HMEF.L vs. VWRL.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) and Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L).

HMEF.L and VWRL.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. VWRL.L is a passively managed fund by Vanguard that tracks the performance of the MSCI ACWI NR USD. It was launched on May 22, 2012. Both HMEF.L and VWRL.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. VWRL.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 Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	6.17%	24.55%	9.08%	2.44%	-10.01%	-2.27%	14.81%	12.74%	-9.63%	25.68%
VWRL.L Vanguard FTSE All-World UCITS ETF Distributing	-0.33%	13.99%	19.59%	15.61%	-8.44%	20.04%	12.13%	22.03%	-4.70%	13.22%

Different Trading Currencies

HMEF.L is traded in GBp, while VWRL.L is traded in GBP. To make them comparable, the VWRL.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 VWRL.L's -0.33% return. Over the past 10 years, HMEF.L has underperformed VWRL.L with an annualized return of 8.82%, while VWRL.L has yielded a comparatively higher 12.33% annualized 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%

VWRL.L

• 1D: 2.03%
• 1M: -3.60%
• YTD: -0.33%
• 6M: 3.33%
• 1Y: 18.39%
• 3Y*: 14.68%
• 5Y*: 10.54%
• 10Y*: 12.33%

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

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

HMEF.L has a 0.15% expense ratio, which is lower than VWRL.L's 0.22% 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%.

VWRL.L

Vanguard FTSE All-World UCITS ETF Distributing

HMEF.L

HSBC MSCI Emerging Markets UCITS ETF USD

Return for Risk

HMEF.L vs. VWRL.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: 85
HMEF.L Sharpe Ratio Rank: 86
HMEF.L Sortino Ratio Rank: 86
HMEF.L Omega Ratio Rank: 84
HMEF.L Calmar Ratio Rank: 86
HMEF.L Martin Ratio Rank: 83

VWRL.L

VWRL.L Risk / Return Rank: 77
VWRL.L Sharpe Ratio Rank: 73
VWRL.L Sortino Ratio Rank: 71
VWRL.L Omega Ratio Rank: 73
VWRL.L Calmar Ratio Rank: 85
VWRL.L Martin Ratio Rank: 84

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. VWRL.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 Vanguard FTSE All-World UCITS ETF Distributing (VWRL.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	VWRL.L	Difference
Sharpe ratio Return per unit of total volatility	1.83	1.34	+0.49
Sortino ratio Return per unit of downside risk	2.37	1.84	+0.54
Omega ratio Gain probability vs. loss probability	1.35	1.28	+0.07
Calmar ratio Return relative to maximum drawdown	2.84	2.59	+0.25
Martin ratio Return relative to average drawdown	10.08	9.86	+0.22
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. VWRL.L - Sharpe Ratio Comparison

The current HMEF.L Sharpe Ratio is 1.83, which is higher than the VWRL.L Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of HMEF.L and VWRL.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.

Sharpe Ratios by Period

	HMEF.L	VWRL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.34	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.82	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.86	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.89	-0.56

Correlation

The correlation between HMEF.L and VWRL.L is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HMEF.L vs. VWRL.L - Dividend Comparison

HMEF.L's dividend yield for the trailing twelve months is around 1.97%, more than VWRL.L's 1.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VWRL.L Vanguard FTSE All-World UCITS ETF Distributing	1.39%	1.39%	1.49%	1.72%	2.03%	1.45%	1.58%	1.95%	2.22%	1.90%	1.85%	2.00%

Drawdowns

HMEF.L vs. VWRL.L - Drawdown Comparison

The maximum HMEF.L drawdown since its inception was -31.72%, which is greater than VWRL.L's maximum drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for HMEF.L and VWRL.L.

Drawdown Indicators

	HMEF.L	VWRL.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-24.98%	-6.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-10.11%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-23.78%	-17.48%	-6.30%
Max Drawdown (10Y) Largest decline over 10 years	-27.33%	-24.98%	-2.35%
Current Drawdown Current decline from peak	-7.68%	-4.04%	-3.64%
Average Drawdown Average peak-to-trough decline	-10.09%	-3.33%	-6.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.86%	+1.26%

Volatility

HMEF.L vs. VWRL.L - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a higher volatility of 7.28% compared to Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L) at 4.51%. This indicates that HMEF.L's price experiences larger fluctuations and is considered to be riskier than VWRL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMEF.L	VWRL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	4.51%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	8.19%	+4.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	13.74%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.80%	12.89%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.71%	14.25%	+3.46%