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

HPAO.L vs. HMWO.L

Last updated Jun 5, 2026

HPAO.L (HSBC MSCI World Climate Paris Aligned UCITS ETF) and HMWO.L (HSBC MSCI World UCITS ETF) are both Global Equities funds from HSBC tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, HPAO.L returned 15.45%/yr vs 16.04%/yr for HMWO.L. With a 0.97 correlation, they move nearly in lockstep. HPAO.L charges 0.18%/yr vs 0.15%/yr for HMWO.L.

Performance

HPAO.L vs. HMWO.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 (HMWO.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HPAO.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, HPAO.L achieves a 6.39% return, which is significantly lower than HMWO.L's 9.53% return.

HPAO.L

1D
-0.42%
1M
4.81%
YTD
6.39%
6M
6.65%
1Y
22.00%
3Y*
15.45%
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)

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

2026 (YTD)20252024202320222021
HPAO.L
HSBC MSCI World Climate Paris Aligned UCITS ETF		6.39%10.30%20.31%18.86%-12.38%11.05%
HMWO.L
HSBC MSCI World UCITS ETF		9.53%11.10%19.31%15.79%-10.00%9.47%

Correlation

The correlation between HPAO.L and HMWO.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

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

0.96

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

0.97

The correlation between HPAO.L and HMWO.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

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

Sectors
HPAO.L
HMWO.L

Technology

35.7%
30.2%

Financial Services

15.3%
15.4%

Healthcare

9.3%
8.6%

Communication Services

9.2%
9.1%

Industrials

9.1%
11.0%

Consumer Cyclical

8.3%
9.0%

Real Estate

6.9%
1.8%

Utilities

3.1%
2.5%

Basic Materials

1.8%
3.2%

Consumer Defensive

1.3%
5.2%

Energy

0.0%
4.1%

Technology

HPAO.L
35.7%
HMWO.L
30.2%

Financial Services

HPAO.L
15.3%
HMWO.L
15.4%

Healthcare

HPAO.L
9.3%
HMWO.L
8.6%

Communication Services

HPAO.L
9.2%
HMWO.L
9.1%

Industrials

HPAO.L
9.1%
HMWO.L
11.0%

Consumer Cyclical

HPAO.L
8.3%
HMWO.L
9.0%

Real Estate

HPAO.L
6.9%
HMWO.L
1.8%

Utilities

HPAO.L
3.1%
HMWO.L
2.5%

Basic Materials

HPAO.L
1.8%
HMWO.L
3.2%

Consumer Defensive

HPAO.L
1.3%
HMWO.L
5.2%

Energy

HPAO.L
0.0%
HMWO.L
4.1%

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HSBC MSCI World Climate Paris Aligned UCITS ETF

HSBC MSCI World UCITS ETF

Often compared with HPAO.L:
HPAO.L vs. SUWG.LHPAO.L vs. SUSW.LHPAO.L vs. HNSS.LHPAO.L vs. HMWD.LHPAO.L vs. IWFV.LHPAO.L vs. H50E.LHPAO.L vs. FCSG.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

HPAO.L vs. HMWO.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: 5656
Overall Rank
HPAO.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
HPAO.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
HPAO.L Omega Ratio Rank: 6363
Omega Ratio Rank
HPAO.L Calmar Ratio Rank: 4545
Calmar Ratio Rank
HPAO.L Martin Ratio Rank: 4848
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.

HPAO.L vs. HMWO.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 (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.

HPAO.LHMWO.LDifference
Sharpe ratioReturn per unit of total volatility
2.04
2.50

-0.46

Sortino ratioReturn per unit of downside risk
2.85
3.44

-0.59

Omega ratioGain probability vs. loss probability

1.38

1.47

-0.10

Calmar ratioReturn relative to maximum drawdown

2.23

3.82

-1.59

Martin ratioReturn relative to average drawdown

7.86

15.06

-7.20

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. HMWO.L - Sharpe Ratio Comparison

The current HPAO.L Sharpe Ratio is 2.04, which is comparable to the HMWO.L Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HPAO.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

HPAO.LHMWO.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.04

2.50

-0.46

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

0.76

0.72

+0.04

Drawdowns

HPAO.L vs. HMWO.L - Drawdown Comparison

The maximum HPAO.L drawdown since its inception was -19.46%, smaller than the maximum HMWO.L drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for HPAO.L and HMWO.L.

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Drawdown Indicators

HPAO.LHMWO.LDifference

Max Drawdown

Largest peak-to-trough decline

-19.46%

-25.48%

+6.02%

Max Drawdown (1Y)

Largest decline over 1 year

-9.96%

-6.71%

-3.25%

Max Drawdown (3Y)

Largest decline over 3 years

-19.46%

-19.01%

-0.45%

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

-0.42%

-0.13%

-0.29%

Average Drawdown

Average peak-to-trough decline

-4.75%

-4.07%

-0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

1.71%

+1.12%

Volatility

HPAO.L vs. HMWO.L - Volatility Comparison

HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) has a higher volatility of 2.79% compared to HSBC MSCI World UCITS ETF (HMWO.L) at 2.54%. This indicates that HPAO.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

HPAO.LHMWO.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.79%

2.54%

+0.25%

Volatility (6M)

Calculated over the trailing 6-month period

7.89%

7.34%

+0.55%

Volatility (1Y)

Calculated over the trailing 1-year period

10.92%

10.26%

+0.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.89%

13.28%

+0.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.89%

14.47%

-0.58%

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

HPAO.L has a 0.18% expense ratio, which is higher than HMWO.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%.

Dividends

HPAO.L vs. HMWO.L - Dividend Comparison

HPAO.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%
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%

Frequently Asked Questions

With a correlation of 0.96, HPAO.L and HMWO.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

HMWO.L is cheaper with a 0.15% expense ratio, compared with 0.18% for HPAO.L.

Both ETFs track MSCI ACWI NR USD. Their fees differ too: 0.18% for HPAO.L and 0.15% for HMWO.L.

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