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HMXJ.L vs. UB20.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMXJ.L vs. UB20.L

Last updated Jun 5, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and UB20.L (UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis) are both Asia Pacific Equities funds tracking the MSCI Pacific Ex Japan NR USD, from HSBC and UBS respectively. Both are passively managed. Over the past 10 years, HMXJ.L returned 8.45%/yr vs 8.09%/yr for UB20.L. A 0.57 correlation means they provide meaningful diversification when combined. HMXJ.L charges 0.40%/yr vs 0.30%/yr for UB20.L.

Performance

HMXJ.L vs. UB20.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 UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (UB20.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with HMXJ.L having a 8.91% return and UB20.L slightly lower at 8.88%. Both investments have delivered pretty close results over the past 10 years, with HMXJ.L having a 8.45% annualized return and UB20.L not far behind at 8.09%.

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%

UB20.L

1D
-0.89%
1M
0.41%
YTD
8.88%
6M
9.55%
1Y
17.52%
3Y*
10.59%
5Y*
6.00%
10Y*
8.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMXJ.L vs. UB20.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UB20.L
UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis		8.88%12.00%6.98%-0.60%5.80%5.29%2.35%16.21%-6.21%14.50%

Correlation

The correlation between HMXJ.L and UB20.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

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

0.95

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

0.81

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

0.67

Correlation (All Time)
Calculated using the full available price history since Jul 5, 2012

0.57

Over the past year, HMXJ.L and UB20.L have become more correlated (0.97) than their long-term average of 0.57, meaning their price movements have been converging.

HMXJ.L vs. UB20.L - Sectors Allocation Comparison

Sectors
HMXJ.L
UB20.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%

Financial Services

HMXJ.L
45.1%
UB20.L
46.1%

Basic Materials

HMXJ.L
16.1%
UB20.L
14.6%

Industrials

HMXJ.L
8.5%
UB20.L
8.5%

Real Estate

HMXJ.L
7.8%
UB20.L
7.8%

Consumer Cyclical

HMXJ.L
6.3%
UB20.L
6.0%

Utilities

HMXJ.L
3.5%
UB20.L
3.6%

Healthcare

HMXJ.L
3.3%
UB20.L
3.7%

Consumer Defensive

HMXJ.L
3.0%
UB20.L
3.0%

Energy

HMXJ.L
2.7%
UB20.L
2.9%

Communication Services

HMXJ.L
2.6%
UB20.L
2.7%

Technology

HMXJ.L
1.0%
UB20.L
1.1%

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HSBC MSCI Pacific ex Japan UCITS ETF

UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis

Often compared with HMXJ.L:
HMXJ.L vs. VAPX.LHMXJ.L vs. ISF.LHMXJ.L vs. EMIM.LHMXJ.L vs. PAXJ.LHMXJ.L vs. AASG.LHMXJ.L vs. LDAG.LHMXJ.L vs. HNSS.L
Often compared with UB20.L:
UB20.L vs. EQQQ.LUB20.L vs. XKS2.LUB20.L vs. UC44.LUB20.L vs. FRIN.LUB20.L vs. ASDV.LUB20.L vs. HMEF.LUB20.L vs. IAPD.L

Return for Risk

HMXJ.L vs. UB20.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: 4848
Overall Rank
HMXJ.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
HMXJ.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
HMXJ.L Omega Ratio Rank: 4646
Omega Ratio Rank
HMXJ.L Calmar Ratio Rank: 5151
Calmar Ratio Rank
HMXJ.L Martin Ratio Rank: 4646
Martin Ratio Rank
UB20.L
UB20.L Risk / Return Rank: 4848
Overall Rank
UB20.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
UB20.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
UB20.L Omega Ratio Rank: 4646
Omega Ratio Rank
UB20.L Calmar Ratio Rank: 5050
Calmar Ratio Rank
UB20.L Martin Ratio Rank: 4747
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. UB20.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 UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (UB20.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.LUB20.LDifference
Sharpe ratioReturn per unit of total volatility
1.61
1.62

-0.01

Sortino ratioReturn per unit of downside risk
2.40
2.42

-0.01

Omega ratioGain probability vs. loss probability

1.29

1.29

0.00

Calmar ratioReturn relative to maximum drawdown

2.46

2.46

0.00

Martin ratioReturn relative to average drawdown

7.37

7.51

-0.14

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. UB20.L - Sharpe Ratio Comparison

The current HMXJ.L Sharpe Ratio is 1.61, which is comparable to the UB20.L Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of HMXJ.L and UB20.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.LUB20.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.61

1.62

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.47

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.66

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.68

-0.26

Drawdowns

HMXJ.L vs. UB20.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, which is greater than UB20.L's maximum drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and UB20.L.

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Drawdown Indicators

HMXJ.LUB20.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.30%

-30.04%

-2.26%

Max Drawdown (1Y)

Largest decline over 1 year

-7.12%

-7.32%

+0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-17.47%

-17.80%

+0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-17.65%

-17.80%

+0.15%

Max Drawdown (10Y)

Largest decline over 10 years

-32.30%

-30.04%

-2.26%

Current Drawdown

Current decline from peak

-2.76%

-3.03%

+0.27%

Average Drawdown

Average peak-to-trough decline

-6.74%

-5.59%

-1.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

2.37%

+0.01%

Volatility

HMXJ.L vs. UB20.L - Volatility Comparison

HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (UB20.L) have volatilities of 3.58% and 3.70%, 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.

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Volatility by Period

HMXJ.LUB20.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.58%

3.70%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

8.32%

8.48%

-0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

10.89%

11.12%

-0.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.80%

15.34%

-1.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.12%

18.15%

-2.03%

HMXJ.L vs. UB20.L - Expense Ratio Comparison

HMXJ.L has a 0.40% expense ratio, which is higher than UB20.L's 0.30% expense ratio.

Dividends

HMXJ.L vs. UB20.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 3.02%, more than UB20.L's 2.93% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
UB20.L
UBS ETF (LU) MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis		2.93%3.86%3.26%3.97%3.64%2.60%3.05%4.03%4.36%3.43%4.00%5.16%

Frequently Asked Questions

With a correlation of 0.97, HMXJ.L and UB20.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.

On fees, UB20.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UB20.L is cheaper with a 0.30% expense ratio, compared with 0.40% for HMXJ.L.

Both ETFs track MSCI Pacific Ex Japan NR USD. They also come from different issuers: HSBC and UBS. Their fees differ too: 0.40% for HMXJ.L and 0.30% for UB20.L.

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