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

HPAE.L vs. IMIB.L

Last updated Jun 5, 2026

HPAE.L (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and IMIB.L (iShares FTSE MIB UCITS ETF EUR (Dist)) are both Europe Equities funds - HPAE.L tracks the MSCI Europe NR EUR while IMIB.L tracks the FTSE Italia AllShare TR EUR. Both are passively managed. Over the past 3 years, HPAE.L returned 11.40%/yr vs 23.85%/yr for IMIB.L. A 0.79 correlation means they provide meaningful diversification when combined. HPAE.L charges 0.15%/yr vs 0.35%/yr for IMIB.L.

Performance

HPAE.L vs. IMIB.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 iShares FTSE MIB UCITS ETF EUR (Dist) (IMIB.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 IMIB.L is traded in GBp. To make them comparable, the IMIB.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 IMIB.L's 11.33% return.

HPAE.L

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

IMIB.L

1D
0.02%
1M
2.98%
YTD
11.33%
6M
14.60%
1Y
28.71%
3Y*
23.85%
5Y*
15.08%
10Y*
12.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HPAE.L vs. IMIB.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%
IMIB.L
iShares FTSE MIB UCITS ETF EUR (Dist)		11.33%38.08%8.33%25.41%-7.28%3.11%

Correlation

The correlation between HPAE.L and IMIB.L is 0.78, 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

0.78

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

0.78

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

0.79

The correlation between HPAE.L and IMIB.L has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

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

Sectors
HPAE.L
IMIB.L

Financial Services

24.0%
45.2%

Industrials

22.6%
10.8%

Healthcare

15.4%
1.1%

Technology

11.2%
4.6%

Consumer Cyclical

5.5%
10.0%

Utilities

5.5%
17.2%

Consumer Defensive

5.3%
0.5%

Basic Materials

4.0%
0.6%

Real Estate

3.6%
0.3%

Communication Services

3.0%
1.1%

Energy

0.1%
8.8%

Financial Services

HPAE.L
24.0%
IMIB.L
45.2%

Industrials

HPAE.L
22.6%
IMIB.L
10.8%

Healthcare

HPAE.L
15.4%
IMIB.L
1.1%

Technology

HPAE.L
11.2%
IMIB.L
4.6%

Consumer Cyclical

HPAE.L
5.5%
IMIB.L
10.0%

Utilities

HPAE.L
5.5%
IMIB.L
17.2%

Consumer Defensive

HPAE.L
5.3%
IMIB.L
0.5%

Basic Materials

HPAE.L
4.0%
IMIB.L
0.6%

Real Estate

HPAE.L
3.6%
IMIB.L
0.3%

Communication Services

HPAE.L
3.0%
IMIB.L
1.1%

Energy

HPAE.L
0.1%
IMIB.L
8.8%

Compare stocks, funds, or ETFs

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HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc

iShares FTSE MIB UCITS ETF EUR (Dist)

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 IMIB.L:
IMIB.L vs. ESIF.LIMIB.L vs. SPMOIMIB.L vs. X7PP.LIMIB.L vs. VOOIMIB.L vs. BNKE.LIMIB.L vs. PSRE.LIMIB.L vs. EEIP.L

Return for Risk

HPAE.L vs. IMIB.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
IMIB.L
IMIB.L Risk / Return Rank: 5555
Overall Rank
IMIB.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IMIB.L Sortino Ratio Rank: 5454
Sortino Ratio Rank
IMIB.L Omega Ratio Rank: 5454
Omega Ratio Rank
IMIB.L Calmar Ratio Rank: 5757
Calmar Ratio Rank
IMIB.L Martin Ratio Rank: 5454
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. IMIB.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 iShares FTSE MIB UCITS ETF EUR (Dist) (IMIB.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.LIMIB.LDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.87

-0.70

Sortino ratioReturn per unit of downside risk
1.67
2.56

-0.89

Omega ratioGain probability vs. loss probability

1.22

1.33

-0.11

Calmar ratioReturn relative to maximum drawdown

1.30

2.78

-1.48

Martin ratioReturn relative to average drawdown

4.43

9.17

-4.73

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. IMIB.L - Sharpe Ratio Comparison

The current HPAE.L Sharpe Ratio is 1.16, which is lower than the IMIB.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of HPAE.L and IMIB.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.LIMIB.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

1.87

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.83

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.61

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.11

+0.44

Drawdowns

HPAE.L vs. IMIB.L - Drawdown Comparison

The maximum HPAE.L drawdown since its inception was -19.88%, smaller than the maximum IMIB.L drawdown of -65.01%. Use the drawdown chart below to compare losses from any high point for HPAE.L and IMIB.L.

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Drawdown Indicators

HPAE.LIMIB.LDifference

Max Drawdown

Largest peak-to-trough decline

-19.88%

-65.01%

+45.13%

Max Drawdown (1Y)

Largest decline over 1 year

-11.63%

-10.28%

-1.35%

Max Drawdown (3Y)

Largest decline over 3 years

-12.44%

-15.58%

+3.14%

Max Drawdown (5Y)

Largest decline over 5 years

—

-26.95%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.60%

—

Current Drawdown

Current decline from peak

-2.36%

-0.64%

-1.72%

Average Drawdown

Average peak-to-trough decline

-4.37%

-31.09%

+26.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.41%

3.12%

+0.29%

Volatility

HPAE.L vs. IMIB.L - Volatility Comparison

The current volatility for HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) is 4.41%, while iShares FTSE MIB UCITS ETF EUR (Dist) (IMIB.L) has a volatility of 4.94%. This indicates that HPAE.L experiences smaller price fluctuations and is considered to be less risky than IMIB.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.LIMIB.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

4.94%

-0.53%

Volatility (6M)

Calculated over the trailing 6-month period

10.96%

12.23%

-1.27%

Volatility (1Y)

Calculated over the trailing 1-year period

12.98%

15.32%

-2.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.32%

18.12%

-3.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.32%

19.71%

-5.39%

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

HPAE.L has a 0.15% expense ratio, which is lower than IMIB.L's 0.35% expense ratio.

Dividends

HPAE.L vs. IMIB.L - Dividend Comparison

HPAE.L has not paid dividends to shareholders, while IMIB.L's dividend yield for the trailing twelve months is around 0.04%.

PositionTTM20252024202320222021202020192018201720162015
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%
IMIB.L
iShares FTSE MIB UCITS ETF EUR (Dist)		0.04%0.04%0.05%0.04%0.04%0.03%0.01%0.03%0.03%0.02%0.03%0.02%

Frequently Asked Questions

HPAE.L and IMIB.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HPAE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HPAE.L is cheaper with a 0.15% expense ratio, compared with 0.35% for IMIB.L.

HPAE.L tracks MSCI Europe NR EUR, while IMIB.L tracks FTSE Italia AllShare TR EUR. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HPAE.L and 0.35% for IMIB.L.

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