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HMEF.L vs. SPX4.L
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HMEF.L vs. SPX4.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L).

HMEF.L and SPX4.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMEF.L is a passively managed fund by HSBC that tracks the performance of the MSCI EM NR USD. It was launched on Sep 5, 2011. SPX4.L is a passively managed fund by State Street that tracks the performance of the Russell Mid Cap TR USD. It was launched on Jan 30, 2012. Both HMEF.L and SPX4.L 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

HMEF.L vs. SPX4.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 SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L). The values are adjusted to include any dividend payments, if applicable.

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HMEF.L vs. SPX4.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		6.17%24.55%9.08%2.44%-8.13%
SPX4.L
SPDR S&P 400 US Mid Cap UCITS ETF		3.87%0.12%14.37%10.71%-1.28%
Different Trading Currencies

HMEF.L is traded in GBp, while SPX4.L is traded in GBP. To make them comparable, the SPX4.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 6.17% return, which is significantly higher than SPX4.L's 3.87% return.

HMEF.L

1D
3.24%
1M
-5.62%
YTD
6.17%
6M
10.21%
1Y
30.69%
3Y*
13.43%
5Y*
4.84%
10Y*
8.82%

SPX4.L

1D
1.85%
1M
-3.64%
YTD
3.87%
6M
6.37%
1Y
14.08%
3Y*
9.30%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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HSBC MSCI Emerging Markets UCITS ETF USD

SPDR S&P 400 US Mid Cap UCITS ETF

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Often compared with SPX4.L:
SPX4.L vs. XRSG.LSPX4.L vs. SPYSPX4.L vs. XMHQSPX4.L vs. VOSPX4.L vs. IITU.LSPX4.L vs. ESIF.LSPX4.L vs. VHVG.L

HMEF.L vs. SPX4.L - Expense Ratio Comparison

HMEF.L has a 0.15% expense ratio, which is lower than SPX4.L's 0.30% expense ratio.

SPX4.L
SPDR S&P 400 US Mid Cap UCITS ETF
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD

Return for Risk

HMEF.L vs. SPX4.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: 8585
Overall Rank
HMEF.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HMEF.L Sortino Ratio Rank: 8686
Sortino Ratio Rank
HMEF.L Omega Ratio Rank: 8484
Omega Ratio Rank
HMEF.L Calmar Ratio Rank: 8686
Calmar Ratio Rank
HMEF.L Martin Ratio Rank: 8383
Martin Ratio Rank
SPX4.L
SPX4.L Risk / Return Rank: 4848
Overall Rank
SPX4.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPX4.L Sortino Ratio Rank: 3737
Sortino Ratio Rank
SPX4.L Omega Ratio Rank: 3737
Omega Ratio Rank
SPX4.L Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPX4.L Martin Ratio Rank: 5454
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. SPX4.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 SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.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.LSPX4.LDifference

Sharpe ratio

Return per unit of total volatility

1.83

0.77

+1.06

Sortino ratio

Return per unit of downside risk

2.37

1.13

+1.24

Omega ratio

Gain probability vs. loss probability

1.35

1.16

+0.19

Calmar ratio

Return relative to maximum drawdown

2.84

2.01

+0.83

Martin ratio

Return relative to average drawdown

10.08

5.69

+4.40

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. SPX4.L - Sharpe Ratio Comparison

The current HMEF.L Sharpe Ratio is 1.83, which is higher than the SPX4.L Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of HMEF.L and SPX4.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HMEF.LSPX4.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

0.77

+1.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.30

+0.03

Correlation

The correlation between HMEF.L and SPX4.L is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HMEF.L vs. SPX4.L - Dividend Comparison

HMEF.L's dividend yield for the trailing twelve months is around 1.97%, while SPX4.L has not paid dividends to shareholders.

TTM20252024202320222021202020192018201720162015
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		1.97%1.98%2.43%2.58%2.99%2.01%1.66%2.11%2.14%1.61%1.69%2.25%
SPX4.L
SPDR S&P 400 US Mid Cap UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

HMEF.L vs. SPX4.L - Drawdown Comparison

The maximum HMEF.L drawdown since its inception was -31.72%, which is greater than SPX4.L's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for HMEF.L and SPX4.L.

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Drawdown Indicators

HMEF.LSPX4.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.72%

-26.24%

-5.48%

Max Drawdown (1Y)

Largest decline over 1 year

-11.07%

-12.82%

+1.75%

Max Drawdown (5Y)

Largest decline over 5 years

-23.78%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-27.33%

—

—

Current Drawdown

Current decline from peak

-7.68%

-3.97%

-3.71%

Average Drawdown

Average peak-to-trough decline

-10.09%

-8.09%

-2.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.38%

+0.74%

Volatility

HMEF.L vs. SPX4.L - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a higher volatility of 7.28% compared to SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) at 5.04%. This indicates that HMEF.L's price experiences larger fluctuations and is considered to be riskier than SPX4.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.LSPX4.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.28%

5.04%

+2.24%

Volatility (6M)

Calculated over the trailing 6-month period

12.74%

10.05%

+2.69%

Volatility (1Y)

Calculated over the trailing 1-year period

16.71%

18.15%

-1.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.80%

22.79%

-6.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.71%

22.79%

-5.08%