HPAW.L vs. SPXS.L
HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - HPAW.L tracks the HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs -54.94%/yr for SPXS.L. With a 0.96 correlation, they move nearly in lockstep.
Performance
HPAW.L vs. SPXS.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 SPXS.L's 10.20% 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*
- —
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
HPAW.L vs. SPXS.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% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 10.97% |
Correlation
The correlation between HPAW.L and SPXS.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
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 SPXS.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
HPAW.L vs. SPXS.L — Risk / Return Rank
HPAW.L
SPXS.L
HPAW.L vs. SPXS.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 Invesco S&P 500 UCITS ETF (SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.52 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | -1.00 | +2.65 |
| Martin ratioReturn relative to average drawdown | 6.44 | -1.23 | +7.67 |
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Drawdowns
HPAW.L vs. SPXS.L - Drawdown Comparison
The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for HPAW.L and SPXS.L.
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Drawdown Indicators
| HPAW.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -99.07% | +69.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -99.07% | +88.97% |
Max Drawdown (3Y)Largest decline over 3 years | -17.47% | -99.07% | +81.60% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -99.07% | +69.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -1.00% | -98.90% | +97.90% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -7.67% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 80.57% | -77.97% |
Volatility
HPAW.L vs. SPXS.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 Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that HPAW.L's price experiences larger fluctuations and is considered to be riskier than SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 2.73% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.43% | 9.24% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 99.43% | -86.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 47.13% | -30.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 35.27% | -18.99% |
Dividends
HPAW.L vs. SPXS.L - Dividend Comparison
Neither HPAW.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, HPAW.L and SPXS.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 SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: HSBC and Invesco.
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