HPAW.L vs. SMH.L
HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and SMH.L (VanEck Semiconductor 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 SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs 35.65%/yr for SMH.L. A 0.76 correlation means they provide meaningful diversification when combined.
Performance
HPAW.L vs. SMH.L - Performance Comparison
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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 SMH.L's 76.50% 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*
- —
SMH.L
- 1D
- -3.48%
- 1M
- -8.87%
- 6M
- 62.90%
- YTD
- 76.50%
- 1Y
- 124.23%
- 3Y*
- 54.24%
- 5Y*
- 35.65%
- 10Y*
- —
HPAW.L vs. SMH.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% |
SMH.L VanEck Semiconductor UCITS ETF | 76.50% | 49.20% | 24.11% | 75.94% | -35.54% | 19.45% |
Correlation
The correlation between HPAW.L and SMH.L is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021 | 0.76 |
The correlation between HPAW.L and SMH.L shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HPAW.L vs. SMH.L — Risk / Return Rank
HPAW.L
SMH.L
HPAW.L vs. SMH.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 VanEck Semiconductor UCITS ETF (SMH.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 | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.47 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 8.88 | -7.23 |
| Martin ratioReturn relative to average drawdown | 6.44 | 27.77 | -21.33 |
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Drawdowns
HPAW.L vs. SMH.L - Drawdown Comparison
The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for HPAW.L and SMH.L.
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Drawdown Indicators
| HPAW.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -45.38% | +16.07% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -13.91% | +3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -17.47% | -36.25% | +18.78% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -45.38% | +16.07% |
Current DrawdownCurrent decline from peak | -1.00% | -11.91% | +10.91% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -11.12% | +4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 4.46% | -1.86% |
Volatility
HPAW.L vs. SMH.L - Volatility Comparison
The current volatility for HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) is 3.10%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 16.26%. This indicates that HPAW.L experiences smaller price fluctuations and is considered to be less risky than SMH.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.L | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 16.26% | -13.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.43% | 30.80% | -20.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 36.96% | -23.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 33.56% | -17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 32.93% | -16.65% |
Dividends
HPAW.L vs. SMH.L - Dividend Comparison
Neither HPAW.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
HPAW.L and SMH.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HPAW.L is categorized as Global Equities, while SMH.L is Semiconductors. HPAW.L tracks HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. They also come from different issuers: HSBC and VanEck.
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