PortfoliosLab logoPortfoliosLab logo

Documentation

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

HMWO.L vs. ISWD.L

Last updated Jun 5, 2026

HMWO.L (HSBC MSCI World UCITS ETF) and ISWD.L (iShares MSCI World Islamic UCITS ETF USD (Dist)) are both Global Equities funds - HMWO.L tracks the MSCI ACWI NR USD while ISWD.L tracks the MSCI World Islamic Index. Both are passively managed. Over the past 10 years, HMWO.L returned 12.15%/yr vs 12.58%/yr for ISWD.L. Their correlation of 0.86 suggests significant overlap in exposure. HMWO.L charges 0.15%/yr vs 0.60%/yr for ISWD.L.

Performance

HMWO.L vs. ISWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI World UCITS ETF (HMWO.L) and iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.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 ISWD.L's 20.06% return. Both investments have delivered pretty close results over the past 10 years, with HMWO.L having a 12.15% annualized return and ISWD.L not far ahead at 12.58%.

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%

ISWD.L

1D
-0.25%
1M
9.64%
YTD
20.06%
6M
20.12%
1Y
38.63%
3Y*
15.87%
5Y*
13.67%
10Y*
12.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMWO.L vs. ISWD.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%
ISWD.L
iShares MSCI World Islamic UCITS ETF USD (Dist)		20.06%11.58%7.85%17.25%-0.87%23.70%5.11%17.98%-3.81%9.22%

Correlation

The correlation between HMWO.L and ISWD.L is 0.85, 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

0.85

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

0.90

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

0.91

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

0.93

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

0.86

The correlation between HMWO.L and ISWD.L has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

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

Sectors
HMWO.L
ISWD.L

Technology

30.2%
42.8%

Financial Services

15.4%
0.0%

Industrials

11.0%
12.9%

Communication Services

9.1%
0.4%

Consumer Cyclical

9.0%
6.9%

Healthcare

8.6%
10.4%

Consumer Defensive

5.2%
3.7%

Energy

4.1%
11.6%

Basic Materials

3.2%
9.6%

Utilities

2.5%
1.1%

Real Estate

1.8%
0.2%

Technology

HMWO.L
30.2%
ISWD.L
42.8%

Financial Services

HMWO.L
15.4%
ISWD.L
0.0%

Industrials

HMWO.L
11.0%
ISWD.L
12.9%

Communication Services

HMWO.L
9.1%
ISWD.L
0.4%

Consumer Cyclical

HMWO.L
9.0%
ISWD.L
6.9%

Healthcare

HMWO.L
8.6%
ISWD.L
10.4%

Consumer Defensive

HMWO.L
5.2%
ISWD.L
3.7%

Energy

HMWO.L
4.1%
ISWD.L
11.6%

Basic Materials

HMWO.L
3.2%
ISWD.L
9.6%

Utilities

HMWO.L
2.5%
ISWD.L
1.1%

Real Estate

HMWO.L
1.8%
ISWD.L
0.2%

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

iShares MSCI World Islamic UCITS ETF USD (Dist)

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 ISWD.L:
ISWD.L vs. IGDA.LISWD.L vs. SPUSISWD.L vs. HLALISWD.L vs. VOOISWD.L vs. SPWOISWD.L vs. UMMAISWD.L vs. HIWS.L

Return for Risk

HMWO.L vs. ISWD.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
ISWD.L
ISWD.L Risk / Return Rank: 9393
Overall Rank
ISWD.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
ISWD.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
ISWD.L Omega Ratio Rank: 9393
Omega Ratio Rank
ISWD.L Calmar Ratio Rank: 9494
Calmar Ratio Rank
ISWD.L Martin Ratio Rank: 9393
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. ISWD.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 MSCI World Islamic UCITS ETF USD (Dist) (ISWD.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.LISWD.LDifference
Sharpe ratioReturn per unit of total volatility
2.50
3.40

-0.90

Sortino ratioReturn per unit of downside risk
3.44
4.58

-1.14

Omega ratioGain probability vs. loss probability

1.47

1.63

-0.15

Calmar ratioReturn relative to maximum drawdown

3.82

6.98

-3.16

Martin ratioReturn relative to average drawdown

15.06

23.95

-8.89

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. ISWD.L - Sharpe Ratio Comparison

The current HMWO.L Sharpe Ratio is 2.50, which is comparable to the ISWD.L Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of HMWO.L and ISWD.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.LISWD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

3.40

-0.90

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

1.03

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.88

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.74

-0.03

Drawdowns

HMWO.L vs. ISWD.L - Drawdown Comparison

The maximum HMWO.L drawdown since its inception was -25.48%, smaller than the maximum ISWD.L drawdown of -31.52%. Use the drawdown chart below to compare losses from any high point for HMWO.L and ISWD.L.

Loading charts...

Drawdown Indicators

HMWO.LISWD.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.48%

-31.52%

+6.04%

Max Drawdown (1Y)

Largest decline over 1 year

-6.71%

-5.51%

-1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-21.00%

+1.99%

Max Drawdown (5Y)

Largest decline over 5 years

-19.01%

-21.00%

+1.99%

Max Drawdown (10Y)

Largest decline over 10 years

-25.48%

-24.90%

-0.58%

Current Drawdown

Current decline from peak

-0.13%

-0.25%

+0.12%

Average Drawdown

Average peak-to-trough decline

-4.07%

-3.60%

-0.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

1.61%

+0.10%

Volatility

HMWO.L vs. ISWD.L - Volatility Comparison

The current volatility for HSBC MSCI World UCITS ETF (HMWO.L) is 2.54%, while iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.L) has a volatility of 3.64%. This indicates that HMWO.L experiences smaller price fluctuations and is considered to be less risky than ISWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HMWO.LISWD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.54%

3.64%

-1.10%

Volatility (6M)

Calculated over the trailing 6-month period

7.34%

8.41%

-1.07%

Volatility (1Y)

Calculated over the trailing 1-year period

10.26%

11.32%

-1.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.28%

13.27%

+0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.47%

14.33%

+0.14%

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

HMWO.L has a 0.15% expense ratio, which is lower than ISWD.L's 0.60% expense ratio.

Dividends

HMWO.L vs. ISWD.L - Dividend Comparison

HMWO.L's dividend yield for the trailing twelve months is around 0.01%, less than ISWD.L's 1.27% 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%
ISWD.L
iShares MSCI World Islamic UCITS ETF USD (Dist)		1.27%1.50%1.74%1.99%2.43%1.98%1.88%2.37%2.39%2.09%2.09%2.62%

Frequently Asked Questions

HMWO.L and ISWD.L have a correlation of 0.85, 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 0.60% for ISWD.L.

HMWO.L tracks MSCI ACWI NR USD, while ISWD.L tracks MSCI World Islamic Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HMWO.L and 0.60% for ISWD.L.

Portfolio Optimizer

Find the right allocation for HMWO.L and ISWD.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