HMJD.L vs. HMUD.L

Last updated Jul 16, 2026

HMJD.L (HSBC MSCI JAPAN UCITS ETF) and HMUD.L (HSBC MSCI USA UCITS ETF) are both exchange-traded funds - HMJD.L is a Japan Equities fund tracking the HSBC MSCI JAPAN UCITS ETF, while HMUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, HMJD.L returned 9.30%/yr vs 14.42%/yr for HMUD.L. A 0.63 correlation means they provide meaningful diversification when combined. HMJD.L charges 0.19%/yr vs 0.30%/yr for HMUD.L.

Performance

HMJD.L vs. HMUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI JAPAN UCITS ETF (HMJD.L) and HSBC MSCI USA UCITS ETF (HMUD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMJD.L achieves a 15.59% return, which is significantly higher than HMUD.L's 10.05% return. Over the past 10 years, HMJD.L has underperformed HMUD.L with an annualized return of 9.30%, while HMUD.L has yielded a comparatively higher 14.42% annualized return.

HMJD.L

• 1D: -1.92%
• 1M: -1.20%
• 6M: 9.27%
• YTD: 15.59%
• 1Y: 35.30%
• 3Y*: 17.87%
• 5Y*: 9.43%
• 10Y*: 9.30%

HMUD.L

• 1D: 0.16%
• 1M: -0.06%
• 6M: 8.84%
• YTD: 10.05%
• 1Y: 20.43%
• 3Y*: 18.77%
• 5Y*: 11.64%
• 10Y*: 14.42%

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

HMJD.L vs. HMUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMJD.L HSBC MSCI JAPAN UCITS ETF	15.59%	26.14%	7.23%	20.68%	-17.07%	0.77%	16.33%	18.26%	-13.65%	24.43%
HMUD.L HSBC MSCI USA UCITS ETF	10.05%	13.89%	25.05%	27.48%	-20.22%	27.36%	20.72%	30.46%	-5.71%	21.56%

Correlation

The correlation between HMJD.L and HMUD.L is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 14, 2010	0.63

The correlation between HMJD.L and HMUD.L has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.

Return for Risk

HMJD.L vs. HMUD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMJD.L

HMJD.L Risk / Return Rank: 63
HMJD.L Sharpe Ratio Rank: 61
HMJD.L Sortino Ratio Rank: 63
HMJD.L Omega Ratio Rank: 62
HMJD.L Calmar Ratio Rank: 69
HMJD.L Martin Ratio Rank: 63

HMUD.L

HMUD.L Risk / Return Rank: 69
HMUD.L Sharpe Ratio Rank: 68
HMUD.L Sortino Ratio Rank: 77
HMUD.L Omega Ratio Rank: 66
HMUD.L Calmar Ratio Rank: 61
HMUD.L Martin Ratio Rank: 74

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.

HMJD.L vs. HMUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI JAPAN UCITS ETF (HMJD.L) and HSBC MSCI USA UCITS ETF (HMUD.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.

	HMJD.L	HMUD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.78	-0.15
Sortino ratio: Return per unit of downside risk	2.36	2.75	-0.39
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.46	+0.31
Martin ratio: Return relative to average drawdown	8.93	10.77	-1.84

HMJD.L vs. HMUD.L - Sharpe Ratio Comparison

The current HMJD.L Sharpe Ratio is 1.63, which is comparable to the HMUD.L Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of HMJD.L and HMUD.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

HMJD.L vs. HMUD.L - Drawdown Comparison

The maximum HMJD.L drawdown since its inception was -32.38%, smaller than the maximum HMUD.L drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for HMJD.L and HMUD.L.

Drawdown Indicators

	HMJD.L	HMUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.38%	-34.31%	+1.93%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-8.29%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	-14.76%	-19.48%	+4.72%
Max Drawdown (5Y) Largest decline over 5 years	-32.38%	-25.49%	-6.89%
Max Drawdown (10Y) Largest decline over 10 years	-32.38%	-34.31%	+1.93%
Current Drawdown Current decline from peak	-4.52%	-0.31%	-4.21%
Average Drawdown Average peak-to-trough decline	-8.51%	-3.94%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	1.89%	+2.06%

Volatility

HMJD.L vs. HMUD.L - Volatility Comparison

HSBC MSCI JAPAN UCITS ETF (HMJD.L) has a higher volatility of 7.08% compared to HSBC MSCI USA UCITS ETF (HMUD.L) at 3.46%. This indicates that HMJD.L's price experiences larger fluctuations and is considered to be riskier than HMUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMJD.L	HMUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	3.46%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	17.96%	8.83%	+9.13%
Volatility (1Y) Calculated over the trailing 1-year period	21.58%	11.48%	+10.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	16.18%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.10%	16.29%	+0.81%

HMJD.L vs. HMUD.L - Expense Ratio Comparison

HMJD.L has a 0.19% expense ratio, which is lower than HMUD.L's 0.30% expense ratio.

Dividends

HMJD.L vs. HMUD.L - Dividend Comparison

HMJD.L's dividend yield for the trailing twelve months is around 1.51%, more than HMUD.L's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMJD.L HSBC MSCI JAPAN UCITS ETF	1.51%	1.68%	1.66%	1.72%	2.06%	1.56%	1.57%	1.77%	1.84%	1.35%	1.40%	1.14%
HMUD.L HSBC MSCI USA UCITS ETF	0.90%	0.95%	0.82%	0.97%	1.07%	0.78%	1.11%	1.22%	1.45%	1.24%	1.43%	1.43%

Frequently Asked Questions

Can I hold both HMJD.L and HMUD.L in my portfolio?

HMJD.L and HMUD.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMJD.L or HMUD.L?

On fees, HMJD.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMJD.L or HMUD.L?

HMJD.L is cheaper with a 0.19% expense ratio, compared with 0.30% for HMUD.L.

What is the main difference between HMJD.L and HMUD.L?

HMJD.L is categorized as Japan Equities, while HMUD.L is Large Cap Blend Equities. HMJD.L tracks HSBC MSCI JAPAN UCITS ETF, while HMUD.L tracks Russell 1000 TR USD. Their fees differ too: 0.19% for HMJD.L and 0.30% for HMUD.L.