HMXJ.L vs. HMEF.L

Last updated Jun 5, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both exchange-traded funds - HMXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while HMEF.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 8.45%/yr vs 8.47%/yr for HMEF.L. A 0.76 correlation means they provide meaningful diversification when combined. HMXJ.L charges 0.40%/yr vs 0.15%/yr for HMEF.L.

Performance

HMXJ.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMXJ.L achieves a 8.91% return, which is significantly lower than HMEF.L's 25.52% return. Both investments have delivered pretty close results over the past 10 years, with HMXJ.L having a 8.45% annualized return and HMEF.L not far ahead at 8.47%.

HMXJ.L

• 1D: -0.47%
• 1M: 0.55%
• YTD: 8.91%
• 6M: 9.65%
• 1Y: 17.57%
• 3Y*: 10.62%
• 5Y*: 6.07%
• 10Y*: 8.45%

HMEF.L

• 1D: -1.66%
• 1M: 6.53%
• YTD: 25.52%
• 6M: 27.29%
• 1Y: 51.20%
• 3Y*: 17.76%
• 5Y*: 5.72%
• 10Y*: 8.47%

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

HMXJ.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	8.91%	12.37%	6.43%	0.38%	5.35%	5.41%	3.21%	13.89%	-5.45%	14.45%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	25.52%	21.88%	6.43%	-0.16%	-12.59%	-4.10%	12.68%	10.34%	-11.43%	23.56%

Correlation

The correlation between HMXJ.L and HMEF.L is 0.61, 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	0.61
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	0.72
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.76

The correlation between HMXJ.L and HMEF.L shifts across timeframes, from 0.61 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

HMXJ.L vs. HMEF.L - Sectors Allocation Comparison

Sectors	HMXJ.L	HMEF.L
Financial Services	45.1%	17.8%
Basic Materials	16.1%	5.9%
Industrials	8.5%	6.8%
Real Estate	7.8%	1.0%
Consumer Cyclical	6.3%	8.7%
Utilities	3.5%	1.9%
Healthcare	3.3%	2.6%
Consumer Defensive	3.0%	2.7%
Energy	2.7%	3.5%
Communication Services	2.6%	6.2%
Technology	1.0%	42.9%

Return for Risk

HMXJ.L vs. HMEF.L — Risk / Return Rank

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

HMXJ.L

HMXJ.L Risk / Return Rank: 48
HMXJ.L Sharpe Ratio Rank: 47
HMXJ.L Sortino Ratio Rank: 50
HMXJ.L Omega Ratio Rank: 46
HMXJ.L Calmar Ratio Rank: 51
HMXJ.L Martin Ratio Rank: 46

HMEF.L

HMEF.L Risk / Return Rank: 86
HMEF.L Sharpe Ratio Rank: 89
HMEF.L Sortino Ratio Rank: 87
HMEF.L Omega Ratio Rank: 89
HMEF.L Calmar Ratio Rank: 85
HMEF.L Martin Ratio Rank: 81

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.

HMXJ.L vs. HMEF.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 HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.99	-1.39
Sortino ratio: Return per unit of downside risk	2.40	3.88	-1.47
Omega ratio: Gain probability vs. loss probability	1.29	1.55	-0.26
Calmar ratio: Return relative to maximum drawdown	2.46	4.60	-2.15
Martin ratio: Return relative to average drawdown	7.37	15.90	-8.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMXJ.L vs. HMEF.L - Sharpe Ratio Comparison

The current HMXJ.L Sharpe Ratio is 1.61, which is lower than the HMEF.L Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of HMXJ.L and HMEF.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

	HMXJ.L	HMEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.99	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.35	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.47	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.27	+0.15

Drawdowns

HMXJ.L vs. HMEF.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, roughly equal to the maximum HMEF.L drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and HMEF.L.

Drawdown Indicators

	HMXJ.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-32.91%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-11.07%	+3.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-15.40%	-2.07%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-26.99%	+9.34%
Max Drawdown (10Y) Largest decline over 10 years	-32.30%	-30.58%	-1.72%
Current Drawdown Current decline from peak	-2.76%	-2.56%	-0.20%
Average Drawdown Average peak-to-trough decline	-6.74%	-12.28%	+5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	3.21%	-0.83%

Volatility

HMXJ.L vs. HMEF.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) is 3.58%, while HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a volatility of 7.42%. This indicates that HMXJ.L experiences smaller price fluctuations and is considered to be less risky than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXJ.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	7.42%	-3.84%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	14.61%	-6.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	17.04%	-6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	16.23%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	17.92%	-1.80%

HMXJ.L vs. HMEF.L - Expense Ratio Comparison

HMXJ.L has a 0.40% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

Dividends

HMXJ.L vs. HMEF.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 3.02%, more than HMEF.L's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	3.02%	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

Can I hold both HMXJ.L and HMEF.L in my portfolio?

HMXJ.L and HMEF.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMXJ.L or HMEF.L?

On fees, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMXJ.L or HMEF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.40% for HMXJ.L.

What is the main difference between HMXJ.L and HMEF.L?

HMXJ.L is categorized as Asia Pacific Equities, while HMEF.L is Emerging Markets Equities. HMXJ.L tracks MSCI Pacific Ex Japan NR USD, while HMEF.L tracks MSCI EM NR USD. Their fees differ too: 0.40% for HMXJ.L and 0.15% for HMEF.L.