HMCH.L vs. VHYL.AS
HMCH.L (HSBC MSCI China UCITS ETF) and VHYL.AS (Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing) are both exchange-traded funds - HMCH.L is a China Equities fund tracking the MSCI China NR USD, while VHYL.AS is a Global Equities fund tracking the FTSE All-World High Dividend Yield Index. Both are passively managed. Over the past 10 years, HMCH.L returned 5.62%/yr vs 11.03%/yr for VHYL.AS. A 0.54 correlation means they provide meaningful diversification when combined. HMCH.L charges 0.30%/yr vs 0.29%/yr for VHYL.AS.
Performance
HMCH.L vs. VHYL.AS - Performance Comparison
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Different Trading Currencies
HMCH.L is traded in GBp, while VHYL.AS is traded in EUR. To make them comparable, the VHYL.AS 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 lower than VHYL.AS's 12.90% return. Over the past 10 years, HMCH.L has underperformed VHYL.AS with an annualized return of 5.62%, while VHYL.AS has yielded a comparatively higher 11.03% 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%
VHYL.AS
- 1D
- 1.57%
- 1M
- 3.54%
- YTD
- 12.90%
- 6M
- 13.64%
- 1Y
- 28.73%
- 3Y*
- 16.17%
- 5Y*
- 11.86%
- 10Y*
- 11.03%
HMCH.L vs. VHYL.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VHYL.AS Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing | 12.90% | 18.41% | 11.47% | 4.89% | 5.34% | 20.27% | -3.63% | 15.94% | -6.08% | 9.29% |
Correlation
The correlation between HMCH.L and VHYL.AS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 21, 2013 | 0.54 |
Over the past year, the correlation between HMCH.L and VHYL.AS has dropped to 0.34 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.
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Return for Risk
HMCH.L vs. VHYL.AS — Risk / Return Rank
HMCH.L
VHYL.AS
HMCH.L vs. VHYL.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF (HMCH.L) and Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing (VHYL.AS). 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 | VHYL.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.12 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.60 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 4.14 | -4.03 |
| Martin ratioReturn relative to average drawdown | 0.23 | 15.36 | -15.12 |
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Drawdowns
HMCH.L vs. VHYL.AS - Drawdown Comparison
The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than VHYL.AS's maximum drawdown of -30.89%. Use the drawdown chart below to compare losses from any high point for HMCH.L and VHYL.AS.
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Drawdown Indicators
| HMCH.L | VHYL.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.50% | -30.89% | -25.61% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -6.85% | -11.58% |
Max Drawdown (3Y)Largest decline over 3 years | -24.67% | -13.94% | -10.73% |
Max Drawdown (5Y)Largest decline over 5 years | -49.31% | -13.94% | -35.37% |
Max Drawdown (10Y)Largest decline over 10 years | -56.50% | -27.87% | -28.63% |
Current DrawdownCurrent decline from peak | -34.05% | 0.00% | -34.05% |
Average DrawdownAverage peak-to-trough decline | -20.11% | -7.27% | -12.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.61% | 1.86% | +6.75% |
Volatility
HMCH.L vs. VHYL.AS - Volatility Comparison
HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 6.28% compared to Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing (VHYL.AS) at 2.31%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than VHYL.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMCH.L | VHYL.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.28% | 2.31% | +3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 13.19% | 7.12% | +6.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.49% | 8.90% | +9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.70% | 11.25% | +16.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.22% | 13.43% | +11.79% |
HMCH.L vs. VHYL.AS - Expense Ratio Comparison
HMCH.L has a 0.30% expense ratio, which is higher than VHYL.AS's 0.29% expense ratio.
Dividends
HMCH.L vs. VHYL.AS - Dividend Comparison
HMCH.L's dividend yield for the trailing twelve months is around 2.20%, less than VHYL.AS's 2.46% 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% |
VHYL.AS Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing | 2.46% | 2.85% | 3.04% | 3.41% | 3.78% | 3.03% | 3.08% | 3.24% | 3.68% | 3.13% | 3.02% | 3.25% |
Frequently Asked Questions
HMCH.L and VHYL.AS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VHYL.AS is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VHYL.AS is cheaper with a 0.29% expense ratio, compared with 0.30% for HMCH.L.
HMCH.L is categorized as China Equities, while VHYL.AS is Global Equities. HMCH.L tracks MSCI China NR USD, while VHYL.AS tracks FTSE All-World High Dividend Yield Index. They also come from different issuers: HSBC and Vanguard. Their fees differ too: 0.30% for HMCH.L and 0.29% for VHYL.AS.
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