HPRO.L vs. UKRE.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L) and iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L).

HPRO.L and UKRE.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HPRO.L is a passively managed fund by HSBC that tracks the performance of the FTSE EPRA Nareit Global TR USD. It was launched on Jun 20, 2011. UKRE.L is a passively managed fund by iShares that tracks the performance of the MSCI UK IMI Liquid Real Estate Index. It was launched on Mar 16, 2015. Both HPRO.L and UKRE.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HPRO.L vs. UKRE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L) and iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L). The values are adjusted to include any dividend payments, if applicable.

HPRO.L vs. UKRE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPRO.L HSBC FTSE EPRA/NAREIT Developed UCITS ETF	2.84%	3.64%	1.40%	4.78%	-15.71%	27.87%	-12.29%	17.50%	0.11%	1.69%
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF	-3.48%	6.21%	-6.91%	6.51%	-24.23%	21.16%	-10.46%	21.84%	-7.67%	8.12%

Returns By Period

In the year-to-date period, HPRO.L achieves a 2.84% return, which is significantly higher than UKRE.L's -3.48% return. Over the past 10 years, HPRO.L has outperformed UKRE.L with an annualized return of 3.88%, while UKRE.L has yielded a comparatively lower 0.27% annualized return.

HPRO.L

• 1D: 0.89%
• 1M: -6.33%
• YTD: 2.84%
• 6M: 2.73%
• 1Y: 6.93%
• 3Y*: 5.14%
• 5Y*: 2.90%
• 10Y*: 3.88%

UKRE.L

• 1D: 1.57%
• 1M: -7.96%
• YTD: -3.48%
• 6M: -0.98%
• 1Y: 1.05%
• 3Y*: 0.81%
• 5Y*: -1.67%
• 10Y*: 0.27%

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

HPRO.L vs. UKRE.L - Expense Ratio Comparison

HPRO.L has a 0.24% expense ratio, which is lower than UKRE.L's 0.40% expense ratio.

UKRE.L

iShares MSCI Target UK Real Estate UCITS ETF

HPRO.L

HSBC FTSE EPRA/NAREIT Developed UCITS ETF

Return for Risk

HPRO.L vs. UKRE.L — Risk / Return Rank

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

HPRO.L

HPRO.L Risk / Return Rank: 28
HPRO.L Sharpe Ratio Rank: 27
HPRO.L Sortino Ratio Rank: 25
HPRO.L Omega Ratio Rank: 25
HPRO.L Calmar Ratio Rank: 30
HPRO.L Martin Ratio Rank: 31

UKRE.L

UKRE.L Risk / Return Rank: 13
UKRE.L Sharpe Ratio Rank: 13
UKRE.L Sortino Ratio Rank: 12
UKRE.L Omega Ratio Rank: 12
UKRE.L Calmar Ratio Rank: 14
UKRE.L Martin Ratio Rank: 15

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.

HPRO.L vs. UKRE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L) and iShares MSCI Target UK Real Estate UCITS ETF (UKRE.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.

	HPRO.L	UKRE.L	Difference
Sharpe ratio Return per unit of total volatility	0.52	0.08	+0.44
Sortino ratio Return per unit of downside risk	0.79	0.20	+0.59
Omega ratio Gain probability vs. loss probability	1.11	1.03	+0.08
Calmar ratio Return relative to maximum drawdown	0.80	0.13	+0.67
Martin ratio Return relative to average drawdown	2.82	0.38	+2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPRO.L vs. UKRE.L - Sharpe Ratio Comparison

The current HPRO.L Sharpe Ratio is 0.52, which is higher than the UKRE.L Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of HPRO.L and UKRE.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HPRO.L	UKRE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	0.08	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	-0.12	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.02	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	-0.03	+0.44

Correlation

The correlation between HPRO.L and UKRE.L is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HPRO.L vs. UKRE.L - Dividend Comparison

HPRO.L's dividend yield for the trailing twelve months is around 3.14%, less than UKRE.L's 7.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPRO.L HSBC FTSE EPRA/NAREIT Developed UCITS ETF	3.14%	3.24%	3.34%	3.43%	3.46%	2.25%	3.06%	3.05%	3.22%	3.04%	2.84%	2.64%
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF	7.27%	7.07%	7.68%	5.22%	1.90%	0.86%	1.45%	2.09%	2.60%	2.32%	1.76%	0.86%

Drawdowns

HPRO.L vs. UKRE.L - Drawdown Comparison

The maximum HPRO.L drawdown since its inception was -35.45%, which is greater than UKRE.L's maximum drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for HPRO.L and UKRE.L.

Drawdown Indicators

	HPRO.L	UKRE.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.45%	-31.82%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-11.51%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-26.38%	-31.82%	+5.44%
Max Drawdown (10Y) Largest decline over 10 years	-35.45%	-31.82%	-3.63%
Current Drawdown Current decline from peak	-6.94%	-22.99%	+16.05%
Average Drawdown Average peak-to-trough decline	-8.85%	-12.01%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	3.84%	-1.29%

Volatility

HPRO.L vs. UKRE.L - Volatility Comparison

HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L) and iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) have volatilities of 4.61% and 4.84%, 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

	HPRO.L	UKRE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.84%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	9.26%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	12.84%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	13.70%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	13.45%	+2.10%