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HMCH.L vs. SWDA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMCH.L vs. SWDA.L

Last updated Jun 13, 2026

HMCH.L (HSBC MSCI China UCITS ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - HMCH.L is a China Equities fund tracking the MSCI China NR USD, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, HMCH.L returned 5.62%/yr vs 13.92%/yr for SWDA.L. A 0.58 correlation means they provide meaningful diversification when combined. HMCH.L charges 0.30%/yr vs 0.20%/yr for SWDA.L.

Performance

HMCH.L vs. SWDA.L - Performance Comparison

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

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Returns By Period

In the year-to-date period, HMCH.L achieves a -9.14% return, which is significantly lower than SWDA.L's 8.84% return. Over the past 10 years, HMCH.L has underperformed SWDA.L with an annualized return of 5.62%, while SWDA.L has yielded a comparatively higher 13.92% annualized 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%

SWDA.L

1D
1.55%
1M
1.62%
YTD
8.84%
6M
9.32%
1Y
24.97%
3Y*
17.08%
5Y*
12.61%
10Y*
13.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HMCH.L
HSBC MSCI China UCITS ETF		-9.14%22.87%20.73%-16.33%-13.40%-21.05%24.97%17.80%-14.28%40.24%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		8.84%12.64%21.11%17.59%-8.33%23.64%12.25%23.03%-3.78%11.78%

Correlation

The correlation between HMCH.L and SWDA.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.32

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

0.35

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

0.51

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2011

0.58

The correlation between HMCH.L and SWDA.L shifts across timeframes, from 0.32 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

HMCH.L vs. SWDA.L - Sectors Allocation Comparison

Sectors
HMCH.L
SWDA.L

Consumer Cyclical

24.9%
9.3%

Financial Services

18.8%
15.1%

Communication Services

18.1%
9.1%

Technology

12.2%
30.8%

Basic Materials

5.5%
3.2%

Industrials

5.4%
10.9%

Healthcare

5.1%
8.6%

Energy

3.7%
3.9%

Consumer Defensive

3.0%
5.0%

Utilities

1.8%
2.4%

Real Estate

1.6%
1.7%

Consumer Cyclical

HMCH.L
24.9%
SWDA.L
9.3%

Financial Services

HMCH.L
18.8%
SWDA.L
15.1%

Communication Services

HMCH.L
18.1%
SWDA.L
9.1%

Technology

HMCH.L
12.2%
SWDA.L
30.8%

Basic Materials

HMCH.L
5.5%
SWDA.L
3.2%

Industrials

HMCH.L
5.4%
SWDA.L
10.9%

Healthcare

HMCH.L
5.1%
SWDA.L
8.6%

Energy

HMCH.L
3.7%
SWDA.L
3.9%

Consumer Defensive

HMCH.L
3.0%
SWDA.L
5.0%

Utilities

HMCH.L
1.8%
SWDA.L
2.4%

Real Estate

HMCH.L
1.6%
SWDA.L
1.7%

Compare stocks, funds, or ETFs

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HSBC MSCI China UCITS ETF

iShares Core MSCI World UCITS ETF USD (Acc)

Often compared with HMCH.L:
HMCH.L vs. HMCD.LHMCH.L vs. XCHA.DEHMCH.L vs. HMCT.LHMCH.L vs. BYDDYHMCH.L vs. VOOHMCH.L vs. ^GSPCHMCH.L vs. VUSA.AS
Often compared with SWDA.L:
SWDA.L vs. IWDA.LSWDA.L vs. VWRP.LSWDA.L vs. VWCE.DESWDA.L vs. SPYSWDA.L vs. IUSQ.DESWDA.L vs. EUN.LSWDA.L vs. VOO

Return for Risk

HMCH.L vs. SWDA.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: 1111
Overall Rank
HMCH.L Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
HMCH.L Sortino Ratio Rank: 1111
Sortino Ratio Rank
HMCH.L Omega Ratio Rank: 1111
Omega Ratio Rank
HMCH.L Calmar Ratio Rank: 1111
Calmar Ratio Rank
HMCH.L Martin Ratio Rank: 1111
Martin Ratio Rank
SWDA.L
SWDA.L Risk / Return Rank: 8484
Overall Rank
SWDA.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
SWDA.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
SWDA.L Omega Ratio Rank: 8585
Omega Ratio Rank
SWDA.L Calmar Ratio Rank: 8282
Calmar Ratio Rank
SWDA.L Martin Ratio Rank: 8484
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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF (HMCH.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.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.

HMCH.LSWDA.LDifference
Sharpe ratioReturn per unit of total volatility
0.11
2.38

-2.27

Sortino ratioReturn per unit of downside risk
0.28
3.31

-3.03

Omega ratioGain probability vs. loss probability

1.03

1.45

-0.42

Calmar ratioReturn relative to maximum drawdown

0.11

3.80

-3.69

Martin ratioReturn relative to average drawdown

0.23

14.90

-14.67

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

The current HMCH.L Sharpe Ratio is 0.11, which is lower than the SWDA.L Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HMCH.L and SWDA.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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Drawdowns

HMCH.L vs. SWDA.L - Drawdown Comparison

The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than SWDA.L's maximum drawdown of -41.70%. Use the drawdown chart below to compare losses from any high point for HMCH.L and SWDA.L.

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Drawdown Indicators

HMCH.LSWDA.LDifference

Max Drawdown

Largest peak-to-trough decline

-56.50%

-41.70%

-14.80%

Max Drawdown (1Y)

Largest decline over 1 year

-18.43%

-6.55%

-11.88%

Max Drawdown (3Y)

Largest decline over 3 years

-24.67%

-18.50%

-6.17%

Max Drawdown (5Y)

Largest decline over 5 years

-49.31%

-18.50%

-30.81%

Max Drawdown (10Y)

Largest decline over 10 years

-56.50%

-25.58%

-30.92%

Current Drawdown

Current decline from peak

-34.05%

-1.23%

-32.82%

Average Drawdown

Average peak-to-trough decline

-20.11%

-9.49%

-10.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.61%

1.67%

+6.94%

Volatility

HMCH.L vs. SWDA.L - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 6.28% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 3.28%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMCH.LSWDA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.28%

3.28%

+3.00%

Volatility (6M)

Calculated over the trailing 6-month period

13.19%

7.65%

+5.54%

Volatility (1Y)

Calculated over the trailing 1-year period

18.49%

10.47%

+8.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.70%

13.34%

+14.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.22%

14.58%

+10.64%

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

HMCH.L has a 0.30% expense ratio, which is higher than SWDA.L's 0.20% expense ratio.

Dividends

HMCH.L vs. SWDA.L - Dividend Comparison

HMCH.L's dividend yield for the trailing twelve months is around 2.20%, while SWDA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
SWDA.L
iShares Core MSCI World 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

HMCH.L and SWDA.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SWDA.L is cheaper with a 0.20% expense ratio, compared with 0.30% for HMCH.L.

HMCH.L is categorized as China Equities, while SWDA.L is Global Equities. HMCH.L tracks MSCI China NR USD, while SWDA.L tracks MSCI World Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.30% for HMCH.L and 0.20% for SWDA.L.

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