HNSS.L vs. USPY.L

Last updated Jul 16, 2026

HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) and USPY.L (L&G Cyber Security UCITS ETF) are both exchange-traded funds - HNSS.L is a Semiconductors fund tracking the Nasdaq Global Semiconductor Index, while USPY.L is a Technology Equities fund tracking the L&G Cyber Security UCITS ETF. Both are passively managed. Over the past 3 years, HNSS.L returned 55.41%/yr vs 28.14%/yr for USPY.L. At a 0.48 correlation, their price movements are largely independent. HNSS.L charges 0.35%/yr vs 0.69%/yr for USPY.L.

Performance

HNSS.L vs. USPY.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 L&G Cyber Security UCITS ETF (USPY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HNSS.L is traded in GBP, while USPY.L is traded in USD. To make them comparable, the USPY.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HNSS.L achieves a 87.75% return, which is significantly higher than USPY.L's 46.81% return.

HNSS.L

• 1D: 0.00%
• 1M: -6.74%
• 6M: 71.51%
• YTD: 87.75%
• 1Y: 145.96%
• 3Y*: 55.41%
• 5Y*: —
• 10Y*: —

USPY.L

• 1D: 0.00%
• 1M: 10.59%
• 6M: 49.61%
• YTD: 46.81%
• 1Y: 44.13%
• 3Y*: 28.14%
• 5Y*: 13.03%
• 10Y*: 17.04%

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

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

	2026 (YTD)	2025	2024	2023	2022
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF	87.75%	45.50%	19.96%	32.89%	-25.65%
USPY.L L&G Cyber Security UCITS ETF	46.81%	-0.08%	19.88%	35.14%	-12.62%

Correlation

The correlation between HNSS.L and USPY.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 25, 2022	0.48

The correlation between HNSS.L and USPY.L shifts across timeframes, from 0.31 (1 year) to 0.50 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HNSS.L vs. USPY.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: 89
HNSS.L Sharpe Ratio Rank: 92
HNSS.L Sortino Ratio Rank: 87
HNSS.L Omega Ratio Rank: 93
HNSS.L Calmar Ratio Rank: 93
HNSS.L Martin Ratio Rank: 81

USPY.L

USPY.L Risk / Return Rank: 59
USPY.L Sharpe Ratio Rank: 61
USPY.L Sortino Ratio Rank: 59
USPY.L Omega Ratio Rank: 62
USPY.L Calmar Ratio Rank: 64
USPY.L Martin Ratio Rank: 49

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. USPY.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 L&G Cyber Security UCITS ETF (USPY.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.

	HNSS.L	USPY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.60	+0.96
Sortino ratio: Return per unit of downside risk	3.17	2.20	+0.97
Omega ratio: Gain probability vs. loss probability	1.51	1.30	+0.22
Calmar ratio: Return relative to maximum drawdown	4.91	2.26	+2.65
Martin ratio: Return relative to average drawdown	12.35	5.61	+6.74

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

The current HNSS.L Sharpe Ratio is 2.56, which is higher than the USPY.L Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of HNSS.L and USPY.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

HNSS.L vs. USPY.L - Drawdown Comparison

The maximum HNSS.L drawdown since its inception was -41.32%, which is greater than USPY.L's maximum drawdown of -32.15%. Use the drawdown chart below to compare losses from any high point for HNSS.L and USPY.L.

Drawdown Indicators

	HNSS.L	USPY.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.32%	-32.15%	-9.17%
Max Drawdown (1Y) Largest decline over 1 year	-29.74%	-20.15%	-9.59%
Max Drawdown (3Y) Largest decline over 3 years	-36.83%	-27.83%	-9.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.15%	—
Current Drawdown Current decline from peak	-13.33%	-3.29%	-10.04%
Average Drawdown Average peak-to-trough decline	-16.28%	-8.84%	-7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.81%	8.12%	+3.69%

Volatility

HNSS.L vs. USPY.L - Volatility Comparison

HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) has a higher volatility of 18.23% compared to L&G Cyber Security UCITS ETF (USPY.L) at 11.33%. This indicates that HNSS.L's price experiences larger fluctuations and is considered to be riskier than USPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNSS.L	USPY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.23%	11.33%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	31.47%	25.50%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	56.95%	28.44%	+28.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.94%	25.29%	+13.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.94%	23.43%	+15.51%

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

HNSS.L has a 0.35% expense ratio, which is lower than USPY.L's 0.69% expense ratio.

Dividends

HNSS.L vs. USPY.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

HNSS.L and USPY.L have a correlation of 0.31, 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 USPY.L?

On fees, HNSS.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HNSS.L is cheaper with a 0.35% expense ratio, compared with 0.69% for USPY.L.

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

HNSS.L is categorized as Semiconductors, while USPY.L is Technology Equities. HNSS.L tracks Nasdaq Global Semiconductor Index, while USPY.L tracks L&G Cyber Security UCITS ETF. They also come from different issuers: HSBC and L&G. Their fees differ too: 0.35% for HNSS.L and 0.69% for USPY.L.