HMWD.L vs. SPXS.L

Last updated Jul 16, 2026

HMWD.L (HSBC MSCI World UCITS ETF) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - HMWD.L tracks the MSCI ACWI NR USD while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, HMWD.L returned 13.16%/yr vs -27.39%/yr for SPXS.L. With a 0.96 correlation, they move nearly in lockstep. HMWD.L charges 0.15%/yr vs 0.05%/yr for SPXS.L.

Performance

HMWD.L vs. SPXS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI World UCITS ETF (HMWD.L) and Invesco S&P 500 UCITS ETF (SPXS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HMWD.L having a 10.23% return and SPXS.L slightly lower at 10.20%. Over the past 10 years, HMWD.L has outperformed SPXS.L with an annualized return of 13.16%, while SPXS.L has yielded a comparatively lower -27.39% annualized return.

HMWD.L

• 1D: 0.10%
• 1M: 0.20%
• 6M: 9.06%
• YTD: 10.23%
• 1Y: 22.04%
• 3Y*: 18.94%
• 5Y*: 11.71%
• 10Y*: 13.16%

SPXS.L

• 1D: -0.12%
• 1M: -0.05%
• 6M: 9.96%
• YTD: 10.20%
• 1Y: -98.78%
• 3Y*: -74.11%
• 5Y*: -54.94%
• 10Y*: -27.39%

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

HMWD.L vs. SPXS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMWD.L HSBC MSCI World UCITS ETF	10.23%	21.06%	19.12%	24.61%	-18.25%	22.44%	16.43%	27.45%	-8.90%	23.11%
SPXS.L Invesco S&P 500 UCITS ETF	10.20%	-98.82%	25.56%	27.00%	-18.53%	29.64%	17.89%	30.86%	-5.19%	21.62%

Correlation

The correlation between HMWD.L and SPXS.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.96

The correlation between HMWD.L and SPXS.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

HMWD.L vs. SPXS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMWD.L

HMWD.L Risk / Return Rank: 70
HMWD.L Sharpe Ratio Rank: 68
HMWD.L Sortino Ratio Rank: 76
HMWD.L Omega Ratio Rank: 67
HMWD.L Calmar Ratio Rank: 66
HMWD.L Martin Ratio Rank: 74

SPXS.L

SPXS.L Risk / Return Rank: 2
SPXS.L Sharpe Ratio Rank: 2
SPXS.L Sortino Ratio Rank: 4
SPXS.L Omega Ratio Rank: 0
SPXS.L Calmar Ratio Rank: 0
SPXS.L Martin Ratio Rank: 3

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.

HMWD.L vs. SPXS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World UCITS ETF (HMWD.L) and Invesco S&P 500 UCITS ETF (SPXS.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HMWD.L	SPXS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.79	-0.99	+2.78
Sortino ratio: Return per unit of downside risk	2.72	-0.78	+3.49
Omega ratio: Gain probability vs. loss probability	1.32	0.52	+0.80
Calmar ratio: Return relative to maximum drawdown	2.65	-1.00	+3.64
Martin ratio: Return relative to average drawdown	10.84	-1.23	+12.06

HMWD.L vs. SPXS.L - Sharpe Ratio Comparison

The current HMWD.L Sharpe Ratio is 1.79, which is higher than the SPXS.L Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of HMWD.L and SPXS.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.

Drawdowns

HMWD.L vs. SPXS.L - Drawdown Comparison

The maximum HMWD.L drawdown since its inception was -34.01%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for HMWD.L and SPXS.L.

Drawdown Indicators

	HMWD.L	SPXS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.01%	-99.07%	+65.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-99.07%	+90.77%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-99.07%	+81.49%
Max Drawdown (5Y) Largest decline over 5 years	-25.99%	-99.07%	+73.08%
Max Drawdown (10Y) Largest decline over 10 years	-34.01%	-99.07%	+65.06%
Current Drawdown Current decline from peak	-0.10%	-98.90%	+98.80%
Average Drawdown Average peak-to-trough decline	-4.75%	-7.67%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	80.57%	-78.54%

Volatility

HMWD.L vs. SPXS.L - Volatility Comparison

HSBC MSCI World UCITS ETF (HMWD.L) has a higher volatility of 2.93% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that HMWD.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMWD.L	SPXS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	2.73%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.24%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	99.43%	-87.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	47.13%	-31.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	35.27%	-19.54%

HMWD.L vs. SPXS.L - Expense Ratio Comparison

HMWD.L has a 0.15% expense ratio, which is higher than SPXS.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HMWD.L vs. SPXS.L - Dividend Comparison

HMWD.L's dividend yield for the trailing twelve months is around 1.17%, while SPXS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMWD.L HSBC MSCI World UCITS ETF	1.17%	1.24%	1.43%	1.57%	1.79%	1.31%	1.44%	1.91%	2.23%	1.81%	2.00%	1.93%
SPXS.L Invesco S&P 500 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%

Frequently Asked Questions

Can I hold both HMWD.L and SPXS.L in my portfolio?

With a correlation of 0.97, HMWD.L and SPXS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HMWD.L or SPXS.L?

On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMWD.L or SPXS.L?

SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.15% for HMWD.L.

What is the main difference between HMWD.L and SPXS.L?

HMWD.L tracks MSCI ACWI NR USD, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.15% for HMWD.L and 0.05% for SPXS.L.