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HMXJ.L vs. ISF.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMXJ.L vs. ISF.L

Last updated Jun 4, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and ISF.L (iShares Core FTSE 100 UCITS ETF (Dist)) are both exchange-traded funds - HMXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while ISF.L is a Europe Equities fund tracking the FTSE AllSh TR GBP. Both are passively managed. Over the past 10 years, HMXJ.L returned 8.77%/yr vs 9.19%/yr for ISF.L. A 0.71 correlation means they provide meaningful diversification when combined. HMXJ.L charges 0.40%/yr vs 0.07%/yr for ISF.L.

Performance

HMXJ.L vs. ISF.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 iShares Core FTSE 100 UCITS ETF (Dist) (ISF.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HMXJ.L achieves a 9.42% return, which is significantly higher than ISF.L's 5.86% return. Both investments have delivered pretty close results over the past 10 years, with HMXJ.L having a 8.77% annualized return and ISF.L not far ahead at 9.19%.

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%

ISF.L

1D
-0.33%
1M
0.12%
YTD
5.86%
6M
8.52%
1Y
21.21%
3Y*
14.77%
5Y*
11.82%
10Y*
9.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
ISF.L
iShares Core FTSE 100 UCITS ETF (Dist)		5.86%25.97%9.28%7.81%4.83%17.68%-11.67%17.11%-8.96%13.10%

Correlation

The correlation between HMXJ.L and ISF.L is 0.59, 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

0.59

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

0.66

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

0.67

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

0.69

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2010

0.71

The correlation between HMXJ.L and ISF.L shifts across timeframes, from 0.59 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HMXJ.L
ISF.L

Financial Services

45.1%
24.8%

Basic Materials

16.1%
8.6%

Industrials

8.5%
13.8%

Real Estate

7.8%
0.9%

Consumer Cyclical

6.3%
4.7%

Utilities

3.5%
5.3%

Healthcare

3.3%
13.8%

Consumer Defensive

3.0%
12.8%

Energy

2.7%
11.9%

Communication Services

2.6%
2.6%

Technology

1.0%
0.8%

Financial Services

HMXJ.L
45.1%
ISF.L
24.8%

Basic Materials

HMXJ.L
16.1%
ISF.L
8.6%

Industrials

HMXJ.L
8.5%
ISF.L
13.8%

Real Estate

HMXJ.L
7.8%
ISF.L
0.9%

Consumer Cyclical

HMXJ.L
6.3%
ISF.L
4.7%

Utilities

HMXJ.L
3.5%
ISF.L
5.3%

Healthcare

HMXJ.L
3.3%
ISF.L
13.8%

Consumer Defensive

HMXJ.L
3.0%
ISF.L
12.8%

Energy

HMXJ.L
2.7%
ISF.L
11.9%

Communication Services

HMXJ.L
2.6%
ISF.L
2.6%

Technology

HMXJ.L
1.0%
ISF.L
0.8%

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HSBC MSCI Pacific ex Japan UCITS ETF

iShares Core FTSE 100 UCITS ETF (Dist)

Often compared with HMXJ.L:
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Often compared with ISF.L:
ISF.L vs. VUKE.LISF.L vs. HUKX.LISF.L vs. UKDV.LISF.L vs. XDAX.LISF.L vs. VUSA.ASISF.L vs. VOOISF.L vs. FEUI.L

Return for Risk

HMXJ.L vs. ISF.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: 5151
Overall Rank
HMXJ.L Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
HMXJ.L Sortino Ratio Rank: 5454
Sortino Ratio Rank
HMXJ.L Omega Ratio Rank: 5050
Omega Ratio Rank
HMXJ.L Calmar Ratio Rank: 5454
Calmar Ratio Rank
HMXJ.L Martin Ratio Rank: 4848
Martin Ratio Rank
ISF.L
ISF.L Risk / Return Rank: 5454
Overall Rank
ISF.L Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
ISF.L Sortino Ratio Rank: 5757
Sortino Ratio Rank
ISF.L Omega Ratio Rank: 6060
Omega Ratio Rank
ISF.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
ISF.L Martin Ratio Rank: 4848
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.

HMXJ.L vs. ISF.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 FTSE 100 UCITS ETF (Dist) (ISF.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.LISF.LDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.97

-0.26

Sortino ratioReturn per unit of downside risk
2.55
2.77

-0.22

Omega ratioGain probability vs. loss probability

1.31

1.37

-0.06

Calmar ratioReturn relative to maximum drawdown

2.62

2.39

+0.22

Martin ratioReturn relative to average drawdown

7.87

8.18

-0.31

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. ISF.L - Sharpe Ratio Comparison

The current HMXJ.L Sharpe Ratio is 1.71, which is comparable to the ISF.L Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of HMXJ.L and ISF.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

HMXJ.LISF.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.71

1.97

-0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

0.94

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.62

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.16

+0.26

Drawdowns

HMXJ.L vs. ISF.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, smaller than the maximum ISF.L drawdown of -68.24%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and ISF.L.

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Drawdown Indicators

HMXJ.LISF.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.30%

-68.24%

+35.94%

Max Drawdown (1Y)

Largest decline over 1 year

-7.12%

-8.82%

+1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-17.47%

-12.69%

-4.78%

Max Drawdown (5Y)

Largest decline over 5 years

-17.65%

-12.69%

-4.96%

Max Drawdown (10Y)

Largest decline over 10 years

-32.30%

-34.13%

+1.83%

Current Drawdown

Current decline from peak

-2.30%

-4.14%

+1.84%

Average Drawdown

Average peak-to-trough decline

-6.74%

-21.87%

+15.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

2.59%

-0.22%

Volatility

HMXJ.L vs. ISF.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) is 3.55%, while iShares Core FTSE 100 UCITS ETF (Dist) (ISF.L) has a volatility of 4.10%. This indicates that HMXJ.L experiences smaller price fluctuations and is considered to be less risky than ISF.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.LISF.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

4.10%

-0.55%

Volatility (6M)

Calculated over the trailing 6-month period

8.30%

9.31%

-1.01%

Volatility (1Y)

Calculated over the trailing 1-year period

10.89%

10.73%

+0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.80%

12.56%

+1.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.12%

14.84%

+1.28%

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

HMXJ.L has a 0.40% expense ratio, which is higher than ISF.L's 0.07% expense ratio.

Dividends

HMXJ.L vs. ISF.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 3.01%, more than ISF.L's 2.87% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ISF.L
iShares Core FTSE 100 UCITS ETF (Dist)		2.87%3.01%3.71%3.86%3.75%3.76%3.11%4.47%4.44%3.96%3.79%4.12%

Frequently Asked Questions

HMXJ.L and ISF.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ISF.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ISF.L is cheaper with a 0.07% expense ratio, compared with 0.40% for HMXJ.L.

HMXJ.L is categorized as Asia Pacific Equities, while ISF.L is Europe Equities. HMXJ.L tracks MSCI Pacific Ex Japan NR USD, while ISF.L tracks FTSE AllSh TR GBP. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.40% for HMXJ.L and 0.07% for ISF.L.

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