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

HPAE.L vs. MVED.L

Last updated Jun 5, 2026

HPAE.L (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) are both Europe Equities funds tracking the MSCI Europe NR EUR, from HSBC and BlackRock respectively. Both are passively managed. Over the past 3 years, HPAE.L returned 11.40%/yr vs 8.28%/yr for MVED.L. Their correlation of 0.81 suggests significant overlap in exposure. HPAE.L charges 0.15%/yr vs 0.25%/yr for MVED.L.

Performance

HPAE.L vs. MVED.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 Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.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 MVED.L is traded in EUR. To make them comparable, the MVED.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 higher than MVED.L's 3.88% return.

HPAE.L

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

MVED.L

1D
0.45%
1M
0.80%
YTD
3.88%
6M
4.77%
1Y
5.26%
3Y*
8.28%
5Y*
6.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HPAE.L vs. MVED.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%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		3.88%14.60%3.94%8.51%-8.08%3.54%

Correlation

The correlation between HPAE.L and MVED.L is 0.70, 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

0.70

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

0.75

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

0.81

The correlation between HPAE.L and MVED.L shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HPAE.L
MVED.L

Financial Services

24.0%
17.8%

Industrials

22.6%
15.7%

Healthcare

15.4%
13.1%

Technology

11.2%
2.8%

Consumer Cyclical

5.5%
3.7%

Utilities

5.5%
10.1%

Consumer Defensive

5.3%
13.2%

Basic Materials

4.0%
5.7%

Real Estate

3.6%
1.6%

Communication Services

3.0%
9.5%

Energy

0.1%
6.9%

Financial Services

HPAE.L
24.0%
MVED.L
17.8%

Industrials

HPAE.L
22.6%
MVED.L
15.7%

Healthcare

HPAE.L
15.4%
MVED.L
13.1%

Technology

HPAE.L
11.2%
MVED.L
2.8%

Consumer Cyclical

HPAE.L
5.5%
MVED.L
3.7%

Utilities

HPAE.L
5.5%
MVED.L
10.1%

Consumer Defensive

HPAE.L
5.3%
MVED.L
13.2%

Basic Materials

HPAE.L
4.0%
MVED.L
5.7%

Real Estate

HPAE.L
3.6%
MVED.L
1.6%

Communication Services

HPAE.L
3.0%
MVED.L
9.5%

Energy

HPAE.L
0.1%
MVED.L
6.9%

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HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc

iShares Edge MSCI Europe Minimum Volatility 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 MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. PRUK.LMVED.L vs. WDEP.LMVED.L vs. OPEN.LMVED.L vs. EDIV.LMVED.L vs. FKU.L

Return for Risk

HPAE.L vs. MVED.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
MVED.L
MVED.L Risk / Return Rank: 1313
Overall Rank
MVED.L Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
MVED.L Sortino Ratio Rank: 1212
Sortino Ratio Rank
MVED.L Omega Ratio Rank: 1313
Omega Ratio Rank
MVED.L Calmar Ratio Rank: 1313
Calmar Ratio Rank
MVED.L Martin Ratio Rank: 1313
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. MVED.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 Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.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.LMVED.LDifference
Sharpe ratioReturn per unit of total volatility
1.16
0.57

+0.59

Sortino ratioReturn per unit of downside risk
1.67
0.83

+0.85

Omega ratioGain probability vs. loss probability

1.22

1.11

+0.11

Calmar ratioReturn relative to maximum drawdown

1.30

0.63

+0.66

Martin ratioReturn relative to average drawdown

4.43

1.79

+2.65

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. MVED.L - Sharpe Ratio Comparison

The current HPAE.L Sharpe Ratio is 1.16, which is higher than the MVED.L Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of HPAE.L and MVED.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.LMVED.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

0.57

+0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.49

+0.06

Drawdowns

HPAE.L vs. MVED.L - Drawdown Comparison

The maximum HPAE.L drawdown since its inception was -19.88%, smaller than the maximum MVED.L drawdown of -24.31%. Use the drawdown chart below to compare losses from any high point for HPAE.L and MVED.L.

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Drawdown Indicators

HPAE.LMVED.LDifference

Max Drawdown

Largest peak-to-trough decline

-19.88%

-24.31%

+4.43%

Max Drawdown (1Y)

Largest decline over 1 year

-11.63%

-8.28%

-3.35%

Max Drawdown (3Y)

Largest decline over 3 years

-12.44%

-8.28%

-4.16%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.36%

—

Current Drawdown

Current decline from peak

-2.36%

-5.32%

+2.96%

Average Drawdown

Average peak-to-trough decline

-4.37%

-4.10%

-0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.41%

2.94%

+0.47%

Volatility

HPAE.L vs. MVED.L - Volatility Comparison

HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) has a higher volatility of 4.41% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) at 2.98%. This indicates that HPAE.L's price experiences larger fluctuations and is considered to be riskier than MVED.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.LMVED.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

2.98%

+1.43%

Volatility (6M)

Calculated over the trailing 6-month period

10.96%

7.68%

+3.28%

Volatility (1Y)

Calculated over the trailing 1-year period

12.98%

9.18%

+3.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.32%

11.29%

+3.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.32%

12.95%

+1.37%

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

HPAE.L has a 0.15% expense ratio, which is lower than MVED.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HPAE.L vs. MVED.L - Dividend Comparison

Neither HPAE.L nor MVED.L has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
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%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		0.00%0.00%0.00%2.67%2.95%2.16%2.54%2.81%2.50%

Frequently Asked Questions

HPAE.L and MVED.L have a correlation of 0.70, 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 0.25% for MVED.L.

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: HSBC and BlackRock. Their fees differ too: 0.15% for HPAE.L and 0.25% for MVED.L.

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