HPAO.L vs. HMWD.L

Last updated Apr 3, 2026

Compare and contrast key facts about HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) and HSBC MSCI World UCITS ETF (HMWD.L).

HPAO.L and HMWD.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HPAO.L is a passively managed fund by HSBC that tracks the performance of the MSCI ACWI NR USD. It was launched on Jul 7, 2021. HMWD.L is a passively managed fund by HSBC that tracks the performance of the MSCI ACWI NR USD. It was launched on Dec 8, 2010. Both HPAO.L and HMWD.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HPAO.L vs. HMWD.L - Performance Comparison

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HPAO.L HSBC MSCI World Climate Paris Aligned UCITS ETF	-4.70%	10.30%	20.31%	18.86%	-12.38%	11.05%
HMWD.L HSBC MSCI World UCITS ETF	-1.06%	12.43%	21.21%	18.40%	-8.52%	10.08%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HPAO.L achieves a -4.70% return, which is significantly lower than HMWD.L's -1.06% return.

HPAO.L

• 1D: 0.26%
• 1M: -1.80%
• YTD: -4.70%
• 6M: -2.33%
• 1Y: 12.90%
• 3Y*: 12.59%
• 5Y*: —
• 10Y*: —

HMWD.L

• 1D: 0.26%
• 1M: -1.33%
• YTD: -1.06%
• 6M: 2.01%
• 1Y: 17.42%
• 3Y*: 14.89%
• 5Y*: 11.47%
• 10Y*: 13.08%

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

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

HPAO.L has a 0.18% expense ratio, which is higher than HMWD.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

HPAO.L

HSBC MSCI World Climate Paris Aligned UCITS ETF

HMWD.L

HSBC MSCI World UCITS ETF

Return for Risk

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

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

HPAO.L

HPAO.L Risk / Return Rank: 48
HPAO.L Sharpe Ratio Rank: 44
HPAO.L Sortino Ratio Rank: 44
HPAO.L Omega Ratio Rank: 43
HPAO.L Calmar Ratio Rank: 57
HPAO.L Martin Ratio Rank: 54

HMWD.L

HMWD.L Risk / Return Rank: 74
HMWD.L Sharpe Ratio Rank: 66
HMWD.L Sortino Ratio Rank: 66
HMWD.L Omega Ratio Rank: 65
HMWD.L Calmar Ratio Rank: 83
HMWD.L Martin Ratio Rank: 88

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.

HPAO.L vs. HMWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) and HSBC MSCI World UCITS ETF (HMWD.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.

	HPAO.L	HMWD.L	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.15	-0.28
Sortino ratio Return per unit of downside risk	1.30	1.63	-0.32
Omega ratio Gain probability vs. loss probability	1.18	1.24	-0.06
Calmar ratio Return relative to maximum drawdown	1.77	3.44	-1.67
Martin ratio Return relative to average drawdown	6.43	12.87	-6.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HPAO.L Sharpe Ratio is 0.88, which is comparable to the HMWD.L Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of HPAO.L and HMWD.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HPAO.L	HMWD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.15	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.79	-0.19

Correlation

The correlation between HPAO.L and HMWD.L is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HPAO.L vs. HMWD.L - Dividend Comparison

HPAO.L has not paid dividends to shareholders, while HMWD.L's dividend yield for the trailing twelve months is around 1.29%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPAO.L HSBC MSCI World Climate Paris Aligned UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMWD.L HSBC MSCI World UCITS ETF	1.29%	1.24%	1.43%	1.57%	1.79%	1.31%	1.44%	1.91%	2.23%	1.81%	2.00%	1.93%

Drawdowns

HPAO.L vs. HMWD.L - Drawdown Comparison

The maximum HPAO.L drawdown since its inception was -19.46%, smaller than the maximum HMWD.L drawdown of -26.10%. Use the drawdown chart below to compare losses from any high point for HPAO.L and HMWD.L.

Drawdown Indicators

	HPAO.L	HMWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-34.03%	+14.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-9.31%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.03%	—
Current Drawdown Current decline from peak	-6.43%	-5.58%	-0.85%
Average Drawdown Average peak-to-trough decline	-4.87%	-4.61%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	1.92%	+0.82%

Volatility

HPAO.L vs. HMWD.L - Volatility Comparison

The current volatility for HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) is 4.29%, while HSBC MSCI World UCITS ETF (HMWD.L) has a volatility of 5.01%. This indicates that HPAO.L experiences smaller price fluctuations and is considered to be less risky than HMWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAO.L	HMWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	5.01%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	8.95%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	15.03%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.98%	14.38%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	15.46%	-1.48%