HSEF.L vs. JRDM.L

Last updated Jun 5, 2026

HSEF.L (HSBC Emerging Market Sustainable Equity UCITS ETF USD) and JRDM.L (JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from HSBC and JPMorgan respectively. Both are passively managed. Over the past year, HSEF.L returned 38.19% vs 59.59% for JRDM.L. A 0.56 correlation means they provide meaningful diversification when combined. HSEF.L charges 0.18%/yr vs 0.30%/yr for JRDM.L.

Performance

HSEF.L vs. JRDM.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 JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRDM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSEF.L is traded in GBP, while JRDM.L is traded in GBp. To make them comparable, the JRDM.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 lower than JRDM.L's 29.14% 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*: —

JRDM.L

• 1D: -1.53%
• 1M: 6.69%
• YTD: 29.14%
• 6M: 31.37%
• 1Y: 59.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD	15.11%	20.85%	17.02%	-0.65%
JRDM.L JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	29.14%	25.58%	12.44%	-3.30%

Correlation

The correlation between HSEF.L and JRDM.L is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jul 25, 2023	0.56

Over the past year, HSEF.L and JRDM.L have become more correlated (0.82) than their long-term average of 0.56, meaning their price movements have been converging.

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

Sectors	HSEF.L	JRDM.L
Technology	40.2%	37.5%
Financial Services	21.2%	20.3%
Basic Materials	9.3%	5.9%
Consumer Cyclical	9.2%	10.7%
Industrials	4.8%	6.8%
Energy	4.2%	4.5%
Healthcare	4.0%	2.7%
Consumer Defensive	2.9%	2.5%
Communication Services	2.7%	7.3%
Utilities	1.1%	1.6%
Real Estate	0.6%	0.4%

Return for Risk

HSEF.L vs. JRDM.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

JRDM.L

JRDM.L Risk / Return Rank: 94
JRDM.L Sharpe Ratio Rank: 95
JRDM.L Sortino Ratio Rank: 94
JRDM.L Omega Ratio Rank: 95
JRDM.L Calmar Ratio Rank: 93
JRDM.L Martin Ratio Rank: 91

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. JRDM.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 JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRDM.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	JRDM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.58	3.84	-1.26
Sortino ratio: Return per unit of downside risk	3.35	4.90	-1.55
Omega ratio: Gain probability vs. loss probability	1.45	1.70	-0.24
Calmar ratio: Return relative to maximum drawdown	3.93	6.35	-2.42
Martin ratio: Return relative to average drawdown	13.29	21.50	-8.21
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. JRDM.L - Sharpe Ratio Comparison

The current HSEF.L Sharpe Ratio is 2.58, which is lower than the JRDM.L Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of HSEF.L and JRDM.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	JRDM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	3.84	-1.26
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	2.20	-1.61

Drawdowns

HSEF.L vs. JRDM.L - Drawdown Comparison

The maximum HSEF.L drawdown since its inception was -23.33%, which is greater than JRDM.L's maximum drawdown of -14.88%. Use the drawdown chart below to compare losses from any high point for HSEF.L and JRDM.L.

Drawdown Indicators

	HSEF.L	JRDM.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.33%	-14.88%	-8.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-10.47%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.36%	—	—
Current Drawdown Current decline from peak	-1.81%	-2.35%	+0.54%
Average Drawdown Average peak-to-trough decline	-9.31%	-2.43%	-6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.99%	-0.12%

Volatility

HSEF.L vs. JRDM.L - Volatility Comparison

The current volatility for HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) is 5.49%, while JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRDM.L) has a volatility of 7.59%. This indicates that HSEF.L experiences smaller price fluctuations and is considered to be less risky than JRDM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSEF.L	JRDM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	7.59%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	14.42%	-2.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.77%	17.35%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	19.73%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	19.73%	-4.02%

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

HSEF.L has a 0.18% expense ratio, which is lower than JRDM.L's 0.30% expense ratio.

Dividends

HSEF.L vs. JRDM.L - Dividend Comparison

HSEF.L has not paid dividends to shareholders, while JRDM.L's dividend yield for the trailing twelve months is around 1.48%.

Position	TTM	2025	2024	2023
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD	0.00%	0.00%	0.00%	0.00%
JRDM.L JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	1.48%	1.94%	2.24%	1.65%

Frequently Asked Questions

Can I hold both HSEF.L and JRDM.L in my portfolio?

HSEF.L and JRDM.L have a correlation of 0.82, 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 JRDM.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 JRDM.L?

HSEF.L is cheaper with a 0.18% expense ratio, compared with 0.30% for JRDM.L.

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

Both ETFs track MSCI EM NR USD. They also come from different issuers: HSBC and JPMorgan. Their fees differ too: 0.18% for HSEF.L and 0.30% for JRDM.L.