HMCH.L vs. NDIA

Last updated Jun 13, 2026

HMCH.L (HSBC MSCI China UCITS ETF) and NDIA (Global X Funds - Global X India Active ETF) are both exchange-traded funds - HMCH.L is a China Equities fund tracking the MSCI China NR USD, while NDIA is a Asia Pacific Equities fund actively managed by Global X. HMCH.L is passively managed, while NDIA is actively managed. Over the past year, HMCH.L returned 2.02% vs -10.08% for NDIA. At a 0.10 correlation, their price movements are largely independent. HMCH.L charges 0.30%/yr vs 0.76%/yr for NDIA.

Performance

HMCH.L vs. NDIA - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI China UCITS ETF (HMCH.L) and Global X Funds - Global X India Active ETF (NDIA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HMCH.L achieves a -9.14% return, which is significantly higher than NDIA's -11.07% return.

HMCH.L

• 1D: 1.54%
• 1M: -8.16%
• YTD: -9.14%
• 6M: -10.19%
• 1Y: 2.02%
• 3Y*: 6.48%
• 5Y*: -4.30%
• 10Y*: 5.62%

NDIA

• 1D: 1.34%
• 1M: 1.25%
• YTD: -11.07%
• 6M: -9.92%
• 1Y: -10.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HMCH.L vs. NDIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HMCH.L HSBC MSCI China UCITS ETF	-9.14%	22.87%	20.73%	-6.30%
NDIA Global X Funds - Global X India Active ETF	-11.07%	-2.44%	7.60%	12.75%

Correlation

The correlation between HMCH.L and NDIA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023	0.10

HMCH.L vs. NDIA - Sectors Allocation Comparison

Sectors	HMCH.L	NDIA
Consumer Cyclical	24.9%	11.0%
Financial Services	18.8%	32.7%
Communication Services	18.1%	5.6%
Technology	12.2%	7.1%
Basic Materials	5.5%	7.0%
Industrials	5.4%	10.3%
Healthcare	5.1%	3.4%
Energy	3.7%	9.9%
Consumer Defensive	3.0%	6.3%
Utilities	1.8%	3.6%
Real Estate	1.6%	3.0%

Return for Risk

HMCH.L vs. NDIA — 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: 11
HMCH.L Sharpe Ratio Rank: 11
HMCH.L Sortino Ratio Rank: 11
HMCH.L Omega Ratio Rank: 11
HMCH.L Calmar Ratio Rank: 11
HMCH.L Martin Ratio Rank: 11

NDIA

NDIA Risk / Return Rank: 3
NDIA Sharpe Ratio Rank: 4
NDIA Sortino Ratio Rank: 4
NDIA Omega Ratio Rank: 4
NDIA Calmar Ratio Rank: 4
NDIA Martin Ratio Rank: 1

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. NDIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF (HMCH.L) and Global X Funds - Global X India Active ETF (NDIA). 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.

	HMCH.L	NDIA	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-0.67	+0.78
Sortino ratio: Return per unit of downside risk	0.28	-0.91	+1.19
Omega ratio: Gain probability vs. loss probability	1.03	0.90	+0.13
Calmar ratio: Return relative to maximum drawdown	0.11	-0.59	+0.70
Martin ratio: Return relative to average drawdown	0.23	-1.30	+1.54

HMCH.L vs. NDIA - Sharpe Ratio Comparison

The current HMCH.L Sharpe Ratio is 0.11, which is higher than the NDIA Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of HMCH.L and NDIA, 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

HMCH.L vs. NDIA - Drawdown Comparison

The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than NDIA's maximum drawdown of -21.57%. Use the drawdown chart below to compare losses from any high point for HMCH.L and NDIA.

Drawdown Indicators

	HMCH.L	NDIA	Difference
Max Drawdown Largest peak-to-trough decline	-56.50%	-21.57%	-34.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-17.05%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-24.67%	—	—
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	-34.05%	-18.82%	-15.23%
Average Drawdown Average peak-to-trough decline	-20.11%	-6.90%	-13.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	7.76%	+0.85%

Volatility

HMCH.L vs. NDIA - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 6.28% compared to Global X Funds - Global X India Active ETF (NDIA) at 4.45%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than NDIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCH.L	NDIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	4.45%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	12.94%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	15.24%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.70%	15.38%	+12.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.22%	15.38%	+9.84%

HMCH.L vs. NDIA - Expense Ratio Comparison

HMCH.L has a 0.30% expense ratio, which is lower than NDIA's 0.76% expense ratio.

Dividends

HMCH.L vs. NDIA - Dividend Comparison

HMCH.L's dividend yield for the trailing twelve months is around 2.20%, more than NDIA's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCH.L HSBC MSCI China UCITS ETF	2.20%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
NDIA Global X Funds - Global X India Active ETF	1.24%	1.10%	3.66%	0.28%	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 NDIA in my portfolio?

HMCH.L and NDIA have a correlation of 0.20, 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 NDIA?

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 NDIA?

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.76% for NDIA.

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

HMCH.L is categorized as China Equities, while NDIA is Asia Pacific Equities. They also come from different issuers: HSBC and Global X. Their fees differ too: 0.30% for HMCH.L and 0.76% for NDIA.