HPEM.L vs. HMEF.L

Last updated Jul 16, 2026

HPEM.L (Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds from HSBC - HPEM.L tracks the Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf while HMEF.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HPEM.L returned 17.62%/yr vs 20.15%/yr for HMEF.L. Their correlation of 0.93 suggests significant overlap in exposure.

Performance

HPEM.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf (HPEM.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HPEM.L is traded in USD, while HMEF.L is traded in GBp. To make them comparable, the HMEF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HPEM.L achieves a 17.86% return, which is significantly lower than HMEF.L's 20.71% return.

HPEM.L

• 1D: 0.66%
• 1M: -5.69%
• 6M: 12.47%
• YTD: 17.86%
• 1Y: 35.57%
• 3Y*: 17.62%
• 5Y*: —
• 10Y*: —

HMEF.L

• 1D: -0.07%
• 1M: -5.76%
• 6M: 14.66%
• YTD: 20.71%
• 1Y: 38.62%
• 3Y*: 20.15%
• 5Y*: 7.00%
• 10Y*: 45.23%

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

HPEM.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HPEM.L Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf	17.86%	32.60%	6.21%	6.27%	-13.68%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	20.71%	33.96%	7.26%	7.85%	-11.97%

Correlation

The correlation between HPEM.L and HMEF.L is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 8, 2022	0.93

The correlation between HPEM.L and HMEF.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

HPEM.L vs. HMEF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HPEM.L

HPEM.L Risk / Return Rank: 64
HPEM.L Sharpe Ratio Rank: 62
HPEM.L Sortino Ratio Rank: 58
HPEM.L Omega Ratio Rank: 62
HPEM.L Calmar Ratio Rank: 72
HPEM.L Martin Ratio Rank: 66

HMEF.L

HMEF.L Risk / Return Rank: 73
HMEF.L Sharpe Ratio Rank: 73
HMEF.L Sortino Ratio Rank: 67
HMEF.L Omega Ratio Rank: 74
HMEF.L Calmar Ratio Rank: 79
HMEF.L Martin Ratio Rank: 69

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.

HPEM.L vs. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf (HPEM.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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.

	HPEM.L	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.81	-0.16
Sortino ratio: Return per unit of downside risk	2.23	2.41	-0.18
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.95	2.94	+0.01
Martin ratio: Return relative to average drawdown	9.40	9.64	-0.24

HPEM.L vs. HMEF.L - Sharpe Ratio Comparison

The current HPEM.L Sharpe Ratio is 1.65, which is comparable to the HMEF.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HPEM.L and HMEF.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

HPEM.L vs. HMEF.L - Drawdown Comparison

The maximum HPEM.L drawdown since its inception was -22.86%, smaller than the maximum HMEF.L drawdown of -39.89%. Use the drawdown chart below to compare losses from any high point for HPEM.L and HMEF.L.

Drawdown Indicators

	HPEM.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-39.89%	+17.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-13.08%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-16.21%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.89%	—
Current Drawdown Current decline from peak	-7.81%	-7.49%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.21%	-11.05%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	4.00%	-0.10%

Volatility

HPEM.L vs. HMEF.L - Volatility Comparison

Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf (HPEM.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) have volatilities of 9.19% and 8.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPEM.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.19%	8.81%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	19.87%	19.13%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.17%	21.24%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	19.15%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	141.96%	-122.88%

Dividends

HPEM.L vs. HMEF.L - Dividend Comparison

HPEM.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 1.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	1.70%	1.98%	2.43%	2.58%	2.99%	2.01%	1.66%	2.11%	2.14%	37.43%	168.62%	225.12%
HPEM.L Hsbc Etfs PLC - Hsbc Msci Emerging Markets 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

Can I hold both HPEM.L and HMEF.L in my portfolio?

With a correlation of 0.95, HPEM.L and HMEF.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.

What is the main difference between HPEM.L and HMEF.L?

HPEM.L tracks Hsbc Etfs PLC - Hsbc Msci Emerging Markets Climate Paris Aligned Ucits Etf, while HMEF.L tracks MSCI EM NR USD.