HNSS.L vs. HPAO.L

Last updated Jun 5, 2026

HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) and HPAO.L (HSBC MSCI World Climate Paris Aligned UCITS ETF) are both exchange-traded funds - HNSS.L is a Semiconductors fund tracking the Nasdaq Global Semiconductor Index, while HPAO.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, HNSS.L returned 58.47%/yr vs 15.45%/yr for HPAO.L. A 0.73 correlation means they provide meaningful diversification when combined. HNSS.L charges 0.35%/yr vs 0.18%/yr for HPAO.L.

Performance

HNSS.L vs. HPAO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) and HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNSS.L achieves a 91.77% return, which is significantly higher than HPAO.L's 6.39% return.

HNSS.L

• 1D: -2.66%
• 1M: 21.88%
• YTD: 91.77%
• 6M: 93.25%
• 1Y: 194.16%
• 3Y*: 58.47%
• 5Y*: —
• 10Y*: —

HPAO.L

• 1D: -0.42%
• 1M: 4.81%
• YTD: 6.39%
• 6M: 6.65%
• 1Y: 22.00%
• 3Y*: 15.45%
• 5Y*: —
• 10Y*: —

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

HNSS.L vs. HPAO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF	91.77%	45.50%	19.96%	60.90%	-19.12%
HPAO.L HSBC MSCI World Climate Paris Aligned UCITS ETF	6.39%	10.30%	20.31%	18.86%	-3.95%

Correlation

The correlation between HNSS.L and HPAO.L is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022	0.73

The correlation between HNSS.L and HPAO.L has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

Return for Risk

HNSS.L vs. HPAO.L — Risk / Return Rank

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

HNSS.L

HNSS.L Risk / Return Rank: 97
HNSS.L Sharpe Ratio Rank: 98
HNSS.L Sortino Ratio Rank: 97
HNSS.L Omega Ratio Rank: 96
HNSS.L Calmar Ratio Rank: 98
HNSS.L Martin Ratio Rank: 97

HPAO.L

HPAO.L Risk / Return Rank: 56
HPAO.L Sharpe Ratio Rank: 61
HPAO.L Sortino Ratio Rank: 62
HPAO.L Omega Ratio Rank: 63
HPAO.L Calmar Ratio Rank: 45
HPAO.L Martin Ratio Rank: 48

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.

HNSS.L vs. HPAO.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 MSCI World Climate Paris Aligned UCITS ETF (HPAO.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	HPAO.L	Difference
Sharpe ratio: Return per unit of total volatility	6.08	2.04	+4.05
Sortino ratio: Return per unit of downside risk	6.01	2.85	+3.16
Omega ratio: Gain probability vs. loss probability	1.78	1.38	+0.41
Calmar ratio: Return relative to maximum drawdown	14.66	2.23	+12.43
Martin ratio: Return relative to average drawdown	50.30	7.86	+42.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNSS.L vs. HPAO.L - Sharpe Ratio Comparison

The current HNSS.L Sharpe Ratio is 6.08, which is higher than the HPAO.L Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of HNSS.L and HPAO.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

	HNSS.L	HPAO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.08	2.04	+4.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	0.76	+0.58

Drawdowns

HNSS.L vs. HPAO.L - Drawdown Comparison

The maximum HNSS.L drawdown since its inception was -36.83%, which is greater than HPAO.L's maximum drawdown of -19.46%. Use the drawdown chart below to compare losses from any high point for HNSS.L and HPAO.L.

Drawdown Indicators

	HNSS.L	HPAO.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-19.46%	-17.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.16%	-9.96%	-3.20%
Max Drawdown (3Y) Largest decline over 3 years	-36.83%	-19.46%	-17.37%
Current Drawdown Current decline from peak	-2.66%	-0.42%	-2.24%
Average Drawdown Average peak-to-trough decline	-9.55%	-4.75%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	2.83%	+1.01%

Volatility

HNSS.L vs. HPAO.L - Volatility Comparison

HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) has a higher volatility of 13.36% compared to HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) at 2.79%. This indicates that HNSS.L's price experiences larger fluctuations and is considered to be riskier than HPAO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNSS.L	HPAO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.36%	2.79%	+10.57%
Volatility (6M) Calculated over the trailing 6-month period	24.62%	7.89%	+16.73%
Volatility (1Y) Calculated over the trailing 1-year period	31.72%	10.92%	+20.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.12%	13.89%	+16.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.12%	13.89%	+16.23%

HNSS.L vs. HPAO.L - Expense Ratio Comparison

HNSS.L has a 0.35% expense ratio, which is higher than HPAO.L's 0.18% expense ratio.

Dividends

HNSS.L vs. HPAO.L - Dividend Comparison

Neither HNSS.L nor HPAO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HNSS.L and HPAO.L in my portfolio?

HNSS.L and HPAO.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HNSS.L or HPAO.L?

On fees, HPAO.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HNSS.L or HPAO.L?

HPAO.L is cheaper with a 0.18% expense ratio, compared with 0.35% for HNSS.L.

What is the main difference between HNSS.L and HPAO.L?

HNSS.L is categorized as Semiconductors, while HPAO.L is Global Equities. HNSS.L tracks Nasdaq Global Semiconductor Index, while HPAO.L tracks MSCI ACWI NR USD. Their fees differ too: 0.35% for HNSS.L and 0.18% for HPAO.L.