HMXJ.L vs. PAXG.L

Last updated Jun 5, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and PAXG.L (Lyxor MSCI Pacific Ex Japan UCITS) are both Asia Pacific Equities funds tracking the MSCI Pacific Ex Japan NR USD, from HSBC and Amundi respectively. Both are passively managed. Over the past 5 years, HMXJ.L returned 6.07%/yr vs 1.86%/yr for PAXG.L. At a 0.45 correlation, their price movements are largely independent. HMXJ.L charges 0.40%/yr vs 0.12%/yr for PAXG.L.

Performance

HMXJ.L vs. PAXG.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 Lyxor MSCI Pacific Ex Japan UCITS (PAXG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HMXJ.L having a 8.91% return and PAXG.L slightly lower at 8.84%.

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%

PAXG.L

• 1D: -0.86%
• 1M: 0.45%
• YTD: 8.84%
• 6M: 5.98%
• 1Y: 13.70%
• 3Y*: 6.05%
• 5Y*: 1.86%
• 10Y*: —

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

HMXJ.L vs. PAXG.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%
PAXG.L Lyxor MSCI Pacific Ex Japan UCITS	8.84%	8.63%	1.48%	-3.00%	-0.45%	0.41%	0.63%	7.84%	-4.76%	9.31%

Correlation

The correlation between HMXJ.L and PAXG.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Aug 2, 2016	0.45

Over the past year, HMXJ.L and PAXG.L have become more correlated (0.94) than their long-term average of 0.45, meaning their price movements have been converging.

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

Sectors	HMXJ.L	PAXG.L
Financial Services	45.1%	46.1%
Basic Materials	16.1%	14.6%
Industrials	8.5%	8.5%
Real Estate	7.8%	7.8%
Consumer Cyclical	6.3%	6.0%
Utilities	3.5%	3.6%
Healthcare	3.3%	3.7%
Consumer Defensive	3.0%	3.0%
Energy	2.7%	2.9%
Communication Services	2.6%	2.7%
Technology	1.0%	1.1%

Return for Risk

HMXJ.L vs. PAXG.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

PAXG.L

PAXG.L Risk / Return Rank: 34
PAXG.L Sharpe Ratio Rank: 34
PAXG.L Sortino Ratio Rank: 35
PAXG.L Omega Ratio Rank: 34
PAXG.L Calmar Ratio Rank: 38
PAXG.L Martin Ratio Rank: 32

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. PAXG.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 Lyxor MSCI Pacific Ex Japan UCITS (PAXG.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	PAXG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.22	+0.39
Sortino ratio: Return per unit of downside risk	2.40	1.78	+0.63
Omega ratio: Gain probability vs. loss probability	1.29	1.23	+0.06
Calmar ratio: Return relative to maximum drawdown	2.46	1.83	+0.62
Martin ratio: Return relative to average drawdown	7.37	4.61	+2.76
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. PAXG.L - Sharpe Ratio Comparison

The current HMXJ.L Sharpe Ratio is 1.61, which is higher than the PAXG.L Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of HMXJ.L and PAXG.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	PAXG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.22	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.17	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.35	+0.07

Drawdowns

HMXJ.L vs. PAXG.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, roughly equal to the maximum PAXG.L drawdown of -31.27%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and PAXG.L.

Drawdown Indicators

	HMXJ.L	PAXG.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-31.27%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-7.45%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-21.29%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-21.29%	+3.64%
Max Drawdown (10Y) Largest decline over 10 years	-32.30%	—	—
Current Drawdown Current decline from peak	-2.76%	-3.15%	+0.39%
Average Drawdown Average peak-to-trough decline	-6.74%	-6.86%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.97%	-0.59%

Volatility

HMXJ.L vs. PAXG.L - Volatility Comparison

HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and Lyxor MSCI Pacific Ex Japan UCITS (PAXG.L) have volatilities of 3.58% and 3.60%, 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	PAXG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	3.60%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	8.91%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	11.24%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	17.63%	-3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	23.15%	-7.03%

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

HMXJ.L has a 0.40% expense ratio, which is higher than PAXG.L's 0.12% expense ratio.

Dividends

HMXJ.L vs. PAXG.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 3.02%, more than PAXG.L's 0.03% 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%
PAXG.L Lyxor MSCI Pacific Ex Japan UCITS	0.03%	0.03%	0.06%	0.04%	0.04%	0.04%	0.03%	0.04%	0.04%	0.03%	0.02%	0.00%

Frequently Asked Questions

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

With a correlation of 0.94, HMXJ.L and PAXG.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, PAXG.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PAXG.L is cheaper with a 0.12% expense ratio, compared with 0.40% for HMXJ.L.

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

Both ETFs track MSCI Pacific Ex Japan NR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.40% for HMXJ.L and 0.12% for PAXG.L.