PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HMUS.L vs. FEX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMUS.L vs. FEX.L

Last updated Jun 5, 2026

HMUS.L (HSBC MSCI USA UCITS ETF) and FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) 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, HMUS.L returned 14.14%/yr vs 13.54%/yr for FEX.L. Their correlation of 0.82 suggests significant overlap in exposure. HMUS.L charges 0.30%/yr vs 0.75%/yr for FEX.L.

Performance

HMUS.L vs. FEX.L - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, HMUS.L achieves a 8.53% return, which is significantly lower than FEX.L's 14.35% return. Both investments have delivered pretty close results over the past 10 years, with HMUS.L having a 14.14% annualized return and FEX.L not far behind at 13.54%.

HMUS.L

1D
0.81%
1M
5.82%
YTD
8.53%
6M
8.62%
1Y
22.08%
3Y*
16.28%
5Y*
12.41%
10Y*
14.14%

FEX.L

1D
-0.08%
1M
5.28%
YTD
14.35%
6M
14.52%
1Y
30.14%
3Y*
17.43%
5Y*
12.00%
10Y*
13.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMUS.L vs. FEX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HMUS.L
HSBC MSCI USA UCITS ETF		8.53%5.24%25.87%19.21%-11.56%27.15%15.77%24.66%-1.56%9.13%
FEX.L
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD		14.35%7.34%18.68%8.36%-1.83%28.60%9.66%22.13%-5.90%10.65%

Correlation

The correlation between HMUS.L and FEX.L is 0.75, 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

0.75

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

0.74

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

0.77

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

0.80

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2013

0.82

The correlation between HMUS.L and FEX.L has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

HMUS.L vs. FEX.L - Sectors Allocation Comparison

Sectors
HMUS.L
FEX.L

Technology

38.7%
21.0%

Financial Services

11.2%
14.0%

Communication Services

10.6%
3.4%

Healthcare

9.3%
8.9%

Consumer Cyclical

9.0%
8.3%

Industrials

7.7%
18.8%

Consumer Defensive

4.7%
4.4%

Energy

3.8%
6.0%

Real Estate

1.8%
4.6%

Utilities

1.7%
7.3%

Basic Materials

1.6%
3.4%

Technology

HMUS.L
38.7%
FEX.L
21.0%

Financial Services

HMUS.L
11.2%
FEX.L
14.0%

Communication Services

HMUS.L
10.6%
FEX.L
3.4%

Healthcare

HMUS.L
9.3%
FEX.L
8.9%

Consumer Cyclical

HMUS.L
9.0%
FEX.L
8.3%

Industrials

HMUS.L
7.7%
FEX.L
18.8%

Consumer Defensive

HMUS.L
4.7%
FEX.L
4.4%

Energy

HMUS.L
3.8%
FEX.L
6.0%

Real Estate

HMUS.L
1.8%
FEX.L
4.6%

Utilities

HMUS.L
1.7%
FEX.L
7.3%

Basic Materials

HMUS.L
1.6%
FEX.L
3.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC MSCI USA UCITS ETF

First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD

Often compared with HMUS.L:
HMUS.L vs. IGDA.LHMUS.L vs. XDUS.LHMUS.L vs. HMUD.LHMUS.L vs. IUSA.LHMUS.L vs. SPYHMUS.L vs. VOOHMUS.L vs. SPMO
Often compared with FEX.L:
FEX.L vs. XZMD.LFEX.L vs. FPX.LFEX.L vs. FRUE.LFEX.L vs. FEXU.LFEX.L vs. LCUS.LFEX.L vs. CAPS.LFEX.L vs. BBUS.L

Return for Risk

HMUS.L vs. FEX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMUS.L
HMUS.L Risk / Return Rank: 6868
Overall Rank
HMUS.L Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HMUS.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
HMUS.L Omega Ratio Rank: 6868
Omega Ratio Rank
HMUS.L Calmar Ratio Rank: 7070
Calmar Ratio Rank
HMUS.L Martin Ratio Rank: 7070
Martin Ratio Rank
FEX.L
FEX.L Risk / Return Rank: 8888
Overall Rank
FEX.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
FEX.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
FEX.L Omega Ratio Rank: 8484
Omega Ratio Rank
FEX.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
FEX.L Martin Ratio Rank: 9090
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.

HMUS.L vs. FEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA UCITS ETF (HMUS.L) and First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.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.

HMUS.LFEX.LDifference
Sharpe ratioReturn per unit of total volatility
2.19
2.78

-0.59

Sortino ratioReturn per unit of downside risk
3.04
3.77

-0.74

Omega ratioGain probability vs. loss probability

1.40

1.50

-0.10

Calmar ratioReturn relative to maximum drawdown

3.43

6.48

-3.05

Martin ratioReturn relative to average drawdown

12.82

20.58

-7.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMUS.L vs. FEX.L - Sharpe Ratio Comparison

The current HMUS.L Sharpe Ratio is 2.19, which is comparable to the FEX.L Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of HMUS.L and FEX.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.

Loading charts...

Sharpe Ratios by Period

HMUS.LFEX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.19

2.78

-0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

0.83

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.82

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.83

+0.09

Drawdowns

HMUS.L vs. FEX.L - Drawdown Comparison

The maximum HMUS.L drawdown since its inception was -25.78%, smaller than the maximum FEX.L drawdown of -31.58%. Use the drawdown chart below to compare losses from any high point for HMUS.L and FEX.L.

Loading charts...

Drawdown Indicators

HMUS.LFEX.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.78%

-31.58%

+5.80%

Max Drawdown (1Y)

Largest decline over 1 year

-6.80%

-4.63%

-2.17%

Max Drawdown (3Y)

Largest decline over 3 years

-21.87%

-21.34%

-0.53%

Max Drawdown (5Y)

Largest decline over 5 years

-21.87%

-21.34%

-0.53%

Max Drawdown (10Y)

Largest decline over 10 years

-25.78%

-31.58%

+5.80%

Current Drawdown

Current decline from peak

0.00%

-0.08%

+0.08%

Average Drawdown

Average peak-to-trough decline

-3.65%

-4.11%

+0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.82%

1.46%

+0.36%

Volatility

HMUS.L vs. FEX.L - Volatility Comparison

The current volatility for HSBC MSCI USA UCITS ETF (HMUS.L) is 2.54%, while First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) has a volatility of 3.61%. This indicates that HMUS.L experiences smaller price fluctuations and is considered to be less risky than FEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HMUS.LFEX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.54%

3.61%

-1.07%

Volatility (6M)

Calculated over the trailing 6-month period

7.37%

7.22%

+0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

10.65%

10.80%

-0.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.17%

14.53%

+0.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.78%

16.45%

+0.33%

HMUS.L vs. FEX.L - Expense Ratio Comparison

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

Dividends

HMUS.L vs. FEX.L - Dividend Comparison

HMUS.L's dividend yield for the trailing twelve months is around 0.01%, while FEX.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FEX.L
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HMUS.L
HSBC MSCI USA UCITS ETF		0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%

Frequently Asked Questions

HMUS.L and FEX.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HMUS.L is cheaper with a 0.30% expense ratio, compared with 0.75% for FEX.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 HMUS.L and 0.75% for FEX.L.

Portfolio Optimizer

Find the right allocation for HMUS.L and FEX.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer