HPAW.L vs. VPAC.L
HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - HPAW.L tracks the HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs 3.51%/yr for VPAC.L. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
HPAW.L vs. VPAC.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 higher than VPAC.L's 2.04% 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*
- —
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
HPAW.L vs. VPAC.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% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 0.27% |
Correlation
The correlation between HPAW.L and VPAC.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021 | 0.53 |
The correlation between HPAW.L and VPAC.L has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.
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Return for Risk
HPAW.L vs. VPAC.L — Risk / Return Rank
HPAW.L
VPAC.L
HPAW.L vs. VPAC.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 Variable Rate Preferred Shares UCITS ETF USD (VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.54 | -0.89 |
| Martin ratioReturn relative to average drawdown | 6.44 | 9.98 | -3.54 |
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Drawdowns
HPAW.L vs. VPAC.L - Drawdown Comparison
The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for HPAW.L and VPAC.L.
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Drawdown Indicators
| HPAW.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -34.25% | +4.94% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -2.02% | -8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -17.47% | -3.40% | -14.07% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -13.89% | -15.42% |
Current DrawdownCurrent decline from peak | -1.00% | -0.33% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -3.14% | -3.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 0.52% | +2.08% |
Volatility
HPAW.L vs. VPAC.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 Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that HPAW.L's price experiences larger fluctuations and is considered to be riskier than VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 0.74% | +2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 10.43% | 2.28% | +8.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 3.17% | +9.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 5.30% | +11.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 11.00% | +5.28% |
Dividends
HPAW.L vs. VPAC.L - Dividend Comparison
Neither HPAW.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
HPAW.L and VPAC.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HPAW.L tracks HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: HSBC and Invesco.
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