HMEM.L vs. E127.L

Last updated Jul 16, 2026

HMEM.L (HSBC MSCI Emerging Markets UCITS ETF) and E127.L (Amundi MSCI Emerging Markets II UCITS ETF Dist) are both Emerging Markets Equities funds - HMEM.L tracks the HSBC MSCI Emerging Markets UCITS ETF while E127.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, HMEM.L returned 6.63%/yr vs 7.33%/yr for E127.L. With a 0.95 correlation, they move nearly in lockstep. HMEM.L charges 0.40%/yr vs 0.14%/yr for E127.L.

Performance

HMEM.L vs. E127.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Emerging Markets UCITS ETF (HMEM.L) and Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMEM.L is traded in USD, while E127.L is traded in GBP. To make them comparable, the E127.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMEM.L achieves a 18.80% return, which is significantly lower than E127.L's 20.35% return.

HMEM.L

• 1D: -1.14%
• 1M: -7.34%
• 6M: 12.83%
• YTD: 18.80%
• 1Y: 36.26%
• 3Y*: 19.63%
• 5Y*: 6.63%
• 10Y*: 8.77%

E127.L

• 1D: -0.06%
• 1M: -5.83%
• 6M: 14.53%
• YTD: 20.35%
• 1Y: 38.08%
• 3Y*: 20.52%
• 5Y*: 7.33%
• 10Y*: —

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

HMEM.L vs. E127.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HMEM.L HSBC MSCI Emerging Markets UCITS ETF	18.80%	33.60%	7.43%	8.46%	-19.69%	-3.44%	41.29%
E127.L Amundi MSCI Emerging Markets II UCITS ETF Dist	20.35%	34.89%	7.57%	8.20%	-19.65%	-2.76%	40.59%

Correlation

The correlation between HMEM.L and E127.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 20, 2020	0.95

The correlation between HMEM.L and E127.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

HMEM.L vs. E127.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMEM.L

HMEM.L Risk / Return Rank: 63
HMEM.L Sharpe Ratio Rank: 61
HMEM.L Sortino Ratio Rank: 58
HMEM.L Omega Ratio Rank: 61
HMEM.L Calmar Ratio Rank: 70
HMEM.L Martin Ratio Rank: 63

E127.L

E127.L Risk / Return Rank: 72
E127.L Sharpe Ratio Rank: 71
E127.L Sortino Ratio Rank: 65
E127.L Omega Ratio Rank: 74
E127.L Calmar Ratio Rank: 80
E127.L Martin Ratio Rank: 68

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.

HMEM.L vs. E127.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets UCITS ETF (HMEM.L) and Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.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.

	HMEM.L	E127.L	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.78	-0.15
Sortino ratio: Return per unit of downside risk	2.24	2.37	-0.13
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.82	2.95	-0.13
Martin ratio: Return relative to average drawdown	8.86	9.57	-0.71

HMEM.L vs. E127.L - Sharpe Ratio Comparison

The current HMEM.L Sharpe Ratio is 1.63, which is comparable to the E127.L Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of HMEM.L and E127.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

HMEM.L vs. E127.L - Drawdown Comparison

The maximum HMEM.L drawdown since its inception was -39.84%, roughly equal to the maximum E127.L drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for HMEM.L and E127.L.

Drawdown Indicators

	HMEM.L	E127.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-39.93%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.66%	-12.84%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.48%	-16.66%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-34.87%	-34.73%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-39.84%	—	—
Current Drawdown Current decline from peak	-9.13%	-7.81%	-1.32%
Average Drawdown Average peak-to-trough decline	-13.86%	-15.54%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	3.97%	+0.07%

Volatility

HMEM.L vs. E127.L - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF (HMEM.L) and Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L) have volatilities of 9.06% and 9.11%, 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.

Volatility by Period

	HMEM.L	E127.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	9.11%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	19.78%	19.16%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	21.89%	21.25%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	19.17%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	19.00%	+0.49%

HMEM.L vs. E127.L - Expense Ratio Comparison

HMEM.L has a 0.40% expense ratio, which is higher than E127.L's 0.14% expense ratio.

Dividends

HMEM.L vs. E127.L - Dividend Comparison

HMEM.L's dividend yield for the trailing twelve months is around 1.71%, less than E127.L's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
E127.L Amundi MSCI Emerging Markets II UCITS ETF Dist	1.80%	2.16%	3.35%	3.76%	2.34%	1.64%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%
HMEM.L HSBC MSCI Emerging Markets UCITS ETF	1.71%	1.95%	2.48%	2.53%	3.00%	2.06%	1.56%	2.04%	2.24%	1.55%	1.79%	2.33%

Frequently Asked Questions

Can I hold both HMEM.L and E127.L in my portfolio?

With a correlation of 0.96, HMEM.L and E127.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.

Which ETF is better, HMEM.L or E127.L?

On fees, E127.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMEM.L or E127.L?

E127.L is cheaper with a 0.14% expense ratio, compared with 0.40% for HMEM.L.

What is the main difference between HMEM.L and E127.L?

HMEM.L tracks HSBC MSCI Emerging Markets UCITS ETF, while E127.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.40% for HMEM.L and 0.14% for E127.L.