HMXD.L vs. HSTE.L

Last updated Jun 5, 2026

HMXD.L (HSBC MSCI Pacific ex Japan UCITS ETF) and HSTE.L (HSBC Hang Seng Tech UCITS ETF) are both exchange-traded funds - HMXD.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while HSTE.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 5 years, HMXD.L returned 4.91%/yr vs -9.33%/yr for HSTE.L. At a 0.46 correlation, their price movements are largely independent. HMXD.L charges 0.40%/yr vs 0.50%/yr for HSTE.L.

Performance

HMXD.L vs. HSTE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) and HSBC Hang Seng Tech UCITS ETF (HSTE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMXD.L achieves a 8.48% return, which is significantly higher than HSTE.L's -10.40% return.

HMXD.L

• 1D: -0.92%
• 1M: -0.51%
• YTD: 8.48%
• 6M: 10.08%
• 1Y: 16.27%
• 3Y*: 13.45%
• 5Y*: 4.91%
• 10Y*: 7.96%

HSTE.L

• 1D: -0.67%
• 1M: 0.94%
• YTD: -10.40%
• 6M: -11.48%
• 1Y: -4.91%
• 3Y*: 9.68%
• 5Y*: -9.33%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HMXD.L vs. HSTE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HMXD.L HSBC MSCI Pacific ex Japan UCITS ETF	8.48%	20.24%	5.29%	6.26%	-4.99%	2.80%	1.85%
HSTE.L HSBC Hang Seng Tech UCITS ETF	-10.40%	24.57%	19.70%	-8.44%	-27.99%	-32.88%	4.51%

Correlation

The correlation between HMXD.L and HSTE.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Dec 11, 2020	0.46

The correlation between HMXD.L and HSTE.L has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

HMXD.L vs. HSTE.L - Sectors Allocation Comparison

Sectors	HMXD.L	HSTE.L
Financial Services	44.3%	-
Basic Materials	15.6%	-
Industrials	8.8%	-
Real Estate	7.8%	-
Consumer Cyclical	6.0%	40.8%
Healthcare	3.6%	1.9%
Energy	3.3%	-
Utilities	3.1%	-
Consumer Defensive	2.9%	-
Communication Services	2.7%	25.0%
Technology	1.0%	32.2%

Return for Risk

HMXD.L vs. HSTE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMXD.L

HMXD.L Risk / Return Rank: 37
HMXD.L Sharpe Ratio Rank: 34
HMXD.L Sortino Ratio Rank: 38
HMXD.L Omega Ratio Rank: 34
HMXD.L Calmar Ratio Rank: 41
HMXD.L Martin Ratio Rank: 39

HSTE.L

HSTE.L Risk / Return Rank: 8
HSTE.L Sharpe Ratio Rank: 7
HSTE.L Sortino Ratio Rank: 7
HSTE.L Omega Ratio Rank: 8
HSTE.L Calmar Ratio Rank: 8
HSTE.L Martin Ratio Rank: 8

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.

HMXD.L vs. HSTE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) and HSBC Hang Seng Tech UCITS ETF (HSTE.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.

	HMXD.L	HSTE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.21	-0.18	+1.39
Sortino ratio: Return per unit of downside risk	1.92	-0.07	+1.98
Omega ratio: Gain probability vs. loss probability	1.22	0.99	+0.23
Calmar ratio: Return relative to maximum drawdown	1.96	-0.16	+2.12
Martin ratio: Return relative to average drawdown	6.00	-0.30	+6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMXD.L vs. HSTE.L - Sharpe Ratio Comparison

The current HMXD.L Sharpe Ratio is 1.21, which is higher than the HSTE.L Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of HMXD.L and HSTE.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.

Sharpe Ratios by Period

	HMXD.L	HSTE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	-0.18	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	-0.24	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	-0.22	+0.65

Drawdowns

HMXD.L vs. HSTE.L - Drawdown Comparison

The maximum HMXD.L drawdown since its inception was -38.10%, smaller than the maximum HSTE.L drawdown of -74.82%. Use the drawdown chart below to compare losses from any high point for HMXD.L and HSTE.L.

Drawdown Indicators

	HMXD.L	HSTE.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.10%	-74.82%	+36.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-30.70%	+22.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-34.92%	+15.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.73%	-67.13%	+42.40%
Max Drawdown (10Y) Largest decline over 10 years	-38.10%	—	—
Current Drawdown Current decline from peak	-3.35%	-53.93%	+50.58%
Average Drawdown Average peak-to-trough decline	-7.91%	-52.77%	+44.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	16.59%	-13.83%

Volatility

HMXD.L vs. HSTE.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) is 4.66%, while HSBC Hang Seng Tech UCITS ETF (HSTE.L) has a volatility of 10.94%. This indicates that HMXD.L experiences smaller price fluctuations and is considered to be less risky than HSTE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXD.L	HSTE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	10.94%	-6.28%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	20.11%	-9.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	27.47%	-13.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	39.38%	-19.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	39.03%	-16.80%

HMXD.L vs. HSTE.L - Expense Ratio Comparison

HMXD.L has a 0.40% expense ratio, which is lower than HSTE.L's 0.50% expense ratio.

Dividends

HMXD.L vs. HSTE.L - Dividend Comparison

HMXD.L's dividend yield for the trailing twelve months is around 3.05%, while HSTE.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMXD.L HSBC MSCI Pacific ex Japan UCITS ETF	3.05%	3.30%	3.86%	4.09%	4.06%	2.81%	2.85%	3.74%	4.15%	3.09%	3.62%	4.31%
HSTE.L HSBC Hang Seng Tech UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMXD.L and HSTE.L in my portfolio?

HMXD.L and HSTE.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMXD.L or HSTE.L?

On fees, HMXD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMXD.L or HSTE.L?

HMXD.L is cheaper with a 0.40% expense ratio, compared with 0.50% for HSTE.L.

What is the main difference between HMXD.L and HSTE.L?

HMXD.L is categorized as Asia Pacific Equities, while HSTE.L is Technology Equities. HMXD.L tracks MSCI Pacific Ex Japan NR USD, while HSTE.L tracks MSCI World/Information Tech NR USD. Their fees differ too: 0.40% for HMXD.L and 0.50% for HSTE.L.