HMCT.L vs. XX25.L

Last updated Jun 5, 2026

HMCT.L (HSBC MSCI CHINA A UCITS ETF) and XX25.L (Xtrackers FTSE China 50 UCITS ETF 1C) are both China Equities funds - HMCT.L tracks the MSCI China A Onshore NR CNY while XX25.L tracks the MSCI China NR USD. Both are passively managed. Over the past 5 years, HMCT.L returned -1.01%/yr vs -0.76%/yr for XX25.L. A 0.76 correlation means they provide meaningful diversification when combined. HMCT.L charges 0.30%/yr vs 0.60%/yr for XX25.L.

Performance

HMCT.L vs. XX25.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 Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMCT.L is traded in USD, while XX25.L is traded in GBp. To make them comparable, the XX25.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with HMCT.L having a 8.61% return and XX25.L slightly higher at 8.70%.

HMCT.L

• 1D: -0.59%
• 1M: 0.85%
• YTD: 8.61%
• 6M: 12.34%
• 1Y: 35.90%
• 3Y*: 11.42%
• 5Y*: -1.01%
• 10Y*: —

XX25.L

• 1D: -0.61%
• 1M: 1.29%
• YTD: 8.70%
• 6M: 13.09%
• 1Y: 35.63%
• 3Y*: 16.39%
• 5Y*: -0.76%
• 10Y*: 4.18%

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

HMCT.L vs. XX25.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMCT.L HSBC MSCI CHINA A UCITS ETF	8.61%	25.90%	11.76%	-13.92%	-25.89%	2.79%	43.98%	34.32%	-14.53%
XX25.L Xtrackers FTSE China 50 UCITS ETF 1C	8.70%	26.60%	26.93%	-13.92%	-20.64%	-19.85%	9.88%	14.41%	-8.16%

Correlation

The correlation between HMCT.L and XX25.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 30, 2018	0.76

The correlation between HMCT.L and XX25.L shifts across timeframes, from 0.76 (5 years) to 0.93 (1 year), reflecting how their relationship changes across market environments.

HMCT.L vs. XX25.L - Sectors Allocation Comparison

Sectors	HMCT.L	XX25.L
Technology	26.9%	27.2%
Financial Services	18.9%	18.8%
Industrials	15.7%	15.7%
Basic Materials	12.4%	12.4%
Consumer Defensive	7.5%	7.4%
Consumer Cyclical	5.7%	5.6%
Healthcare	4.3%	4.3%
Energy	3.4%	3.4%
Utilities	3.2%	3.2%
Communication Services	1.4%	1.4%
Real Estate	0.6%	0.6%

Return for Risk

HMCT.L vs. XX25.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: 71
HMCT.L Sharpe Ratio Rank: 65
HMCT.L Sortino Ratio Rank: 66
HMCT.L Omega Ratio Rank: 64
HMCT.L Calmar Ratio Rank: 86
HMCT.L Martin Ratio Rank: 75

XX25.L

XX25.L Risk / Return Rank: 76
XX25.L Sharpe Ratio Rank: 73
XX25.L Sortino Ratio Rank: 70
XX25.L Omega Ratio Rank: 71
XX25.L Calmar Ratio Rank: 88
XX25.L Martin Ratio Rank: 79

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. XX25.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 Xtrackers FTSE China 50 UCITS ETF 1C (XX25.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.

	HMCT.L	XX25.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.14	+0.01
Sortino ratio: Return per unit of downside risk	2.99	2.94	+0.05
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	4.71	4.66	+0.05
Martin ratio: Return relative to average drawdown	13.97	14.31	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMCT.L vs. XX25.L - Sharpe Ratio Comparison

The current HMCT.L Sharpe Ratio is 2.15, which is comparable to the XX25.L Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of HMCT.L and XX25.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.

Sharpe Ratios by Period

	HMCT.L	XX25.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.14	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	-0.03	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.01	+0.27

Drawdowns

HMCT.L vs. XX25.L - Drawdown Comparison

The maximum HMCT.L drawdown since its inception was -49.06%, smaller than the maximum XX25.L drawdown of -68.56%. Use the drawdown chart below to compare losses from any high point for HMCT.L and XX25.L.

Drawdown Indicators

	HMCT.L	XX25.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.06%	-68.56%	+19.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-7.62%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	-28.70%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-44.42%	-54.50%	+10.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-60.53%	—
Current Drawdown Current decline from peak	-12.89%	-17.75%	+4.86%
Average Drawdown Average peak-to-trough decline	-21.66%	-34.81%	+13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.48%	+0.08%

Volatility

HMCT.L vs. XX25.L - Volatility Comparison

HSBC MSCI CHINA A UCITS ETF (HMCT.L) and Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) have volatilities of 6.31% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCT.L	XX25.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	6.35%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	11.60%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	16.58%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.37%	28.87%	-6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.73%	25.53%	-1.80%

HMCT.L vs. XX25.L - Expense Ratio Comparison

HMCT.L has a 0.30% expense ratio, which is lower than XX25.L's 0.60% expense ratio.

Dividends

HMCT.L vs. XX25.L - Dividend Comparison

HMCT.L's dividend yield for the trailing twelve months is around 1.67%, while XX25.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HMCT.L HSBC MSCI CHINA A UCITS ETF	1.67%	1.73%	2.03%	2.16%	1.69%	1.12%	0.84%	1.71%
XX25.L Xtrackers FTSE China 50 UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMCT.L and XX25.L in my portfolio?

With a correlation of 0.93, HMCT.L and XX25.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HMCT.L or XX25.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 XX25.L?

HMCT.L is cheaper with a 0.30% expense ratio, compared with 0.60% for XX25.L.

What is the main difference between HMCT.L and XX25.L?

HMCT.L tracks MSCI China A Onshore NR CNY, while XX25.L tracks MSCI China NR USD. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.30% for HMCT.L and 0.60% for XX25.L.