PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HMWO.L vs. HSPX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMWO.L vs. HSPX.L

Last updated Jun 5, 2026

HMWO.L (HSBC MSCI World UCITS ETF) and HSPX.L (HSBC S&P 500 UCITS ETF) are both exchange-traded funds - HMWO.L is a Global Equities fund tracking the MSCI ACWI NR USD, while HSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HMWO.L returned 12.15%/yr vs 16.09%/yr for HSPX.L. With a 0.95 correlation, they move nearly in lockstep. HMWO.L charges 0.15%/yr vs 0.09%/yr for HSPX.L.

Performance

HMWO.L vs. HSPX.L - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, HMWO.L achieves a 9.53% return, which is significantly lower than HSPX.L's 10.50% return. Over the past 10 years, HMWO.L has underperformed HSPX.L with an annualized return of 12.15%, while HSPX.L has yielded a comparatively higher 16.09% 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%

HSPX.L

1D
0.01%
1M
5.44%
YTD
10.50%
6M
10.42%
1Y
29.12%
3Y*
19.02%
5Y*
14.91%
10Y*
16.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMWO.L vs. HSPX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
HSPX.L
HSBC S&P 500 UCITS ETF		10.50%9.36%27.32%19.94%-9.10%30.95%13.89%26.37%0.09%10.81%

Correlation

The correlation between HMWO.L and HSPX.L is 0.95, 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

0.95

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

0.97

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2010

0.95

The correlation between HMWO.L and HSPX.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

HMWO.L vs. HSPX.L - Sectors Allocation Comparison

Sectors
HMWO.L
HSPX.L

Technology

30.2%
38.0%

Financial Services

15.4%
11.3%

Industrials

11.0%
7.8%

Communication Services

9.1%
10.8%

Consumer Cyclical

9.0%
9.9%

Healthcare

8.6%
8.4%

Consumer Defensive

5.2%
4.7%

Energy

4.1%
3.4%

Basic Materials

3.2%
1.7%

Utilities

2.5%
2.2%

Real Estate

1.8%
1.9%

Technology

HMWO.L
30.2%
HSPX.L
38.0%

Financial Services

HMWO.L
15.4%
HSPX.L
11.3%

Industrials

HMWO.L
11.0%
HSPX.L
7.8%

Communication Services

HMWO.L
9.1%
HSPX.L
10.8%

Consumer Cyclical

HMWO.L
9.0%
HSPX.L
9.9%

Healthcare

HMWO.L
8.6%
HSPX.L
8.4%

Consumer Defensive

HMWO.L
5.2%
HSPX.L
4.7%

Energy

HMWO.L
4.1%
HSPX.L
3.4%

Basic Materials

HMWO.L
3.2%
HSPX.L
1.7%

Utilities

HMWO.L
2.5%
HSPX.L
2.2%

Real Estate

HMWO.L
1.8%
HSPX.L
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC MSCI World UCITS ETF

HSBC S&P 500 UCITS ETF

Often compared with HMWO.L:
HMWO.L vs. VWRL.LHMWO.L vs. VWRP.LHMWO.L vs. VEVE.LHMWO.L vs. IWRD.LHMWO.L vs. SWDA.LHMWO.L vs. FWRGHMWO.L vs. GGRP.L
Often compared with HSPX.L:
HSPX.L vs. HSPD.LHSPX.L vs. VOOHSPX.L vs. SPYHSPX.L vs. VUSA.LHSPX.L vs. I500.LHSPX.L vs. SPX5.LHSPX.L vs. VOOG

Return for Risk

HMWO.L vs. HSPX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMWO.L
HMWO.L Risk / Return Rank: 7878
Overall Rank
HMWO.L Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HMWO.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
HMWO.L Omega Ratio Rank: 8080
Omega Ratio Rank
HMWO.L Calmar Ratio Rank: 7777
Calmar Ratio Rank
HMWO.L Martin Ratio Rank: 7878
Martin Ratio Rank
HSPX.L
HSPX.L Risk / Return Rank: 8282
Overall Rank
HSPX.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
HSPX.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
HSPX.L Omega Ratio Rank: 8585
Omega Ratio Rank
HSPX.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
HSPX.L Martin Ratio Rank: 7878
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.

HMWO.L vs. HSPX.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 S&P 500 UCITS ETF (HSPX.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.LHSPX.LDifference
Sharpe ratioReturn per unit of total volatility
2.50
2.72

-0.22

Sortino ratioReturn per unit of downside risk
3.44
3.64

-0.19

Omega ratioGain probability vs. loss probability

1.47

1.51

-0.04

Calmar ratioReturn relative to maximum drawdown

3.82

4.05

-0.23

Martin ratioReturn relative to average drawdown

15.06

14.81

+0.25

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMWO.L vs. HSPX.L - Sharpe Ratio Comparison

The current HMWO.L Sharpe Ratio is 2.50, which is comparable to the HSPX.L Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of HMWO.L and HSPX.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.

Loading charts...

Sharpe Ratios by Period

HMWO.LHSPX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

2.72

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

1.05

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

1.04

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.97

-0.25

Drawdowns

HMWO.L vs. HSPX.L - Drawdown Comparison

The maximum HMWO.L drawdown since its inception was -25.48%, roughly equal to the maximum HSPX.L drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for HMWO.L and HSPX.L.

Loading charts...

Drawdown Indicators

HMWO.LHSPX.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.48%

-25.43%

-0.05%

Max Drawdown (1Y)

Largest decline over 1 year

-6.71%

-7.16%

+0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-20.76%

+1.75%

Max Drawdown (5Y)

Largest decline over 5 years

-19.01%

-20.76%

+1.75%

Max Drawdown (10Y)

Largest decline over 10 years

-25.48%

-25.43%

-0.05%

Current Drawdown

Current decline from peak

-0.13%

-0.24%

+0.11%

Average Drawdown

Average peak-to-trough decline

-4.07%

-3.44%

-0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

1.96%

-0.25%

Volatility

HMWO.L vs. HSPX.L - Volatility Comparison

HSBC MSCI World UCITS ETF (HMWO.L) and HSBC S&P 500 UCITS ETF (HSPX.L) have volatilities of 2.54% and 2.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HMWO.LHSPX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.54%

2.66%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

7.34%

7.23%

+0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

10.26%

10.65%

-0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.28%

14.22%

-0.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.47%

15.47%

-1.00%

HMWO.L vs. HSPX.L - Expense Ratio Comparison

HMWO.L has a 0.15% expense ratio, which is higher than HSPX.L's 0.09% 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

HMWO.L vs. HSPX.L - Dividend Comparison

HMWO.L's dividend yield for the trailing twelve months is around 0.01%, less than HSPX.L's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HSPX.L
HSBC S&P 500 UCITS ETF		0.82%0.93%0.98%1.19%1.27%0.95%1.41%1.47%1.60%1.54%1.49%1.61%

Frequently Asked Questions

With a correlation of 0.95, HMWO.L and HSPX.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.

On fees, HSPX.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HSPX.L is cheaper with a 0.09% expense ratio, compared with 0.15% for HMWO.L.

HMWO.L is categorized as Global Equities, while HSPX.L is S&P 500. HMWO.L tracks MSCI ACWI NR USD, while HSPX.L tracks S&P 500 Index. Their fees differ too: 0.15% for HMWO.L and 0.09% for HSPX.L.

Portfolio Optimizer

Find the right allocation for HMWO.L and HSPX.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer