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HMUS.L vs. HUKX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMUS.L vs. HUKX.L

Last updated Jun 5, 2026

HMUS.L (HSBC MSCI USA UCITS ETF) and HUKX.L (HSBC FTSE 100 UCITS ETF GBP) are both exchange-traded funds - HMUS.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while HUKX.L is a Europe Equities fund tracking the FTSE AllSh TR GBP. Both are passively managed. Over the past 10 years, HMUS.L returned 14.14%/yr vs 9.07%/yr for HUKX.L. A 0.59 correlation means they provide meaningful diversification when combined. HMUS.L charges 0.30%/yr vs 0.07%/yr for HUKX.L.

Performance

HMUS.L vs. HUKX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI USA UCITS ETF (HMUS.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HMUS.L achieves a 8.53% return, which is significantly higher than HUKX.L's 5.71% return. Over the past 10 years, HMUS.L has outperformed HUKX.L with an annualized return of 14.14%, while HUKX.L has yielded a comparatively lower 9.07% annualized 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%

HUKX.L

1D
0.29%
1M
1.39%
YTD
5.71%
6M
8.18%
1Y
20.97%
3Y*
14.79%
5Y*
11.88%
10Y*
9.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMUS.L vs. HUKX.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%
HUKX.L
HSBC FTSE 100 UCITS ETF GBP		5.71%26.20%9.58%7.36%5.07%17.54%-11.64%17.42%-8.67%12.39%

Correlation

The correlation between HMUS.L and HUKX.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

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

0.41

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

0.46

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

0.52

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.59

The correlation between HMUS.L and HUKX.L shifts across timeframes, from 0.41 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HMUS.L
HUKX.L

Technology

38.7%
0.3%

Financial Services

11.2%
26.2%

Communication Services

10.6%
2.3%

Healthcare

9.3%
12.9%

Consumer Cyclical

9.0%
4.5%

Industrials

7.7%
13.0%

Consumer Defensive

4.7%
13.7%

Energy

3.8%
10.7%

Real Estate

1.8%
1.0%

Utilities

1.7%
4.8%

Basic Materials

1.6%
8.5%

Technology

HMUS.L
38.7%
HUKX.L
0.3%

Financial Services

HMUS.L
11.2%
HUKX.L
26.2%

Communication Services

HMUS.L
10.6%
HUKX.L
2.3%

Healthcare

HMUS.L
9.3%
HUKX.L
12.9%

Consumer Cyclical

HMUS.L
9.0%
HUKX.L
4.5%

Industrials

HMUS.L
7.7%
HUKX.L
13.0%

Consumer Defensive

HMUS.L
4.7%
HUKX.L
13.7%

Energy

HMUS.L
3.8%
HUKX.L
10.7%

Real Estate

HMUS.L
1.8%
HUKX.L
1.0%

Utilities

HMUS.L
1.7%
HUKX.L
4.8%

Basic Materials

HMUS.L
1.6%
HUKX.L
8.5%

Compare stocks, funds, or ETFs

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HSBC MSCI USA UCITS ETF

HSBC FTSE 100 UCITS ETF GBP

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 HUKX.L:
HUKX.L vs. ISF.LHUKX.L vs. VUKG.LHUKX.L vs. VFWAXHUKX.L vs. EUDVHUKX.L vs. LDUK.LHUKX.L vs. HSPD.LHUKX.L vs. LDEG.L

Return for Risk

HMUS.L vs. HUKX.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
HUKX.L
HUKX.L Risk / Return Rank: 5555
Overall Rank
HUKX.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
HUKX.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
HUKX.L Omega Ratio Rank: 6060
Omega Ratio Rank
HUKX.L Calmar Ratio Rank: 4949
Calmar Ratio Rank
HUKX.L Martin Ratio Rank: 5050
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. HUKX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA UCITS ETF (HMUS.L) and HSBC FTSE 100 UCITS ETF GBP (HUKX.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.LHUKX.LDifference
Sharpe ratioReturn per unit of total volatility
2.19
1.93

+0.26

Sortino ratioReturn per unit of downside risk
3.04
2.70

+0.34

Omega ratioGain probability vs. loss probability

1.40

1.36

+0.04

Calmar ratioReturn relative to maximum drawdown

3.43

2.38

+1.05

Martin ratioReturn relative to average drawdown

12.82

8.21

+4.61

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. HUKX.L - Sharpe Ratio Comparison

The current HMUS.L Sharpe Ratio is 2.19, which is comparable to the HUKX.L Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HMUS.L and HUKX.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.

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Sharpe Ratios by Period

HMUS.LHUKX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.19

1.93

+0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

0.94

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.61

+0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.53

+0.39

Drawdowns

HMUS.L vs. HUKX.L - Drawdown Comparison

The maximum HMUS.L drawdown since its inception was -25.78%, smaller than the maximum HUKX.L drawdown of -34.22%. Use the drawdown chart below to compare losses from any high point for HMUS.L and HUKX.L.

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Drawdown Indicators

HMUS.LHUKX.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.78%

-34.22%

+8.44%

Max Drawdown (1Y)

Largest decline over 1 year

-6.80%

-8.78%

+1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-21.87%

-12.95%

-8.92%

Max Drawdown (5Y)

Largest decline over 5 years

-21.87%

-12.95%

-8.92%

Max Drawdown (10Y)

Largest decline over 10 years

-25.78%

-34.22%

+8.44%

Current Drawdown

Current decline from peak

0.00%

-3.87%

+3.87%

Average Drawdown

Average peak-to-trough decline

-3.65%

-4.37%

+0.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.82%

2.55%

-0.73%

Volatility

HMUS.L vs. HUKX.L - Volatility Comparison

The current volatility for HSBC MSCI USA UCITS ETF (HMUS.L) is 2.54%, while HSBC FTSE 100 UCITS ETF GBP (HUKX.L) has a volatility of 3.90%. This indicates that HMUS.L experiences smaller price fluctuations and is considered to be less risky than HUKX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMUS.LHUKX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.54%

3.90%

-1.36%

Volatility (6M)

Calculated over the trailing 6-month period

7.37%

9.43%

-2.06%

Volatility (1Y)

Calculated over the trailing 1-year period

10.65%

10.82%

-0.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.17%

12.65%

+2.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.78%

14.96%

+1.82%

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

HMUS.L has a 0.30% expense ratio, which is higher than HUKX.L's 0.07% expense ratio.

Dividends

HMUS.L vs. HUKX.L - Dividend Comparison

HMUS.L's dividend yield for the trailing twelve months is around 0.01%, less than HUKX.L's 2.85% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HUKX.L
HSBC FTSE 100 UCITS ETF GBP		2.85%2.95%3.74%3.50%3.63%3.19%4.04%4.31%4.35%3.79%3.49%3.79%

Frequently Asked Questions

HMUS.L and HUKX.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HUKX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HUKX.L is cheaper with a 0.07% expense ratio, compared with 0.30% for HMUS.L.

HMUS.L is categorized as Large Cap Blend Equities, while HUKX.L is Europe Equities. HMUS.L tracks Russell 1000 TR USD, while HUKX.L tracks FTSE AllSh TR GBP. Their fees differ too: 0.30% for HMUS.L and 0.07% for HUKX.L.

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