HSEF.L vs. HPRO.L

Last updated Jun 5, 2026

HSEF.L (HSBC Emerging Market Sustainable Equity UCITS ETF USD) and HPRO.L (HSBC FTSE EPRA/NAREIT Developed UCITS ETF) are both exchange-traded funds - HSEF.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while HPRO.L is a REIT fund tracking the FTSE EPRA Nareit Global TR USD. Both are passively managed. Over the past 5 years, HSEF.L returned 7.39%/yr vs -0.95%/yr for HPRO.L. At a 0.35 correlation, their price movements are largely independent. HSEF.L charges 0.18%/yr vs 0.24%/yr for HPRO.L.

Performance

HSEF.L vs. HPRO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) and HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSEF.L is traded in GBP, while HPRO.L is traded in GBp. To make them comparable, the HPRO.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HSEF.L achieves a 15.11% return, which is significantly higher than HPRO.L's 5.06% 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*: —

HPRO.L

• 1D: 0.03%
• 1M: -0.79%
• YTD: 5.06%
• 6M: 5.16%
• 1Y: 9.52%
• 3Y*: 2.97%
• 5Y*: -0.95%
• 10Y*: 1.11%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD	15.11%	20.85%	17.02%	-1.33%	-8.36%	1.82%	11.41%
HPRO.L HSBC FTSE EPRA/NAREIT Developed UCITS ETF	5.06%	0.35%	-1.94%	1.11%	-18.31%	24.70%	5.85%

Correlation

The correlation between HSEF.L and HPRO.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 1, 2020	0.35

HSEF.L vs. HPRO.L - Sectors Allocation Comparison

Sectors	HSEF.L	HPRO.L
Technology	40.2%	0.4%
Financial Services	21.2%	0.0%
Basic Materials	9.3%	-
Consumer Cyclical	9.2%	0.0%
Industrials	4.8%	-
Energy	4.2%	-
Healthcare	4.0%	-
Consumer Defensive	2.9%	-
Communication Services	2.7%	-
Utilities	1.1%	-
Real Estate	0.6%	99.6%

Return for Risk

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

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

HSEF.L

HSEF.L Risk / Return Rank: 77
HSEF.L Sharpe Ratio Rank: 81
HSEF.L Sortino Ratio Rank: 76
HSEF.L Omega Ratio Rank: 78
HSEF.L Calmar Ratio Rank: 78
HSEF.L Martin Ratio Rank: 72

HPRO.L

HPRO.L Risk / Return Rank: 24
HPRO.L Sharpe Ratio Rank: 25
HPRO.L Sortino Ratio Rank: 24
HPRO.L Omega Ratio Rank: 24
HPRO.L Calmar Ratio Rank: 24
HPRO.L Martin Ratio Rank: 25

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.

HSEF.L vs. HPRO.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 FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.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	HPRO.L	Difference
Sharpe ratio: Return per unit of total volatility	2.58	0.87	+1.71
Sortino ratio: Return per unit of downside risk	3.35	1.29	+2.06
Omega ratio: Gain probability vs. loss probability	1.45	1.15	+0.30
Calmar ratio: Return relative to maximum drawdown	3.93	1.06	+2.87
Martin ratio: Return relative to average drawdown	13.29	3.34	+9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HSEF.L Sharpe Ratio is 2.58, which is higher than the HPRO.L Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of HSEF.L and HPRO.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.

Sharpe Ratios by Period

	HSEF.L	HPRO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	0.87	+1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	-0.07	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.21	+0.39

Drawdowns

HSEF.L vs. HPRO.L - Drawdown Comparison

The maximum HSEF.L drawdown since its inception was -23.33%, smaller than the maximum HPRO.L drawdown of -36.31%. Use the drawdown chart below to compare losses from any high point for HSEF.L and HPRO.L.

Drawdown Indicators

	HSEF.L	HPRO.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.33%	-36.31%	+12.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-8.96%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-17.45%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	-19.36%	-30.68%	+11.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.31%	—
Current Drawdown Current decline from peak	-1.81%	-15.54%	+13.73%
Average Drawdown Average peak-to-trough decline	-9.31%	-12.03%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.85%	+0.02%

Volatility

HSEF.L vs. HPRO.L - Volatility Comparison

HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) has a higher volatility of 5.49% compared to HSBC FTSE EPRA/NAREIT Developed UCITS ETF (HPRO.L) at 3.15%. This indicates that HSEF.L's price experiences larger fluctuations and is considered to be riskier than HPRO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSEF.L	HPRO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	3.15%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	8.69%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	14.77%	10.95%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	14.06%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	15.59%	+0.12%

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

HSEF.L has a 0.18% expense ratio, which is lower than HPRO.L's 0.24% expense ratio. Despite the difference, 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. HPRO.L - Dividend Comparison

HSEF.L has not paid dividends to shareholders, while HPRO.L's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPRO.L HSBC FTSE EPRA/NAREIT Developed UCITS ETF	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD	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 HSEF.L and HPRO.L in my portfolio?

HSEF.L and HPRO.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSEF.L or HPRO.L?

On fees, HSEF.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSEF.L or HPRO.L?

HSEF.L is cheaper with a 0.18% expense ratio, compared with 0.24% for HPRO.L.

What is the main difference between HSEF.L and HPRO.L?

HSEF.L is categorized as Emerging Markets Equities, while HPRO.L is REIT. HSEF.L tracks MSCI EM NR USD, while HPRO.L tracks FTSE EPRA Nareit Global TR USD. Their fees differ too: 0.18% for HSEF.L and 0.24% for HPRO.L.