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HMCH.L vs. VUSA.AS
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HMCH.L vs. VUSA.AS

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC MSCI China UCITS ETF (HMCH.L) and Vanguard S&P 500 UCITS ETF (VUSA.AS).

HMCH.L and VUSA.AS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMCH.L is a passively managed fund by HSBC that tracks the performance of the MSCI China NR USD. It was launched on Jan 26, 2011. VUSA.AS is a passively managed fund by Vanguard that tracks the performance of the S&P 500. It was launched on May 14, 2019. Both HMCH.L and VUSA.AS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HMCH.L vs. VUSA.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI China UCITS ETF (HMCH.L) and Vanguard S&P 500 UCITS ETF (VUSA.AS). The values are adjusted to include any dividend payments, if applicable.

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HMCH.L vs. VUSA.AS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HMCH.L
HSBC MSCI China UCITS ETF		-5.90%22.87%20.73%-16.33%-13.40%-21.06%24.96%17.80%-14.28%40.24%
VUSA.AS
Vanguard S&P 500 UCITS ETF		-2.53%9.46%27.78%19.68%-9.74%32.03%13.81%25.44%0.62%11.24%
Different Trading Currencies

HMCH.L is traded in GBp, while VUSA.AS is traded in EUR. To make them comparable, the VUSA.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 -5.90% return, which is significantly lower than VUSA.AS's -2.53% return. Over the past 10 years, HMCH.L has underperformed VUSA.AS with an annualized return of 5.66%, while VUSA.AS has yielded a comparatively higher 14.67% annualized return.

HMCH.L

1D
0.87%
1M
-2.97%
YTD
-5.90%
6M
-12.81%
1Y
2.07%
3Y*
4.47%
5Y*
-4.45%
10Y*
5.66%

VUSA.AS

1D
1.78%
1M
-2.73%
YTD
-2.53%
6M
0.53%
1Y
15.23%
3Y*
15.88%
5Y*
12.71%
10Y*
14.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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HSBC MSCI China UCITS ETF

Vanguard S&P 500 UCITS ETF

Often compared with HMCH.L:
HMCH.L vs. HMCD.LHMCH.L vs. HMCT.LHMCH.L vs. XCHA.DEHMCH.L vs. VOOHMCH.L vs. BYDDYHMCH.L vs. ^GSPCHMCH.L vs. VHT
Often compared with VUSA.AS:
VUSA.AS vs. VUAA.LVUSA.AS vs. VUAG.LVUSA.AS vs. VWRL.ASVUSA.AS vs. VHYL.ASVUSA.AS vs. VOOVUSA.AS vs. IUSA.DEVUSA.AS vs. VEVE.AS

HMCH.L vs. VUSA.AS - Expense Ratio Comparison

HMCH.L has a 0.30% expense ratio, which is higher than VUSA.AS's 0.07% expense ratio.

HMCH.L
HSBC MSCI China UCITS ETF
VUSA.AS
Vanguard S&P 500 UCITS ETF

Return for Risk

HMCH.L vs. VUSA.AS — 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: 1414
Overall Rank
HMCH.L Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
HMCH.L Sortino Ratio Rank: 1414
Sortino Ratio Rank
HMCH.L Omega Ratio Rank: 1313
Omega Ratio Rank
HMCH.L Calmar Ratio Rank: 1616
Calmar Ratio Rank
HMCH.L Martin Ratio Rank: 1515
Martin Ratio Rank
VUSA.AS
VUSA.AS Risk / Return Rank: 5353
Overall Rank
VUSA.AS Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
VUSA.AS Sortino Ratio Rank: 2929
Sortino Ratio Rank
VUSA.AS Omega Ratio Rank: 3131
Omega Ratio Rank
VUSA.AS Calmar Ratio Rank: 9090
Calmar Ratio Rank
VUSA.AS Martin Ratio Rank: 8686
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. VUSA.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 S&P 500 UCITS ETF (VUSA.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.

HMCH.LVUSA.ASDifference

Sharpe ratio

Return per unit of total volatility

0.10

0.94

-0.84

Sortino ratio

Return per unit of downside risk

0.27

1.36

-1.09

Omega ratio

Gain probability vs. loss probability

1.03

1.20

-0.17

Calmar ratio

Return relative to maximum drawdown

0.21

3.57

-3.36

Martin ratio

Return relative to average drawdown

0.53

12.62

-12.09

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. VUSA.AS - Sharpe Ratio Comparison

The current HMCH.L Sharpe Ratio is 0.10, which is lower than the VUSA.AS Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of HMCH.L and VUSA.AS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HMCH.LVUSA.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.10

0.94

-0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.16

0.85

-1.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.22

0.90

-0.68

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.91

-0.74

Correlation

The correlation between HMCH.L and VUSA.AS is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HMCH.L vs. VUSA.AS - Dividend Comparison

HMCH.L's dividend yield for the trailing twelve months is around 2.12%, more than VUSA.AS's 0.99% yield.

TTM20252024202320222021202020192018201720162015
HMCH.L
HSBC MSCI China UCITS ETF		2.12%2.34%2.17%2.12%1.85%1.28%0.92%1.65%1.36%0.78%1.89%2.84%
VUSA.AS
Vanguard S&P 500 UCITS ETF		0.99%0.97%0.99%1.26%1.45%1.02%1.43%1.46%1.74%1.64%1.66%1.76%

Drawdowns

HMCH.L vs. VUSA.AS - Drawdown Comparison

The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than VUSA.AS's maximum drawdown of -26.22%. Use the drawdown chart below to compare losses from any high point for HMCH.L and VUSA.AS.

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Drawdown Indicators

HMCH.LVUSA.ASDifference

Max Drawdown

Largest peak-to-trough decline

-56.50%

-33.64%

-22.86%

Max Drawdown (1Y)

Largest decline over 1 year

-16.03%

-13.39%

-2.64%

Max Drawdown (5Y)

Largest decline over 5 years

-49.66%

-23.24%

-26.42%

Max Drawdown (10Y)

Largest decline over 10 years

-56.50%

-33.64%

-22.86%

Current Drawdown

Current decline from peak

-31.69%

-5.24%

-26.45%

Average Drawdown

Average peak-to-trough decline

-20.13%

-4.11%

-16.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.38%

2.07%

+4.31%

Volatility

HMCH.L vs. VUSA.AS - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 6.13% compared to Vanguard S&P 500 UCITS ETF (VUSA.AS) at 3.81%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than VUSA.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.LVUSA.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.13%

3.81%

+2.32%

Volatility (6M)

Calculated over the trailing 6-month period

13.48%

8.45%

+5.03%

Volatility (1Y)

Calculated over the trailing 1-year period

20.70%

16.10%

+4.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.66%

14.75%

+12.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.18%

15.97%

+9.21%