HSEM.L vs. HWWA.L

Last updated Jul 16, 2026

HSEM.L (HSBC Emerging Market Screened Equity UCITS ETF) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both exchange-traded funds - HSEM.L is a Emerging Markets Equities fund tracking the HSBC Emerging Market Screened Equity UCITS ETF, while HWWA.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, HSEM.L returned 6.62%/yr vs 11.68%/yr for HWWA.L. A 0.70 correlation means they provide meaningful diversification when combined. HSEM.L charges 0.18%/yr vs 0.25%/yr for HWWA.L.

Performance

HSEM.L vs. HWWA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Emerging Market Screened Equity UCITS ETF (HSEM.L) and HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSEM.L is traded in USD, while HWWA.L is traded in GBP. To make them comparable, the HWWA.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 HWWA.L's 13.44% 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*: —

HWWA.L

• 1D: 0.40%
• 1M: -0.22%
• 6M: 11.76%
• YTD: 13.44%
• 1Y: 28.25%
• 3Y*: 20.70%
• 5Y*: 11.68%
• 10Y*: 12.48%

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

HSEM.L vs. HWWA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSEM.L HSBC Emerging Market Screened Equity UCITS ETF	12.47%	29.57%	15.18%	4.33%	-18.08%	0.52%	14.23%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	13.44%	25.55%	15.84%	21.86%	-17.71%	20.63%	11.74%

Correlation

The correlation between HSEM.L and HWWA.L is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 27, 2020	0.70

The correlation between HSEM.L and HWWA.L has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Return for Risk

HSEM.L vs. HWWA.L — Risk / Return Rank

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

HSEM.L

HSEM.L Risk / Return Rank: 53
HSEM.L Sharpe Ratio Rank: 52
HSEM.L Sortino Ratio Rank: 51
HSEM.L Omega Ratio Rank: 50
HSEM.L Calmar Ratio Rank: 58
HSEM.L Martin Ratio Rank: 53

HWWA.L

HWWA.L Risk / Return Rank: 89
HWWA.L Sharpe Ratio Rank: 90
HWWA.L Sortino Ratio Rank: 89
HWWA.L Omega Ratio Rank: 89
HWWA.L Calmar Ratio Rank: 87
HWWA.L Martin Ratio Rank: 89

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.

HSEM.L vs. HWWA.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 HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.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	HWWA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.29	-0.84
Sortino ratio: Return per unit of downside risk	2.07	3.29	-1.22
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio: Return relative to maximum drawdown	2.35	3.17	-0.83
Martin ratio: Return relative to average drawdown	7.31	13.02	-5.71

HSEM.L vs. HWWA.L - Sharpe Ratio Comparison

The current HSEM.L Sharpe Ratio is 1.45, which is lower than the HWWA.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of HSEM.L and HWWA.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.

Drawdowns

HSEM.L vs. HWWA.L - Drawdown Comparison

The maximum HSEM.L drawdown since its inception was -36.19%, which is greater than HWWA.L's maximum drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for HSEM.L and HWWA.L.

Drawdown Indicators

	HSEM.L	HWWA.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.19%	-33.33%	-2.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-8.86%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	-15.57%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-31.50%	-26.70%	-4.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.33%	—
Current Drawdown Current decline from peak	-4.12%	-0.64%	-3.48%
Average Drawdown Average peak-to-trough decline	-14.08%	-5.33%	-8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	2.16%	+1.42%

Volatility

HSEM.L vs. HWWA.L - Volatility Comparison

HSBC Emerging Market Screened Equity UCITS ETF (HSEM.L) has a higher volatility of 6.31% compared to HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) at 3.76%. This indicates that HSEM.L's price experiences larger fluctuations and is considered to be riskier than HWWA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSEM.L	HWWA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	3.76%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	10.21%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.02%	12.30%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	15.02%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	15.52%	+2.55%

HSEM.L vs. HWWA.L - Expense Ratio Comparison

HSEM.L has a 0.18% expense ratio, which is lower than HWWA.L's 0.25% 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

HSEM.L vs. HWWA.L - Dividend Comparison

HSEM.L has not paid dividends to shareholders, while HWWA.L's dividend yield for the trailing twelve months is around 1.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSEM.L HSBC Emerging Market Screened Equity UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	1.31%	1.43%	1.58%	1.95%	2.07%	1.48%	1.45%	2.07%	2.10%	1.86%	1.71%	1.97%

Frequently Asked Questions

Can I hold both HSEM.L and HWWA.L in my portfolio?

HSEM.L and HWWA.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSEM.L or HWWA.L?

On fees, HSEM.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, HSEM.L or HWWA.L?

HSEM.L is cheaper with a 0.18% expense ratio, compared with 0.25% for HWWA.L.

What is the main difference between HSEM.L and HWWA.L?

HSEM.L is categorized as Emerging Markets Equities, while HWWA.L is Global Equities. HSEM.L tracks HSBC Emerging Market Screened Equity UCITS ETF, while HWWA.L tracks MSCI ACWI NR USD. Their fees differ too: 0.18% for HSEM.L and 0.25% for HWWA.L.