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HPAE.L vs. HMWO.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HPAE.L vs. HMWO.L

Last updated Jun 5, 2026

HPAE.L (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and HMWO.L (HSBC MSCI World UCITS ETF) are both exchange-traded funds - HPAE.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while HMWO.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, HPAE.L returned 11.40%/yr vs 16.04%/yr for HMWO.L. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

HPAE.L vs. HMWO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) and HSBC MSCI World UCITS ETF (HMWO.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HPAE.L is traded in GBP, while HMWO.L is traded in GBp. To make them comparable, the HMWO.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HPAE.L achieves a 5.23% return, which is significantly lower than HMWO.L's 9.53% return.

HPAE.L

1D
0.64%
1M
3.32%
YTD
5.23%
6M
7.30%
1Y
15.16%
3Y*
11.40%
5Y*
—
10Y*
—

HMWO.L

1D
0.16%
1M
5.13%
YTD
9.53%
6M
9.79%
1Y
25.75%
3Y*
16.04%
5Y*
11.42%
10Y*
12.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HPAE.L vs. HMWO.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HPAE.L
HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc		5.23%21.41%2.17%14.70%-7.82%4.35%
HMWO.L
HSBC MSCI World UCITS ETF		9.53%11.10%19.31%15.79%-10.00%7.64%

Correlation

The correlation between HPAE.L and HMWO.L is 0.74, 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

0.74

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2021

0.73

The correlation between HPAE.L and HMWO.L has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

HPAE.L vs. HMWO.L - Sectors Allocation Comparison

Sectors
HPAE.L
HMWO.L

Financial Services

24.0%
15.4%

Industrials

22.6%
11.0%

Healthcare

15.4%
8.6%

Technology

11.2%
30.2%

Consumer Cyclical

5.5%
9.0%

Utilities

5.5%
2.5%

Consumer Defensive

5.3%
5.2%

Basic Materials

4.0%
3.2%

Real Estate

3.6%
1.8%

Communication Services

3.0%
9.1%

Energy

0.1%
4.1%

Financial Services

HPAE.L
24.0%
HMWO.L
15.4%

Industrials

HPAE.L
22.6%
HMWO.L
11.0%

Healthcare

HPAE.L
15.4%
HMWO.L
8.6%

Technology

HPAE.L
11.2%
HMWO.L
30.2%

Consumer Cyclical

HPAE.L
5.5%
HMWO.L
9.0%

Utilities

HPAE.L
5.5%
HMWO.L
2.5%

Consumer Defensive

HPAE.L
5.3%
HMWO.L
5.2%

Basic Materials

HPAE.L
4.0%
HMWO.L
3.2%

Real Estate

HPAE.L
3.6%
HMWO.L
1.8%

Communication Services

HPAE.L
3.0%
HMWO.L
9.1%

Energy

HPAE.L
0.1%
HMWO.L
4.1%

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HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc

HSBC MSCI World UCITS ETF

Often compared with HPAE.L:
HPAE.L vs. FLXD.LHPAE.L vs. 500P.LHPAE.L vs. CS1.LHPAE.L vs. HMUD.LHPAE.L vs. HSPX.LHPAE.L vs. CEUR.LHPAE.L vs. HSTE.L
Often compared with HMWO.L:
HMWO.L vs. VWRL.LHMWO.L vs. VWRP.LHMWO.L vs. VEVE.LHMWO.L vs. IWRD.LHMWO.L vs. SWDA.LHMWO.L vs. FWRGHMWO.L vs. GGRP.L

Return for Risk

HPAE.L vs. HMWO.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HPAE.L
HPAE.L Risk / Return Rank: 3131
Overall Rank
HPAE.L Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
HPAE.L Sortino Ratio Rank: 3232
Sortino Ratio Rank
HPAE.L Omega Ratio Rank: 3333
Omega Ratio Rank
HPAE.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
HPAE.L Martin Ratio Rank: 3131
Martin Ratio Rank
HMWO.L
HMWO.L Risk / Return Rank: 7878
Overall Rank
HMWO.L Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HMWO.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
HMWO.L Omega Ratio Rank: 8080
Omega Ratio Rank
HMWO.L Calmar Ratio Rank: 7777
Calmar Ratio Rank
HMWO.L Martin Ratio Rank: 7878
Martin Ratio Rank
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.

HPAE.L vs. HMWO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) and HSBC MSCI World UCITS ETF (HMWO.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.

HPAE.LHMWO.LDifference
Sharpe ratioReturn per unit of total volatility
1.16
2.50

-1.33

Sortino ratioReturn per unit of downside risk
1.67
3.44

-1.77

Omega ratioGain probability vs. loss probability

1.22

1.47

-0.25

Calmar ratioReturn relative to maximum drawdown

1.30

3.82

-2.52

Martin ratioReturn relative to average drawdown

4.43

15.06

-10.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPAE.L vs. HMWO.L - Sharpe Ratio Comparison

The current HPAE.L Sharpe Ratio is 1.16, which is lower than the HMWO.L Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HPAE.L and HMWO.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.

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Sharpe Ratios by Period

HPAE.LHMWO.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

2.50

-1.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.86

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.84

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.72

-0.17

Drawdowns

HPAE.L vs. HMWO.L - Drawdown Comparison

The maximum HPAE.L drawdown since its inception was -19.88%, smaller than the maximum HMWO.L drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for HPAE.L and HMWO.L.

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Drawdown Indicators

HPAE.LHMWO.LDifference

Max Drawdown

Largest peak-to-trough decline

-19.88%

-25.48%

+5.60%

Max Drawdown (1Y)

Largest decline over 1 year

-11.63%

-6.71%

-4.92%

Max Drawdown (3Y)

Largest decline over 3 years

-12.44%

-19.01%

+6.57%

Max Drawdown (5Y)

Largest decline over 5 years

—

-19.01%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.48%

—

Current Drawdown

Current decline from peak

-2.36%

-0.13%

-2.23%

Average Drawdown

Average peak-to-trough decline

-4.37%

-4.07%

-0.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.41%

1.71%

+1.70%

Volatility

HPAE.L vs. HMWO.L - Volatility Comparison

HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) has a higher volatility of 4.41% compared to HSBC MSCI World UCITS ETF (HMWO.L) at 2.54%. This indicates that HPAE.L's price experiences larger fluctuations and is considered to be riskier than HMWO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HPAE.LHMWO.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

2.54%

+1.87%

Volatility (6M)

Calculated over the trailing 6-month period

10.96%

7.34%

+3.62%

Volatility (1Y)

Calculated over the trailing 1-year period

12.98%

10.26%

+2.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.32%

13.28%

+1.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.32%

14.47%

-0.15%

HPAE.L vs. HMWO.L - Expense Ratio Comparison

Both HPAE.L and HMWO.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HPAE.L vs. HMWO.L - Dividend Comparison

HPAE.L has not paid dividends to shareholders, while HMWO.L's dividend yield for the trailing twelve months is around 0.01%.

PositionTTM20252024202320222021202020192018201720162015
HMWO.L
HSBC MSCI World UCITS ETF		0.01%0.01%0.01%0.02%0.02%0.01%0.02%0.02%0.02%0.02%0.02%0.02%
HPAE.L
HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc		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

HPAE.L and HMWO.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HPAE.L and HMWO.L have the same expense ratio: 0.15% per year.

HPAE.L is categorized as Europe Equities, while HMWO.L is Global Equities. HPAE.L tracks MSCI Europe NR EUR, while HMWO.L tracks MSCI ACWI NR USD.

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