HSPS.L vs. HSPX.L

Last updated Jun 4, 2026

HSPS.L (HSBC S&P 500 UCITS ETF USD (Acc)) and HSPX.L (HSBC S&P 500 UCITS ETF) are both S&P 500 funds from HSBC tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, HSPS.L returned 19.33%/yr vs 19.32%/yr for HSPX.L. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.09% expense ratio.

Performance

HSPS.L vs. HSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC S&P 500 UCITS ETF USD (Acc) (HSPS.L) and HSBC S&P 500 UCITS ETF (HSPX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HSPS.L having a 10.55% return and HSPX.L slightly lower at 10.49%.

HSPS.L

• 1D: -0.19%
• 1M: 5.98%
• YTD: 10.55%
• 6M: 10.55%
• 1Y: 29.12%
• 3Y*: 19.33%
• 5Y*: —
• 10Y*: —

HSPX.L

• 1D: -0.26%
• 1M: 5.91%
• YTD: 10.49%
• 6M: 10.32%
• 1Y: 29.11%
• 3Y*: 19.32%
• 5Y*: 14.90%
• 10Y*: 16.23%

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

HSPS.L vs. HSPX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HSPS.L HSBC S&P 500 UCITS ETF USD (Acc)	10.55%	9.33%	27.36%	19.90%	4.27%
HSPX.L HSBC S&P 500 UCITS ETF	10.49%	9.36%	27.32%	19.94%	4.25%

Correlation

The correlation between HSPS.L and HSPX.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022	0.99

The correlation between HSPS.L and HSPX.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

HSPS.L vs. HSPX.L — Risk / Return Rank

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

HSPS.L

HSPS.L Risk / Return Rank: 81
HSPS.L Sharpe Ratio Rank: 85
HSPS.L Sortino Ratio Rank: 82
HSPS.L Omega Ratio Rank: 85
HSPS.L Calmar Ratio Rank: 78
HSPS.L Martin Ratio Rank: 75

HSPX.L

HSPX.L Risk / Return Rank: 81
HSPX.L Sharpe Ratio Rank: 83
HSPX.L Sortino Ratio Rank: 80
HSPX.L Omega Ratio Rank: 84
HSPX.L Calmar Ratio Rank: 79
HSPX.L Martin Ratio Rank: 77

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.

HSPS.L vs. HSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC S&P 500 UCITS ETF USD (Acc) (HSPS.L) and HSBC S&P 500 UCITS ETF (HSPX.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.

	HSPS.L	HSPX.L	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.72	+0.04
Sortino ratio: Return per unit of downside risk	3.69	3.63	+0.05
Omega ratio: Gain probability vs. loss probability	1.52	1.51	+0.01
Calmar ratio: Return relative to maximum drawdown	3.94	4.05	-0.11
Martin ratio: Return relative to average drawdown	14.14	14.81	-0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSPS.L vs. HSPX.L - Sharpe Ratio Comparison

The current HSPS.L Sharpe Ratio is 2.76, which is comparable to the HSPX.L Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of HSPS.L and HSPX.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

	HSPS.L	HSPX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	2.72	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.97	+0.34

Drawdowns

HSPS.L vs. HSPX.L - Drawdown Comparison

The maximum HSPS.L drawdown since its inception was -20.94%, smaller than the maximum HSPX.L drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for HSPS.L and HSPX.L.

Drawdown Indicators

	HSPS.L	HSPX.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.94%	-25.43%	+4.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-7.16%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-20.76%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.43%	—
Current Drawdown Current decline from peak	-0.19%	-0.26%	+0.07%
Average Drawdown Average peak-to-trough decline	-3.50%	-3.44%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.96%	+0.09%

Volatility

HSPS.L vs. HSPX.L - Volatility Comparison

HSBC S&P 500 UCITS ETF USD (Acc) (HSPS.L) and HSBC S&P 500 UCITS ETF (HSPX.L) have volatilities of 2.62% and 2.65%, 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

	HSPS.L	HSPX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.65%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	7.23%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	10.71%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	14.22%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	15.47%	-1.74%

HSPS.L vs. HSPX.L - Expense Ratio Comparison

Both HSPS.L and HSPX.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HSPS.L vs. HSPX.L - Dividend Comparison

HSPS.L has not paid dividends to shareholders, while HSPX.L's dividend yield for the trailing twelve months is around 0.82%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSPS.L HSBC S&P 500 UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HSPX.L HSBC S&P 500 UCITS ETF	0.82%	0.93%	0.98%	1.19%	1.27%	0.95%	1.41%	1.47%	1.60%	1.54%	1.49%	1.61%

Frequently Asked Questions

Can I hold both HSPS.L and HSPX.L in my portfolio?

With a correlation of 0.99, HSPS.L and HSPX.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HSPS.L or HSPX.L?

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSPS.L or HSPX.L?

HSPS.L and HSPX.L have the same expense ratio: 0.09% per year.

What is the main difference between HSPS.L and HSPX.L?

Both ETFs track S&P 500 Index.