HMUD.L vs. LCUS.L

Last updated Jun 4, 2026

HMUD.L (HSBC MSCI USA UCITS ETF) and LCUS.L (Lyxor Core Morningstar US (DR) UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from HSBC and Amundi respectively. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. HMUD.L charges 0.30%/yr vs 0.04%/yr for LCUS.L.

Performance

HMUD.L vs. LCUS.L - Performance Comparison

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

Different Trading Currencies

HMUD.L is traded in USD, while LCUS.L is traded in GBP. To make them comparable, the LCUS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

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%

LCUS.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMUD.L HSBC MSCI USA UCITS ETF	8.09%	13.89%	25.06%	27.46%	-20.22%	27.36%	20.72%	30.48%	-5.60%
LCUS.L Lyxor Core Morningstar US (DR) UCITS ETF	0.00%	5.91%	25.25%	26.69%	-21.44%	26.21%	17.83%	29.68%	-7.13%

Correlation

The correlation between HMUD.L and LCUS.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 (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 23, 2018	0.84

The correlation between HMUD.L and LCUS.L shifts across timeframes, from 0.62 (3 years) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HMUD.L vs. LCUS.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

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. LCUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA UCITS ETF (HMUD.L) and Lyxor Core Morningstar US (DR) UCITS ETF (LCUS.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	LCUS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.96	—	—
Sortino ratio: Return per unit of downside risk	3.00	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	11.71	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HMUD.L	LCUS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	—	—

Drawdowns

Drawdown Indicators

	HMUD.L	LCUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.30%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	—	—
Current Drawdown Current decline from peak	-0.14%	—	—
Average Drawdown Average peak-to-trough decline	-4.05%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	—	—

Volatility

Volatility by Period

	HMUD.L	LCUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.23%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	—	—

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

HMUD.L has a 0.30% expense ratio, which is higher than LCUS.L's 0.04% expense ratio.

Dividends

HMUD.L vs. LCUS.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LCUS.L Lyxor Core Morningstar US (DR) UCITS ETF	0.00%	0.00%	0.83%	0.77%	0.69%	0.48%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HMUD.L and LCUS.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 LCUS.L?

On fees, LCUS.L is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

LCUS.L is cheaper with a 0.04% expense ratio, compared with 0.30% for HMUD.L.

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

Both ETFs track Russell 1000 TR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.30% for HMUD.L and 0.04% for LCUS.L.