HNSS.L vs. HNSC.L
HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) and HNSC.L (HSBC Nasdaq Global Semiconductor UCITS ETF USD) are both Semiconductors funds from HSBC - HNSS.L tracks the Nasdaq Global Semiconductor Index while HNSC.L tracks the Nasdaq Global Semiconductor. Both are passively managed. Over the past 3 years, HNSS.L returned 59.57%/yr vs 59.76%/yr for HNSC.L. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
HNSS.L vs. HNSC.L - Performance Comparison
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Different Trading Currencies
HNSS.L is traded in GBP, while HNSC.L is traded in USD. To make them comparable, the HNSC.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with HNSS.L having a 97.02% return and HNSC.L slightly higher at 99.08%.
HNSS.L
- 1D
- 1.61%
- 1M
- 31.57%
- YTD
- 97.02%
- 6M
- 99.27%
- 1Y
- 206.01%
- 3Y*
- 59.57%
- 5Y*
- —
- 10Y*
- —
HNSC.L
- 1D
- 1.90%
- 1M
- 31.47%
- YTD
- 99.08%
- 6M
- 100.49%
- 1Y
- 207.64%
- 3Y*
- 59.76%
- 5Y*
- —
- 10Y*
- —
HNSS.L vs. HNSC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF | 97.02% | 45.50% | 19.96% | 60.90% | -18.97% |
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD | 99.08% | 44.73% | 19.77% | 46.55% | -10.81% |
Correlation
The correlation between HNSS.L and HNSC.L 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 | 0.92 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022 | 0.76 |
Over the past year, HNSS.L and HNSC.L have become more correlated (0.98) than their long-term average of 0.76, meaning their price movements have been converging.
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Return for Risk
HNSS.L vs. HNSC.L — Risk / Return Rank
HNSS.L
HNSC.L
HNSS.L vs. HNSC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) and HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.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.
| HNSS.L | HNSC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.80 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 15.56 | 15.50 | +0.06 |
| Martin ratioReturn relative to average drawdown | 53.42 | 53.19 | +0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HNSS.L | HNSC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.48 | 6.39 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.37 | 1.77 | -0.41 |
Drawdowns
HNSS.L vs. HNSC.L - Drawdown Comparison
The maximum HNSS.L drawdown since its inception was -36.83%, roughly equal to the maximum HNSC.L drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for HNSS.L and HNSC.L.
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Drawdown Indicators
| HNSS.L | HNSC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.83% | -36.91% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -13.16% | -13.31% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -36.83% | -36.91% | +0.08% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -8.69% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.89% | -0.05% |
Volatility
HNSS.L vs. HNSC.L - Volatility Comparison
HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) and HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) have volatilities of 13.37% and 13.82%, 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
| HNSS.L | HNSC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.37% | 13.82% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 24.40% | 25.06% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.66% | 32.34% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.10% | 35.49% | -5.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.10% | 35.49% | -5.39% |
HNSS.L vs. HNSC.L - Expense Ratio Comparison
Both HNSS.L and HNSC.L have an expense ratio of 0.35%.
Dividends
HNSS.L vs. HNSC.L - Dividend Comparison
Neither HNSS.L nor HNSC.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, HNSS.L and HNSC.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.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HNSS.L and HNSC.L have the same expense ratio: 0.35% per year.
HNSS.L tracks Nasdaq Global Semiconductor Index, while HNSC.L tracks Nasdaq Global Semiconductor.
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