HSEM.L vs. XDEX.L

Last updated Jul 16, 2026

HSEM.L (HSBC Emerging Market Screened Equity UCITS ETF) and XDEX.L (Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C) are both Emerging Markets Equities funds - HSEM.L tracks the HSBC Emerging Market Screened Equity UCITS ETF while XDEX.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, HSEM.L returned 6.62%/yr vs 10.86%/yr for XDEX.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.18% expense ratio.

Performance

HSEM.L vs. XDEX.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 Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C (XDEX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSEM.L is traded in USD, while XDEX.L is traded in GBp. To make them comparable, the XDEX.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 XDEX.L's 30.59% 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*: —

XDEX.L

• 1D: -1.46%
• 1M: -7.01%
• 6M: 23.87%
• YTD: 30.59%
• 1Y: 54.20%
• 3Y*: 21.93%
• 5Y*: 10.86%
• 10Y*: 12.54%

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

HSEM.L vs. XDEX.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%
XDEX.L Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C	30.59%	37.83%	1.15%	8.32%	-19.84%	18.99%	10.78%

Correlation

The correlation between HSEM.L and XDEX.L is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 27, 2020	0.81

The correlation between HSEM.L and XDEX.L has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

HSEM.L vs. XDEX.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

XDEX.L

XDEX.L Risk / Return Rank: 86
XDEX.L Sharpe Ratio Rank: 89
XDEX.L Sortino Ratio Rank: 84
XDEX.L Omega Ratio Rank: 88
XDEX.L Calmar Ratio Rank: 88
XDEX.L Martin Ratio Rank: 82

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. XDEX.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 Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C (XDEX.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	XDEX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.28	-0.83
Sortino ratio: Return per unit of downside risk	2.07	2.90	-0.83
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio: Return relative to maximum drawdown	2.35	3.60	-1.25
Martin ratio: Return relative to average drawdown	7.31	12.16	-4.85

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

The current HSEM.L Sharpe Ratio is 1.45, which is lower than the XDEX.L Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HSEM.L and XDEX.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. XDEX.L - Drawdown Comparison

The maximum HSEM.L drawdown since its inception was -36.19%, which is greater than XDEX.L's maximum drawdown of -32.75%. Use the drawdown chart below to compare losses from any high point for HSEM.L and XDEX.L.

Drawdown Indicators

	HSEM.L	XDEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.19%	-32.75%	-3.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-14.99%	+3.84%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	-19.39%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.50%	-30.61%	-0.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.75%	—
Current Drawdown Current decline from peak	-4.12%	-10.66%	+6.54%
Average Drawdown Average peak-to-trough decline	-14.08%	-6.96%	-7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	4.44%	-0.86%

Volatility

HSEM.L vs. XDEX.L - Volatility Comparison

The current volatility for HSBC Emerging Market Screened Equity UCITS ETF (HSEM.L) is 6.31%, while Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C (XDEX.L) has a volatility of 11.15%. This indicates that HSEM.L experiences smaller price fluctuations and is considered to be less risky than XDEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSEM.L	XDEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	11.15%	-4.84%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	21.82%	-6.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.02%	23.62%	-5.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	18.64%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	17.29%	+0.78%

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

Both HSEM.L and XDEX.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. XDEX.L - Dividend Comparison

Neither HSEM.L nor XDEX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

HSEM.L and XDEX.L have a correlation of 0.81, 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 XDEX.L?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSEM.L or XDEX.L?

HSEM.L and XDEX.L have the same expense ratio: 0.18% per year.

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

HSEM.L tracks HSBC Emerging Market Screened Equity UCITS ETF, while XDEX.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and Xtrackers.