HNSC.L vs. SEMI.AS

Last updated Jul 16, 2026

HNSC.L (HSBC Nasdaq Global Semiconductor UCITS ETF USD) and SEMI.AS (iShares MSCI Global Semiconductors UCITS ETF USD Acc) are both Semiconductors funds - HNSC.L tracks the Nasdaq Global Semiconductor while SEMI.AS tracks the MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index. Both are passively managed. Over the past 3 years, HNSC.L returned 54.96%/yr vs 53.01%/yr for SEMI.AS. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

HNSC.L vs. SEMI.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) and iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HNSC.L having a 81.99% return and SEMI.AS slightly higher at 85.36%.

HNSC.L

• 1D: -3.52%
• 1M: -9.59%
• 6M: 65.74%
• YTD: 81.99%
• 1Y: 138.66%
• 3Y*: 54.96%
• 5Y*: —
• 10Y*: —

SEMI.AS

• 1D: -3.38%
• 1M: -10.15%
• 6M: 68.88%
• YTD: 85.36%
• 1Y: 141.88%
• 3Y*: 53.01%
• 5Y*: —
• 10Y*: —

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

HNSC.L vs. SEMI.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD	81.99%	55.90%	17.75%	70.19%	-27.87%
SEMI.AS iShares MSCI Global Semiconductors UCITS ETF USD Acc	85.36%	52.80%	15.12%	65.80%	-25.09%

Correlation

The correlation between HNSC.L and SEMI.AS is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 26, 2022	0.97

The correlation between HNSC.L and SEMI.AS has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

HNSC.L vs. SEMI.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HNSC.L

HNSC.L Risk / Return Rank: 95
HNSC.L Sharpe Ratio Rank: 97
HNSC.L Sortino Ratio Rank: 93
HNSC.L Omega Ratio Rank: 92
HNSC.L Calmar Ratio Rank: 97
HNSC.L Martin Ratio Rank: 96

SEMI.AS

SEMI.AS Risk / Return Rank: 95
SEMI.AS Sharpe Ratio Rank: 97
SEMI.AS Sortino Ratio Rank: 94
SEMI.AS Omega Ratio Rank: 93
SEMI.AS Calmar Ratio Rank: 97
SEMI.AS Martin Ratio Rank: 96

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.

HNSC.L vs. SEMI.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) and iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS). 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.

	HNSC.L	SEMI.AS	Difference
Sharpe ratio: Return per unit of total volatility	3.53	3.65	-0.11
Sortino ratio: Return per unit of downside risk	3.79	3.87	-0.08
Omega ratio: Gain probability vs. loss probability	1.49	1.50	-0.01
Calmar ratio: Return relative to maximum drawdown	8.29	8.63	-0.35
Martin ratio: Return relative to average drawdown	26.76	28.44	-1.68

HNSC.L vs. SEMI.AS - Sharpe Ratio Comparison

The current HNSC.L Sharpe Ratio is 3.53, which is comparable to the SEMI.AS Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of HNSC.L and SEMI.AS, 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

HNSC.L vs. SEMI.AS - Drawdown Comparison

The maximum HNSC.L drawdown since its inception was -40.93%, smaller than the maximum SEMI.AS drawdown of -45.27%. Use the drawdown chart below to compare losses from any high point for HNSC.L and SEMI.AS.

Drawdown Indicators

	HNSC.L	SEMI.AS	Difference
Max Drawdown Largest peak-to-trough decline	-40.93%	-45.27%	+4.34%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-16.14%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-37.22%	-38.23%	+1.01%
Current Drawdown Current decline from peak	-15.38%	-14.95%	-0.43%
Average Drawdown Average peak-to-trough decline	-11.67%	-13.21%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	4.93%	+0.23%

Volatility

HNSC.L vs. SEMI.AS - Volatility Comparison

HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) and iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) have volatilities of 18.66% and 18.27%, 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

	HNSC.L	SEMI.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.66%	18.27%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	33.01%	32.32%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	39.04%	38.26%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.68%	32.61%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.68%	32.61%	+1.07%

HNSC.L vs. SEMI.AS - Expense Ratio Comparison

Both HNSC.L and SEMI.AS have an expense ratio of 0.35%.

Dividends

HNSC.L vs. SEMI.AS - Dividend Comparison

Neither HNSC.L nor SEMI.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HNSC.L and SEMI.AS in my portfolio?

With a correlation of 0.98, HNSC.L and SEMI.AS 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, HNSC.L or SEMI.AS?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HNSC.L or SEMI.AS?

HNSC.L and SEMI.AS have the same expense ratio: 0.35% per year.

What is the main difference between HNSC.L and SEMI.AS?

HNSC.L tracks Nasdaq Global Semiconductor, while SEMI.AS tracks MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index. They also come from different issuers: HSBC and iShares.