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

HMEF.L vs. ISDE.L

Last updated Jun 5, 2026

HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) and ISDE.L (iShares MSCI EM Islamic UCITS ETF USD (Dist)) are both Emerging Markets Equities funds - HMEF.L tracks the MSCI EM NR USD while ISDE.L tracks the MSCI Emerging Markets Islamic Index. Both are passively managed. Over the past 10 years, HMEF.L returned 8.47%/yr vs 13.94%/yr for ISDE.L. Their correlation of 0.83 suggests significant overlap in exposure. HMEF.L charges 0.15%/yr vs 0.85%/yr for ISDE.L.

Performance

HMEF.L vs. ISDE.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 Islamic UCITS ETF USD (Dist) (ISDE.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 ISDE.L is traded in USD. To make them comparable, the ISDE.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 ISDE.L's 60.76% return. Over the past 10 years, HMEF.L has underperformed ISDE.L with an annualized return of 8.47%, while ISDE.L has yielded a comparatively higher 13.94% annualized 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%

ISDE.L

1D
-2.79%
1M
14.45%
YTD
60.76%
6M
63.75%
1Y
109.18%
3Y*
28.97%
5Y*
14.04%
10Y*
13.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		25.52%21.88%6.43%-0.16%-12.59%-4.10%12.68%10.34%-11.43%23.56%
ISDE.L
iShares MSCI EM Islamic UCITS ETF USD (Dist)		60.76%30.46%-1.86%8.28%-13.53%3.61%18.62%14.85%-12.37%29.47%

Correlation

The correlation between HMEF.L and ISDE.L is 0.80, 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

0.80

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

0.76

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

0.77

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

0.84

Correlation (All Time)
Calculated using the full available price history since Sep 8, 2011

0.83

The correlation between HMEF.L and ISDE.L has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

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

Sectors
HMEF.L
ISDE.L

Technology

42.9%
48.0%

Financial Services

17.8%
3.7%

Consumer Cyclical

8.7%
5.3%

Industrials

6.8%
8.6%

Communication Services

6.2%
0.9%

Basic Materials

5.9%
12.2%

Energy

3.5%
10.1%

Consumer Defensive

2.7%
3.3%

Healthcare

2.6%
4.8%

Utilities

1.9%
2.3%

Real Estate

1.0%
0.9%

Technology

HMEF.L
42.9%
ISDE.L
48.0%

Financial Services

HMEF.L
17.8%
ISDE.L
3.7%

Consumer Cyclical

HMEF.L
8.7%
ISDE.L
5.3%

Industrials

HMEF.L
6.8%
ISDE.L
8.6%

Communication Services

HMEF.L
6.2%
ISDE.L
0.9%

Basic Materials

HMEF.L
5.9%
ISDE.L
12.2%

Energy

HMEF.L
3.5%
ISDE.L
10.1%

Consumer Defensive

HMEF.L
2.7%
ISDE.L
3.3%

Healthcare

HMEF.L
2.6%
ISDE.L
4.8%

Utilities

HMEF.L
1.9%
ISDE.L
2.3%

Real Estate

HMEF.L
1.0%
ISDE.L
0.9%

Compare stocks, funds, or ETFs

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HSBC MSCI Emerging Markets UCITS ETF USD

iShares MSCI EM Islamic UCITS ETF USD (Dist)

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 ISDE.L:
ISDE.L vs. JRDM.LISDE.L vs. VDEM.LISDE.L vs. LEML.LISDE.L vs. VFEG.LISDE.L vs. PRAM.LISDE.L vs. EDG2.LISDE.L vs. IUIT.L

Return for Risk

HMEF.L vs. ISDE.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
ISDE.L
ISDE.L Risk / Return Rank: 9595
Overall Rank
ISDE.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ISDE.L Sortino Ratio Rank: 9494
Sortino Ratio Rank
ISDE.L Omega Ratio Rank: 9595
Omega Ratio Rank
ISDE.L Calmar Ratio Rank: 9494
Calmar Ratio Rank
ISDE.L Martin Ratio Rank: 9595
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. ISDE.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 Islamic UCITS ETF USD (Dist) (ISDE.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.LISDE.LDifference
Sharpe ratioReturn per unit of total volatility
2.99
4.61

-1.62

Sortino ratioReturn per unit of downside risk
3.88
5.26

-1.38

Omega ratioGain probability vs. loss probability

1.55

1.79

-0.24

Calmar ratioReturn relative to maximum drawdown

4.60

8.63

-4.03

Martin ratioReturn relative to average drawdown

15.90

31.10

-15.20

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. ISDE.L - Sharpe Ratio Comparison

The current HMEF.L Sharpe Ratio is 2.99, which is lower than the ISDE.L Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of HMEF.L and ISDE.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.LISDE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.99

4.61

-1.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.79

-0.44

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.72

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.36

-0.09

Drawdowns

HMEF.L vs. ISDE.L - Drawdown Comparison

The maximum HMEF.L drawdown since its inception was -32.91%, smaller than the maximum ISDE.L drawdown of -46.71%. Use the drawdown chart below to compare losses from any high point for HMEF.L and ISDE.L.

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Drawdown Indicators

HMEF.LISDE.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.91%

-46.71%

+13.80%

Max Drawdown (1Y)

Largest decline over 1 year

-11.07%

-12.58%

+1.51%

Max Drawdown (3Y)

Largest decline over 3 years

-15.40%

-21.66%

+6.26%

Max Drawdown (5Y)

Largest decline over 5 years

-26.99%

-21.66%

-5.33%

Max Drawdown (10Y)

Largest decline over 10 years

-30.58%

-26.22%

-4.36%

Current Drawdown

Current decline from peak

-2.56%

-3.34%

+0.78%

Average Drawdown

Average peak-to-trough decline

-12.28%

-14.03%

+1.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

3.50%

-0.29%

Volatility

HMEF.L vs. ISDE.L - Volatility Comparison

The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) is 7.42%, while iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.L) has a volatility of 11.38%. This indicates that HMEF.L experiences smaller price fluctuations and is considered to be less risky than ISDE.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.LISDE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.42%

11.38%

-3.96%

Volatility (6M)

Calculated over the trailing 6-month period

14.61%

20.94%

-6.33%

Volatility (1Y)

Calculated over the trailing 1-year period

17.04%

23.54%

-6.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.23%

17.76%

-1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.92%

19.28%

-1.36%

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

HMEF.L has a 0.15% expense ratio, which is lower than ISDE.L's 0.85% expense ratio.

Dividends

HMEF.L vs. ISDE.L - Dividend Comparison

HMEF.L's dividend yield for the trailing twelve months is around 0.02%, less than ISDE.L's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ISDE.L
iShares MSCI EM Islamic UCITS ETF USD (Dist)		1.08%1.86%2.51%2.77%2.10%1.79%0.98%1.55%1.64%1.02%1.07%2.32%

Frequently Asked Questions

HMEF.L and ISDE.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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 0.85% for ISDE.L.

HMEF.L tracks MSCI EM NR USD, while ISDE.L tracks MSCI Emerging Markets Islamic Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HMEF.L and 0.85% for ISDE.L.

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