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HMCX.L vs. HWWA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMCX.L vs. HWWA.L

Last updated Jun 5, 2026

HMCX.L (HSBC FTSE 250 UCITS ETF GBP) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both exchange-traded funds - HMCX.L is a Europe Equities fund tracking the FTSE 250 Ex Investment Trust TR GBP, while HWWA.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, HMCX.L returned 2.70%/yr vs 13.22%/yr for HWWA.L. A 0.63 correlation means they provide meaningful diversification when combined. HMCX.L charges 0.35%/yr vs 0.25%/yr for HWWA.L.

Performance

HMCX.L vs. HWWA.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 HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMCX.L is traded in GBp, while HWWA.L is traded in GBP. To make them comparable, the HWWA.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 4.02% return, which is significantly lower than HWWA.L's 13.69% return. Over the past 10 years, HMCX.L has underperformed HWWA.L with an annualized return of 2.70%, while HWWA.L has yielded a comparatively higher 13.22% annualized return.

HMCX.L

1D
0.46%
1M
4.18%
YTD
4.02%
6M
5.81%
1Y
9.84%
3Y*
6.41%
5Y*
0.01%
10Y*
2.70%

HWWA.L

1D
-0.33%
1M
5.53%
YTD
13.69%
6M
14.69%
1Y
34.30%
3Y*
19.39%
5Y*
12.99%
10Y*
13.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HMCX.L
HSBC FTSE 250 UCITS ETF GBP		4.02%8.36%3.93%4.54%-19.69%13.90%-7.19%25.24%-15.88%14.31%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		13.69%16.74%17.83%15.71%-7.83%21.70%11.03%18.57%-5.55%12.89%

Correlation

The correlation between HMCX.L and HWWA.L is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2014

0.63

The correlation between HMCX.L and HWWA.L has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

HMCX.L vs. HWWA.L - Sectors Allocation Comparison

Sectors
HMCX.L
HWWA.L

Industrials

19.9%
13.2%

Financial Services

19.5%
14.0%

Consumer Cyclical

13.4%
8.3%

Real Estate

9.5%
1.4%

Technology

9.0%
34.2%

Basic Materials

6.7%
5.8%

Consumer Defensive

6.2%
2.2%

Communication Services

5.9%
8.4%

Healthcare

4.4%
5.6%

Utilities

3.0%
2.5%

Energy

2.5%
4.2%

Industrials

HMCX.L
19.9%
HWWA.L
13.2%

Financial Services

HMCX.L
19.5%
HWWA.L
14.0%

Consumer Cyclical

HMCX.L
13.4%
HWWA.L
8.3%

Real Estate

HMCX.L
9.5%
HWWA.L
1.4%

Technology

HMCX.L
9.0%
HWWA.L
34.2%

Basic Materials

HMCX.L
6.7%
HWWA.L
5.8%

Consumer Defensive

HMCX.L
6.2%
HWWA.L
2.2%

Communication Services

HMCX.L
5.9%
HWWA.L
8.4%

Healthcare

HMCX.L
4.4%
HWWA.L
5.6%

Utilities

HMCX.L
3.0%
HWWA.L
2.5%

Energy

HMCX.L
2.5%
HWWA.L
4.2%

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HSBC FTSE 250 UCITS ETF GBP

HSBC Multi Factor Worldwide Equity UCITS ETF

Often compared with HMCX.L:
HMCX.L vs. XLKHMCX.L vs. QQQHMCX.L vs. ^GSPCHMCX.L vs. UBSHMCX.L vs. HUKX.LHMCX.L vs. SPMOHMCX.L vs. SWPPX
Often compared with HWWA.L:
HWWA.L vs. GERD.DEHWWA.L vs. JMOMHWWA.L vs. JPGL.LHWWA.L vs. MFDXHWWA.L vs. HMWO.LHWWA.L vs. IWFQ.LHWWA.L vs. IWDA.L

Return for Risk

HMCX.L vs. HWWA.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: 2222
Overall Rank
HMCX.L Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
HMCX.L Sortino Ratio Rank: 2222
Sortino Ratio Rank
HMCX.L Omega Ratio Rank: 2222
Omega Ratio Rank
HMCX.L Calmar Ratio Rank: 1919
Calmar Ratio Rank
HMCX.L Martin Ratio Rank: 2222
Martin Ratio Rank
HWWA.L
HWWA.L Risk / Return Rank: 9191
Overall Rank
HWWA.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HWWA.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
HWWA.L Omega Ratio Rank: 9393
Omega Ratio Rank
HWWA.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
HWWA.L Martin Ratio Rank: 9191
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.

HMCX.L vs. HWWA.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 HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.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.LHWWA.LDifference
Sharpe ratioReturn per unit of total volatility
0.75
3.34

-2.59

Sortino ratioReturn per unit of downside risk
1.18
4.56

-3.38

Omega ratioGain probability vs. loss probability

1.14

1.64

-0.50

Calmar ratioReturn relative to maximum drawdown

0.80

5.06

-4.26

Martin ratioReturn relative to average drawdown

2.76

21.35

-18.59

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. HWWA.L - Sharpe Ratio Comparison

The current HMCX.L Sharpe Ratio is 0.75, which is lower than the HWWA.L Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HMCX.L and HWWA.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.

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Sharpe Ratios by Period

HMCX.LHWWA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.75

3.34

-2.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.00

1.02

-1.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

0.92

-0.75

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.83

-0.53

Drawdowns

HMCX.L vs. HWWA.L - Drawdown Comparison

The maximum HMCX.L drawdown since its inception was -41.87%, which is greater than HWWA.L's maximum drawdown of -25.12%. Use the drawdown chart below to compare losses from any high point for HMCX.L and HWWA.L.

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Drawdown Indicators

HMCX.LHWWA.LDifference

Max Drawdown

Largest peak-to-trough decline

-41.87%

-25.12%

-16.75%

Max Drawdown (1Y)

Largest decline over 1 year

-12.19%

-6.74%

-5.45%

Max Drawdown (3Y)

Largest decline over 3 years

-17.36%

-16.79%

-0.57%

Max Drawdown (5Y)

Largest decline over 5 years

-31.75%

-16.79%

-14.96%

Max Drawdown (10Y)

Largest decline over 10 years

-41.87%

-25.12%

-16.75%

Current Drawdown

Current decline from peak

-5.53%

-0.35%

-5.18%

Average Drawdown

Average peak-to-trough decline

-9.50%

-3.53%

-5.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

1.60%

+1.96%

Volatility

HMCX.L vs. HWWA.L - Volatility Comparison

HSBC FTSE 250 UCITS ETF GBP (HMCX.L) has a higher volatility of 4.57% compared to HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) at 3.48%. This indicates that HMCX.L's price experiences larger fluctuations and is considered to be riskier than HWWA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMCX.LHWWA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

3.48%

+1.09%

Volatility (6M)

Calculated over the trailing 6-month period

11.16%

7.85%

+3.31%

Volatility (1Y)

Calculated over the trailing 1-year period

13.15%

10.23%

+2.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.08%

12.69%

+2.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.17%

14.32%

+1.85%

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

HMCX.L has a 0.35% expense ratio, which is higher than HWWA.L's 0.25% expense ratio.

Dividends

HMCX.L vs. HWWA.L - Dividend Comparison

HMCX.L's dividend yield for the trailing twelve months is around 0.04%, less than HWWA.L's 1.29% yield.

PositionTTM20252024202320222021202020192018201720162015
HMCX.L
HSBC FTSE 250 UCITS ETF GBP		0.04%0.04%0.03%0.03%0.03%0.02%0.02%0.03%0.03%0.03%0.03%0.03%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		1.29%1.43%1.58%1.95%2.07%1.48%1.45%2.07%2.10%1.86%1.71%1.97%

Frequently Asked Questions

HMCX.L and HWWA.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HWWA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HWWA.L is cheaper with a 0.25% expense ratio, compared with 0.35% for HMCX.L.

HMCX.L is categorized as Europe Equities, while HWWA.L is Global Equities. HMCX.L tracks FTSE 250 Ex Investment Trust TR GBP, while HWWA.L tracks MSCI ACWI NR USD. Their fees differ too: 0.35% for HMCX.L and 0.25% for HWWA.L.

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