HMUD.L vs. FEXU.L

Last updated Jun 4, 2026

HMUD.L (HSBC MSCI USA UCITS ETF) and FEXU.L (First Trust US Large Cap Core AlphaDEX UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from HSBC and First Trust respectively. Both are passively managed. Over the past 10 years, HMUD.L returned 14.60%/yr vs 12.80%/yr for FEXU.L. Their correlation of 0.91 suggests significant overlap in exposure. HMUD.L charges 0.30%/yr vs 0.75%/yr for FEXU.L.

Performance

HMUD.L vs. FEXU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI USA UCITS ETF (HMUD.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMUD.L achieves a 8.09% return, which is significantly lower than FEXU.L's 14.37% return. Over the past 10 years, HMUD.L has outperformed FEXU.L with an annualized return of 14.60%, while FEXU.L has yielded a comparatively lower 12.80% annualized return.

HMUD.L

• 1D: 0.04%
• 1M: 3.54%
• YTD: 8.09%
• 6M: 9.05%
• 1Y: 22.04%
• 3Y*: 20.31%
• 5Y*: 12.09%
• 10Y*: 14.60%

FEXU.L

• 1D: 0.18%
• 1M: 4.48%
• YTD: 14.37%
• 6M: 15.95%
• 1Y: 29.81%
• 3Y*: 20.57%
• 5Y*: 10.84%
• 10Y*: 12.80%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMUD.L HSBC MSCI USA UCITS ETF	8.09%	13.89%	25.06%	27.46%	-20.22%	27.36%	20.72%	30.48%	-5.72%	21.56%
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	14.37%	15.23%	16.68%	14.64%	-12.27%	26.82%	13.54%	26.06%	-11.02%	21.52%

Correlation

The correlation between HMUD.L and FEXU.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 5, 2013	0.91

The correlation between HMUD.L and FEXU.L has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

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

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

HMUD.L

HMUD.L Risk / Return Rank: 59
HMUD.L Sharpe Ratio Rank: 57
HMUD.L Sortino Ratio Rank: 64
HMUD.L Omega Ratio Rank: 58
HMUD.L Calmar Ratio Rank: 53
HMUD.L Martin Ratio Rank: 64

FEXU.L

FEXU.L Risk / Return Rank: 81
FEXU.L Sharpe Ratio Rank: 77
FEXU.L Sortino Ratio Rank: 81
FEXU.L Omega Ratio Rank: 73
FEXU.L Calmar Ratio Rank: 89
FEXU.L Martin Ratio Rank: 86

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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA UCITS ETF (HMUD.L) and First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.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.

	HMUD.L	FEXU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.49	-0.53
Sortino ratio: Return per unit of downside risk	3.00	3.64	-0.64
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.65	5.34	-2.69
Martin ratio: Return relative to average drawdown	11.71	18.06	-6.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HMUD.L Sharpe Ratio is 1.96, which is comparable to the FEXU.L Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of HMUD.L and FEXU.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.

Sharpe Ratios by Period

	HMUD.L	FEXU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.49	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.67	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.74	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.68	+0.21

Drawdowns

HMUD.L vs. FEXU.L - Drawdown Comparison

The maximum HMUD.L drawdown since its inception was -34.30%, smaller than the maximum FEXU.L drawdown of -39.38%. Use the drawdown chart below to compare losses from any high point for HMUD.L and FEXU.L.

Drawdown Indicators

	HMUD.L	FEXU.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.30%	-39.38%	+5.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-5.56%	-2.73%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-20.15%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-20.80%	-4.67%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-39.38%	+5.08%
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-4.05%	-4.55%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.65%	+0.23%

Volatility

HMUD.L vs. FEXU.L - Volatility Comparison

The current volatility for HSBC MSCI USA UCITS ETF (HMUD.L) is 2.80%, while First Trust US Large Cap Core AlphaDEX UCITS ETF (FEXU.L) has a volatility of 4.42%. This indicates that HMUD.L experiences smaller price fluctuations and is considered to be less risky than FEXU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMUD.L	FEXU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	4.42%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	8.42%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.23%	11.95%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	16.26%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	17.38%	-1.02%

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

HMUD.L has a 0.30% expense ratio, which is lower than FEXU.L's 0.75% expense ratio.

Dividends

HMUD.L vs. FEXU.L - Dividend Comparison

HMUD.L's dividend yield for the trailing twelve months is around 0.92%, while FEXU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEXU.L First Trust US Large Cap Core AlphaDEX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMUD.L HSBC MSCI USA UCITS ETF	0.92%	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 HMUD.L and FEXU.L in my portfolio?

HMUD.L and FEXU.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HMUD.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HMUD.L is cheaper with a 0.30% expense ratio, compared with 0.75% for FEXU.L.

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

Both ETFs track Russell 1000 TR USD. They also come from different issuers: HSBC and First Trust. Their fees differ too: 0.30% for HMUD.L and 0.75% for FEXU.L.