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

HMEU.L vs. MVEU.L

Last updated Jun 26, 2026

HMEU.L (HSBC MSCI Europe UCITS ETF) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds tracking the MSCI Europe NR EUR, from HSBC and iShares respectively. Both are passively managed. Over the past 10 years, HMEU.L returned 10.86%/yr vs 8.04%/yr for MVEU.L. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

HMEU.L vs. MVEU.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 Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.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 MVEU.L is traded in EUR. To make them comparable, the MVEU.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 8.72% return, which is significantly higher than MVEU.L's 6.38% return. Over the past 10 years, HMEU.L has outperformed MVEU.L with an annualized return of 10.86%, while MVEU.L has yielded a comparatively lower 8.04% annualized return.

HMEU.L

1D
0.81%
1M
1.96%
YTD
8.72%
6M
9.21%
1Y
22.31%
3Y*
15.26%
5Y*
10.23%
10Y*
10.86%

MVEU.L

1D
0.26%
1M
0.18%
YTD
6.38%
6M
6.68%
1Y
11.85%
3Y*
11.79%
5Y*
7.21%
10Y*
8.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HMEU.L
HSBC MSCI Europe UCITS ETF		8.72%25.88%3.54%13.28%-3.35%17.08%2.26%19.75%-9.42%14.90%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		6.38%17.63%6.71%8.45%-8.16%14.46%1.57%15.47%-2.87%14.16%

Correlation

The correlation between HMEU.L and MVEU.L is 0.68, 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

0.68

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

0.75

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

0.79

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

0.83

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2012

0.83

The correlation between HMEU.L and MVEU.L shifts across timeframes, from 0.68 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HMEU.L
MVEU.L

Financial Services

23.2%
17.6%

Industrials

19.7%
15.6%

Healthcare

13.1%
12.3%

Technology

9.6%
3.4%

Consumer Defensive

8.5%
14.1%

Consumer Cyclical

6.4%
3.6%

Basic Materials

5.6%
5.1%

Energy

4.9%
6.9%

Utilities

4.7%
10.1%

Communication Services

3.8%
9.0%

Real Estate

0.7%
1.5%

Financial Services

HMEU.L
23.2%
MVEU.L
17.6%

Industrials

HMEU.L
19.7%
MVEU.L
15.6%

Healthcare

HMEU.L
13.1%
MVEU.L
12.3%

Technology

HMEU.L
9.6%
MVEU.L
3.4%

Consumer Defensive

HMEU.L
8.5%
MVEU.L
14.1%

Consumer Cyclical

HMEU.L
6.4%
MVEU.L
3.6%

Basic Materials

HMEU.L
5.6%
MVEU.L
5.1%

Energy

HMEU.L
4.9%
MVEU.L
6.9%

Utilities

HMEU.L
4.7%
MVEU.L
10.1%

Communication Services

HMEU.L
3.8%
MVEU.L
9.0%

Real Estate

HMEU.L
0.7%
MVEU.L
1.5%

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HSBC MSCI Europe UCITS ETF

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)

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 MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. EUHD.LMVEU.L vs. CS1.LMVEU.L vs. CSP1.LMVEU.L vs. IITU.L

Return for Risk

HMEU.L vs. MVEU.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: 5757
Overall Rank
HMEU.L Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
HMEU.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
HMEU.L Omega Ratio Rank: 6464
Omega Ratio Rank
HMEU.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
HMEU.L Martin Ratio Rank: 5050
Martin Ratio Rank
MVEU.L
MVEU.L Risk / Return Rank: 3535
Overall Rank
MVEU.L Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 3636
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 3636
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 3333
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 3434
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. MVEU.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 Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.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.

HMEU.LMVEU.LDifference
Sharpe ratioReturn per unit of total volatility
1.81
1.33

+0.48

Sortino ratioReturn per unit of downside risk
2.56
1.84

+0.71

Omega ratioGain probability vs. loss probability

1.34

1.24

+0.10

Calmar ratioReturn relative to maximum drawdown

2.13

1.42

+0.71

Martin ratioReturn relative to average drawdown

7.61

4.19

+3.42

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

The current HMEU.L Sharpe Ratio is 1.81, which is higher than the MVEU.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of HMEU.L and MVEU.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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Drawdowns

HMEU.L vs. MVEU.L - Drawdown Comparison

The maximum HMEU.L drawdown since its inception was -29.95%, which is greater than MVEU.L's maximum drawdown of -23.74%. Use the drawdown chart below to compare losses from any high point for HMEU.L and MVEU.L.

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Drawdown Indicators

HMEU.LMVEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.95%

-23.74%

-6.21%

Max Drawdown (1Y)

Largest decline over 1 year

-10.42%

-8.32%

-2.10%

Max Drawdown (3Y)

Largest decline over 3 years

-12.77%

-8.32%

-4.45%

Max Drawdown (5Y)

Largest decline over 5 years

-15.46%

-17.42%

+1.96%

Max Drawdown (10Y)

Largest decline over 10 years

-28.42%

-23.74%

-4.68%

Current Drawdown

Current decline from peak

-0.14%

-3.10%

+2.96%

Average Drawdown

Average peak-to-trough decline

-6.06%

-3.52%

-2.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

2.82%

+0.11%

Volatility

HMEU.L vs. MVEU.L - Volatility Comparison

HSBC MSCI Europe UCITS ETF (HMEU.L) has a higher volatility of 2.92% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 1.93%. This indicates that HMEU.L's price experiences larger fluctuations and is considered to be riskier than MVEU.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.LMVEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.92%

1.93%

+0.99%

Volatility (6M)

Calculated over the trailing 6-month period

10.40%

7.32%

+3.08%

Volatility (1Y)

Calculated over the trailing 1-year period

12.27%

8.92%

+3.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.78%

11.28%

+2.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.78%

12.62%

+2.16%

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

Both HMEU.L and MVEU.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. MVEU.L - Dividend Comparison

HMEU.L's dividend yield for the trailing twelve months is around 1.81%, while MVEU.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HMEU.L
HSBC MSCI Europe UCITS ETF		1.81%2.55%2.97%2.80%2.85%2.16%2.13%3.10%3.29%2.77%2.81%2.62%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (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%

Frequently Asked Questions

HMEU.L and MVEU.L have a correlation of 0.68, 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 MVEU.L have the same expense ratio: 0.25% per year.

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: HSBC and iShares.

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