HMXJ.L vs. HWWA.L

Last updated Jun 5, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both exchange-traded funds - HMXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while HWWA.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, HMXJ.L returned 8.45%/yr vs 13.22%/yr for HWWA.L. A 0.73 correlation means they provide meaningful diversification when combined. HMXJ.L charges 0.40%/yr vs 0.25%/yr for HWWA.L.

Performance

HMXJ.L vs. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMXJ.L is traded in GBp, while HWWA.L is traded in GBP. To make them comparable, the HWWA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMXJ.L achieves a 8.91% return, which is significantly lower than HWWA.L's 13.69% return. Over the past 10 years, HMXJ.L has underperformed HWWA.L with an annualized return of 8.45%, while HWWA.L has yielded a comparatively higher 13.22% annualized return.

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%

HWWA.L

• 1D: -0.33%
• 1M: 5.53%
• YTD: 13.69%
• 6M: 14.69%
• 1Y: 34.30%
• 3Y*: 19.39%
• 5Y*: 12.99%
• 10Y*: 13.22%

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

HMXJ.L vs. HWWA.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%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	13.69%	16.74%	17.83%	15.71%	-7.83%	21.70%	11.03%	18.57%	-5.55%	12.89%

Correlation

The correlation between HMXJ.L and HWWA.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 9, 2014	0.73

The correlation between HMXJ.L and HWWA.L has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

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

Sectors	HMXJ.L	HWWA.L
Financial Services	45.1%	14.0%
Basic Materials	16.1%	5.8%
Industrials	8.5%	13.2%
Real Estate	7.8%	1.4%
Consumer Cyclical	6.3%	8.3%
Utilities	3.5%	2.5%
Healthcare	3.3%	5.6%
Consumer Defensive	3.0%	2.2%
Energy	2.7%	4.2%
Communication Services	2.6%	8.4%
Technology	1.0%	34.2%

Return for Risk

HMXJ.L vs. HWWA.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

HWWA.L

HWWA.L Risk / Return Rank: 91
HWWA.L Sharpe Ratio Rank: 93
HWWA.L Sortino Ratio Rank: 93
HWWA.L Omega Ratio Rank: 93
HWWA.L Calmar Ratio Rank: 88
HWWA.L Martin Ratio Rank: 91

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. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.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	HWWA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	3.34	-1.73
Sortino ratio: Return per unit of downside risk	2.40	4.56	-2.16
Omega ratio: Gain probability vs. loss probability	1.29	1.64	-0.35
Calmar ratio: Return relative to maximum drawdown	2.46	5.06	-2.61
Martin ratio: Return relative to average drawdown	7.37	21.35	-13.99
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. HWWA.L - Sharpe Ratio Comparison

The current HMXJ.L Sharpe Ratio is 1.61, which is lower than the HWWA.L Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HMXJ.L and HWWA.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	HWWA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	3.34	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	1.02	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.92	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.83	-0.41

Drawdowns

HMXJ.L vs. HWWA.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, which is greater than HWWA.L's maximum drawdown of -25.12%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and HWWA.L.

Drawdown Indicators

	HMXJ.L	HWWA.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-25.12%	-7.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-6.74%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-16.79%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-16.79%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	-32.30%	-25.12%	-7.18%
Current Drawdown Current decline from peak	-2.76%	-0.35%	-2.41%
Average Drawdown Average peak-to-trough decline	-6.74%	-3.53%	-3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	1.60%	+0.78%

Volatility

HMXJ.L vs. HWWA.L - Volatility Comparison

HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) have volatilities of 3.58% and 3.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXJ.L	HWWA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	3.48%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	7.85%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	10.23%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	12.69%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	14.32%	+1.80%

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

HMXJ.L has a 0.40% expense ratio, which is higher than HWWA.L's 0.25% expense ratio.

Dividends

HMXJ.L vs. HWWA.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 3.02%, more than HWWA.L's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	1.29%	1.43%	1.58%	1.95%	2.07%	1.48%	1.45%	2.07%	2.10%	1.86%	1.71%	1.97%

Frequently Asked Questions

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

HMXJ.L and HWWA.L have a correlation of 0.66, 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 HWWA.L?

On fees, HWWA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HWWA.L is cheaper with a 0.25% expense ratio, compared with 0.40% for HMXJ.L.

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

HMXJ.L is categorized as Asia Pacific Equities, while HWWA.L is Global Equities. HMXJ.L tracks MSCI Pacific Ex Japan NR USD, while HWWA.L tracks MSCI ACWI NR USD. Their fees differ too: 0.40% for HMXJ.L and 0.25% for HWWA.L.