HMXJ.L vs. XCHA.L

Last updated Jul 16, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and XCHA.L (Xtrackers CSI 300 Swap UCITS ETF 1C) are both exchange-traded funds - HMXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while XCHA.L is a China Equities fund tracking the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 10 years, HMXJ.L returned 6.55%/yr vs 8.36%/yr for XCHA.L. At a 0.47 correlation, their price movements are largely independent. HMXJ.L charges 0.40%/yr vs 0.50%/yr for XCHA.L.

Performance

HMXJ.L vs. XCHA.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 Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMXJ.L is traded in GBp, while XCHA.L is traded in USD. To make them comparable, the XCHA.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 10.71% return, which is significantly higher than XCHA.L's 9.34% return. Over the past 10 years, HMXJ.L has underperformed XCHA.L with an annualized return of 6.55%, while XCHA.L has yielded a comparatively higher 8.36% annualized 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%

XCHA.L

• 1D: -1.27%
• 1M: -2.46%
• 6M: 6.35%
• YTD: 9.34%
• 1Y: 32.54%
• 3Y*: 12.94%
• 5Y*: 3.04%
• 10Y*: 8.36%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	10.71%	12.37%	6.43%	0.38%	5.35%	5.41%	3.21%	11.89%	-8.72%	12.44%
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	9.34%	20.84%	18.03%	-15.45%	-15.25%	4.22%	41.57%	35.22%	-19.77%	23.51%

Correlation

The correlation between HMXJ.L and XCHA.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 27, 2012	0.47

The correlation between HMXJ.L and XCHA.L shifts across timeframes, from 0.39 (3 years) to 0.49 (10 years), reflecting how their relationship changes across market environments.

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

Sectors	HMXJ.L	XCHA.L
Financial Services	44.9%	18.8%
Basic Materials	17.1%	9.1%
Industrials	8.4%	16.0%
Real Estate	7.4%	0.4%
Consumer Cyclical	6.2%	6.2%
Utilities	3.5%	2.9%
Healthcare	3.3%	4.3%
Consumer Defensive	2.9%	6.6%
Energy	2.7%	2.7%
Communication Services	2.6%	1.5%
Technology	1.0%	31.6%

Return for Risk

HMXJ.L vs. XCHA.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

XCHA.L

XCHA.L Risk / Return Rank: 76
XCHA.L Sharpe Ratio Rank: 68
XCHA.L Sortino Ratio Rank: 68
XCHA.L Omega Ratio Rank: 66
XCHA.L Calmar Ratio Rank: 92
XCHA.L Martin Ratio Rank: 84

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. XCHA.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 Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.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	XCHA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.73	-0.33
Sortino ratio: Return per unit of downside risk	2.09	2.36	-0.28
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.22	4.18	-1.96
Martin ratio: Return relative to average drawdown	6.03	12.31	-6.28

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

The current HMXJ.L Sharpe Ratio is 1.40, which is comparable to the XCHA.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of HMXJ.L and XCHA.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. XCHA.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, smaller than the maximum XCHA.L drawdown of -47.44%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and XCHA.L.

Drawdown Indicators

	HMXJ.L	XCHA.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-47.44%	+15.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-7.75%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-24.79%	+7.32%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-36.94%	+19.29%
Max Drawdown (10Y) Largest decline over 10 years	-32.30%	-39.50%	+7.20%
Current Drawdown Current decline from peak	-1.15%	-6.86%	+5.71%
Average Drawdown Average peak-to-trough decline	-6.78%	-18.39%	+11.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.64%	-0.01%

Volatility

HMXJ.L vs. XCHA.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) is 2.52%, while Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) has a volatility of 8.78%. This indicates that HMXJ.L experiences smaller price fluctuations and is considered to be less risky than XCHA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXJ.L	XCHA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	8.78%	-6.26%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	14.31%	-5.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	18.77%	-7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	21.72%	-7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	22.57%	-6.85%

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

HMXJ.L has a 0.40% expense ratio, which is lower than XCHA.L's 0.50% expense ratio.

Dividends

HMXJ.L vs. XCHA.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 2.97%, while XCHA.L has not paid dividends to shareholders.

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%
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HMXJ.L and XCHA.L have a correlation of 0.39, 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 XCHA.L?

On fees, HMXJ.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HMXJ.L is cheaper with a 0.40% expense ratio, compared with 0.50% for XCHA.L.

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

HMXJ.L is categorized as Asia Pacific Equities, while XCHA.L is China Equities. HMXJ.L tracks MSCI Pacific Ex Japan NR USD, while XCHA.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.40% for HMXJ.L and 0.50% for XCHA.L.