HPAS.L vs. HPRO.L
HPAS.L (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and HPRO.L (HSBC FTSE EPRA/NAREIT Developed UCITS ETF) are both exchange-traded funds - HPAS.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while HPRO.L is a REIT fund tracking the FTSE EPRA Nareit Global TR USD. Both are passively managed. Over the past 3 years, HPAS.L returned 17.72%/yr vs 2.97%/yr for HPRO.L. A 0.56 correlation means they provide meaningful diversification when combined. HPAS.L charges 0.12%/yr vs 0.24%/yr for HPRO.L.
Performance
HPAS.L vs. HPRO.L - Performance Comparison
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Different Trading Currencies
HPAS.L is traded in GBP, while HPRO.L is traded in GBp. To make them comparable, the HPRO.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 10.66% return, which is significantly higher than HPRO.L's 5.06% return.
HPAS.L
- 1D
- 0.03%
- 1M
- 8.95%
- YTD
- 10.66%
- 6M
- 10.37%
- 1Y
- 27.35%
- 3Y*
- 17.72%
- 5Y*
- —
- 10Y*
- —
HPRO.L
- 1D
- 0.03%
- 1M
- -0.79%
- YTD
- 5.06%
- 6M
- 5.16%
- 1Y
- 9.52%
- 3Y*
- 2.97%
- 5Y*
- -0.95%
- 10Y*
- 1.11%
HPAS.L vs. HPRO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPAS.L HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc | 10.66% | 5.65% | 26.90% | 22.43% | -14.66% | 11.67% |
HPRO.L HSBC FTSE EPRA/NAREIT Developed UCITS ETF | 5.06% | 0.35% | -1.94% | 1.11% | -18.31% | 7.54% |
Correlation
The correlation between HPAS.L and HPRO.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021 | 0.56 |
Over the past year, the correlation between HPAS.L and HPRO.L has dropped to 0.35 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
HPAS.L vs. HPRO.L — Risk / Return Rank
HPAS.L
HPRO.L
HPAS.L vs. HPRO.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 FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.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 | HPRO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.15 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 1.06 | +1.11 |
| Martin ratioReturn relative to average drawdown | 6.23 | 3.34 | +2.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HPAS.L | HPRO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.25 | 0.87 | +1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.07 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.21 | +0.56 |
Drawdowns
HPAS.L vs. HPRO.L - Drawdown Comparison
The maximum HPAS.L drawdown since its inception was -23.23%, smaller than the maximum HPRO.L drawdown of -36.31%. Use the drawdown chart below to compare losses from any high point for HPAS.L and HPRO.L.
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Drawdown Indicators
| HPAS.L | HPRO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.23% | -36.31% | +13.08% |
Max Drawdown (1Y)Largest decline over 1 year | -12.57% | -8.96% | -3.61% |
Max Drawdown (3Y)Largest decline over 3 years | -23.23% | -17.45% | -5.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.31% | — |
Current DrawdownCurrent decline from peak | -0.09% | -15.54% | +15.45% |
Average DrawdownAverage peak-to-trough decline | -5.99% | -12.03% | +6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 2.85% | +1.53% |
Volatility
HPAS.L vs. HPRO.L - Volatility Comparison
HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.L) and HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L) have volatilities of 3.26% and 3.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPAS.L | HPRO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.26% | 3.15% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 8.69% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 10.95% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.73% | 14.06% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 15.59% | +0.14% |
HPAS.L vs. HPRO.L - Expense Ratio Comparison
HPAS.L has a 0.12% expense ratio, which is lower than HPRO.L's 0.24% 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. HPRO.L - Dividend Comparison
HPAS.L has not paid dividends to shareholders, while HPRO.L's dividend yield for the trailing twelve months is around 0.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HPRO.L HSBC FTSE EPRA/NAREIT Developed UCITS ETF | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.02% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Frequently Asked Questions
HPAS.L and HPRO.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
HPAS.L is cheaper with a 0.12% expense ratio, compared with 0.24% for HPRO.L.
HPAS.L is categorized as Large Cap Blend Equities, while HPRO.L is REIT. HPAS.L tracks Russell 1000 TR USD, while HPRO.L tracks FTSE EPRA Nareit Global TR USD. Their fees differ too: 0.12% for HPAS.L and 0.24% for HPRO.L.
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