HMXJ.L vs. JRCD.L

Last updated Jul 16, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and JRCD.L (JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)) are both exchange-traded funds - HMXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while JRCD.L is a China Equities fund tracking the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 3 years, HMXJ.L returned 11.71%/yr vs 10.37%/yr for JRCD.L. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

HMXJ.L vs. JRCD.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 JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRCD.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 10.71% return, which is significantly lower than JRCD.L's 10,979.85% return.

HMXJ.L

• 1D: -0.08%
• 1M: 1.57%
• 6M: 9.05%
• YTD: 10.71%
• 1Y: 15.88%
• 3Y*: 11.71%
• 5Y*: 6.57%
• 10Y*: 6.55%

JRCD.L

• 1D: 0.00%
• 1M: 9,816.71%
• 6M: 7.77%
• YTD: 10,979.85%
• 1Y: 33.87%
• 3Y*: 10.37%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	10.71%	12.37%	6.43%	0.38%	6.69%
JRCD.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	10,979.85%	-98.80%	11.42%	-17.74%	-9.39%

Correlation

The correlation between HMXJ.L and JRCD.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 21, 2022	0.38

Return for Risk

HMXJ.L vs. JRCD.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: 49
HMXJ.L Sharpe Ratio Rank: 49
HMXJ.L Sortino Ratio Rank: 51
HMXJ.L Omega Ratio Rank: 48
HMXJ.L Calmar Ratio Rank: 54
HMXJ.L Martin Ratio Rank: 45

JRCD.L

JRCD.L Risk / Return Rank: 47
JRCD.L Sharpe Ratio Rank: 9
JRCD.L Sortino Ratio Rank: 100
JRCD.L Omega Ratio Rank: 100
JRCD.L Calmar Ratio Rank: 14
JRCD.L Martin Ratio Rank: 13

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. JRCD.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 JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRCD.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HMXJ.L	JRCD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.40	0.00	+1.40
Sortino ratio: Return per unit of downside risk	2.09	280.67	-278.58
Omega ratio: Gain probability vs. loss probability	1.25	90.62	-89.37
Calmar ratio: Return relative to maximum drawdown	2.22	0.35	+1.87
Martin ratio: Return relative to average drawdown	6.03	0.69	+5.34

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

The current HMXJ.L Sharpe Ratio is 1.40, which is higher than the JRCD.L Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of HMXJ.L and JRCD.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.

Drawdowns

HMXJ.L vs. JRCD.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, smaller than the maximum JRCD.L drawdown of -99.20%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and JRCD.L.

Drawdown Indicators

	HMXJ.L	JRCD.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-99.20%	+66.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-99.06%	+91.94%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-99.15%	+81.68%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.30%	—	—
Current Drawdown Current decline from peak	-1.15%	-5.07%	+3.92%
Average Drawdown Average peak-to-trough decline	-6.78%	-22.44%	+15.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	49.56%	-46.93%

Volatility

HMXJ.L vs. JRCD.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) is 2.52%, while JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRCD.L) has a volatility of 458.10%. This indicates that HMXJ.L experiences smaller price fluctuations and is considered to be less risky than JRCD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXJ.L	JRCD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	458.10%	-455.58%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	1,384.00%	-1,375.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	27,639.02%	-27,627.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	13,289.67%	-13,275.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	13,289.67%	-13,273.95%

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

Both HMXJ.L and JRCD.L have an expense ratio of 0.40%.

Dividends

HMXJ.L vs. JRCD.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 2.97%, more than JRCD.L's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	2.97%	3.43%	3.80%	4.13%	3.79%	2.71%	3.05%	2.22%	0.00%	1.49%	3.32%	4.03%
JRCD.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	1.62%	203.95%	1.97%	1.67%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HMXJ.L and JRCD.L have a correlation of 0.32, 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 JRCD.L?

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

HMXJ.L and JRCD.L have the same expense ratio: 0.40% per year.

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

HMXJ.L is categorized as Asia Pacific Equities, while JRCD.L is China Equities. HMXJ.L tracks MSCI Pacific Ex Japan NR USD, while JRCD.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: HSBC and JPMorgan.