HSPX.L vs. HWWA.L

Last updated Jun 5, 2026

HSPX.L (HSBC S&P 500 UCITS ETF) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both exchange-traded funds - HSPX.L is a S&P 500 fund tracking the S&P 500 Index, while HWWA.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, HSPX.L returned 16.09%/yr vs 13.22%/yr for HWWA.L. Their correlation of 0.91 suggests significant overlap in exposure. HSPX.L charges 0.09%/yr vs 0.25%/yr for HWWA.L.

Performance

HSPX.L vs. HWWA.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 Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HSPX.L achieves a 10.50% return, which is significantly lower than HWWA.L's 13.69% return. Over the past 10 years, HSPX.L has outperformed HWWA.L with an annualized return of 16.09%, while HWWA.L has yielded a comparatively lower 13.22% annualized return.

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%

HWWA.L

• 1D: -0.33%
• 1M: 5.53%
• YTD: 13.69%
• 6M: 14.69%
• 1Y: 34.30%
• 3Y*: 19.39%
• 5Y*: 12.99%
• 10Y*: 13.22%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSPX.L HSBC S&P 500 UCITS ETF	10.50%	9.36%	27.32%	19.94%	-9.10%	30.95%	13.89%	26.37%	0.09%	10.81%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	13.69%	16.74%	17.83%	15.71%	-7.83%	21.70%	11.03%	18.57%	-5.55%	12.89%

Correlation

The correlation between HSPX.L and HWWA.L is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 9, 2014	0.91

The correlation between HSPX.L and HWWA.L has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

HSPX.L vs. HWWA.L - Sectors Allocation Comparison

Sectors	HSPX.L	HWWA.L
Technology	38.0%	34.2%
Financial Services	11.3%	14.0%
Communication Services	10.8%	8.4%
Consumer Cyclical	9.9%	8.3%
Healthcare	8.4%	5.6%
Industrials	7.8%	13.2%
Consumer Defensive	4.7%	2.2%
Energy	3.4%	4.2%
Utilities	2.2%	2.5%
Real Estate	1.9%	1.4%
Basic Materials	1.7%	5.8%

Return for Risk

HSPX.L vs. HWWA.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

HWWA.L

HWWA.L Risk / Return Rank: 91
HWWA.L Sharpe Ratio Rank: 93
HWWA.L Sortino Ratio Rank: 93
HWWA.L Omega Ratio Rank: 93
HWWA.L Calmar Ratio Rank: 88
HWWA.L Martin Ratio Rank: 91

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. HWWA.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 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.

	HSPX.L	HWWA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.72	3.34	-0.61
Sortino ratio: Return per unit of downside risk	3.64	4.56	-0.92
Omega ratio: Gain probability vs. loss probability	1.51	1.64	-0.13
Calmar ratio: Return relative to maximum drawdown	4.05	5.06	-1.01
Martin ratio: Return relative to average drawdown	14.81	21.35	-6.54
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. HWWA.L - Sharpe Ratio Comparison

The current HSPX.L Sharpe Ratio is 2.72, which is comparable to the HWWA.L Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HSPX.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.

Sharpe Ratios by Period

	HSPX.L	HWWA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	3.34	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.02	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	0.92	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.83	+0.14

Drawdowns

HSPX.L vs. HWWA.L - Drawdown Comparison

The maximum HSPX.L drawdown since its inception was -25.43%, roughly equal to the maximum HWWA.L drawdown of -25.12%. Use the drawdown chart below to compare losses from any high point for HSPX.L and HWWA.L.

Drawdown Indicators

	HSPX.L	HWWA.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-25.12%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-6.74%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-20.76%	-16.79%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	-16.79%	-3.97%
Max Drawdown (10Y) Largest decline over 10 years	-25.43%	-25.12%	-0.31%
Current Drawdown Current decline from peak	-0.24%	-0.35%	+0.11%
Average Drawdown Average peak-to-trough decline	-3.44%	-3.53%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.60%	+0.36%

Volatility

HSPX.L vs. HWWA.L - Volatility Comparison

The current volatility for HSBC S&P 500 UCITS ETF (HSPX.L) is 2.66%, while HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) has a volatility of 3.48%. This indicates that HSPX.L experiences smaller price fluctuations and is considered to be less risky than HWWA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSPX.L	HWWA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	3.48%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	7.85%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	10.23%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	12.69%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	14.32%	+1.15%

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

HSPX.L has a 0.09% 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

HSPX.L vs. HWWA.L - Dividend Comparison

HSPX.L's dividend yield for the trailing twelve months is around 0.82%, less than HWWA.L's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	1.29%	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 HSPX.L and HWWA.L in my portfolio?

HSPX.L and HWWA.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HSPX.L is cheaper with a 0.09% expense ratio, compared with 0.25% for HWWA.L.

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

HSPX.L is categorized as S&P 500, while HWWA.L is Global Equities. HSPX.L tracks S&P 500 Index, while HWWA.L tracks MSCI ACWI NR USD. Their fees differ too: 0.09% for HSPX.L and 0.25% for HWWA.L.