HSTE.L vs. ^NDX

Last updated Jun 26, 2026

HSTE.L (HSBC Hang Seng Tech UCITS ETF) is Technology Equities fund tracking the MSCI World/Information Tech NR USD, while ^NDX (NASDAQ 100 Index) is an index. Over the past 5 years, HSTE.L returned -11.82%/yr vs 15.46%/yr for ^NDX. At a 0.28 correlation, their price movements are largely independent.

Performance

HSTE.L vs. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Hang Seng Tech UCITS ETF (HSTE.L) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSTE.L achieves a -21.32% return, which is significantly lower than ^NDX's 16.60% return.

HSTE.L

• 1D: -2.56%
• 1M: -11.22%
• YTD: -21.32%
• 6M: -21.01%
• 1Y: -17.81%
• 3Y*: 4.54%
• 5Y*: -11.82%
• 10Y*: —

^NDX

• 1D: 0.75%
• 1M: -1.87%
• YTD: 16.60%
• 6M: 14.75%
• 1Y: 32.39%
• 3Y*: 26.08%
• 5Y*: 15.46%
• 10Y*: 21.50%

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

HSTE.L vs. ^NDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSTE.L HSBC Hang Seng Tech UCITS ETF	-21.32%	24.64%	19.65%	-8.46%	-27.99%	-32.88%	-86.54%
^NDX NASDAQ 100 Index	16.60%	20.17%	24.88%	53.81%	-32.97%	26.63%	2.00%

Correlation

The correlation between HSTE.L and ^NDX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.28

Return for Risk

HSTE.L vs. ^NDX — Risk / Return Rank

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

HSTE.L

HSTE.L Risk / Return Rank: 5
HSTE.L Sharpe Ratio Rank: 4
HSTE.L Sortino Ratio Rank: 4
HSTE.L Omega Ratio Rank: 4
HSTE.L Calmar Ratio Rank: 5
HSTE.L Martin Ratio Rank: 5

^NDX

^NDX Risk / Return Rank: 77
^NDX Sharpe Ratio Rank: 78
^NDX Sortino Ratio Rank: 77
^NDX Omega Ratio Rank: 79
^NDX Calmar Ratio Rank: 79
^NDX Martin Ratio Rank: 74

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.

HSTE.L vs. ^NDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Hang Seng Tech UCITS ETF (HSTE.L) and NASDAQ 100 Index (^NDX). 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.

	HSTE.L	^NDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	1.81	-2.46
Sortino ratio: Return per unit of downside risk	-0.79	2.40	-3.20
Omega ratio: Gain probability vs. loss probability	0.91	1.32	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.51	2.68	-3.20
Martin ratio: Return relative to average drawdown	-0.98	9.84	-10.82

HSTE.L vs. ^NDX - Sharpe Ratio Comparison

The current HSTE.L Sharpe Ratio is -0.64, which is lower than the ^NDX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HSTE.L and ^NDX, 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

HSTE.L vs. ^NDX - Drawdown Comparison

The maximum HSTE.L drawdown since its inception was -95.65%, which is greater than ^NDX's maximum drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for HSTE.L and ^NDX.

Drawdown Indicators

	HSTE.L	^NDX	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-82.90%	-12.75%
Max Drawdown (1Y) Largest decline over 1 year	-34.66%	-12.12%	-22.54%
Max Drawdown (3Y) Largest decline over 3 years	-34.96%	-22.93%	-12.03%
Max Drawdown (5Y) Largest decline over 5 years	-67.13%	-35.56%	-31.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.56%	—
Current Drawdown Current decline from peak	-93.01%	-3.98%	-89.03%
Average Drawdown Average peak-to-trough decline	-91.80%	-24.59%	-67.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.21%	3.30%	+14.91%

Volatility

HSTE.L vs. ^NDX - Volatility Comparison

HSBC Hang Seng Tech UCITS ETF (HSTE.L) has a higher volatility of 9.49% compared to NASDAQ 100 Index (^NDX) at 8.92%. This indicates that HSTE.L's price experiences larger fluctuations and is considered to be riskier than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSTE.L	^NDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.49%	8.92%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	21.05%	14.53%	+6.52%
Volatility (1Y) Calculated over the trailing 1-year period	27.53%	17.97%	+9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.46%	22.90%	+16.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.67%	22.64%	+31.03%

Frequently Asked Questions

Can I hold both HSTE.L and ^NDX in my portfolio?

HSTE.L and ^NDX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.