HMCH.L vs. VUKG.L

Last updated Jul 16, 2026

HMCH.L (HSBC MSCI China UCITS ETF) and VUKG.L (Vanguard FTSE 100 UCITS ETF (GBP) Accumulating) are both exchange-traded funds - HMCH.L is a China Equities fund tracking the MSCI China NR USD, while VUKG.L is a Europe Equities fund tracking the FTSE 100 Index. Both are passively managed. Over the past 5 years, HMCH.L returned -4.09%/yr vs 15.62%/yr for VUKG.L. At a 0.37 correlation, their price movements are largely independent. HMCH.L charges 0.30%/yr vs 0.09%/yr for VUKG.L.

Performance

HMCH.L vs. VUKG.L - Performance Comparison

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

Different Trading Currencies

HMCH.L is traded in GBp, while VUKG.L is traded in GBP. To make them comparable, the VUKG.L 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 -9.31% return, which is significantly lower than VUKG.L's 7.24% return.

HMCH.L

• 1D: 1.31%
• 1M: -1.24%
• 6M: -13.68%
• YTD: -9.31%
• 1Y: -1.62%
• 3Y*: 7.23%
• 5Y*: -4.09%
• 10Y*: 4.08%

VUKG.L

• 1D: -0.12%
• 1M: 0.95%
• 6M: 4.60%
• YTD: 7.24%
• 1Y: 21.13%
• 3Y*: 18.60%
• 5Y*: 15.62%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HMCH.L HSBC MSCI China UCITS ETF	-9.31%	22.87%	20.73%	-16.33%	-13.40%	-21.05%	24.97%	10.52%
VUKG.L Vanguard FTSE 100 UCITS ETF (GBP) Accumulating	7.24%	27.30%	13.56%	11.46%	9.82%	22.31%	-8.50%	9.90%

Correlation

The correlation between HMCH.L and VUKG.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 14, 2019	0.37

The correlation between HMCH.L and VUKG.L shifts across timeframes, from 0.26 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

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

Sectors	HMCH.L	VUKG.L
Consumer Cyclical	24.9%	5.0%
Financial Services	18.8%	25.0%
Communication Services	18.1%	2.5%
Technology	12.2%	0.8%
Basic Materials	5.5%	9.0%
Industrials	5.4%	14.0%
Healthcare	5.1%	13.3%
Energy	3.7%	10.8%
Consumer Defensive	3.0%	13.8%
Utilities	1.8%	4.8%
Real Estate	1.6%	0.9%

Return for Risk

HMCH.L vs. VUKG.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: 8
HMCH.L Sharpe Ratio Rank: 8
HMCH.L Sortino Ratio Rank: 8
HMCH.L Omega Ratio Rank: 8
HMCH.L Calmar Ratio Rank: 9
HMCH.L Martin Ratio Rank: 8

VUKG.L

VUKG.L Risk / Return Rank: 68
VUKG.L Sharpe Ratio Rank: 74
VUKG.L Sortino Ratio Rank: 73
VUKG.L Omega Ratio Rank: 77
VUKG.L Calmar Ratio Rank: 60
VUKG.L Martin Ratio Rank: 53

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. VUKG.L - 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 100 UCITS ETF (GBP) Accumulating (VUKG.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.L	VUKG.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	1.89	-1.98
Sortino ratio: Return per unit of downside risk	0.01	2.64	-2.63
Omega ratio: Gain probability vs. loss probability	1.00	1.36	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.07	2.41	-2.48
Martin ratio: Return relative to average drawdown	-0.16	7.39	-7.54

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

The current HMCH.L Sharpe Ratio is -0.09, which is lower than the VUKG.L Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HMCH.L and VUKG.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.

Drawdowns

HMCH.L vs. VUKG.L - Drawdown Comparison

The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than VUKG.L's maximum drawdown of -34.32%. Use the drawdown chart below to compare losses from any high point for HMCH.L and VUKG.L.

Drawdown Indicators

	HMCH.L	VUKG.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.50%	-34.32%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-21.91%	-8.74%	-13.17%
Max Drawdown (3Y) Largest decline over 3 years	-24.67%	-12.23%	-12.44%
Max Drawdown (5Y) Largest decline over 5 years	-46.39%	-12.23%	-34.16%
Max Drawdown (10Y) Largest decline over 10 years	-56.50%	—	—
Current Drawdown Current decline from peak	-34.16%	-2.64%	-31.52%
Average Drawdown Average peak-to-trough decline	-20.20%	-3.96%	-16.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.44%	2.85%	+7.59%

Volatility

HMCH.L vs. VUKG.L - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 5.46% compared to Vanguard FTSE 100 UCITS ETF (GBP) Accumulating (VUKG.L) at 3.04%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than VUKG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCH.L	VUKG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	3.04%	+2.42%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	9.69%	+3.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.85%	11.15%	+7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	12.84%	+14.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.21%	16.16%	+9.05%

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

HMCH.L has a 0.30% expense ratio, which is higher than VUKG.L's 0.09% expense ratio.

Dividends

HMCH.L vs. VUKG.L - Dividend Comparison

HMCH.L's dividend yield for the trailing twelve months is around 2.20%, while VUKG.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	2.20%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
VUKG.L Vanguard FTSE 100 UCITS ETF (GBP) Accumulating	0.00%	0.79%	3.67%	3.71%	3.84%	3.84%	3.06%	1.92%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HMCH.L and VUKG.L have a correlation of 0.26, 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 VUKG.L?

On fees, VUKG.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VUKG.L is cheaper with a 0.09% expense ratio, compared with 0.30% for HMCH.L.

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

HMCH.L is categorized as China Equities, while VUKG.L is Europe Equities. HMCH.L tracks MSCI China NR USD, while VUKG.L tracks FTSE 100 Index. They also come from different issuers: HSBC and Vanguard. Their fees differ too: 0.30% for HMCH.L and 0.09% for VUKG.L.