HMWO.L vs. HMUD.L
HMWO.L (HSBC MSCI World UCITS ETF) and HMUD.L (HSBC MSCI USA UCITS ETF) are both exchange-traded funds - HMWO.L is a Global Equities fund tracking the MSCI ACWI NR USD, while HMUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, HMWO.L returned 12.15%/yr vs 15.45%/yr for HMUD.L. Their correlation of 0.84 suggests significant overlap in exposure. HMWO.L charges 0.15%/yr vs 0.30%/yr for HMUD.L.
Performance
HMWO.L vs. HMUD.L - Performance Comparison
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Different Trading Currencies
HMWO.L is traded in GBp, while HMUD.L is traded in USD. To make them comparable, the HMUD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with HMWO.L having a 9.53% return and HMUD.L slightly lower at 9.40%. Over the past 10 years, HMWO.L has underperformed HMUD.L with an annualized return of 12.15%, while HMUD.L has yielded a comparatively higher 15.45% annualized return.
HMWO.L
- 1D
- 0.16%
- 1M
- 5.13%
- YTD
- 9.53%
- 6M
- 9.79%
- 1Y
- 25.75%
- 3Y*
- 16.04%
- 5Y*
- 11.42%
- 10Y*
- 12.15%
HMUD.L
- 1D
- 0.81%
- 1M
- 5.73%
- YTD
- 9.40%
- 6M
- 8.96%
- 1Y
- 23.25%
- 3Y*
- 17.49%
- 5Y*
- 13.48%
- 10Y*
- 15.45%
HMWO.L vs. HMUD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMWO.L HSBC MSCI World UCITS ETF | 9.53% | 11.10% | 19.31% | 15.79% | -10.00% | 22.25% | 10.57% | 20.88% | -5.47% | 9.85% |
HMUD.L HSBC MSCI USA UCITS ETF | 9.40% | 5.78% | 27.24% | 21.09% | -10.74% | 28.57% | 17.17% | 25.51% | -0.13% | 11.05% |
Correlation
The correlation between HMWO.L and HMUD.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010 | 0.84 |
The correlation between HMWO.L and HMUD.L has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.
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Return for Risk
HMWO.L vs. HMUD.L — Risk / Return Rank
HMWO.L
HMUD.L
HMWO.L vs. HMUD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World UCITS ETF (HMWO.L) and HSBC MSCI USA UCITS ETF (HMUD.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.
| HMWO.L | HMUD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.37 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 3.41 | +0.41 |
| Martin ratioReturn relative to average drawdown | 15.06 | 12.02 | +3.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HMWO.L | HMUD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.04 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.87 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.93 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.95 | -0.24 |
Drawdowns
HMWO.L vs. HMUD.L - Drawdown Comparison
The maximum HMWO.L drawdown since its inception was -25.48%, roughly equal to the maximum HMUD.L drawdown of -26.43%. Use the drawdown chart below to compare losses from any high point for HMWO.L and HMUD.L.
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Drawdown Indicators
| HMWO.L | HMUD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.48% | -26.43% | +0.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.71% | -6.80% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -21.51% | +2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -19.01% | -21.51% | +2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -25.48% | -26.43% | +0.95% |
Current DrawdownCurrent decline from peak | -0.13% | 0.00% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -4.07% | -3.54% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.93% | -0.22% |
Volatility
HMWO.L vs. HMUD.L - Volatility Comparison
The current volatility for HSBC MSCI World UCITS ETF (HMWO.L) is 2.54%, while HSBC MSCI USA UCITS ETF (HMUD.L) has a volatility of 3.33%. This indicates that HMWO.L experiences smaller price fluctuations and is considered to be less risky than HMUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMWO.L | HMUD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 3.33% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 7.34% | 8.31% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.26% | 11.33% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.28% | 15.54% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 16.58% | -2.11% |
HMWO.L vs. HMUD.L - Expense Ratio Comparison
HMWO.L has a 0.15% expense ratio, which is lower than HMUD.L's 0.30% expense ratio.
Dividends
HMWO.L vs. HMUD.L - Dividend Comparison
HMWO.L's dividend yield for the trailing twelve months is around 0.01%, less than HMUD.L's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMUD.L HSBC MSCI USA UCITS ETF | 0.91% | 0.95% | 0.82% | 0.97% | 1.07% | 0.78% | 1.11% | 1.22% | 1.45% | 1.24% | 1.43% | 1.43% |
HMWO.L HSBC MSCI World UCITS ETF | 0.01% | 0.01% | 0.01% | 0.02% | 0.02% | 0.01% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
Frequently Asked Questions
HMWO.L and HMUD.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMWO.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMWO.L is cheaper with a 0.15% expense ratio, compared with 0.30% for HMUD.L.
HMWO.L is categorized as Global Equities, while HMUD.L is Large Cap Blend Equities. HMWO.L tracks MSCI ACWI NR USD, while HMUD.L tracks Russell 1000 TR USD. Their fees differ too: 0.15% for HMWO.L and 0.30% for HMUD.L.
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