HSEF.L vs. HEMC.L
HSEF.L (HSBC Emerging Market Sustainable Equity UCITS ETF USD) and HEMC.L (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds from HSBC tracking the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HSEF.L returned 17.57%/yr vs 20.54%/yr for HEMC.L. Their correlation of 0.95 suggests significant overlap in exposure. HSEF.L charges 0.18%/yr vs 0.15%/yr for HEMC.L.
Performance
HSEF.L vs. HEMC.L - Performance Comparison
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Returns By Period
In the year-to-date period, HSEF.L achieves a 15.11% return, which is significantly lower than HEMC.L's 26.32% return.
HSEF.L
- 1D
- -0.64%
- 1M
- 3.00%
- YTD
- 15.11%
- 6M
- 15.45%
- 1Y
- 38.19%
- 3Y*
- 17.57%
- 5Y*
- 7.39%
- 10Y*
- —
HEMC.L
- 1D
- -1.65%
- 1M
- 6.49%
- YTD
- 26.32%
- 6M
- 28.17%
- 1Y
- 54.26%
- 3Y*
- 20.54%
- 5Y*
- —
- 10Y*
- —
HSEF.L vs. HEMC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD | 15.11% | 20.85% | 17.02% | -1.33% | -2.59% |
HEMC.L HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 26.32% | 24.74% | 8.89% | 2.36% | -2.34% |
Correlation
The correlation between HSEF.L and HEMC.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.95 |
The correlation between HSEF.L and HEMC.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
HSEF.L vs. HEMC.L — Risk / Return Rank
HSEF.L
HEMC.L
HSEF.L vs. HEMC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.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.
| HSEF.L | HEMC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.59 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | 4.98 | -1.05 |
| Martin ratioReturn relative to average drawdown | 13.29 | 17.55 | -4.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HSEF.L | HEMC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 3.19 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.95 | -0.36 |
Drawdowns
HSEF.L vs. HEMC.L - Drawdown Comparison
The maximum HSEF.L drawdown since its inception was -23.33%, which is greater than HEMC.L's maximum drawdown of -15.14%. Use the drawdown chart below to compare losses from any high point for HSEF.L and HEMC.L.
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Drawdown Indicators
| HSEF.L | HEMC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.33% | -15.14% | -8.19% |
Max Drawdown (1Y)Largest decline over 1 year | -9.67% | -10.83% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -15.36% | -15.14% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -19.36% | — | — |
Current DrawdownCurrent decline from peak | -1.81% | -2.51% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -9.31% | -4.25% | -5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 3.08% | -0.21% |
Volatility
HSEF.L vs. HEMC.L - Volatility Comparison
The current volatility for HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) is 5.49%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) has a volatility of 7.44%. This indicates that HSEF.L experiences smaller price fluctuations and is considered to be less risky than HEMC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSEF.L | HEMC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 7.44% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 11.66% | 14.44% | -2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.77% | 16.93% | -2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.64% | 15.44% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 15.44% | +0.27% |
HSEF.L vs. HEMC.L - Expense Ratio Comparison
HSEF.L has a 0.18% expense ratio, which is higher than HEMC.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HSEF.L vs. HEMC.L - Dividend Comparison
Neither HSEF.L nor HEMC.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, HSEF.L and HEMC.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.
On fees, HEMC.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEMC.L is cheaper with a 0.15% expense ratio, compared with 0.18% for HSEF.L.
Both ETFs track MSCI EM NR USD. Their fees differ too: 0.18% for HSEF.L and 0.15% for HEMC.L.
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