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HMEU.L vs. HWWA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMEU.L vs. HWWA.L

Last updated Jun 5, 2026

HMEU.L (HSBC MSCI Europe UCITS ETF) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both exchange-traded funds - HMEU.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while HWWA.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, HMEU.L returned 10.50%/yr vs 13.22%/yr for HWWA.L. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

HMEU.L vs. HWWA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Europe UCITS ETF (HMEU.L) and HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMEU.L is traded in GBp, while HWWA.L is traded in GBP. To make them comparable, the HWWA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMEU.L achieves a 6.73% return, which is significantly lower than HWWA.L's 13.69% return. Over the past 10 years, HMEU.L has underperformed HWWA.L with an annualized return of 10.50%, while HWWA.L has yielded a comparatively higher 13.22% annualized return.

HMEU.L

1D
0.61%
1M
3.46%
YTD
6.73%
6M
8.70%
1Y
19.15%
3Y*
14.73%
5Y*
10.72%
10Y*
10.50%

HWWA.L

1D
-0.33%
1M
5.53%
YTD
13.69%
6M
14.69%
1Y
34.30%
3Y*
19.39%
5Y*
12.99%
10Y*
13.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMEU.L vs. HWWA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HMEU.L
HSBC MSCI Europe UCITS ETF		6.73%25.88%6.23%13.28%-3.35%17.08%2.26%19.72%-9.45%15.34%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		13.69%16.74%17.83%15.71%-7.83%21.70%11.03%18.57%-5.55%12.89%

Correlation

The correlation between HMEU.L and HWWA.L is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.74

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2014

0.73

The correlation between HMEU.L and HWWA.L has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

HMEU.L vs. HWWA.L - Sectors Allocation Comparison

Sectors
HMEU.L
HWWA.L

Financial Services

23.2%
14.0%

Industrials

19.8%
13.2%

Healthcare

13.1%
5.6%

Consumer Defensive

8.7%
2.2%

Technology

8.5%
34.2%

Consumer Cyclical

6.3%
8.3%

Basic Materials

5.6%
5.8%

Energy

5.3%
4.2%

Utilities

5.0%
2.5%

Communication Services

3.7%
8.4%

Real Estate

0.8%
1.4%

Financial Services

HMEU.L
23.2%
HWWA.L
14.0%

Industrials

HMEU.L
19.8%
HWWA.L
13.2%

Healthcare

HMEU.L
13.1%
HWWA.L
5.6%

Consumer Defensive

HMEU.L
8.7%
HWWA.L
2.2%

Technology

HMEU.L
8.5%
HWWA.L
34.2%

Consumer Cyclical

HMEU.L
6.3%
HWWA.L
8.3%

Basic Materials

HMEU.L
5.6%
HWWA.L
5.8%

Energy

HMEU.L
5.3%
HWWA.L
4.2%

Utilities

HMEU.L
5.0%
HWWA.L
2.5%

Communication Services

HMEU.L
3.7%
HWWA.L
8.4%

Real Estate

HMEU.L
0.8%
HWWA.L
1.4%

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HSBC MSCI Europe UCITS ETF

HSBC Multi Factor Worldwide Equity UCITS ETF

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Return for Risk

HMEU.L vs. HWWA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMEU.L
HMEU.L Risk / Return Rank: 4444
Overall Rank
HMEU.L Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
HMEU.L Sortino Ratio Rank: 4545
Sortino Ratio Rank
HMEU.L Omega Ratio Rank: 4848
Omega Ratio Rank
HMEU.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
HMEU.L Martin Ratio Rank: 4242
Martin Ratio Rank
HWWA.L
HWWA.L Risk / Return Rank: 9191
Overall Rank
HWWA.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HWWA.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
HWWA.L Omega Ratio Rank: 9393
Omega Ratio Rank
HWWA.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
HWWA.L Martin Ratio Rank: 9191
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.

HMEU.L vs. HWWA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Europe UCITS ETF (HMEU.L) and HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.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.

HMEU.LHWWA.LDifference
Sharpe ratioReturn per unit of total volatility
1.57
3.34

-1.77

Sortino ratioReturn per unit of downside risk
2.24
4.56

-2.32

Omega ratioGain probability vs. loss probability

1.30

1.64

-0.34

Calmar ratioReturn relative to maximum drawdown

1.83

5.06

-3.23

Martin ratioReturn relative to average drawdown

6.52

21.35

-14.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMEU.L vs. HWWA.L - Sharpe Ratio Comparison

The current HMEU.L Sharpe Ratio is 1.57, which is lower than the HWWA.L Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HMEU.L and HWWA.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.

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Sharpe Ratios by Period

HMEU.LHWWA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

3.34

-1.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

1.02

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.92

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.83

-0.19

Drawdowns

HMEU.L vs. HWWA.L - Drawdown Comparison

The maximum HMEU.L drawdown since its inception was -28.42%, which is greater than HWWA.L's maximum drawdown of -25.12%. Use the drawdown chart below to compare losses from any high point for HMEU.L and HWWA.L.

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Drawdown Indicators

HMEU.LHWWA.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.42%

-25.12%

-3.30%

Max Drawdown (1Y)

Largest decline over 1 year

-10.42%

-6.74%

-3.68%

Max Drawdown (3Y)

Largest decline over 3 years

-12.77%

-16.79%

+4.02%

Max Drawdown (5Y)

Largest decline over 5 years

-15.46%

-16.79%

+1.33%

Max Drawdown (10Y)

Largest decline over 10 years

-28.42%

-25.12%

-3.30%

Current Drawdown

Current decline from peak

-1.26%

-0.35%

-0.91%

Average Drawdown

Average peak-to-trough decline

-4.79%

-3.53%

-1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

1.60%

+1.33%

Volatility

HMEU.L vs. HWWA.L - Volatility Comparison

HSBC MSCI Europe UCITS ETF (HMEU.L) has a higher volatility of 3.84% compared to HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) at 3.48%. This indicates that HMEU.L's price experiences larger fluctuations and is considered to be riskier than HWWA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMEU.LHWWA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.84%

3.48%

+0.36%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

7.85%

+2.34%

Volatility (1Y)

Calculated over the trailing 1-year period

12.17%

10.23%

+1.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.81%

12.69%

+1.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.47%

14.32%

+1.15%

HMEU.L vs. HWWA.L - Expense Ratio Comparison

Both HMEU.L and HWWA.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HMEU.L vs. HWWA.L - Dividend Comparison

HMEU.L's dividend yield for the trailing twelve months is around 2.44%, more than HWWA.L's 1.29% yield.

PositionTTM20252024202320222021202020192018201720162015
HMEU.L
HSBC MSCI Europe UCITS ETF		2.44%2.55%5.65%2.80%2.85%2.16%2.13%3.10%3.29%2.77%2.82%5.28%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		1.29%1.43%1.58%1.95%2.07%1.48%1.45%2.07%2.10%1.86%1.71%1.97%

Frequently Asked Questions

HMEU.L and HWWA.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HMEU.L and HWWA.L have the same expense ratio: 0.25% per year.

HMEU.L is categorized as Europe Equities, while HWWA.L is Global Equities. HMEU.L tracks MSCI Europe NR EUR, while HWWA.L tracks MSCI ACWI NR USD.

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