HSPX.L vs. HPAS.L

Last updated Jun 5, 2026

HSPX.L (HSBC S&P 500 UCITS ETF) and HPAS.L (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) are both exchange-traded funds - HSPX.L is a S&P 500 fund tracking the S&P 500 Index, while HPAS.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 3 years, HSPX.L returned 19.02%/yr vs 17.72%/yr for HPAS.L. With a 0.97 correlation, they move nearly in lockstep. HSPX.L charges 0.09%/yr vs 0.12%/yr for HPAS.L.

Performance

HSPX.L vs. HPAS.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with HSPX.L having a 10.50% return and HPAS.L slightly higher at 10.66%.

HSPX.L

• 1D: 0.01%
• 1M: 5.44%
• YTD: 10.50%
• 6M: 10.42%
• 1Y: 29.12%
• 3Y*: 19.02%
• 5Y*: 14.91%
• 10Y*: 16.09%

HPAS.L

• 1D: 0.03%
• 1M: 8.95%
• YTD: 10.66%
• 6M: 10.37%
• 1Y: 27.35%
• 3Y*: 17.72%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HSPX.L HSBC S&P 500 UCITS ETF	10.50%	9.36%	27.32%	19.94%	-9.10%	12.24%
HPAS.L HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	10.66%	5.65%	26.90%	22.43%	-14.66%	11.67%

Correlation

The correlation between HSPX.L and HPAS.L is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.97

The correlation between HSPX.L and HPAS.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

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

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

HSPX.L

HSPX.L Risk / Return Rank: 82
HSPX.L Sharpe Ratio Rank: 84
HSPX.L Sortino Ratio Rank: 82
HSPX.L Omega Ratio Rank: 85
HSPX.L Calmar Ratio Rank: 80
HSPX.L Martin Ratio Rank: 78

HPAS.L

HPAS.L Risk / Return Rank: 58
HPAS.L Sharpe Ratio Rank: 70
HPAS.L Sortino Ratio Rank: 66
HPAS.L Omega Ratio Rank: 69
HPAS.L Calmar Ratio Rank: 44
HPAS.L Martin Ratio Rank: 40

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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC S&P 500 UCITS ETF (HSPX.L) and HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.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.

	HSPX.L	HPAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.25	+0.47
Sortino ratio: Return per unit of downside risk	3.64	3.01	+0.63
Omega ratio: Gain probability vs. loss probability	1.51	1.41	+0.10
Calmar ratio: Return relative to maximum drawdown	4.05	2.17	+1.88
Martin ratio: Return relative to average drawdown	14.81	6.23	+8.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HSPX.L Sharpe Ratio is 2.72, which is comparable to the HPAS.L Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of HSPX.L and HPAS.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

	HSPX.L	HPAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.25	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.76	+0.20

Drawdowns

HSPX.L vs. HPAS.L - Drawdown Comparison

The maximum HSPX.L drawdown since its inception was -25.43%, which is greater than HPAS.L's maximum drawdown of -23.23%. Use the drawdown chart below to compare losses from any high point for HSPX.L and HPAS.L.

Drawdown Indicators

	HSPX.L	HPAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-23.23%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-12.57%	+5.41%
Max Drawdown (3Y) Largest decline over 3 years	-20.76%	-23.23%	+2.47%
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	-0.24%	-0.09%	-0.15%
Average Drawdown Average peak-to-trough decline	-3.44%	-5.99%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	4.38%	-2.42%

Volatility

HSPX.L vs. HPAS.L - Volatility Comparison

The current volatility for HSBC S&P 500 UCITS ETF (HSPX.L) is 2.66%, while HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.L) has a volatility of 3.26%. This indicates that HSPX.L experiences smaller price fluctuations and is considered to be less risky than HPAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSPX.L	HPAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	3.26%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	8.55%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	12.09%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	15.73%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	15.73%	-0.26%

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

HSPX.L has a 0.09% expense ratio, which is lower than HPAS.L's 0.12% 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

HSPX.L vs. HPAS.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPAS.L HSBC MSCI USA Climate Paris Aligned 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 HSPX.L and HPAS.L in my portfolio?

With a correlation of 0.95, HSPX.L and HPAS.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, HSPX.L or HPAS.L?

On fees, HSPX.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HSPX.L is cheaper with a 0.09% expense ratio, compared with 0.12% for HPAS.L.

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

HSPX.L is categorized as S&P 500, while HPAS.L is Large Cap Blend Equities. HSPX.L tracks S&P 500 Index, while HPAS.L tracks Russell 1000 TR USD. Their fees differ too: 0.09% for HSPX.L and 0.12% for HPAS.L.