HPAS.L vs. LGUG.L
HPAS.L (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and LGUG.L (L&G US Equity UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from HSBC and Legal & General respectively. Both are passively managed. Over the past 3 years, HPAS.L returned 17.97%/yr vs 19.68%/yr for LGUG.L. With a 0.97 correlation, they move nearly in lockstep. HPAS.L charges 0.12%/yr vs 0.05%/yr for LGUG.L.
Performance
HPAS.L vs. LGUG.L - Performance Comparison
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Different Trading Currencies
HPAS.L is traded in GBP, while LGUG.L is traded in GBp. To make them comparable, the LGUG.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with HPAS.L having a 10.62% return and LGUG.L slightly lower at 10.56%.
HPAS.L
- 1D
- -0.13%
- 1M
- 9.13%
- YTD
- 10.62%
- 6M
- 10.58%
- 1Y
- 27.36%
- 3Y*
- 17.97%
- 5Y*
- —
- 10Y*
- —
LGUG.L
- 1D
- -0.22%
- 1M
- 6.26%
- YTD
- 10.56%
- 6M
- 10.20%
- 1Y
- 29.13%
- 3Y*
- 19.68%
- 5Y*
- 14.91%
- 10Y*
- —
HPAS.L vs. LGUG.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% |
LGUG.L L&G US Equity UCITS ETF | 10.56% | 9.75% | 27.44% | 21.53% | -10.98% | 11.30% |
Correlation
The correlation between HPAS.L and LGUG.L is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021 | 0.97 |
The correlation between HPAS.L and LGUG.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
HPAS.L vs. LGUG.L — Risk / Return Rank
HPAS.L
LGUG.L
HPAS.L vs. LGUG.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 L&G US Equity UCITS ETF (LGUG.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 | LGUG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.50 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 3.62 | -1.45 |
| Martin ratioReturn relative to average drawdown | 6.24 | 12.27 | -6.03 |
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 | LGUG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.25 | 2.68 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.20 | -0.43 |
Drawdowns
HPAS.L vs. LGUG.L - Drawdown Comparison
The maximum HPAS.L drawdown since its inception was -23.23%, smaller than the maximum LGUG.L drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for HPAS.L and LGUG.L.
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Drawdown Indicators
| HPAS.L | LGUG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.23% | -24.75% | +1.52% |
Max Drawdown (1Y)Largest decline over 1 year | -12.57% | -8.01% | -4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -23.23% | -21.49% | -1.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.49% | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.22% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -6.00% | -3.78% | -2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 2.37% | +2.01% |
Volatility
HPAS.L vs. LGUG.L - Volatility Comparison
HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.L) has a higher volatility of 3.25% compared to L&G US Equity UCITS ETF (LGUG.L) at 2.84%. This indicates that HPAS.L's price experiences larger fluctuations and is considered to be riskier than LGUG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPAS.L | LGUG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 2.84% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 7.55% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.17% | 10.89% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.73% | 14.84% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 17.37% | -1.64% |
HPAS.L vs. LGUG.L - Expense Ratio Comparison
HPAS.L has a 0.12% expense ratio, which is higher than LGUG.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
HPAS.L vs. LGUG.L - Dividend Comparison
Neither HPAS.L nor LGUG.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, HPAS.L and LGUG.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, LGUG.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LGUG.L is cheaper with a 0.05% expense ratio, compared with 0.12% for HPAS.L.
Both ETFs track Russell 1000 TR USD. They also come from different issuers: HSBC and Legal & General. Their fees differ too: 0.12% for HPAS.L and 0.05% for LGUG.L.
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