HPAW.L vs. HMUD.L

Last updated Jul 16, 2026

HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and HMUD.L (HSBC MSCI USA UCITS ETF) are both exchange-traded funds - HPAW.L is a Global Equities fund tracking the HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF, while HMUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs 11.64%/yr for HMUD.L. With a 0.96 correlation, they move nearly in lockstep.

Performance

HPAW.L vs. HMUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) and HSBC MSCI USA UCITS ETF (HMUD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPAW.L achieves a 6.16% return, which is significantly lower than HMUD.L's 10.05% return.

HPAW.L

• 1D: 0.24%
• 1M: 0.03%
• 6M: 6.34%
• YTD: 6.16%
• 1Y: 16.79%
• 3Y*: 16.39%
• 5Y*: 9.58%
• 10Y*: —

HMUD.L

• 1D: 0.16%
• 1M: -0.06%
• 6M: 8.84%
• YTD: 10.05%
• 1Y: 20.43%
• 3Y*: 18.77%
• 5Y*: 11.64%
• 10Y*: 14.42%

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

HPAW.L vs. HMUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HPAW.L HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF	6.16%	17.97%	18.58%	25.68%	-21.73%	7.56%
HMUD.L HSBC MSCI USA UCITS ETF	10.05%	13.89%	25.05%	27.48%	-20.22%	9.73%

Correlation

The correlation between HPAW.L and HMUD.L is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.96

The correlation between HPAW.L and HMUD.L has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

HPAW.L vs. HMUD.L — Risk / Return Rank

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

HPAW.L

HPAW.L Risk / Return Rank: 44
HPAW.L Sharpe Ratio Rank: 44
HPAW.L Sortino Ratio Rank: 47
HPAW.L Omega Ratio Rank: 42
HPAW.L Calmar Ratio Rank: 39
HPAW.L Martin Ratio Rank: 48

HMUD.L

HMUD.L Risk / Return Rank: 69
HMUD.L Sharpe Ratio Rank: 68
HMUD.L Sortino Ratio Rank: 77
HMUD.L Omega Ratio Rank: 66
HMUD.L Calmar Ratio Rank: 61
HMUD.L Martin Ratio Rank: 74

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.

HPAW.L vs. HMUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) and HSBC MSCI USA UCITS ETF (HMUD.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.

	HPAW.L	HMUD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.78	-0.49
Sortino ratio: Return per unit of downside risk	1.97	2.75	-0.78
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.65	2.46	-0.80
Martin ratio: Return relative to average drawdown	6.44	10.77	-4.32

HPAW.L vs. HMUD.L - Sharpe Ratio Comparison

The current HPAW.L Sharpe Ratio is 1.28, which is comparable to the HMUD.L Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of HPAW.L and HMUD.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.

Drawdowns

HPAW.L vs. HMUD.L - Drawdown Comparison

The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum HMUD.L drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for HPAW.L and HMUD.L.

Drawdown Indicators

	HPAW.L	HMUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.31%	-34.31%	+5.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-8.29%	-1.81%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-19.48%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-25.49%	-3.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.31%	—
Current Drawdown Current decline from peak	-1.00%	-0.31%	-0.69%
Average Drawdown Average peak-to-trough decline	-7.12%	-3.94%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.89%	+0.71%

Volatility

HPAW.L vs. HMUD.L - Volatility Comparison

The current volatility for HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) is 3.10%, while HSBC MSCI USA UCITS ETF (HMUD.L) has a volatility of 3.46%. This indicates that HPAW.L experiences smaller price fluctuations and is considered to be less risky than HMUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAW.L	HMUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.46%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	8.83%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	11.48%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	16.18%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	16.29%	-0.01%

Dividends

HPAW.L vs. HMUD.L - Dividend Comparison

HPAW.L has not paid dividends to shareholders, while HMUD.L's dividend yield for the trailing twelve months is around 0.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMUD.L HSBC MSCI USA UCITS ETF	0.90%	0.95%	0.82%	0.97%	1.07%	0.78%	1.11%	1.22%	1.45%	1.24%	1.43%	1.43%
HPAW.L HSBC ETFs PLC - 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%

Frequently Asked Questions

Can I hold both HPAW.L and HMUD.L in my portfolio?

With a correlation of 0.91, HPAW.L and HMUD.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.

What is the main difference between HPAW.L and HMUD.L?

HPAW.L is categorized as Global Equities, while HMUD.L is Large Cap Blend Equities. HPAW.L tracks HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF, while HMUD.L tracks Russell 1000 TR USD.