HMEM.L vs. EXCS.L
HMEM.L (HSBC MSCI Emerging Markets UCITS ETF) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - HMEM.L tracks the HSBC MSCI Emerging Markets UCITS ETF while EXCS.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HMEM.L returned 19.63%/yr vs 24.27%/yr for EXCS.L. Their correlation of 0.84 suggests significant overlap in exposure. HMEM.L charges 0.40%/yr vs 0.18%/yr for EXCS.L.
Performance
HMEM.L vs. EXCS.L - Performance Comparison
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Different Trading Currencies
HMEM.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.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 EXCS.L's 31.24% 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%
EXCS.L
- 1D
- -0.63%
- 1M
- -6.99%
- 6M
- 24.86%
- YTD
- 31.24%
- 1Y
- 53.10%
- 3Y*
- 24.27%
- 5Y*
- —
- 10Y*
- —
HMEM.L vs. EXCS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HMEM.L HSBC MSCI Emerging Markets UCITS ETF | 18.80% | 33.60% | 7.43% | 8.46% | -19.69% | -2.52% |
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 31.24% | 35.75% | 3.67% | 16.90% | -18.20% | -24.55% |
Correlation
The correlation between HMEM.L and EXCS.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.84 |
The correlation between HMEM.L and EXCS.L has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
HMEM.L vs. EXCS.L — Risk / Return Rank
HMEM.L
EXCS.L
HMEM.L vs. EXCS.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 iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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 | EXCS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 3.77 | -0.95 |
| Martin ratioReturn relative to average drawdown | 8.86 | 12.33 | -3.46 |
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Drawdowns
HMEM.L vs. EXCS.L - Drawdown Comparison
The maximum HMEM.L drawdown since its inception was -39.84%, smaller than the maximum EXCS.L drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for HMEM.L and EXCS.L.
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Drawdown Indicators
| HMEM.L | EXCS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.84% | -44.14% | +4.30% |
Max Drawdown (1Y)Largest decline over 1 year | -12.66% | -14.02% | +1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -16.48% | -19.69% | +3.21% |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.84% | — | — |
Current DrawdownCurrent decline from peak | -9.13% | -10.26% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -13.86% | -23.96% | +10.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 4.29% | -0.25% |
Volatility
HMEM.L vs. EXCS.L - Volatility Comparison
The current volatility for HSBC MSCI Emerging Markets UCITS ETF (HMEM.L) is 9.06%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.64%. This indicates that HMEM.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMEM.L | EXCS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 10.64% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 19.78% | 22.02% | -2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.89% | 24.03% | -2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.23% | 26.06% | -6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 26.06% | -6.57% |
HMEM.L vs. EXCS.L - Expense Ratio Comparison
HMEM.L has a 0.40% expense ratio, which is higher than EXCS.L's 0.18% expense ratio.
Dividends
HMEM.L vs. EXCS.L - Dividend Comparison
HMEM.L's dividend yield for the trailing twelve months is around 1.71%, while EXCS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXCS.L iShares MSCI EM ex-China 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% |
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
With a correlation of 0.92, HMEM.L and EXCS.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.
On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.40% for HMEM.L.
HMEM.L tracks HSBC MSCI Emerging Markets UCITS ETF, while EXCS.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.40% for HMEM.L and 0.18% for EXCS.L.
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