HMWO.L vs. IGLO.L
HMWO.L (HSBC MSCI World UCITS ETF) and IGLO.L (iShares Global Government Bond UCITS) are both exchange-traded funds - HMWO.L is a Global Equities fund tracking the MSCI ACWI NR USD, while IGLO.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 10 years, HMWO.L returned 12.15%/yr vs -0.08%/yr for IGLO.L. At a 0.06 correlation, their price movements are largely independent. HMWO.L charges 0.15%/yr vs 0.20%/yr for IGLO.L.
Performance
HMWO.L vs. IGLO.L - Performance Comparison
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Different Trading Currencies
HMWO.L is traded in GBp, while IGLO.L is traded in USD. To make them comparable, the IGLO.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 higher than IGLO.L's -1.23% return. Over the past 10 years, HMWO.L has outperformed IGLO.L with an annualized return of 12.15%, while IGLO.L has yielded a comparatively lower -0.08% 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%
IGLO.L
- 1D
- 0.19%
- 1M
- 0.85%
- YTD
- -1.23%
- 6M
- -1.69%
- 1Y
- 0.88%
- 3Y*
- -1.10%
- 5Y*
- -2.30%
- 10Y*
- -0.08%
HMWO.L vs. IGLO.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% |
IGLO.L iShares Global Government Bond UCITS | -1.23% | -0.49% | -1.96% | -1.20% | -7.90% | -6.01% | 6.16% | 1.52% | 5.61% | -3.06% |
Correlation
The correlation between HMWO.L and IGLO.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010 | 0.06 |
The correlation between HMWO.L and IGLO.L shifts across timeframes, from 0.06 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HMWO.L vs. IGLO.L — Risk / Return Rank
HMWO.L
IGLO.L
HMWO.L vs. IGLO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World UCITS ETF (HMWO.L) and iShares Global Government Bond UCITS (IGLO.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 | IGLO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.36 | ||
| Sortino ratioReturn per unit of downside risk | +3.21 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.03 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 0.17 | +3.65 |
| Martin ratioReturn relative to average drawdown | 15.06 | 0.34 | +14.72 |
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 | IGLO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 0.14 | +2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | -0.28 | +1.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | -0.01 | +0.85 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.10 | +0.61 |
Drawdowns
HMWO.L vs. IGLO.L - Drawdown Comparison
The maximum HMWO.L drawdown since its inception was -25.48%, roughly equal to the maximum IGLO.L drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for HMWO.L and IGLO.L.
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Drawdown Indicators
| HMWO.L | IGLO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.48% | -25.42% | -0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.71% | -5.07% | -1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -5.77% | -13.24% |
Max Drawdown (5Y)Largest decline over 5 years | -19.01% | -17.10% | -1.91% |
Max Drawdown (10Y)Largest decline over 10 years | -25.48% | -25.42% | -0.06% |
Current DrawdownCurrent decline from peak | -0.13% | -23.92% | +23.79% |
Average DrawdownAverage peak-to-trough decline | -4.07% | -10.64% | +6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 2.60% | -0.89% |
Volatility
HMWO.L vs. IGLO.L - Volatility Comparison
HSBC MSCI World UCITS ETF (HMWO.L) has a higher volatility of 2.54% compared to iShares Global Government Bond UCITS (IGLO.L) at 1.98%. This indicates that HMWO.L's price experiences larger fluctuations and is considered to be riskier than IGLO.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 | IGLO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 1.98% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 7.34% | 5.14% | +2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.26% | 6.29% | +3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.28% | 8.30% | +4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 9.56% | +4.91% |
HMWO.L vs. IGLO.L - Expense Ratio Comparison
HMWO.L has a 0.15% expense ratio, which is lower than IGLO.L's 0.20% 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. IGLO.L - Dividend Comparison
HMWO.L's dividend yield for the trailing twelve months is around 0.01%, less than IGLO.L's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IGLO.L iShares Global Government Bond UCITS | 3.09% | 2.86% | 2.51% | 1.47% | 0.78% | 0.63% | 0.99% | 1.21% | 1.07% | 0.93% | 1.09% | 0.60% |
Frequently Asked Questions
HMWO.L and IGLO.L have a correlation of 0.18, 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 0.20% for IGLO.L.
HMWO.L is categorized as Global Equities, while IGLO.L is Global Bonds. HMWO.L tracks MSCI ACWI NR USD, while IGLO.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HMWO.L and 0.20% for IGLO.L.
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