HMXJ.L vs. EMIM.L
HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) are both exchange-traded funds - HMXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while EMIM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, HMXJ.L returned 8.77%/yr vs 11.46%/yr for EMIM.L. A 0.74 correlation means they provide meaningful diversification when combined. HMXJ.L charges 0.40%/yr vs 0.18%/yr for EMIM.L.
Performance
HMXJ.L vs. EMIM.L - Performance Comparison
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Returns By Period
In the year-to-date period, HMXJ.L achieves a 9.42% return, which is significantly lower than EMIM.L's 25.92% return. Over the past 10 years, HMXJ.L has underperformed EMIM.L with an annualized return of 8.77%, while EMIM.L has yielded a comparatively higher 11.46% annualized return.
HMXJ.L
- 1D
- -0.70%
- 1M
- 0.87%
- YTD
- 9.42%
- 6M
- 10.64%
- 1Y
- 18.71%
- 3Y*
- 10.87%
- 5Y*
- 6.17%
- 10Y*
- 8.77%
EMIM.L
- 1D
- -1.05%
- 1M
- 9.44%
- YTD
- 25.92%
- 6M
- 28.17%
- 1Y
- 54.25%
- 3Y*
- 20.67%
- 5Y*
- 9.05%
- 10Y*
- 11.46%
HMXJ.L vs. EMIM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF | 9.42% | 12.37% | 6.43% | 0.38% | 5.35% | 5.41% | 3.21% | 13.89% | -5.45% | 14.45% |
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 25.92% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 14.91% | 12.69% | -9.32% | 24.72% |
Correlation
The correlation between HMXJ.L and EMIM.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2014 | 0.74 |
The correlation between HMXJ.L and EMIM.L shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HMXJ.L vs. EMIM.L — Risk / Return Rank
HMXJ.L
EMIM.L
HMXJ.L vs. EMIM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.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.
| HMXJ.L | EMIM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.61 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 4.94 | -2.33 |
| Martin ratioReturn relative to average drawdown | 7.87 | 17.69 | -9.83 |
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
| HMXJ.L | EMIM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 3.25 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.57 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.64 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.50 | -0.07 |
Drawdowns
HMXJ.L vs. EMIM.L - Drawdown Comparison
The maximum HMXJ.L drawdown since its inception was -32.30%, roughly equal to the maximum EMIM.L drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and EMIM.L.
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Drawdown Indicators
| HMXJ.L | EMIM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.30% | -31.70% | -0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -7.12% | -10.92% | +3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -17.47% | -15.56% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -17.65% | -21.98% | +4.33% |
Max Drawdown (10Y)Largest decline over 10 years | -32.30% | -26.46% | -5.84% |
Current DrawdownCurrent decline from peak | -2.30% | -1.05% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -6.74% | -8.71% | +1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 3.06% | -0.69% |
Volatility
HMXJ.L vs. EMIM.L - Volatility Comparison
The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) is 3.55%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a volatility of 7.09%. This indicates that HMXJ.L experiences smaller price fluctuations and is considered to be less risky than EMIM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMXJ.L | EMIM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 7.09% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 8.30% | 14.06% | -5.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.89% | 16.61% | -5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.80% | 15.81% | -2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 17.81% | -1.69% |
HMXJ.L vs. EMIM.L - Expense Ratio Comparison
HMXJ.L has a 0.40% expense ratio, which is higher than EMIM.L's 0.18% expense ratio.
Dividends
HMXJ.L vs. EMIM.L - Dividend Comparison
HMXJ.L's dividend yield for the trailing twelve months is around 3.01%, while EMIM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF | 3.01% | 3.43% | 3.80% | 4.13% | 3.79% | 2.71% | 3.05% | 3.88% | 3.80% | 3.23% | 3.32% | 4.03% |
Frequently Asked Questions
HMXJ.L and EMIM.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMIM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMIM.L is cheaper with a 0.18% expense ratio, compared with 0.40% for HMXJ.L.
HMXJ.L is categorized as Asia Pacific Equities, while EMIM.L is Emerging Markets Equities. HMXJ.L tracks MSCI Pacific Ex Japan NR USD, while EMIM.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.40% for HMXJ.L and 0.18% for EMIM.L.
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