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HMWO.L vs. HWWA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMWO.L vs. HWWA.L

Last updated Jun 5, 2026

HMWO.L (HSBC MSCI World UCITS ETF) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both Global Equities funds from HSBC tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, HMWO.L returned 12.15%/yr vs 13.22%/yr for HWWA.L. Their correlation of 0.94 suggests significant overlap in exposure. HMWO.L charges 0.15%/yr vs 0.25%/yr for HWWA.L.

Performance

HMWO.L vs. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMWO.L is traded in GBp, while HWWA.L is traded in GBP. To make them comparable, the HWWA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMWO.L achieves a 9.53% return, which is significantly lower than HWWA.L's 13.69% return. Over the past 10 years, HMWO.L has underperformed HWWA.L with an annualized return of 12.15%, while HWWA.L has yielded a comparatively higher 13.22% 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%

HWWA.L

1D
-0.33%
1M
5.53%
YTD
13.69%
6M
14.69%
1Y
34.30%
3Y*
19.39%
5Y*
12.99%
10Y*
13.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMWO.L vs. HWWA.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%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		13.69%16.74%17.83%15.71%-7.83%21.70%11.03%18.57%-5.55%12.89%

Correlation

The correlation between HMWO.L and HWWA.L is 0.94, 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

0.94

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

0.95

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

0.96

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

0.96

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2014

0.94

The correlation between HMWO.L and HWWA.L has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

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

Sectors
HMWO.L
HWWA.L

Technology

30.2%
34.2%

Financial Services

15.4%
14.0%

Industrials

11.0%
13.2%

Communication Services

9.1%
8.4%

Consumer Cyclical

9.0%
8.3%

Healthcare

8.6%
5.6%

Consumer Defensive

5.2%
2.2%

Energy

4.1%
4.2%

Basic Materials

3.2%
5.8%

Utilities

2.5%
2.5%

Real Estate

1.8%
1.4%

Technology

HMWO.L
30.2%
HWWA.L
34.2%

Financial Services

HMWO.L
15.4%
HWWA.L
14.0%

Industrials

HMWO.L
11.0%
HWWA.L
13.2%

Communication Services

HMWO.L
9.1%
HWWA.L
8.4%

Consumer Cyclical

HMWO.L
9.0%
HWWA.L
8.3%

Healthcare

HMWO.L
8.6%
HWWA.L
5.6%

Consumer Defensive

HMWO.L
5.2%
HWWA.L
2.2%

Energy

HMWO.L
4.1%
HWWA.L
4.2%

Basic Materials

HMWO.L
3.2%
HWWA.L
5.8%

Utilities

HMWO.L
2.5%
HWWA.L
2.5%

Real Estate

HMWO.L
1.8%
HWWA.L
1.4%

Compare stocks, funds, or ETFs

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HSBC MSCI World UCITS ETF

HSBC Multi Factor Worldwide Equity UCITS ETF

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Often compared with HWWA.L:
HWWA.L vs. GERD.DEHWWA.L vs. JMOMHWWA.L vs. JPGL.LHWWA.L vs. MFDXHWWA.L vs. IWFQ.LHWWA.L vs. IWDA.LHWWA.L vs. VTI

Return for Risk

HMWO.L vs. HWWA.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
HWWA.L
HWWA.L Risk / Return Rank: 9191
Overall Rank
HWWA.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HWWA.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
HWWA.L Omega Ratio Rank: 9393
Omega Ratio Rank
HWWA.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
HWWA.L Martin Ratio Rank: 9191
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. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.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.LHWWA.LDifference
Sharpe ratioReturn per unit of total volatility
2.50
3.34

-0.84

Sortino ratioReturn per unit of downside risk
3.44
4.56

-1.11

Omega ratioGain probability vs. loss probability

1.47

1.64

-0.16

Calmar ratioReturn relative to maximum drawdown

3.82

5.06

-1.25

Martin ratioReturn relative to average drawdown

15.06

21.35

-6.29

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. HWWA.L - Sharpe Ratio Comparison

The current HMWO.L Sharpe Ratio is 2.50, which is comparable to the HWWA.L Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HMWO.L and HWWA.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

HMWO.LHWWA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

3.34

-0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

1.02

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.92

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.83

-0.12

Drawdowns

HMWO.L vs. HWWA.L - Drawdown Comparison

The maximum HMWO.L drawdown since its inception was -25.48%, roughly equal to the maximum HWWA.L drawdown of -25.12%. Use the drawdown chart below to compare losses from any high point for HMWO.L and HWWA.L.

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Drawdown Indicators

HMWO.LHWWA.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.48%

-25.12%

-0.36%

Max Drawdown (1Y)

Largest decline over 1 year

-6.71%

-6.74%

+0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-16.79%

-2.22%

Max Drawdown (5Y)

Largest decline over 5 years

-19.01%

-16.79%

-2.22%

Max Drawdown (10Y)

Largest decline over 10 years

-25.48%

-25.12%

-0.36%

Current Drawdown

Current decline from peak

-0.13%

-0.35%

+0.22%

Average Drawdown

Average peak-to-trough decline

-4.07%

-3.53%

-0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

1.60%

+0.11%

Volatility

HMWO.L vs. HWWA.L - Volatility Comparison

The current volatility for HSBC MSCI World UCITS ETF (HMWO.L) is 2.54%, while HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) has a volatility of 3.48%. This indicates that HMWO.L experiences smaller price fluctuations and is considered to be less risky than HWWA.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.LHWWA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.54%

3.48%

-0.94%

Volatility (6M)

Calculated over the trailing 6-month period

7.34%

7.85%

-0.51%

Volatility (1Y)

Calculated over the trailing 1-year period

10.26%

10.23%

+0.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.28%

12.69%

+0.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.47%

14.32%

+0.15%

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

HMWO.L has a 0.15% expense ratio, which is lower than HWWA.L's 0.25% expense ratio. Despite the difference, 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. HWWA.L - Dividend Comparison

HMWO.L's dividend yield for the trailing twelve months is around 0.01%, less than HWWA.L's 1.29% 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%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		1.29%1.43%1.58%1.95%2.07%1.48%1.45%2.07%2.10%1.86%1.71%1.97%

Frequently Asked Questions

With a correlation of 0.94, HMWO.L and HWWA.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, 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 0.25% for HWWA.L.

Both ETFs track MSCI ACWI NR USD. Their fees differ too: 0.15% for HMWO.L and 0.25% for HWWA.L.

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