSBC MSCI China UCITS ETF

HSBC FTSE 100 UCITS ETF GBP

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Often compared with HUKX.L:
HUKX.L vs. ISF.LHUKX.L vs. VUKG.LHUKX.L vs. VFWAXHUKX.L vs. EUDVHUKX.L vs. LDUK.LHUKX.L vs. HSPD.LHUKX.L vs. LDEG.L

Return for Risk

HMCD.L vs. HUKX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMCD.L
HMCD.L Risk / Return Rank: 1414
Overall Rank
HMCD.L Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
HMCD.L Sortino Ratio Rank: 1414
Sortino Ratio Rank
HMCD.L Omega Ratio Rank: 1414
Omega Ratio Rank
HMCD.L Calmar Ratio Rank: 1414
Calmar Ratio Rank
HMCD.L Martin Ratio Rank: 1313
Martin Ratio Rank
HUKX.L
HUKX.L Risk / Return Rank: 5353
Overall Rank
HUKX.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
HUKX.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
HUKX.L Omega Ratio Rank: 5858
Omega Ratio Rank
HUKX.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
HUKX.L Martin Ratio Rank: 4949
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.

HMCD.L vs. HUKX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF (HMCD.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.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.

HMCD.LHUKX.LDifference
Sharpe ratioReturn per unit of total volatility
0.34
1.50

-1.15

Sortino ratioReturn per unit of downside risk
0.63
2.11

-1.48

Omega ratioGain probability vs. loss probability

1.07

1.27

-0.20

Calmar ratioReturn relative to maximum drawdown

0.40

2.05

-1.64

Martin ratioReturn relative to average drawdown

0.84

7.15

-6.31

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

HMCD.L vs. HUKX.L - Sharpe Ratio Comparison

The current HMCD.L Sharpe Ratio is 0.34, which is lower than the HUKX.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of HMCD.L and HUKX.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

HMCD.LHUKX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.34

1.50

-1.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.18

0.65

-0.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.46

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.38

-0.26

Drawdowns

HMCD.L vs. HUKX.L - Drawdown Comparison

The maximum HMCD.L drawdown since its inception was -62.46%, which is greater than HUKX.L's maximum drawdown of -42.05%. Use the drawdown chart below to compare losses from any high point for HMCD.L and HUKX.L.

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Drawdown Indicators

HMCD.LHUKX.LDifference

Max Drawdown

Largest peak-to-trough decline

-62.46%

-42.05%

-20.41%

Max Drawdown (1Y)

Largest decline over 1 year

-17.07%

-9.74%

-7.33%

Max Drawdown (3Y)

Largest decline over 3 years

-25.60%

-13.28%

-12.32%

Max Drawdown (5Y)

Largest decline over 5 years

-56.17%

-26.01%

-30.16%

Max Drawdown (10Y)

Largest decline over 10 years

-62.46%

-42.05%

-20.41%

Current Drawdown

Current decline from peak

-34.97%

-4.55%

-30.42%

Average Drawdown

Average peak-to-trough decline

-24.30%

-7.75%

-16.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.24%

2.80%

+5.44%

Volatility

HMCD.L vs. HUKX.L - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCD.L) has a higher volatility of 8.20% compared to HSBC FTSE 100 UCITS ETF GBP (HUKX.L) at 5.23%. This indicates that HMCD.L's price experiences larger fluctuations and is considered to be riskier than HUKX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMCD.LHUKX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.20%

5.23%

+2.97%

Volatility (6M)

Calculated over the trailing 6-month period

14.70%

11.28%

+3.42%

Volatility (1Y)

Calculated over the trailing 1-year period

20.13%

13.33%

+6.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.19%

16.40%

+12.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.18%

18.20%

+7.98%

HMCD.L vs. HUKX.L - Expense Ratio Comparison

HMCD.L has a 0.30% expense ratio, which is higher than HUKX.L's 0.07% expense ratio.

Dividends

HMCD.L vs. HUKX.L - Dividend Comparison

HMCD.L's dividend yield for the trailing twelve months is around 2.15%, less than HUKX.L's 2.86% yield.

PositionTTM20252024202320222021202020192018201720162015
HMCD.L
HSBC MSCI China UCITS ETF		2.15%2.25%2.20%2.08%1.95%1.31%0.86%1.59%1.46%0.75%2.07%2.95%
HUKX.L
HSBC FTSE 100 UCITS ETF GBP		2.86%2.95%3.74%3.50%3.63%3.19%4.04%4.31%4.35%3.79%3.49%3.79%

Frequently Asked Questions

HMCD.L and HUKX.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HUKX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HUKX.L is cheaper with a 0.07% expense ratio, compared with 0.30% for HMCD.L.

HMCD.L is categorized as China Equities, while HUKX.L is Europe Equities. HMCD.L tracks MSCI China NR USD, while HUKX.L tracks FTSE AllSh TR GBP. Their fees differ too: 0.30% for HMCD.L and 0.07% for HUKX.L.

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