HMEM.L vs. PRAM.L

Last updated Jul 16, 2026

HMEM.L (HSBC MSCI Emerging Markets UCITS ETF) and PRAM.L (Amundi Prime Emerging Markets UCITS ETF DR (C)) are both Emerging Markets Equities funds - HMEM.L tracks the HSBC MSCI Emerging Markets UCITS ETF while PRAM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HMEM.L returned 19.63%/yr vs 19.18%/yr for PRAM.L. With a 0.95 correlation, they move nearly in lockstep. HMEM.L charges 0.40%/yr vs 0.10%/yr for PRAM.L.

Performance

HMEM.L vs. PRAM.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 Prime Emerging Markets UCITS ETF DR (C) (PRAM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HMEM.L having a 18.80% return and PRAM.L slightly lower at 18.34%.

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%

PRAM.L

• 1D: -0.38%
• 1M: -6.24%
• 6M: 12.84%
• YTD: 18.34%
• 1Y: 34.98%
• 3Y*: 19.18%
• 5Y*: —
• 10Y*: —

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

HMEM.L vs. PRAM.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%	-2.95%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	18.34%	32.60%	7.09%	9.87%	-17.96%	-0.87%

Correlation

The correlation between HMEM.L and PRAM.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 20, 2021	0.95

The correlation between HMEM.L and PRAM.L has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

Return for Risk

HMEM.L vs. PRAM.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

PRAM.L

PRAM.L Risk / Return Rank: 61
PRAM.L Sharpe Ratio Rank: 60
PRAM.L Sortino Ratio Rank: 56
PRAM.L Omega Ratio Rank: 60
PRAM.L Calmar Ratio Rank: 69
PRAM.L Martin Ratio Rank: 61

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. PRAM.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 Prime Emerging Markets UCITS ETF DR (C) (PRAM.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	PRAM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.62	+0.01
Sortino ratio: Return per unit of downside risk	2.24	2.20	+0.03
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.82	2.78	+0.04
Martin ratio: Return relative to average drawdown	8.86	8.74	+0.12

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

The current HMEM.L Sharpe Ratio is 1.63, which is comparable to the PRAM.L Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of HMEM.L and PRAM.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. PRAM.L - Drawdown Comparison

The maximum HMEM.L drawdown since its inception was -39.84%, which is greater than PRAM.L's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for HMEM.L and PRAM.L.

Drawdown Indicators

	HMEM.L	PRAM.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-31.21%	-8.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.66%	-12.51%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-16.48%	-16.74%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-34.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.84%	—	—
Current Drawdown Current decline from peak	-9.13%	-8.27%	-0.86%
Average Drawdown Average peak-to-trough decline	-13.86%	-10.59%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	3.99%	+0.05%

Volatility

HMEM.L vs. PRAM.L - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF (HMEM.L) and Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L) have volatilities of 9.06% and 8.85%, 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	PRAM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	8.85%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	19.78%	19.40%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	21.89%	21.48%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	18.63%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	18.63%	+0.86%

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

HMEM.L has a 0.40% expense ratio, which is higher than PRAM.L's 0.10% expense ratio.

Dividends

HMEM.L vs. PRAM.L - Dividend Comparison

HMEM.L's dividend yield for the trailing twelve months is around 1.71%, while PRAM.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.99, HMEM.L and PRAM.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 PRAM.L?

On fees, PRAM.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PRAM.L is cheaper with a 0.10% expense ratio, compared with 0.40% for HMEM.L.

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

HMEM.L tracks HSBC MSCI Emerging Markets UCITS ETF, while PRAM.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 0.10% for PRAM.L.