HMEF.L vs. HEMC.L
HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) and HEMC.L (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds from HSBC tracking the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HMEF.L returned 17.76%/yr vs 20.54%/yr for HEMC.L. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
HMEF.L vs. HEMC.L - Performance Comparison
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Different Trading Currencies
HMEF.L is traded in GBp, while HEMC.L is traded in GBP. To make them comparable, the HEMC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with HMEF.L having a 25.52% return and HEMC.L slightly higher at 26.32%.
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%
HEMC.L
- 1D
- -1.65%
- 1M
- 6.49%
- YTD
- 26.32%
- 6M
- 28.17%
- 1Y
- 54.26%
- 3Y*
- 20.54%
- 5Y*
- —
- 10Y*
- —
HMEF.L vs. HEMC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD | 25.52% | 21.88% | 6.43% | -0.16% | -4.95% |
HEMC.L HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 26.32% | 24.74% | 8.89% | 2.36% | -2.34% |
Correlation
The correlation between HMEF.L and HEMC.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.99 |
The correlation between HMEF.L and HEMC.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
HMEF.L vs. HEMC.L — Risk / Return Rank
HMEF.L
HEMC.L
HMEF.L vs. HEMC.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 Emerging Markets UCITS ETF USD (Acc) (HEMC.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.L | HEMC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.59 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 4.98 | -0.38 |
| Martin ratioReturn relative to average drawdown | 15.90 | 17.55 | -1.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HMEF.L | HEMC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 3.19 | -0.20 |
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 | 0.95 | -0.68 |
Drawdowns
HMEF.L vs. HEMC.L - Drawdown Comparison
The maximum HMEF.L drawdown since its inception was -32.91%, which is greater than HEMC.L's maximum drawdown of -15.14%. Use the drawdown chart below to compare losses from any high point for HMEF.L and HEMC.L.
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Drawdown Indicators
| HMEF.L | HEMC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.91% | -15.14% | -17.77% |
Max Drawdown (1Y)Largest decline over 1 year | -11.07% | -10.83% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -15.14% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -26.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.58% | — | — |
Current DrawdownCurrent decline from peak | -2.56% | -2.51% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -12.28% | -4.25% | -8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 3.08% | +0.13% |
Volatility
HMEF.L vs. HEMC.L - Volatility Comparison
HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) have volatilities of 7.42% and 7.44%, 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.
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Volatility by Period
| HMEF.L | HEMC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.42% | 7.44% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 14.61% | 14.44% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.04% | 16.93% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.23% | 15.44% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 15.44% | +2.48% |
HMEF.L vs. HEMC.L - Expense Ratio Comparison
Both HMEF.L and HEMC.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
HMEF.L vs. HEMC.L - Dividend Comparison
HMEF.L's dividend yield for the trailing twelve months is around 0.02%, while HEMC.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEMC.L HSBC MSCI Emerging Markets 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 0.98, HMEF.L and HEMC.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.
Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HMEF.L and HEMC.L have the same expense ratio: 0.15% per year.
Both ETFs track MSCI EM NR USD.
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