HPAO.L vs. PRWU.L

Last updated Jun 5, 2026

HPAO.L (HSBC MSCI World Climate Paris Aligned UCITS ETF) and PRWU.L (Amundi Prime Global UCITS ETF DR (C)) are both Global Equities funds tracking the MSCI ACWI NR USD, from HSBC and Amundi respectively. Both are passively managed. A 0.64 correlation means they provide meaningful diversification when combined. HPAO.L charges 0.18%/yr vs 0.05%/yr for PRWU.L.

Performance

HPAO.L vs. PRWU.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 Amundi Prime Global UCITS ETF DR (C) (PRWU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

HPAO.L

• 1D: -0.42%
• 1M: 4.81%
• YTD: 6.39%
• 6M: 6.65%
• 1Y: 22.00%
• 3Y*: 15.45%
• 5Y*: —
• 10Y*: —

PRWU.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HPAO.L HSBC MSCI World Climate Paris Aligned UCITS ETF	6.39%	10.30%	20.31%	18.86%	0.47%
PRWU.L Amundi Prime Global UCITS ETF DR (C)	0.00%	0.00%	20.63%	18.25%	1.23%

Correlation

The correlation between HPAO.L and PRWU.L is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022	0.64

The correlation between HPAO.L and PRWU.L has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

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

Sectors	HPAO.L	PRWU.L
Technology	35.7%	27.0%
Financial Services	15.3%	15.8%
Healthcare	9.3%	10.7%
Communication Services	9.2%	8.1%
Industrials	9.1%	9.9%
Consumer Cyclical	8.3%	10.5%
Real Estate	6.9%	2.1%
Utilities	3.1%	2.7%
Basic Materials	1.8%	3.2%
Consumer Defensive	1.3%	6.1%
Energy	0.0%	4.0%

Return for Risk

HPAO.L vs. PRWU.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: 56
HPAO.L Sharpe Ratio Rank: 61
HPAO.L Sortino Ratio Rank: 62
HPAO.L Omega Ratio Rank: 63
HPAO.L Calmar Ratio Rank: 45
HPAO.L Martin Ratio Rank: 48

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. PRWU.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 Amundi Prime Global UCITS ETF DR (C) (PRWU.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	PRWU.L	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	2.85	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.23	—	—
Martin ratio: Return relative to average drawdown	7.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HPAO.L	PRWU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	—	—

Drawdowns

Drawdown Indicators

	HPAO.L	PRWU.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	—	—
Current Drawdown Current decline from peak	-0.42%	—	—
Average Drawdown Average peak-to-trough decline	-4.75%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	—	—

Volatility

Volatility by Period

	HPAO.L	PRWU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	—	—

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

HPAO.L has a 0.18% expense ratio, which is higher than PRWU.L's 0.05% 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. PRWU.L - Dividend Comparison

Neither HPAO.L nor PRWU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HPAO.L and PRWU.L in my portfolio?

HPAO.L and PRWU.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPAO.L or PRWU.L?

On fees, PRWU.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPAO.L or PRWU.L?

PRWU.L is cheaper with a 0.05% expense ratio, compared with 0.18% for HPAO.L.

What is the main difference between HPAO.L and PRWU.L?

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.18% for HPAO.L and 0.05% for PRWU.L.