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HPAW.L vs. HMWD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HPAW.L vs. HMWD.L

Last updated Jul 16, 2026
Documentation

HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and HMWD.L (HSBC MSCI World UCITS ETF) are both Global Equities funds from HSBC - HPAW.L tracks the HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF while HMWD.L tracks the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs 11.71%/yr for HMWD.L. With a 0.98 correlation, they move nearly in lockstep.

Performance

HPAW.L vs. HMWD.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 World UCITS ETF (HMWD.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HPAW.L achieves a 6.16% return, which is significantly lower than HMWD.L's 10.23% 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*
—

HMWD.L

1D
0.10%
1M
0.20%
6M
9.06%
YTD
10.23%
1Y
22.04%
3Y*
18.94%
5Y*
11.71%
10Y*
13.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
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%
HMWD.L
HSBC MSCI World UCITS ETF		10.23%21.06%19.12%24.61%-18.25%7.49%

Correlation

The correlation between HPAW.L and HMWD.L is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2021

0.98

The correlation between HPAW.L and HMWD.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF

HSBC MSCI World UCITS ETF

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Return for Risk

HPAW.L vs. HMWD.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: 4444
Overall Rank
HPAW.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
HPAW.L Sortino Ratio Rank: 4747
Sortino Ratio Rank
HPAW.L Omega Ratio Rank: 4242
Omega Ratio Rank
HPAW.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
HPAW.L Martin Ratio Rank: 4848
Martin Ratio Rank
HMWD.L
HMWD.L Risk / Return Rank: 7070
Overall Rank
HMWD.L Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HMWD.L Sortino Ratio Rank: 7676
Sortino Ratio Rank
HMWD.L Omega Ratio Rank: 6767
Omega Ratio Rank
HMWD.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
HMWD.L Martin Ratio Rank: 7474
Martin Ratio Rank
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. HMWD.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 World UCITS ETF (HMWD.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.LHMWD.LDifference
Sharpe ratioReturn per unit of total volatility
1.28
1.79

-0.50

Sortino ratioReturn per unit of downside risk
1.97
2.72

-0.74

Omega ratioGain probability vs. loss probability

1.23

1.32

-0.09

Calmar ratioReturn relative to maximum drawdown

1.65

2.65

-0.99

Martin ratioReturn relative to average drawdown

6.44

10.84

-4.39

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

The current HPAW.L Sharpe Ratio is 1.28, which is comparable to the HMWD.L Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of HPAW.L and HMWD.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.

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Drawdowns

HPAW.L vs. HMWD.L - Drawdown Comparison

The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum HMWD.L drawdown of -34.01%. Use the drawdown chart below to compare losses from any high point for HPAW.L and HMWD.L.

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Drawdown Indicators

HPAW.LHMWD.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.31%

-34.01%

+4.70%

Max Drawdown (1Y)

Largest decline over 1 year

-10.10%

-8.30%

-1.80%

Max Drawdown (3Y)

Largest decline over 3 years

-17.47%

-17.58%

+0.11%

Max Drawdown (5Y)

Largest decline over 5 years

-29.31%

-25.99%

-3.32%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.01%

—

Current Drawdown

Current decline from peak

-1.00%

-0.10%

-0.90%

Average Drawdown

Average peak-to-trough decline

-7.12%

-4.75%

-2.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

2.03%

+0.57%

Volatility

HPAW.L vs. HMWD.L - Volatility Comparison

HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) has a higher volatility of 3.10% compared to HSBC MSCI World UCITS ETF (HMWD.L) at 2.93%. This indicates that HPAW.L's price experiences larger fluctuations and is considered to be riskier than HMWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HPAW.LHMWD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.10%

2.93%

+0.17%

Volatility (6M)

Calculated over the trailing 6-month period

10.43%

9.85%

+0.58%

Volatility (1Y)

Calculated over the trailing 1-year period

13.01%

12.29%

+0.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.30%

15.63%

+0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.28%

15.73%

+0.55%

Dividends

HPAW.L vs. HMWD.L - Dividend Comparison

HPAW.L has not paid dividends to shareholders, while HMWD.L's dividend yield for the trailing twelve months is around 1.17%.

PositionTTM20252024202320222021202020192018201720162015
HMWD.L
HSBC MSCI World UCITS ETF		1.17%1.24%1.43%1.57%1.79%1.31%1.44%1.91%2.23%1.81%2.00%1.93%
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

With a correlation of 0.98, HPAW.L and HMWD.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.

HPAW.L tracks HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF, while HMWD.L tracks MSCI ACWI NR USD.

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