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

HMEU.L vs. IPRV.L

Last updated Jun 5, 2026

HMEU.L (HSBC MSCI Europe UCITS ETF) and IPRV.L (iShares Listed Private Equity UCITS ETF USD (Dist)) are both exchange-traded funds - HMEU.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while IPRV.L is a Financials Equities fund tracking the S&P Listed Private Equity Index. Both are passively managed. Over the past 10 years, HMEU.L returned 10.50%/yr vs 12.65%/yr for IPRV.L. A 0.65 correlation means they provide meaningful diversification when combined. HMEU.L charges 0.25%/yr vs 0.75%/yr for IPRV.L.

Performance

HMEU.L vs. IPRV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Europe UCITS ETF (HMEU.L) and iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HMEU.L achieves a 6.73% return, which is significantly higher than IPRV.L's -12.08% return. Over the past 10 years, HMEU.L has underperformed IPRV.L with an annualized return of 10.50%, while IPRV.L has yielded a comparatively higher 12.65% 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%

IPRV.L

1D
2.62%
1M
-2.90%
YTD
-12.08%
6M
-10.54%
1Y
-7.71%
3Y*
10.33%
5Y*
6.33%
10Y*
12.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMEU.L vs. IPRV.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%
IPRV.L
iShares Listed Private Equity UCITS ETF USD (Dist)		-12.08%-4.65%26.96%32.91%-19.32%45.11%2.39%40.72%-7.63%15.66%

Correlation

The correlation between HMEU.L and IPRV.L is 0.63, 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

0.63

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

0.64

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

0.72

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

0.69

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2010

0.65

The correlation between HMEU.L and IPRV.L has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

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

Sectors
HMEU.L
IPRV.L

Financial Services

23.2%
99.0%

Industrials

19.8%
0.7%

Healthcare

13.1%
0.0%

Consumer Defensive

8.7%
0.0%

Technology

8.5%
0.1%

Consumer Cyclical

6.3%
0.3%

Basic Materials

5.6%

-

Energy

5.3%

-

Utilities

5.0%

-

Communication Services

3.7%

-

Real Estate

0.8%

-

Financial Services

HMEU.L
23.2%
IPRV.L
99.0%

Industrials

HMEU.L
19.8%
IPRV.L
0.7%

Healthcare

HMEU.L
13.1%
IPRV.L
0.0%

Consumer Defensive

HMEU.L
8.7%
IPRV.L
0.0%

Technology

HMEU.L
8.5%
IPRV.L
0.1%

Consumer Cyclical

HMEU.L
6.3%
IPRV.L
0.3%

Basic Materials

HMEU.L
5.6%
IPRV.L

-

Energy

HMEU.L
5.3%
IPRV.L

-

Utilities

HMEU.L
5.0%
IPRV.L

-

Communication Services

HMEU.L
3.7%
IPRV.L

-

Real Estate

HMEU.L
0.8%
IPRV.L

-

Compare stocks, funds, or ETFs

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HSBC MSCI Europe UCITS ETF

iShares Listed Private Equity UCITS ETF USD (Dist)

Often compared with HMEU.L:
HMEU.L vs. MEUD.LHMEU.L vs. H50E.LHMEU.L vs. H4ZE.DEHMEU.L vs. VEUR.LHMEU.L vs. FLXD.LHMEU.L vs. HSPX.LHMEU.L vs. JRDE.L
Often compared with IPRV.L:
IPRV.L vs. SPYIPRV.L vs. QQQ3.LIPRV.L vs. IWMO.LIPRV.L vs. BRK-BIPRV.L vs. BXIPRV.L vs. SWDA.LIPRV.L vs. HMWO.L

Return for Risk

HMEU.L vs. IPRV.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
IPRV.L
IPRV.L Risk / Return Rank: 66
Overall Rank
IPRV.L Sharpe Ratio Rank: 55
Sharpe Ratio Rank
IPRV.L Sortino Ratio Rank: 55
Sortino Ratio Rank
IPRV.L Omega Ratio Rank: 55
Omega Ratio Rank
IPRV.L Calmar Ratio Rank: 66
Calmar Ratio Rank
IPRV.L Martin Ratio Rank: 66
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. IPRV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Europe UCITS ETF (HMEU.L) and iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.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.LIPRV.LDifference
Sharpe ratioReturn per unit of total volatility
1.57
-0.41

+1.97

Sortino ratioReturn per unit of downside risk
2.24
-0.45

+2.68

Omega ratioGain probability vs. loss probability

1.30

0.95

+0.35

Calmar ratioReturn relative to maximum drawdown

1.83

-0.33

+2.16

Martin ratioReturn relative to average drawdown

6.52

-0.69

+7.21

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. IPRV.L - Sharpe Ratio Comparison

The current HMEU.L Sharpe Ratio is 1.57, which is higher than the IPRV.L Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of HMEU.L and IPRV.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.LIPRV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

-0.41

+1.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

0.32

+0.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.62

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.16

+0.49

Drawdowns

HMEU.L vs. IPRV.L - Drawdown Comparison

The maximum HMEU.L drawdown since its inception was -28.42%, smaller than the maximum IPRV.L drawdown of -74.08%. Use the drawdown chart below to compare losses from any high point for HMEU.L and IPRV.L.

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Drawdown Indicators

HMEU.LIPRV.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.42%

-74.08%

+45.66%

Max Drawdown (1Y)

Largest decline over 1 year

-10.42%

-23.47%

+13.05%

Max Drawdown (3Y)

Largest decline over 3 years

-12.77%

-27.90%

+15.13%

Max Drawdown (5Y)

Largest decline over 5 years

-15.46%

-27.90%

+12.44%

Max Drawdown (10Y)

Largest decline over 10 years

-28.42%

-44.53%

+16.11%

Current Drawdown

Current decline from peak

-1.26%

-22.45%

+21.19%

Average Drawdown

Average peak-to-trough decline

-4.79%

-11.64%

+6.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

11.08%

-8.15%

Volatility

HMEU.L vs. IPRV.L - Volatility Comparison

The current volatility for HSBC MSCI Europe UCITS ETF (HMEU.L) is 3.84%, while iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L) has a volatility of 5.75%. This indicates that HMEU.L experiences smaller price fluctuations and is considered to be less risky than IPRV.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.LIPRV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.84%

5.75%

-1.91%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

15.11%

-4.92%

Volatility (1Y)

Calculated over the trailing 1-year period

12.17%

18.90%

-6.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.81%

19.52%

-5.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.47%

20.36%

-4.89%

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

HMEU.L has a 0.25% expense ratio, which is lower than IPRV.L's 0.75% expense ratio.

Dividends

HMEU.L vs. IPRV.L - Dividend Comparison

HMEU.L's dividend yield for the trailing twelve months is around 2.44%, less than IPRV.L's 5.23% 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%
IPRV.L
iShares Listed Private Equity UCITS ETF USD (Dist)		5.23%3.98%3.81%4.27%5.26%3.42%4.85%4.28%6.46%6.70%5.33%8.21%

Frequently Asked Questions

HMEU.L and IPRV.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HMEU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMEU.L is cheaper with a 0.25% expense ratio, compared with 0.75% for IPRV.L.

HMEU.L is categorized as Europe Equities, while IPRV.L is Financials Equities. HMEU.L tracks MSCI Europe NR EUR, while IPRV.L tracks S&P Listed Private Equity Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.25% for HMEU.L and 0.75% for IPRV.L.

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