HMEF.L vs. HCAN.L

Last updated Jul 16, 2026

HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) and HCAN.L (HSBC MSCI Canada UCITS ETF) are both exchange-traded funds - HMEF.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while HCAN.L is a Global Equities fund tracking the HSBC MSCI Canada UCITS ETF. Both are passively managed. Over the past 10 years, HMEF.L returned 44.84%/yr vs 10.39%/yr for HCAN.L. A 0.64 correlation means they provide meaningful diversification when combined. HMEF.L charges 0.15%/yr vs 0.35%/yr for HCAN.L.

Performance

HMEF.L vs. HCAN.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 HSBC MSCI Canada UCITS ETF (HCAN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMEF.L achieves a 20.01% return, which is significantly higher than HCAN.L's 9.55% return. Over the past 10 years, HMEF.L has outperformed HCAN.L with an annualized return of 44.84%, while HCAN.L has yielded a comparatively lower 10.39% annualized return.

HMEF.L

• 1D: -1.19%
• 1M: -6.61%
• 6M: 13.86%
• YTD: 20.01%
• 1Y: 37.04%
• 3Y*: 18.83%
• 5Y*: 7.35%
• 10Y*: 44.84%

HCAN.L

• 1D: -0.17%
• 1M: 0.23%
• 6M: 7.92%
• YTD: 9.55%
• 1Y: 29.38%
• 3Y*: 20.05%
• 5Y*: 12.91%
• 10Y*: 10.39%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	20.01%	24.56%	9.08%	2.44%	-10.01%	-2.27%	14.81%	12.75%	-9.63%	101.42%
HCAN.L HSBC MSCI Canada UCITS ETF	9.55%	27.77%	13.87%	8.86%	-1.98%	25.93%	2.24%	21.12%	-14.36%	4.17%

Correlation

The correlation between HMEF.L and HCAN.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 7, 2011	0.64

Over the past year, the correlation between HMEF.L and HCAN.L has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

HMEF.L vs. HCAN.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: 73
HMEF.L Sharpe Ratio Rank: 73
HMEF.L Sortino Ratio Rank: 67
HMEF.L Omega Ratio Rank: 74
HMEF.L Calmar Ratio Rank: 79
HMEF.L Martin Ratio Rank: 69

HCAN.L

HCAN.L Risk / Return Rank: 92
HCAN.L Sharpe Ratio Rank: 93
HCAN.L Sortino Ratio Rank: 93
HCAN.L Omega Ratio Rank: 92
HCAN.L Calmar Ratio Rank: 89
HCAN.L Martin Ratio Rank: 91

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. HCAN.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 HSBC MSCI Canada UCITS ETF (HCAN.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HMEF.L	HCAN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.67	-0.78
Sortino ratio: Return per unit of downside risk	2.48	3.72	-1.24
Omega ratio: Gain probability vs. loss probability	1.35	1.50	-0.14
Calmar ratio: Return relative to maximum drawdown	3.33	4.22	-0.89
Martin ratio: Return relative to average drawdown	10.05	16.91	-6.86

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

The current HMEF.L Sharpe Ratio is 1.88, which is comparable to the HCAN.L Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of HMEF.L and HCAN.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.

Drawdowns

HMEF.L vs. HCAN.L - Drawdown Comparison

The maximum HMEF.L drawdown since its inception was -27.33%, smaller than the maximum HCAN.L drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for HMEF.L and HCAN.L.

Drawdown Indicators

	HMEF.L	HCAN.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.33%	-34.05%	+6.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-7.11%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-14.21%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.06%	-14.21%	-7.85%
Max Drawdown (10Y) Largest decline over 10 years	-27.33%	-33.72%	+6.39%
Current Drawdown Current decline from peak	-9.44%	-0.73%	-8.71%
Average Drawdown Average peak-to-trough decline	-7.69%	-7.37%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	1.78%	+1.89%

Volatility

HMEF.L vs. HCAN.L - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a higher volatility of 8.82% compared to HSBC MSCI Canada UCITS ETF (HCAN.L) at 3.25%. This indicates that HMEF.L's price experiences larger fluctuations and is considered to be riskier than HCAN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMEF.L	HCAN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	3.25%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	17.56%	8.04%	+9.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	11.28%	+8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	14.26%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.57%	15.98%	+126.59%

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

HMEF.L has a 0.15% expense ratio, which is lower than HCAN.L's 0.35% expense ratio.

Dividends

HMEF.L vs. HCAN.L - Dividend Comparison

HMEF.L's dividend yield for the trailing twelve months is around 1.70%, more than HCAN.L's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAN.L HSBC MSCI Canada UCITS ETF	1.39%	1.55%	1.97%	2.14%	1.90%	1.53%	1.93%	1.04%	0.00%	0.81%	1.60%	2.17%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	1.70%	1.98%	2.43%	2.58%	2.99%	2.01%	1.66%	2.11%	2.14%	37.43%	168.62%	225.12%

Frequently Asked Questions

Can I hold both HMEF.L and HCAN.L in my portfolio?

HMEF.L and HCAN.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMEF.L or HCAN.L?

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.

Which ETF is cheaper, HMEF.L or HCAN.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.35% for HCAN.L.

What is the main difference between HMEF.L and HCAN.L?

HMEF.L is categorized as Emerging Markets Equities, while HCAN.L is Global Equities. HMEF.L tracks MSCI EM NR USD, while HCAN.L tracks HSBC MSCI Canada UCITS ETF. Their fees differ too: 0.15% for HMEF.L and 0.35% for HCAN.L.