HMUS.L vs. VOO

Last updated Apr 1, 2026

Compare and contrast key facts about HSBC MSCI USA UCITS ETF (HMUS.L) and Vanguard S&P 500 ETF (VOO).

HMUS.L and VOO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMUS.L is a passively managed fund by HSBC that tracks the performance of the Russell 1000 TR USD. It was launched on Jun 1, 2010. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010. Both HMUS.L and VOO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HMUS.L vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI USA UCITS ETF (HMUS.L) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

HMUS.L vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMUS.L HSBC MSCI USA UCITS ETF	-3.78%	6.31%	27.07%	20.52%	-10.72%	28.28%	17.26%	26.40%	-0.28%	10.68%
VOO Vanguard S&P 500 ETF	-2.60%	9.43%	27.16%	20.01%	-8.44%	30.01%	14.85%	26.37%	1.16%	11.24%

Different Trading Currencies

HMUS.L is traded in GBp, while VOO is traded in USD. To make them comparable, the VOO 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 -3.78% return, which is significantly higher than VOO's -5.22% return. Both investments have delivered pretty close results over the past 10 years, with HMUS.L having a 14.09% annualized return and VOO not far ahead at 14.57%.

HMUS.L

• 1D: 0.62%
• 1M: -5.51%
• YTD: -3.78%
• 6M: -0.10%
• 1Y: 12.60%
• 3Y*: 14.46%
• 5Y*: 11.30%
• 10Y*: 14.09%

VOO

• 1D: 0.00%
• 1M: -5.75%
• YTD: -5.22%
• 6M: -2.84%
• 1Y: 11.87%
• 3Y*: 14.51%
• 5Y*: 12.15%
• 10Y*: 14.57%

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

HMUS.L vs. VOO - Expense Ratio Comparison

HMUS.L has a 0.30% expense ratio, which is higher than VOO's 0.03% expense ratio.

HMUS.L

HSBC MSCI USA UCITS ETF

VOO

Vanguard S&P 500 ETF

Return for Risk

HMUS.L vs. VOO — 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: 43
HMUS.L Sharpe Ratio Rank: 47
HMUS.L Sortino Ratio Rank: 46
HMUS.L Omega Ratio Rank: 46
HMUS.L Calmar Ratio Rank: 36
HMUS.L Martin Ratio Rank: 39

VOO

VOO Risk / Return Rank: 65
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 65
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA UCITS ETF (HMUS.L) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.65	+0.19
Sortino ratio Return per unit of downside risk	1.24	1.02	+0.22
Omega ratio Gain probability vs. loss probability	1.18	1.16	+0.02
Calmar ratio Return relative to maximum drawdown	0.89	1.09	-0.20
Martin ratio Return relative to average drawdown	3.61	4.41	-0.80
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. VOO - Sharpe Ratio Comparison

The current HMUS.L Sharpe Ratio is 0.84, which is comparable to the VOO Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of HMUS.L and VOO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HMUS.L	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.65	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.77	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.81	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.88	+0.08

Correlation

The correlation between HMUS.L and VOO is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HMUS.L vs. VOO - Dividend Comparison

HMUS.L's dividend yield for the trailing twelve months is around 0.81%, less than VOO's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMUS.L HSBC MSCI USA UCITS ETF	0.81%	0.98%	0.81%	0.99%	1.01%	0.76%	1.17%	1.27%	1.38%	1.33%	1.29%	1.38%
VOO Vanguard S&P 500 ETF	1.19%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Drawdowns

HMUS.L vs. VOO - Drawdown Comparison

The maximum HMUS.L drawdown since its inception was -25.78%, roughly equal to the maximum VOO drawdown of -26.09%. Use the drawdown chart below to compare losses from any high point for HMUS.L and VOO.

Drawdown Indicators

	HMUS.L	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-25.78%	-33.99%	+8.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.82%	-11.98%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.56%	-24.52%	+2.96%
Max Drawdown (10Y) Largest decline over 10 years	-25.78%	-33.99%	+8.21%
Current Drawdown Current decline from peak	-6.04%	-6.29%	+0.25%
Average Drawdown Average peak-to-trough decline	-3.45%	-3.72%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.52%	+0.59%

Volatility

HMUS.L vs. VOO - Volatility Comparison

The current volatility for HSBC MSCI USA UCITS ETF (HMUS.L) is 3.32%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.52%. This indicates that HMUS.L experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMUS.L	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	3.52%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	9.07%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	18.36%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	15.77%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	18.10%	-1.33%