HMCX.L vs. FTAL.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and SPDR FTSE UK All Share UCITS ETF (FTAL.L).

HMCX.L and FTAL.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMCX.L is a passively managed fund by HSBC that tracks the performance of the FTSE 250 Ex Investment Trust TR GBP. It was launched on Apr 7, 2010. FTAL.L is a passively managed fund by State Street that tracks the performance of the FTSE AllSh TR GBP. It was launched on Feb 28, 2012. Both HMCX.L and FTAL.L 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

HMCX.L vs. FTAL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and SPDR FTSE UK All Share UCITS ETF (FTAL.L). The values are adjusted to include any dividend payments, if applicable.

HMCX.L vs. FTAL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMCX.L HSBC FTSE 250 UCITS ETF GBP	-2.50%	12.37%	7.23%	7.82%	-17.56%	16.29%	-5.39%	28.79%	-13.53%	17.46%
FTAL.L SPDR FTSE UK All Share UCITS ETF	4.77%	23.19%	9.03%	7.92%	0.55%	17.18%	-9.96%	19.29%	-9.71%	12.99%

Different Trading Currencies

HMCX.L is traded in GBp, while FTAL.L is traded in GBP. To make them comparable, the FTAL.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMCX.L achieves a -2.50% return, which is significantly lower than FTAL.L's 4.77% return. Over the past 10 years, HMCX.L has underperformed FTAL.L with an annualized return of 5.08%, while FTAL.L has yielded a comparatively higher 8.70% annualized return.

HMCX.L

• 1D: 2.40%
• 1M: -7.05%
• YTD: -2.50%
• 6M: 0.09%
• 1Y: 14.69%
• 3Y*: 7.84%
• 5Y*: 2.61%
• 10Y*: 5.08%

FTAL.L

• 1D: 1.98%
• 1M: -3.41%
• YTD: 4.77%
• 6M: 10.51%
• 1Y: 23.29%
• 3Y*: 13.91%
• 5Y*: 11.21%
• 10Y*: 8.70%

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

HMCX.L vs. FTAL.L - Expense Ratio Comparison

HMCX.L has a 0.35% expense ratio, which is higher than FTAL.L's 0.20% expense ratio.

HMCX.L

HSBC FTSE 250 UCITS ETF GBP

FTAL.L

SPDR FTSE UK All Share UCITS ETF

Return for Risk

HMCX.L vs. FTAL.L — Risk / Return Rank

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

HMCX.L

HMCX.L Risk / Return Rank: 50
HMCX.L Sharpe Ratio Rank: 56
HMCX.L Sortino Ratio Rank: 54
HMCX.L Omega Ratio Rank: 53
HMCX.L Calmar Ratio Rank: 41
HMCX.L Martin Ratio Rank: 47

FTAL.L

FTAL.L Risk / Return Rank: 85
FTAL.L Sharpe Ratio Rank: 85
FTAL.L Sortino Ratio Rank: 82
FTAL.L Omega Ratio Rank: 88
FTAL.L Calmar Ratio Rank: 84
FTAL.L Martin Ratio Rank: 83

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.

HMCX.L vs. FTAL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and SPDR FTSE UK All Share UCITS ETF (FTAL.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.

	HMCX.L	FTAL.L	Difference
Sharpe ratio Return per unit of total volatility	1.05	1.76	-0.70
Sortino ratio Return per unit of downside risk	1.50	2.24	-0.74
Omega ratio Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio Return relative to maximum drawdown	1.19	2.62	-1.43
Martin ratio Return relative to average drawdown	4.93	10.09	-5.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMCX.L vs. FTAL.L - Sharpe Ratio Comparison

The current HMCX.L Sharpe Ratio is 1.05, which is lower than the FTAL.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of HMCX.L and FTAL.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HMCX.L	FTAL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.76	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.89	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.59	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.57	-0.10

Correlation

The correlation between HMCX.L and FTAL.L is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HMCX.L vs. FTAL.L - Dividend Comparison

HMCX.L's dividend yield for the trailing twelve months is around 3.89%, while FTAL.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCX.L HSBC FTSE 250 UCITS ETF GBP	3.89%	3.53%	3.10%	2.99%	2.73%	2.02%	1.76%	2.53%	3.19%	2.60%	3.36%	2.77%
FTAL.L SPDR FTSE UK All Share UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HMCX.L vs. FTAL.L - Drawdown Comparison

The maximum HMCX.L drawdown since its inception was -41.50%, which is greater than FTAL.L's maximum drawdown of -35.26%. Use the drawdown chart below to compare losses from any high point for HMCX.L and FTAL.L.

Drawdown Indicators

	HMCX.L	FTAL.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.50%	-35.26%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-12.19%	-10.56%	-1.63%
Max Drawdown (5Y) Largest decline over 5 years	-29.87%	-13.17%	-16.70%
Max Drawdown (10Y) Largest decline over 10 years	-41.50%	-35.26%	-6.24%
Current Drawdown Current decline from peak	-8.46%	-4.82%	-3.64%
Average Drawdown Average peak-to-trough decline	-7.23%	-4.31%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.35%	+0.60%

Volatility

HMCX.L vs. FTAL.L - Volatility Comparison

HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and SPDR FTSE UK All Share UCITS ETF (FTAL.L) have volatilities of 5.24% and 5.33%, 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

	HMCX.L	FTAL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	5.33%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	8.34%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	13.21%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	12.63%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	14.72%	+1.25%