HMUS.L vs. FRUE.L

Last updated Jun 5, 2026

HMUS.L (HSBC MSCI USA UCITS ETF) and FRUE.L (Franklin LibertyQ U.S. Equity UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from HSBC and Franklin Templeton respectively. Both are passively managed. Over the past 5 years, HMUS.L returned 12.41%/yr vs 13.31%/yr for FRUE.L. A 0.74 correlation means they provide meaningful diversification when combined. HMUS.L charges 0.30%/yr vs 0.25%/yr for FRUE.L.

Performance

HMUS.L vs. FRUE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI USA UCITS ETF (HMUS.L) and Franklin LibertyQ U.S. Equity UCITS ETF (FRUE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMUS.L is traded in GBp, while FRUE.L is traded in USD. To make them comparable, the FRUE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMUS.L achieves a 8.53% return, which is significantly lower than FRUE.L's 12.48% return.

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%

FRUE.L

• 1D: -0.02%
• 1M: 5.17%
• YTD: 12.48%
• 6M: 11.87%
• 1Y: 30.66%
• 3Y*: 15.79%
• 5Y*: 13.31%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	7.20%
FRUE.L Franklin LibertyQ U.S. Equity UCITS ETF	12.48%	12.74%	12.10%	9.54%	2.14%	28.05%	6.28%	23.34%	2.51%	8.51%

Correlation

The correlation between HMUS.L and FRUE.L is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 11, 2017	0.74

The correlation between HMUS.L and FRUE.L has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

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

Sectors	HMUS.L	FRUE.L
Technology	38.7%	34.3%
Financial Services	11.2%	9.9%
Communication Services	10.6%	12.2%
Healthcare	9.3%	10.5%
Consumer Cyclical	9.0%	11.5%
Industrials	7.7%	10.1%
Consumer Defensive	4.7%	4.4%
Energy	3.8%	1.0%
Real Estate	1.8%	2.9%
Utilities	1.7%	1.6%
Basic Materials	1.6%	1.7%

Return for Risk

HMUS.L vs. FRUE.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: 68
HMUS.L Sharpe Ratio Rank: 68
HMUS.L Sortino Ratio Rank: 66
HMUS.L Omega Ratio Rank: 68
HMUS.L Calmar Ratio Rank: 70
HMUS.L Martin Ratio Rank: 70

FRUE.L

FRUE.L Risk / Return Rank: 75
FRUE.L Sharpe Ratio Rank: 73
FRUE.L Sortino Ratio Rank: 79
FRUE.L Omega Ratio Rank: 73
FRUE.L Calmar Ratio Rank: 71
FRUE.L Martin Ratio Rank: 81

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. FRUE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA UCITS ETF (HMUS.L) and Franklin LibertyQ U.S. Equity UCITS ETF (FRUE.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.L	FRUE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.41	-0.22
Sortino ratio: Return per unit of downside risk	3.04	3.31	-0.28
Omega ratio: Gain probability vs. loss probability	1.40	1.45	-0.05
Calmar ratio: Return relative to maximum drawdown	3.43	5.16	-1.73
Martin ratio: Return relative to average drawdown	12.82	17.84	-5.02
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. FRUE.L - Sharpe Ratio Comparison

The current HMUS.L Sharpe Ratio is 2.19, which is comparable to the FRUE.L Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of HMUS.L and FRUE.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

	HMUS.L	FRUE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.41	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.94	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.85	+0.08

Drawdowns

HMUS.L vs. FRUE.L - Drawdown Comparison

The maximum HMUS.L drawdown since its inception was -25.78%, roughly equal to the maximum FRUE.L drawdown of -25.31%. Use the drawdown chart below to compare losses from any high point for HMUS.L and FRUE.L.

Drawdown Indicators

	HMUS.L	FRUE.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.78%	-25.31%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-5.91%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-21.87%	-20.18%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-21.87%	-20.18%	-1.69%
Max Drawdown (10Y) Largest decline over 10 years	-25.78%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-3.65%	-3.07%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.71%	+0.11%

Volatility

HMUS.L vs. FRUE.L - Volatility Comparison

The current volatility for HSBC MSCI USA UCITS ETF (HMUS.L) is 2.54%, while Franklin LibertyQ U.S. Equity UCITS ETF (FRUE.L) has a volatility of 4.07%. This indicates that HMUS.L experiences smaller price fluctuations and is considered to be less risky than FRUE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMUS.L	FRUE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	4.07%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	9.52%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	12.65%	-2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	14.23%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	15.74%	+1.04%

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

HMUS.L has a 0.30% expense ratio, which is higher than FRUE.L's 0.25% expense ratio.

Dividends

HMUS.L vs. FRUE.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRUE.L Franklin LibertyQ U.S. Equity 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%
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

Can I hold both HMUS.L and FRUE.L in my portfolio?

HMUS.L and FRUE.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMUS.L or FRUE.L?

On fees, FRUE.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMUS.L or FRUE.L?

FRUE.L is cheaper with a 0.25% expense ratio, compared with 0.30% for HMUS.L.

What is the main difference between HMUS.L and FRUE.L?

Both ETFs track Russell 1000 TR USD. They also come from different issuers: HSBC and Franklin Templeton. Their fees differ too: 0.30% for HMUS.L and 0.25% for FRUE.L.