HSEP.L vs. CMB1.L

Last updated Jul 18, 2026

HSEP.L (HSBC Europe Sustainable Equity UCITS ETF EUR) and CMB1.L (iShares FTSE MIB UCITS ETF (Acc)) are both Europe Equities funds - HSEP.L tracks the MSCI Europe NR EUR while CMB1.L tracks the FTSE Italia AllShare TR EUR. Both are passively managed. Over the past 5 years, HSEP.L returned 9.99%/yr vs 21.15%/yr for CMB1.L. Their correlation of 0.83 suggests significant overlap in exposure. HSEP.L charges 0.15%/yr vs 0.33%/yr for CMB1.L.

Performance

HSEP.L vs. CMB1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Europe Sustainable Equity UCITS ETF EUR (HSEP.L) and iShares FTSE MIB UCITS ETF (Acc) (CMB1.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSEP.L is traded in GBP, while CMB1.L is traded in GBp. To make them comparable, the CMB1.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HSEP.L achieves a 11.27% return, which is significantly lower than CMB1.L's 15.96% return.

HSEP.L

• 1D: -0.27%
• 1M: -1.87%
• 6M: 8.45%
• YTD: 11.27%
• 1Y: 22.97%
• 3Y*: 15.10%
• 5Y*: 9.99%
• 10Y*: —

CMB1.L

• 1D: -0.43%
• 1M: -2.61%
• 6M: 14.36%
• YTD: 15.96%
• 1Y: 32.84%
• 3Y*: 27.05%
• 5Y*: 21.15%
• 10Y*: 16.15%

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

HSEP.L vs. CMB1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSEP.L HSBC Europe Sustainable Equity UCITS ETF EUR	11.27%	25.19%	4.60%	13.09%	-6.18%	11.05%	-1.98%
CMB1.L iShares FTSE MIB UCITS ETF (Acc)	15.96%	43.83%	13.25%	30.68%	-3.56%	18.29%	14.73%

Correlation

The correlation between HSEP.L and CMB1.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.83

The correlation between HSEP.L and CMB1.L has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

HSEP.L vs. CMB1.L - Sectors Allocation Comparison

Sectors	HSEP.L	CMB1.L
Financial Services	28.2%	47.4%
Consumer Defensive	15.8%	0.4%
Industrials	14.5%	10.7%
Technology	13.3%	5.7%
Healthcare	8.9%	1.1%
Utilities	5.9%	15.6%
Consumer Cyclical	5.5%	9.6%
Communication Services	3.6%	1.9%
Basic Materials	2.9%	0.5%
Energy	1.2%	6.8%
Real Estate	0.2%	0.3%

Return for Risk

HSEP.L vs. CMB1.L — Risk / Return Rank

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

HSEP.L

HSEP.L Risk / Return Rank: 62
HSEP.L Sharpe Ratio Rank: 69
HSEP.L Sortino Ratio Rank: 68
HSEP.L Omega Ratio Rank: 69
HSEP.L Calmar Ratio Rank: 51
HSEP.L Martin Ratio Rank: 55

CMB1.L

CMB1.L Risk / Return Rank: 81
CMB1.L Sharpe Ratio Rank: 85
CMB1.L Sortino Ratio Rank: 83
CMB1.L Omega Ratio Rank: 81
CMB1.L Calmar Ratio Rank: 79
CMB1.L Martin Ratio Rank: 79

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.

HSEP.L vs. CMB1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Europe Sustainable Equity UCITS ETF EUR (HSEP.L) and iShares FTSE MIB UCITS ETF (Acc) (CMB1.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.

	HSEP.L	CMB1.L	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.15	-0.46
Sortino ratio: Return per unit of downside risk	2.37	2.93	-0.56
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	1.98	3.17	-1.19
Martin ratio: Return relative to average drawdown	7.16	11.26	-4.10

HSEP.L vs. CMB1.L - Sharpe Ratio Comparison

The current HSEP.L Sharpe Ratio is 1.69, which is comparable to the CMB1.L Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HSEP.L and CMB1.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

HSEP.L vs. CMB1.L - Drawdown Comparison

The maximum HSEP.L drawdown since its inception was -17.96%, smaller than the maximum CMB1.L drawdown of -56.05%. Use the drawdown chart below to compare losses from any high point for HSEP.L and CMB1.L.

Drawdown Indicators

	HSEP.L	CMB1.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.96%	-56.05%	+38.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-10.32%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-17.27%	-15.62%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-24.19%	+6.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.61%	—
Current Drawdown Current decline from peak	-3.16%	-3.69%	+0.53%
Average Drawdown Average peak-to-trough decline	-4.50%	-15.16%	+10.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.91%	+0.29%

Volatility

HSEP.L vs. CMB1.L - Volatility Comparison

HSBC Europe Sustainable Equity UCITS ETF EUR (HSEP.L) and iShares FTSE MIB UCITS ETF (Acc) (CMB1.L) have volatilities of 3.84% and 3.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSEP.L	CMB1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	3.90%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	12.73%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	15.21%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.80%	17.98%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.78%	20.03%	-1.25%

HSEP.L vs. CMB1.L - Expense Ratio Comparison

HSEP.L has a 0.15% expense ratio, which is lower than CMB1.L's 0.33% expense ratio.

Dividends

HSEP.L vs. CMB1.L - Dividend Comparison

Neither HSEP.L nor CMB1.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HSEP.L and CMB1.L in my portfolio?

HSEP.L and CMB1.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSEP.L or CMB1.L?

On fees, HSEP.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSEP.L or CMB1.L?

HSEP.L is cheaper with a 0.15% expense ratio, compared with 0.33% for CMB1.L.

What is the main difference between HSEP.L and CMB1.L?

HSEP.L tracks MSCI Europe NR EUR, while CMB1.L tracks FTSE Italia AllShare TR EUR. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.15% for HSEP.L and 0.33% for CMB1.L.