HPAS.L vs. HMWO.L

Last updated Jun 4, 2026

HPAS.L (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and HMWO.L (HSBC MSCI World UCITS ETF) are both exchange-traded funds - HPAS.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while HMWO.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, HPAS.L returned 17.97%/yr vs 16.19%/yr for HMWO.L. Their correlation of 0.94 suggests significant overlap in exposure. HPAS.L charges 0.12%/yr vs 0.15%/yr for HMWO.L.

Performance

HPAS.L vs. HMWO.L - Performance Comparison

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

Different Trading Currencies

HPAS.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, HPAS.L achieves a 10.62% return, which is significantly higher than HMWO.L's 9.36% return.

HPAS.L

• 1D: -0.13%
• 1M: 9.13%
• YTD: 10.62%
• 6M: 10.58%
• 1Y: 27.36%
• 3Y*: 17.97%
• 5Y*: —
• 10Y*: —

HMWO.L

• 1D: -0.29%
• 1M: 5.16%
• YTD: 9.36%
• 6M: 9.72%
• 1Y: 25.61%
• 3Y*: 16.19%
• 5Y*: 11.39%
• 10Y*: 12.28%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HPAS.L HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	10.62%	5.65%	26.90%	22.43%	-14.66%	11.67%
HMWO.L HSBC MSCI World UCITS ETF	9.36%	11.10%	19.31%	15.79%	-10.00%	8.40%

Correlation

The correlation between HPAS.L and HMWO.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.94

The correlation between HPAS.L and HMWO.L has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

HPAS.L vs. HMWO.L — Risk / Return Rank

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

HPAS.L

HPAS.L Risk / Return Rank: 58
HPAS.L Sharpe Ratio Rank: 70
HPAS.L Sortino Ratio Rank: 66
HPAS.L Omega Ratio Rank: 69
HPAS.L Calmar Ratio Rank: 44
HPAS.L Martin Ratio Rank: 40

HMWO.L

HMWO.L Risk / Return Rank: 76
HMWO.L Sharpe Ratio Rank: 75
HMWO.L Sortino Ratio Rank: 75
HMWO.L Omega Ratio Rank: 78
HMWO.L Calmar Ratio Rank: 75
HMWO.L Martin Ratio Rank: 77

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.

HPAS.L vs. HMWO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.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.

	HPAS.L	HMWO.L	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.49	-0.23
Sortino ratio: Return per unit of downside risk	3.01	3.43	-0.42
Omega ratio: Gain probability vs. loss probability	1.41	1.47	-0.06
Calmar ratio: Return relative to maximum drawdown	2.17	3.80	-1.63
Martin ratio: Return relative to average drawdown	6.24	14.98	-8.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPAS.L vs. HMWO.L - Sharpe Ratio Comparison

The current HPAS.L Sharpe Ratio is 2.25, which is comparable to the HMWO.L Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of HPAS.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.

Sharpe Ratios by Period

	HPAS.L	HMWO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.49	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
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	0.72	+0.05

Drawdowns

HPAS.L vs. HMWO.L - Drawdown Comparison

The maximum HPAS.L drawdown since its inception was -23.23%, smaller than the maximum HMWO.L drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for HPAS.L and HMWO.L.

Drawdown Indicators

	HPAS.L	HMWO.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.23%	-25.48%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.57%	-6.71%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-23.23%	-19.01%	-4.22%
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	-0.13%	-0.29%	+0.16%
Average Drawdown Average peak-to-trough decline	-6.00%	-4.07%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	1.71%	+2.67%

Volatility

HPAS.L vs. HMWO.L - Volatility Comparison

HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.L) has a higher volatility of 3.25% compared to HSBC MSCI World UCITS ETF (HMWO.L) at 2.54%. This indicates that HPAS.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.

Volatility by Period

	HPAS.L	HMWO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.54%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	7.34%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	10.30%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	13.28%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	14.47%	+1.26%

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

HPAS.L has a 0.12% expense ratio, which is lower than HMWO.L's 0.15% 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

HPAS.L vs. HMWO.L - Dividend Comparison

HPAS.L has not paid dividends to shareholders, while HMWO.L's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HPAS.L HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	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

Can I hold both HPAS.L and HMWO.L in my portfolio?

With a correlation of 0.90, HPAS.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.

Which ETF is better, HPAS.L or HMWO.L?

On fees, HPAS.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPAS.L or HMWO.L?

HPAS.L is cheaper with a 0.12% expense ratio, compared with 0.15% for HMWO.L.

What is the main difference between HPAS.L and HMWO.L?

HPAS.L is categorized as Large Cap Blend Equities, while HMWO.L is Global Equities. HPAS.L tracks Russell 1000 TR USD, while HMWO.L tracks MSCI ACWI NR USD. Their fees differ too: 0.12% for HPAS.L and 0.15% for HMWO.L.