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HMXD.L vs. UB20.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMXD.L vs. UB20.L

Last updated Jun 5, 2026

HMXD.L (HSBC MSCI Pacific ex Japan UCITS ETF) and UB20.L (UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis) are both Asia Pacific Equities funds tracking the MSCI Pacific Ex Japan NR USD, from HSBC and UBS respectively. Both are passively managed. Over the past 10 years, HMXD.L returned 7.96%/yr vs 7.39%/yr for UB20.L. At a 0.50 correlation, their price movements are largely independent. HMXD.L charges 0.40%/yr vs 0.30%/yr for UB20.L.

Performance

HMXD.L vs. UB20.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 UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (UB20.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMXD.L is traded in USD, while UB20.L is traded in GBp. To make them comparable, the UB20.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with HMXD.L having a 8.48% return and UB20.L slightly higher at 8.62%. Over the past 10 years, HMXD.L has outperformed UB20.L with an annualized return of 7.96%, while UB20.L has yielded a comparatively lower 7.39% annualized 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%

UB20.L

1D
-0.84%
1M
-0.44%
YTD
8.62%
6M
10.36%
1Y
16.40%
3Y*
13.44%
5Y*
4.88%
10Y*
7.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMXD.L vs. UB20.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HMXD.L
HSBC MSCI Pacific ex Japan UCITS ETF		8.48%20.24%5.29%6.26%-4.99%2.80%6.72%20.07%-11.50%21.80%
UB20.L
UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis		8.62%20.45%5.20%4.93%-5.76%4.34%6.60%20.51%-11.48%24.40%

Correlation

The correlation between HMXD.L and UB20.L is 0.90, 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

0.90

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

0.84

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

0.69

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

0.58

Correlation (All Time)
Calculated using the full available price history since Jul 5, 2012

0.50

Over the past year, HMXD.L and UB20.L have become more correlated (0.90) than their long-term average of 0.50, meaning their price movements have been converging.

HMXD.L vs. UB20.L - Sectors Allocation Comparison

Sectors
HMXD.L
UB20.L

Financial Services

44.3%
46.1%

Basic Materials

15.6%
14.6%

Industrials

8.8%
8.5%

Real Estate

7.8%
7.8%

Consumer Cyclical

6.0%
6.0%

Healthcare

3.6%
3.7%

Energy

3.3%
2.9%

Utilities

3.1%
3.6%

Consumer Defensive

2.9%
3.0%

Communication Services

2.7%
2.7%

Technology

1.0%
1.1%

Financial Services

HMXD.L
44.3%
UB20.L
46.1%

Basic Materials

HMXD.L
15.6%
UB20.L
14.6%

Industrials

HMXD.L
8.8%
UB20.L
8.5%

Real Estate

HMXD.L
7.8%
UB20.L
7.8%

Consumer Cyclical

HMXD.L
6.0%
UB20.L
6.0%

Healthcare

HMXD.L
3.6%
UB20.L
3.7%

Energy

HMXD.L
3.3%
UB20.L
2.9%

Utilities

HMXD.L
3.1%
UB20.L
3.6%

Consumer Defensive

HMXD.L
2.9%
UB20.L
3.0%

Communication Services

HMXD.L
2.7%
UB20.L
2.7%

Technology

HMXD.L
1.0%
UB20.L
1.1%

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HSBC MSCI Pacific ex Japan UCITS ETF

UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis

Often compared with HMXD.L:
HMXD.L vs. VOOHMXD.L vs. XKS2.LHMXD.L vs. CP9G.LHMXD.L vs. KRWL.LHMXD.L vs. ASDV.LHMXD.L vs. FLRK.LHMXD.L vs. HMEF.L
Often compared with UB20.L:
UB20.L vs. EQQQ.LUB20.L vs. XKS2.LUB20.L vs. UC44.LUB20.L vs. FRIN.LUB20.L vs. ASDV.LUB20.L vs. HMEF.LUB20.L vs. IAPD.L

Return for Risk

HMXD.L vs. UB20.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: 3737
Overall Rank
HMXD.L Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
HMXD.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
HMXD.L Omega Ratio Rank: 3434
Omega Ratio Rank
HMXD.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
HMXD.L Martin Ratio Rank: 3939
Martin Ratio Rank
UB20.L
UB20.L Risk / Return Rank: 4848
Overall Rank
UB20.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
UB20.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
UB20.L Omega Ratio Rank: 4646
Omega Ratio Rank
UB20.L Calmar Ratio Rank: 5050
Calmar Ratio Rank
UB20.L Martin Ratio Rank: 4747
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.

HMXD.L vs. UB20.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 UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (UB20.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.LUB20.LDifference
Sharpe ratioReturn per unit of total volatility
1.21
1.24

-0.04

Sortino ratioReturn per unit of downside risk
1.92
1.95

-0.03

Omega ratioGain probability vs. loss probability

1.22

1.22

0.00

Calmar ratioReturn relative to maximum drawdown

1.96

1.89

+0.07

Martin ratioReturn relative to average drawdown

6.00

6.03

-0.03

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. UB20.L - Sharpe Ratio Comparison

The current HMXD.L Sharpe Ratio is 1.21, which is comparable to the UB20.L Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of HMXD.L and UB20.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

HMXD.LUB20.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.21

1.24

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.31

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.55

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.53

-0.10

Drawdowns

HMXD.L vs. UB20.L - Drawdown Comparison

The maximum HMXD.L drawdown since its inception was -38.10%, which is greater than UB20.L's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for HMXD.L and UB20.L.

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Drawdown Indicators

HMXD.LUB20.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.10%

-35.62%

-2.48%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

-8.89%

+0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-19.32%

+0.39%

Max Drawdown (5Y)

Largest decline over 5 years

-24.73%

-25.35%

+0.62%

Max Drawdown (10Y)

Largest decline over 10 years

-38.10%

-35.62%

-2.48%

Current Drawdown

Current decline from peak

-3.35%

-3.45%

+0.10%

Average Drawdown

Average peak-to-trough decline

-7.91%

-7.17%

-0.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

2.76%

0.00%

Volatility

HMXD.L vs. UB20.L - Volatility Comparison

HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) has a higher volatility of 4.66% compared to UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (UB20.L) at 4.27%. This indicates that HMXD.L's price experiences larger fluctuations and is considered to be riskier than UB20.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMXD.LUB20.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.66%

4.27%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

10.68%

+0.31%

Volatility (1Y)

Calculated over the trailing 1-year period

13.98%

13.57%

+0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.97%

18.88%

+1.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.23%

20.06%

+2.17%

HMXD.L vs. UB20.L - Expense Ratio Comparison

HMXD.L has a 0.40% expense ratio, which is higher than UB20.L's 0.30% expense ratio.

Dividends

HMXD.L vs. UB20.L - Dividend Comparison

HMXD.L's dividend yield for the trailing twelve months is around 3.05%, more than UB20.L's 2.93% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
UB20.L
UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis		2.93%3.86%3.26%3.97%3.64%2.60%3.05%4.03%4.36%3.43%4.00%5.16%

Frequently Asked Questions

With a correlation of 0.90, HMXD.L and UB20.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, UB20.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UB20.L is cheaper with a 0.30% expense ratio, compared with 0.40% for HMXD.L.

Both ETFs track MSCI Pacific Ex Japan NR USD. They also come from different issuers: HSBC and UBS. Their fees differ too: 0.40% for HMXD.L and 0.30% for UB20.L.

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