HMCH.L vs. JRCE.L

Last updated Jun 5, 2026

HMCH.L (HSBC MSCI China UCITS ETF) and JRCE.L (JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) are both China Equities funds - HMCH.L tracks the MSCI China NR USD while JRCE.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 3 years, HMCH.L returned 7.83%/yr vs 9.28%/yr for JRCE.L. A 0.73 correlation means they provide meaningful diversification when combined. HMCH.L charges 0.30%/yr vs 0.40%/yr for JRCE.L.

Performance

HMCH.L vs. JRCE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI China UCITS ETF (HMCH.L) and JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRCE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMCH.L achieves a -7.28% return, which is significantly lower than JRCE.L's 10.74% return.

HMCH.L

• 1D: -0.65%
• 1M: -1.85%
• YTD: -7.28%
• 6M: -8.93%
• 1Y: 5.82%
• 3Y*: 7.83%
• 5Y*: -4.14%
• 10Y*: 5.59%

JRCE.L

• 1D: -0.48%
• 1M: 2.66%
• YTD: 10.74%
• 6M: 14.07%
• 1Y: 41.49%
• 3Y*: 9.28%
• 5Y*: —
• 10Y*: —

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

HMCH.L vs. JRCE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HMCH.L HSBC MSCI China UCITS ETF	-7.28%	22.87%	20.73%	-16.33%	-9.15%
JRCE.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	10.74%	19.75%	11.38%	-17.74%	-9.39%

Correlation

The correlation between HMCH.L and JRCE.L is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.73

The correlation between HMCH.L and JRCE.L has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

HMCH.L vs. JRCE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMCH.L

HMCH.L Risk / Return Rank: 13
HMCH.L Sharpe Ratio Rank: 14
HMCH.L Sortino Ratio Rank: 14
HMCH.L Omega Ratio Rank: 14
HMCH.L Calmar Ratio Rank: 13
HMCH.L Martin Ratio Rank: 12

JRCE.L

JRCE.L Risk / Return Rank: 86
JRCE.L Sharpe Ratio Rank: 85
JRCE.L Sortino Ratio Rank: 83
JRCE.L Omega Ratio Rank: 83
JRCE.L Calmar Ratio Rank: 93
JRCE.L Martin Ratio Rank: 88

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.

HMCH.L vs. JRCE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF (HMCH.L) and JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRCE.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.

	HMCH.L	JRCE.L	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.73	-2.42
Sortino ratio: Return per unit of downside risk	0.57	3.64	-3.07
Omega ratio: Gain probability vs. loss probability	1.07	1.49	-0.42
Calmar ratio: Return relative to maximum drawdown	0.34	6.45	-6.11
Martin ratio: Return relative to average drawdown	0.71	18.93	-18.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMCH.L vs. JRCE.L - Sharpe Ratio Comparison

The current HMCH.L Sharpe Ratio is 0.32, which is lower than the JRCE.L Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of HMCH.L and JRCE.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.

Sharpe Ratios by Period

	HMCH.L	JRCE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	2.73	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.11	+0.06

Drawdowns

HMCH.L vs. JRCE.L - Drawdown Comparison

The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than JRCE.L's maximum drawdown of -36.68%. Use the drawdown chart below to compare losses from any high point for HMCH.L and JRCE.L.

Drawdown Indicators

	HMCH.L	JRCE.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.50%	-36.68%	-19.82%
Max Drawdown (1Y) Largest decline over 1 year	-17.18%	-6.40%	-10.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.67%	-25.42%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-49.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-56.50%	—	—
Current Drawdown Current decline from peak	-32.69%	-2.19%	-30.50%
Average Drawdown Average peak-to-trough decline	-20.25%	-17.58%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.17%	2.19%	+5.98%

Volatility

HMCH.L vs. JRCE.L - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 7.06% compared to JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRCE.L) at 5.57%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than JRCE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCH.L	JRCE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	5.57%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	10.15%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	15.11%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.67%	21.50%	+6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.21%	21.50%	+3.71%

HMCH.L vs. JRCE.L - Expense Ratio Comparison

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

Dividends

HMCH.L vs. JRCE.L - Dividend Comparison

HMCH.L's dividend yield for the trailing twelve months is around 2.15%, while JRCE.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCH.L HSBC MSCI China UCITS ETF	2.15%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
JRCE.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	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

Can I hold both HMCH.L and JRCE.L in my portfolio?

HMCH.L and JRCE.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMCH.L or JRCE.L?

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

Which ETF is cheaper, HMCH.L or JRCE.L?

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.40% for JRCE.L.

What is the main difference between HMCH.L and JRCE.L?

HMCH.L tracks MSCI China NR USD, while JRCE.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: HSBC and JPMorgan. Their fees differ too: 0.30% for HMCH.L and 0.40% for JRCE.L.