HMWO.L vs. IGLS.L
HMWO.L (HSBC MSCI World UCITS ETF) and IGLS.L (iShares UK Gilts 0-5yr UCITS ETF GBP (Dist)) are both exchange-traded funds - HMWO.L is a Global Equities fund tracking the MSCI World Index, while IGLS.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, HMWO.L returned 12.94%/yr vs 0.66%/yr for IGLS.L. At a correlation of -0.08, they often move in opposite directions. HMWO.L charges 0.15%/yr vs 0.07%/yr for IGLS.L.
Performance
HMWO.L vs. IGLS.L - Performance Comparison
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Different Trading Currencies
HMWO.L is traded in GBp, while IGLS.L is traded in GBP. To make them comparable, the IGLS.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 10.00% return, which is significantly higher than IGLS.L's -1.31% return. Over the past 10 years, HMWO.L has outperformed IGLS.L with an annualized return of 12.94%, while IGLS.L has yielded a comparatively lower 0.66% annualized return.
HMWO.L
- 1D
- -0.54%
- 1M
- -0.20%
- 6M
- 8.77%
- YTD
- 10.00%
- 1Y
- 21.22%
- 3Y*
- 17.85%
- 5Y*
- 12.20%
- 10Y*
- 12.94%
IGLS.L
- 1D
- 0.05%
- 1M
- 0.03%
- 6M
- -1.48%
- YTD
- -1.31%
- 1Y
- 0.84%
- 3Y*
- 3.90%
- 5Y*
- 1.02%
- 10Y*
- 0.66%
HMWO.L vs. IGLS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMWO.L HSBC MSCI World UCITS ETF | 10.00% | 12.63% | 21.17% | 17.80% | -8.47% | 23.98% | 12.48% | 23.41% | -3.60% | 12.05% |
IGLS.L iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) | -1.31% | 5.26% | 2.65% | 4.19% | -4.44% | -1.68% | 1.48% | 1.05% | 0.14% | -0.38% |
Correlation
The correlation between HMWO.L and IGLS.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | -0.08 |
The correlation between HMWO.L and IGLS.L shifts across timeframes, from -0.08 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HMWO.L vs. IGLS.L — Risk / Return Rank
HMWO.L
IGLS.L
HMWO.L vs. IGLS.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 UK Gilts 0-5yr UCITS ETF GBP (Dist) (IGLS.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.
| HMWO.L | IGLS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.07 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 0.26 | +2.98 |
| Martin ratioReturn relative to average drawdown | 12.65 | 0.58 | +12.07 |
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Drawdowns
HMWO.L vs. IGLS.L - Drawdown Comparison
The maximum HMWO.L drawdown since its inception was -44.90%, which is greater than IGLS.L's maximum drawdown of -9.54%. Use the drawdown chart below to compare losses from any high point for HMWO.L and IGLS.L.
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Drawdown Indicators
| HMWO.L | IGLS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.90% | -9.54% | -35.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | -3.18% | -3.33% |
Max Drawdown (3Y)Largest decline over 3 years | -18.80% | -3.18% | -15.62% |
Max Drawdown (5Y)Largest decline over 5 years | -18.80% | -8.85% | -9.95% |
Max Drawdown (10Y)Largest decline over 10 years | -25.48% | -9.54% | -15.94% |
Current DrawdownCurrent decline from peak | -0.99% | -1.48% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -9.77% | -1.22% | -8.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.45% | +0.22% |
Volatility
HMWO.L vs. IGLS.L - Volatility Comparison
HSBC MSCI World UCITS ETF (HMWO.L) has a higher volatility of 2.57% compared to iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) (IGLS.L) at 0.59%. This indicates that HMWO.L's price experiences larger fluctuations and is considered to be riskier than IGLS.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 | IGLS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 0.59% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 7.85% | 2.74% | +5.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.63% | 2.88% | +7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.31% | 2.84% | +10.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.38% | 2.25% | +12.13% |
HMWO.L vs. IGLS.L - Expense Ratio Comparison
HMWO.L has a 0.15% expense ratio, which is higher than IGLS.L's 0.07% 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. IGLS.L - Dividend Comparison
HMWO.L's dividend yield for the trailing twelve months is around 1.17%, less than IGLS.L's 1.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMWO.L HSBC MSCI World UCITS ETF | 1.17% | 1.26% | 1.41% | 1.60% | 1.75% | 1.27% | 1.55% | 1.97% | 2.11% | 1.91% | 1.84% | 1.86% |
IGLS.L iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) | 1.95% | 3.88% | 3.67% | 1.62% | 0.30% | 0.25% | 0.53% | 0.46% | 0.33% | 0.53% | 0.88% | 0.48% |
Frequently Asked Questions
HMWO.L and IGLS.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGLS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLS.L is cheaper with a 0.07% expense ratio, compared with 0.15% for HMWO.L.
HMWO.L is categorized as Global Equities, while IGLS.L is European Government Bonds. HMWO.L tracks MSCI World Index, while IGLS.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HMWO.L and 0.07% for IGLS.L.
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