HPAW.L vs. HWWA.L

Last updated Jul 16, 2026

HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and HWWA.L (HSBC Multi Factor Worldwide Equity 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 HWWA.L tracks the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs 11.68%/yr for HWWA.L. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

HPAW.L vs. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HPAW.L is traded in USD, while HWWA.L is traded in GBP. To make them comparable, the HWWA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HPAW.L achieves a 6.16% return, which is significantly lower than HWWA.L's 13.44% 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*: —

HWWA.L

• 1D: 0.40%
• 1M: -0.22%
• 6M: 11.76%
• YTD: 13.44%
• 1Y: 28.25%
• 3Y*: 20.70%
• 5Y*: 11.68%
• 10Y*: 12.48%

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

HPAW.L vs. HWWA.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%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	13.44%	25.55%	15.84%	21.86%	-17.71%	4.73%

Correlation

The correlation between HPAW.L and HWWA.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.88

The correlation between HPAW.L and HWWA.L has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

HPAW.L vs. HWWA.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

HWWA.L

HWWA.L Risk / Return Rank: 89
HWWA.L Sharpe Ratio Rank: 90
HWWA.L Sortino Ratio Rank: 89
HWWA.L Omega Ratio Rank: 89
HWWA.L Calmar Ratio Rank: 87
HWWA.L Martin Ratio Rank: 89

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. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.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	HWWA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.29	-1.00
Sortino ratio: Return per unit of downside risk	1.97	3.29	-1.32
Omega ratio: Gain probability vs. loss probability	1.23	1.41	-0.18
Calmar ratio: Return relative to maximum drawdown	1.65	3.17	-1.52
Martin ratio: Return relative to average drawdown	6.44	13.02	-6.58

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

The current HPAW.L Sharpe Ratio is 1.28, which is lower than the HWWA.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of HPAW.L and HWWA.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. HWWA.L - Drawdown Comparison

The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum HWWA.L drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for HPAW.L and HWWA.L.

Drawdown Indicators

	HPAW.L	HWWA.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.31%	-33.33%	+4.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-8.86%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-15.57%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-26.70%	-2.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.33%	—
Current Drawdown Current decline from peak	-1.00%	-0.64%	-0.36%
Average Drawdown Average peak-to-trough decline	-7.12%	-5.33%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.16%	+0.44%

Volatility

HPAW.L vs. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.L) has a volatility of 3.76%. This indicates that HPAW.L experiences smaller price fluctuations and is considered to be less risky than HWWA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAW.L	HWWA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.76%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	10.21%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	12.30%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	15.02%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	15.52%	+0.76%

Dividends

HPAW.L vs. HWWA.L - Dividend Comparison

HPAW.L has not paid dividends to shareholders, while HWWA.L's dividend yield for the trailing twelve months is around 1.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	1.31%	1.43%	1.58%	1.95%	2.07%	1.48%	1.45%	2.07%	2.10%	1.86%	1.71%	1.97%

Frequently Asked Questions

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

HPAW.L and HWWA.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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