HSEM.L vs. EXCS.L
HSEM.L (HSBC Emerging Market Screened Equity UCITS ETF) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - HSEM.L tracks the HSBC Emerging Market Screened Equity UCITS ETF while EXCS.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HSEM.L returned 18.14%/yr vs 24.27%/yr for EXCS.L. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.
Performance
HSEM.L vs. EXCS.L - Performance Comparison
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Different Trading Currencies
HSEM.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HSEM.L achieves a 12.47% return, which is significantly lower than EXCS.L's 31.24% return.
HSEM.L
- 1D
- -0.78%
- 1M
- -2.74%
- 6M
- 7.42%
- YTD
- 12.47%
- 1Y
- 26.78%
- 3Y*
- 18.14%
- 5Y*
- 6.62%
- 10Y*
- —
EXCS.L
- 1D
- -0.63%
- 1M
- -6.99%
- 6M
- 24.86%
- YTD
- 31.24%
- 1Y
- 53.10%
- 3Y*
- 24.27%
- 5Y*
- —
- 10Y*
- —
HSEM.L vs. EXCS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HSEM.L HSBC Emerging Market Screened Equity UCITS ETF | 12.47% | 29.57% | 15.18% | 4.33% | -18.08% | -2.15% |
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 31.24% | 35.75% | 3.67% | 16.90% | -18.20% | -24.55% |
Correlation
The correlation between HSEM.L and EXCS.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 (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.80 |
The correlation between HSEM.L and EXCS.L has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.
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Return for Risk
HSEM.L vs. EXCS.L — Risk / Return Rank
HSEM.L
EXCS.L
HSEM.L vs. EXCS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Emerging Market Screened Equity UCITS ETF (HSEM.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.
| HSEM.L | EXCS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.39 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 3.77 | -1.42 |
| Martin ratioReturn relative to average drawdown | 7.31 | 12.33 | -5.02 |
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Drawdowns
HSEM.L vs. EXCS.L - Drawdown Comparison
The maximum HSEM.L drawdown since its inception was -36.19%, smaller than the maximum EXCS.L drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for HSEM.L and EXCS.L.
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Drawdown Indicators
| HSEM.L | EXCS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.19% | -44.14% | +7.95% |
Max Drawdown (1Y)Largest decline over 1 year | -11.15% | -14.02% | +2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -17.38% | -19.69% | +2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -31.50% | — | — |
Current DrawdownCurrent decline from peak | -4.12% | -10.26% | +6.14% |
Average DrawdownAverage peak-to-trough decline | -14.08% | -23.96% | +9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 4.29% | -0.71% |
Volatility
HSEM.L vs. EXCS.L - Volatility Comparison
The current volatility for HSBC Emerging Market Screened Equity UCITS ETF (HSEM.L) is 6.31%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.64%. This indicates that HSEM.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSEM.L | EXCS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.31% | 10.64% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 15.44% | 22.02% | -6.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.02% | 24.03% | -6.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.33% | 26.06% | -7.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.07% | 26.06% | -7.99% |
HSEM.L vs. EXCS.L - Expense Ratio Comparison
Both HSEM.L and EXCS.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
HSEM.L vs. EXCS.L - Dividend Comparison
Neither HSEM.L nor EXCS.L has paid dividends to shareholders.
Frequently Asked Questions
HSEM.L and EXCS.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.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HSEM.L and EXCS.L have the same expense ratio: 0.18% per year.
HSEM.L tracks HSBC Emerging Market Screened Equity UCITS ETF, while EXCS.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and iShares.
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