HMCX.L vs. SWPPX

Last updated Apr 1, 2026

Compare and contrast key facts about HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and Schwab S&P 500 Index Fund (SWPPX).

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. SWPPX is a passively managed fund by Charles Schwab that tracks the performance of the S&P 500 Index. It was launched on May 19, 1997. Both HMCX.L and SWPPX 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. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

HMCX.L vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMCX.L HSBC FTSE 250 UCITS ETF GBP	-4.78%	12.37%	7.23%	7.82%	-17.56%	16.29%	-5.39%	28.79%	-13.53%	17.46%
SWPPX Schwab S&P 500 Index Fund	-5.03%	9.47%	27.15%	19.95%	-8.40%	29.89%	14.91%	26.45%	1.19%	11.27%

Different Trading Currencies

HMCX.L is traded in GBp, while SWPPX is traded in USD. To make them comparable, the SWPPX 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 -4.78% return, which is significantly higher than SWPPX's -5.03% return. Over the past 10 years, HMCX.L has underperformed SWPPX with an annualized return of 4.83%, while SWPPX has yielded a comparatively higher 14.59% annualized return.

HMCX.L

• 1D: 1.28%
• 1M: -10.60%
• YTD: -4.78%
• 6M: -2.12%
• 1Y: 12.60%
• 3Y*: 6.99%
• 5Y*: 2.12%
• 10Y*: 4.83%

SWPPX

• 1D: 0.22%
• 1M: -5.55%
• YTD: -5.03%
• 6M: -2.66%
• 1Y: 12.12%
• 3Y*: 14.58%
• 5Y*: 12.38%
• 10Y*: 14.59%

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

HMCX.L vs. SWPPX - Expense Ratio Comparison

HMCX.L has a 0.35% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

HMCX.L

HSBC FTSE 250 UCITS ETF GBP

SWPPX

Schwab S&P 500 Index Fund

Return for Risk

HMCX.L vs. SWPPX — 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: 45
HMCX.L Sharpe Ratio Rank: 51
HMCX.L Sortino Ratio Rank: 48
HMCX.L Omega Ratio Rank: 48
HMCX.L Calmar Ratio Rank: 38
HMCX.L Martin Ratio Rank: 42

SWPPX

SWPPX Risk / Return Rank: 46
SWPPX Sharpe Ratio Rank: 41
SWPPX Sortino Ratio Rank: 45
SWPPX Omega Ratio Rank: 50
SWPPX Calmar Ratio Rank: 42
SWPPX Martin Ratio Rank: 53

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. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE 250 UCITS ETF GBP (HMCX.L) and Schwab S&P 500 Index Fund (SWPPX). 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	SWPPX	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.69	+0.22
Sortino ratio Return per unit of downside risk	1.31	1.08	+0.22
Omega ratio Gain probability vs. loss probability	1.18	1.17	+0.02
Calmar ratio Return relative to maximum drawdown	0.98	0.94	+0.05
Martin ratio Return relative to average drawdown	4.00	3.85	+0.15
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. SWPPX - Sharpe Ratio Comparison

The current HMCX.L Sharpe Ratio is 0.92, which is higher than the SWPPX Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of HMCX.L and SWPPX, 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	SWPPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.69	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.78	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.80	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.65	-0.20

Correlation

The correlation between HMCX.L and SWPPX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HMCX.L vs. SWPPX - Dividend Comparison

HMCX.L's dividend yield for the trailing twelve months is around 3.98%, more than SWPPX's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCX.L HSBC FTSE 250 UCITS ETF GBP	3.98%	3.53%	3.10%	2.99%	2.73%	2.02%	1.76%	2.53%	3.19%	2.60%	3.36%	2.77%
SWPPX Schwab S&P 500 Index Fund	1.19%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Drawdowns

HMCX.L vs. SWPPX - Drawdown Comparison

The maximum HMCX.L drawdown since its inception was -41.50%, which is greater than SWPPX's maximum drawdown of -34.83%. Use the drawdown chart below to compare losses from any high point for HMCX.L and SWPPX.

Drawdown Indicators

	HMCX.L	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-41.50%	-55.06%	+13.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.19%	-12.10%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-29.87%	-24.51%	-5.36%
Max Drawdown (10Y) Largest decline over 10 years	-41.50%	-33.80%	-7.70%
Current Drawdown Current decline from peak	-10.60%	-8.89%	-1.71%
Average Drawdown Average peak-to-trough decline	-7.23%	-10.00%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.49%	+0.51%

Volatility

HMCX.L vs. SWPPX - Volatility Comparison

HSBC FTSE 250 UCITS ETF GBP (HMCX.L) has a higher volatility of 5.40% compared to Schwab S&P 500 Index Fund (SWPPX) at 3.68%. This indicates that HMCX.L's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCX.L	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	3.68%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	9.13%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	18.61%	-4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	15.91%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	18.35%	-2.40%