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HMEF.L vs. EXCS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMEF.L vs. EXCS.L

Last updated Jun 5, 2026

HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from HSBC and iShares respectively. Both are passively managed. Over the past 3 years, HMEF.L returned 17.76%/yr vs 24.90%/yr for EXCS.L. Their correlation of 0.85 suggests significant overlap in exposure. HMEF.L charges 0.15%/yr vs 0.18%/yr for EXCS.L.

Performance

HMEF.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, HMEF.L achieves a 25.52% return, which is significantly lower than EXCS.L's 38.77% return.

HMEF.L

1D
-1.66%
1M
6.53%
YTD
25.52%
6M
27.29%
1Y
51.20%
3Y*
17.76%
5Y*
5.72%
10Y*
8.47%

EXCS.L

1D
-1.64%
1M
8.94%
YTD
38.77%
6M
43.14%
1Y
73.63%
3Y*
24.90%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMEF.L vs. EXCS.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		25.52%21.88%6.43%-0.16%-12.59%0.57%
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		38.77%26.13%5.55%10.95%-8.31%2.81%

Correlation

The correlation between HMEF.L and EXCS.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

0.87

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2021

0.85

The correlation between HMEF.L and EXCS.L has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

HMEF.L vs. EXCS.L - Sectors Allocation Comparison

Sectors
HMEF.L
EXCS.L

Technology

42.9%
45.1%

Financial Services

17.8%
19.5%

Consumer Cyclical

8.7%
4.5%

Industrials

6.8%
8.3%

Communication Services

6.2%
3.4%

Basic Materials

5.9%
6.8%

Energy

3.5%
4.2%

Consumer Defensive

2.7%
2.9%

Healthcare

2.6%
2.2%

Utilities

1.9%
2.3%

Real Estate

1.0%
1.0%

Technology

HMEF.L
42.9%
EXCS.L
45.1%

Financial Services

HMEF.L
17.8%
EXCS.L
19.5%

Consumer Cyclical

HMEF.L
8.7%
EXCS.L
4.5%

Industrials

HMEF.L
6.8%
EXCS.L
8.3%

Communication Services

HMEF.L
6.2%
EXCS.L
3.4%

Basic Materials

HMEF.L
5.9%
EXCS.L
6.8%

Energy

HMEF.L
3.5%
EXCS.L
4.2%

Consumer Defensive

HMEF.L
2.7%
EXCS.L
2.9%

Healthcare

HMEF.L
2.6%
EXCS.L
2.2%

Utilities

HMEF.L
1.9%
EXCS.L
2.3%

Real Estate

HMEF.L
1.0%
EXCS.L
1.0%

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HSBC MSCI Emerging Markets UCITS ETF USD

iShares MSCI EM ex-China UCITS ETF USD (Acc)

Often compared with HMEF.L:
HMEF.L vs. VFEG.LHMEF.L vs. IEEM.LHMEF.L vs. AIAI.LHMEF.L vs. EMIM.LHMEF.L vs. VWRL.LHMEF.L vs. EQQQ.LHMEF.L vs. HMWO.L
Often compared with EXCS.L:
EXCS.L vs. EMIM.LEXCS.L vs. EIMI.LEXCS.L vs. XDEM.LEXCS.L vs. QQQEXCS.L vs. EEMEXCS.L vs. ^GSPCEXCS.L vs. VFEG.L

Return for Risk

HMEF.L vs. EXCS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMEF.L
HMEF.L Risk / Return Rank: 8686
Overall Rank
HMEF.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
HMEF.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
HMEF.L Omega Ratio Rank: 8989
Omega Ratio Rank
HMEF.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
HMEF.L Martin Ratio Rank: 8181
Martin Ratio Rank
EXCS.L
EXCS.L Risk / Return Rank: 9494
Overall Rank
EXCS.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
EXCS.L Sortino Ratio Rank: 9494
Sortino Ratio Rank
EXCS.L Omega Ratio Rank: 9595
Omega Ratio Rank
EXCS.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
EXCS.L Martin Ratio Rank: 9292
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.

HMEF.L vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.

HMEF.LEXCS.LDifference
Sharpe ratioReturn per unit of total volatility
2.99
3.88

-0.89

Sortino ratioReturn per unit of downside risk
3.88
4.79

-0.92

Omega ratioGain probability vs. loss probability

1.55

1.70

-0.15

Calmar ratioReturn relative to maximum drawdown

4.60

6.20

-1.60

Martin ratioReturn relative to average drawdown

15.90

22.70

-6.80

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMEF.L vs. EXCS.L - Sharpe Ratio Comparison

The current HMEF.L Sharpe Ratio is 2.99, which is comparable to the EXCS.L Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of HMEF.L and EXCS.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

HMEF.LEXCS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.99

3.88

-0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

1.03

-0.75

Drawdowns

HMEF.L vs. EXCS.L - Drawdown Comparison

The maximum HMEF.L drawdown since its inception was -32.91%, which is greater than EXCS.L's maximum drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for HMEF.L and EXCS.L.

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Drawdown Indicators

HMEF.LEXCS.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.91%

-17.51%

-15.40%

Max Drawdown (1Y)

Largest decline over 1 year

-11.07%

-11.81%

+0.74%

Max Drawdown (3Y)

Largest decline over 3 years

-15.40%

-17.51%

+2.11%

Max Drawdown (5Y)

Largest decline over 5 years

-26.99%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-30.58%

—

—

Current Drawdown

Current decline from peak

-2.56%

-2.34%

-0.22%

Average Drawdown

Average peak-to-trough decline

-12.28%

-4.85%

-7.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

3.23%

-0.02%

Volatility

HMEF.L vs. EXCS.L - Volatility Comparison

The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) is 7.42%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 8.66%. This indicates that HMEF.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMEF.LEXCS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.42%

8.66%

-1.24%

Volatility (6M)

Calculated over the trailing 6-month period

14.61%

16.55%

-1.94%

Volatility (1Y)

Calculated over the trailing 1-year period

17.04%

18.88%

-1.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.23%

15.36%

+0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.92%

15.36%

+2.56%

HMEF.L vs. EXCS.L - Expense Ratio Comparison

HMEF.L has a 0.15% expense ratio, which is lower than EXCS.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HMEF.L vs. EXCS.L - Dividend Comparison

HMEF.L's dividend yield for the trailing twelve months is around 0.02%, while EXCS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		0.02%0.02%0.02%0.03%0.03%0.02%0.02%0.02%0.02%0.02%0.02%0.02%

Frequently Asked Questions

With a correlation of 0.93, HMEF.L and EXCS.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.

On fees, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.18% for EXCS.L.

Both ETFs track MSCI EM NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HMEF.L and 0.18% for EXCS.L.

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