HMCT.L vs. CHI3.L

Last updated Jul 16, 2026

HMCT.L (HSBC MSCI CHINA A UCITS ETF) and CHI3.L (Leverage Shares 3x Long China ETP Securities) are both China Equities funds. HMCT.L is passively managed, while CHI3.L is actively managed. Over the past 3 years, HMCT.L returned 10.41%/yr vs -15.83%/yr for CHI3.L. A 0.75 correlation means they provide meaningful diversification when combined. HMCT.L charges 0.30%/yr vs 0.75%/yr for CHI3.L.

Performance

HMCT.L vs. CHI3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI CHINA A UCITS ETF (HMCT.L) and Leverage Shares 3x Long China ETP Securities (CHI3.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMCT.L achieves a 7.12% return, which is significantly higher than CHI3.L's -36.01% return.

HMCT.L

• 1D: 2.55%
• 1M: -2.13%
• 6M: 4.02%
• YTD: 7.12%
• 1Y: 28.55%
• 3Y*: 10.41%
• 5Y*: -0.90%
• 10Y*: —

CHI3.L

• 1D: 6.48%
• 1M: -5.40%
• 6M: -44.40%
• YTD: -36.01%
• 1Y: -29.49%
• 3Y*: -15.83%
• 5Y*: —
• 10Y*: —

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

HMCT.L vs. CHI3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HMCT.L HSBC MSCI CHINA A UCITS ETF	7.12%	25.91%	11.74%	-13.89%	-8.13%
CHI3.L Leverage Shares 3x Long China ETP Securities	-36.01%	50.00%	6.20%	-53.60%	-45.60%

Correlation

The correlation between HMCT.L and CHI3.L is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.75

The correlation between HMCT.L and CHI3.L has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

HMCT.L vs. CHI3.L - Sectors Allocation Comparison

Sectors	HMCT.L	CHI3.L
Technology	32.1%	11.1%
Financial Services	17.5%	19.1%
Industrials	15.3%	5.3%
Basic Materials	11.2%	5.4%
Consumer Defensive	6.7%	3.0%
Consumer Cyclical	5.2%	25.6%
Healthcare	3.9%	5.1%
Utilities	3.3%	1.7%
Energy	3.1%	3.5%
Communication Services	1.3%	18.5%
Real Estate	0.5%	1.6%

Return for Risk

HMCT.L vs. CHI3.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMCT.L

HMCT.L Risk / Return Rank: 61
HMCT.L Sharpe Ratio Rank: 52
HMCT.L Sortino Ratio Rank: 53
HMCT.L Omega Ratio Rank: 52
HMCT.L Calmar Ratio Rank: 85
HMCT.L Martin Ratio Rank: 65

CHI3.L

CHI3.L Risk / Return Rank: 5
CHI3.L Sharpe Ratio Rank: 5
CHI3.L Sortino Ratio Rank: 6
CHI3.L Omega Ratio Rank: 6
CHI3.L Calmar Ratio Rank: 5
CHI3.L Martin Ratio Rank: 5

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.

HMCT.L vs. CHI3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI CHINA A UCITS ETF (HMCT.L) and Leverage Shares 3x Long China ETP Securities (CHI3.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.

	HMCT.L	CHI3.L	Difference
Sharpe ratio: Return per unit of total volatility	1.48	-0.48	+1.96
Sortino ratio: Return per unit of downside risk	2.11	-0.38	+2.49
Omega ratio: Gain probability vs. loss probability	1.27	0.96	+0.31
Calmar ratio: Return relative to maximum drawdown	3.69	-0.46	+4.15
Martin ratio: Return relative to average drawdown	9.39	-0.86	+10.25

HMCT.L vs. CHI3.L - Sharpe Ratio Comparison

The current HMCT.L Sharpe Ratio is 1.48, which is higher than the CHI3.L Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of HMCT.L and CHI3.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

HMCT.L vs. CHI3.L - Drawdown Comparison

The maximum HMCT.L drawdown since its inception was -49.07%, smaller than the maximum CHI3.L drawdown of -84.75%. Use the drawdown chart below to compare losses from any high point for HMCT.L and CHI3.L.

Drawdown Indicators

	HMCT.L	CHI3.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.07%	-84.75%	+35.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-63.95%	+56.38%
Max Drawdown (3Y) Largest decline over 3 years	-28.42%	-65.83%	+37.41%
Max Drawdown (5Y) Largest decline over 5 years	-44.11%	—	—
Current Drawdown Current decline from peak	-14.10%	-77.35%	+63.25%
Average Drawdown Average peak-to-trough decline	-21.48%	-64.92%	+43.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	34.35%	-31.37%

Volatility

HMCT.L vs. CHI3.L - Volatility Comparison

The current volatility for HSBC MSCI CHINA A UCITS ETF (HMCT.L) is 8.60%, while Leverage Shares 3x Long China ETP Securities (CHI3.L) has a volatility of 17.27%. This indicates that HMCT.L experiences smaller price fluctuations and is considered to be less risky than CHI3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCT.L	CHI3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.60%	17.27%	-8.67%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	45.76%	-31.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	61.04%	-42.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.66%	83.01%	-60.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.77%	83.01%	-59.24%

HMCT.L vs. CHI3.L - Expense Ratio Comparison

HMCT.L has a 0.30% expense ratio, which is lower than CHI3.L's 0.75% expense ratio.

Dividends

HMCT.L vs. CHI3.L - Dividend Comparison

HMCT.L's dividend yield for the trailing twelve months is around 1.70%, while CHI3.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CHI3.L Leverage Shares 3x Long China ETP Securities	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMCT.L HSBC MSCI CHINA A UCITS ETF	1.70%	1.73%	2.03%	2.16%	1.69%	1.12%	0.84%	1.71%	0.29%

Frequently Asked Questions

Can I hold both HMCT.L and CHI3.L in my portfolio?

HMCT.L and CHI3.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMCT.L or CHI3.L?

On fees, HMCT.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, HMCT.L or CHI3.L?

HMCT.L is cheaper with a 0.30% expense ratio, compared with 0.75% for CHI3.L.

What is the main difference between HMCT.L and CHI3.L?

They also come from different issuers: HSBC and Leverage Shares. Their fees differ too: 0.30% for HMCT.L and 0.75% for CHI3.L.