HPAU.L vs. VPAC.L
HPAU.L (HSBC ETFs PLC - HSBC MSCI USA Climate Paris Aligned UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - HPAU.L tracks the HSBC ETFs PLC - HSBC MSCI USA Climate Paris Aligned UCITS ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 3 years, HPAU.L returned 16.94%/yr vs 8.42%/yr for VPAC.L. At a 0.50 correlation, their price movements are largely independent. HPAU.L charges 0.12%/yr vs 0.50%/yr for VPAC.L.
Performance
HPAU.L vs. VPAC.L - Performance Comparison
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Returns By Period
In the year-to-date period, HPAU.L achieves a 6.47% return, which is significantly higher than VPAC.L's 2.04% return.
HPAU.L
- 1D
- -0.83%
- 1M
- -1.09%
- 6M
- 8.24%
- YTD
- 6.47%
- 1Y
- 17.09%
- 3Y*
- 16.94%
- 5Y*
- —
- 10Y*
- —
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
HPAU.L vs. VPAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPAU.L HSBC ETFs PLC - HSBC MSCI USA Climate Paris Aligned UCITS ETF | 6.47% | 13.21% | 24.93% | 29.53% | -23.74% | 7.84% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | -0.33% |
Correlation
The correlation between HPAU.L and VPAC.L is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2021 | 0.50 |
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Return for Risk
HPAU.L vs. VPAC.L — Risk / Return Rank
HPAU.L
VPAC.L
HPAU.L vs. VPAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC ETFs PLC - HSBC MSCI USA Climate Paris Aligned UCITS ETF (HPAU.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HPAU.L | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 2.54 | -1.06 |
| Martin ratioReturn relative to average drawdown | 4.75 | 9.98 | -5.24 |
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Drawdowns
HPAU.L vs. VPAC.L - Drawdown Comparison
The maximum HPAU.L drawdown since its inception was -28.75%, smaller than the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for HPAU.L and VPAC.L.
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Drawdown Indicators
| HPAU.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.75% | -34.25% | +5.50% |
Max Drawdown (1Y)Largest decline over 1 year | -11.88% | -2.02% | -9.86% |
Max Drawdown (3Y)Largest decline over 3 years | -21.29% | -3.40% | -17.89% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.89% | — |
Current DrawdownCurrent decline from peak | -4.07% | -0.33% | -3.74% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -3.14% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 0.52% | +3.19% |
Volatility
HPAU.L vs. VPAC.L - Volatility Comparison
HSBC ETFs PLC - HSBC MSCI USA Climate Paris Aligned UCITS ETF (HPAU.L) has a higher volatility of 4.19% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that HPAU.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPAU.L | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 0.74% | +3.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 2.28% | +8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 3.17% | +10.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.68% | 5.30% | +12.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.68% | 11.00% | +6.68% |
HPAU.L vs. VPAC.L - Expense Ratio Comparison
HPAU.L has a 0.12% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
HPAU.L vs. VPAC.L - Dividend Comparison
Neither HPAU.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
HPAU.L and VPAC.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HPAU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPAU.L is cheaper with a 0.12% expense ratio, compared with 0.50% for VPAC.L.
HPAU.L tracks HSBC ETFs PLC - HSBC MSCI USA Climate Paris Aligned UCITS ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.12% for HPAU.L and 0.50% for VPAC.L.
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