HPAO.L vs. SBUY.L

Last updated Jun 5, 2026

HPAO.L (HSBC MSCI World Climate Paris Aligned UCITS ETF) and SBUY.L (Invesco Global Buyback Achievers UCITS ETF) are both Global Equities funds tracking the MSCI ACWI NR USD, from HSBC and Invesco respectively. Both are passively managed. Over the past 3 years, HPAO.L returned 15.45%/yr vs 18.63%/yr for SBUY.L. A 0.76 correlation means they provide meaningful diversification when combined. HPAO.L charges 0.18%/yr vs 0.39%/yr for SBUY.L.

Performance

HPAO.L vs. SBUY.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 Invesco Global Buyback Achievers UCITS ETF (SBUY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with HPAO.L having a 6.39% return and SBUY.L slightly higher at 6.48%.

HPAO.L

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

SBUY.L

• 1D: 0.89%
• 1M: 1.68%
• YTD: 6.48%
• 6M: 8.35%
• 1Y: 25.27%
• 3Y*: 18.63%
• 5Y*: 10.96%
• 10Y*: 13.06%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HPAO.L HSBC MSCI World Climate Paris Aligned UCITS ETF	6.39%	10.30%	20.31%	18.86%	-12.38%	11.05%
SBUY.L Invesco Global Buyback Achievers UCITS ETF	6.48%	21.60%	14.64%	9.46%	-0.90%	2.92%

Correlation

The correlation between HPAO.L and SBUY.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 9, 2021	0.76

The correlation between HPAO.L and SBUY.L shifts across timeframes, from 0.66 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

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

Sectors	HPAO.L	SBUY.L
Technology	35.7%	7.6%
Financial Services	15.3%	32.9%
Healthcare	9.3%	5.5%
Communication Services	9.2%	4.1%
Industrials	9.1%	11.0%
Consumer Cyclical	8.3%	15.8%
Real Estate	6.9%	0.5%
Utilities	3.1%	2.2%
Basic Materials	1.8%	1.4%
Consumer Defensive	1.3%	1.9%
Energy	0.0%	17.1%

Return for Risk

HPAO.L vs. SBUY.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

SBUY.L

SBUY.L Risk / Return Rank: 82
SBUY.L Sharpe Ratio Rank: 80
SBUY.L Sortino Ratio Rank: 80
SBUY.L Omega Ratio Rank: 78
SBUY.L Calmar Ratio Rank: 89
SBUY.L Martin Ratio Rank: 84

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. SBUY.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 Invesco Global Buyback Achievers UCITS ETF (SBUY.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	SBUY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.57	-0.53
Sortino ratio: Return per unit of downside risk	2.85	3.53	-0.68
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.08
Calmar ratio: Return relative to maximum drawdown	2.23	5.25	-3.02
Martin ratio: Return relative to average drawdown	7.86	16.93	-9.07
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. SBUY.L - Sharpe Ratio Comparison

The current HPAO.L Sharpe Ratio is 2.04, which is comparable to the SBUY.L Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of HPAO.L and SBUY.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.

Sharpe Ratios by Period

	HPAO.L	SBUY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.57	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.84	-0.09

Drawdowns

HPAO.L vs. SBUY.L - Drawdown Comparison

The maximum HPAO.L drawdown since its inception was -19.46%, smaller than the maximum SBUY.L drawdown of -30.91%. Use the drawdown chart below to compare losses from any high point for HPAO.L and SBUY.L.

Drawdown Indicators

	HPAO.L	SBUY.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-30.91%	+11.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-4.79%	-5.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-17.76%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.91%	—
Current Drawdown Current decline from peak	-0.42%	0.00%	-0.42%
Average Drawdown Average peak-to-trough decline	-4.75%	-3.99%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.49%	+1.34%

Volatility

HPAO.L vs. SBUY.L - Volatility Comparison

HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) has a higher volatility of 2.79% compared to Invesco Global Buyback Achievers UCITS ETF (SBUY.L) at 2.32%. This indicates that HPAO.L's price experiences larger fluctuations and is considered to be riskier than SBUY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAO.L	SBUY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.32%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	7.04%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.92%	9.81%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	13.73%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	15.51%	-1.62%

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

HPAO.L has a 0.18% expense ratio, which is lower than SBUY.L's 0.39% expense ratio.

Dividends

HPAO.L vs. SBUY.L - Dividend Comparison

HPAO.L has not paid dividends to shareholders, while SBUY.L's dividend yield for the trailing twelve months is around 1.69%.

Position	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%
SBUY.L Invesco Global Buyback Achievers UCITS ETF	1.69%	1.86%	1.80%	1.73%	1.91%	1.20%	1.62%	1.90%	1.31%	1.22%	1.60%	1.27%

Frequently Asked Questions

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

HPAO.L and SBUY.L have a correlation of 0.66, 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 SBUY.L?

On fees, HPAO.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HPAO.L is cheaper with a 0.18% expense ratio, compared with 0.39% for SBUY.L.

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

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.18% for HPAO.L and 0.39% for SBUY.L.