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HSWO.L vs. HWWA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HSWO.L vs. HWWA.L

Last updated Jun 5, 2026

HSWO.L (HSBC Developed World Sustainable Equity UCITS ETF USD) and HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) are both Global Equities funds from HSBC tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, HSWO.L returned 12.85%/yr vs 12.99%/yr for HWWA.L. Their correlation of 0.92 suggests significant overlap in exposure. HSWO.L charges 0.18%/yr vs 0.25%/yr for HWWA.L.

Performance

HSWO.L vs. HWWA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Developed World Sustainable Equity UCITS ETF USD (HSWO.L) and HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with HSWO.L having a 13.42% return and HWWA.L slightly higher at 13.69%.

HSWO.L

1D
0.31%
1M
7.82%
YTD
13.42%
6M
15.23%
1Y
32.41%
3Y*
17.77%
5Y*
12.85%
10Y*
—

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)

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

2026 (YTD)202520242023202220212020
HSWO.L
HSBC Developed World Sustainable Equity UCITS ETF USD		13.42%15.31%16.91%13.60%-7.08%23.82%11.63%
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		13.69%16.74%17.83%15.71%-7.83%21.70%13.05%

Correlation

The correlation between HSWO.L and HWWA.L is 0.88, 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

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Jul 31, 2020

0.92

The correlation between HSWO.L and HWWA.L has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

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

Sectors
HSWO.L
HWWA.L

Technology

30.6%
34.2%

Financial Services

26.8%
14.0%

Healthcare

11.2%
5.6%

Consumer Cyclical

7.0%
8.3%

Communication Services

6.0%
8.4%

Consumer Defensive

5.6%
2.2%

Industrials

5.0%
13.2%

Basic Materials

3.9%
5.8%

Utilities

2.3%
2.5%

Energy

1.0%
4.2%

Real Estate

0.6%
1.4%

Technology

HSWO.L
30.6%
HWWA.L
34.2%

Financial Services

HSWO.L
26.8%
HWWA.L
14.0%

Healthcare

HSWO.L
11.2%
HWWA.L
5.6%

Consumer Cyclical

HSWO.L
7.0%
HWWA.L
8.3%

Communication Services

HSWO.L
6.0%
HWWA.L
8.4%

Consumer Defensive

HSWO.L
5.6%
HWWA.L
2.2%

Industrials

HSWO.L
5.0%
HWWA.L
13.2%

Basic Materials

HSWO.L
3.9%
HWWA.L
5.8%

Utilities

HSWO.L
2.3%
HWWA.L
2.5%

Energy

HSWO.L
1.0%
HWWA.L
4.2%

Real Estate

HSWO.L
0.6%
HWWA.L
1.4%

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HSBC Developed World Sustainable Equity UCITS ETF USD

HSBC Multi Factor Worldwide Equity UCITS ETF

Often compared with HSWO.L:
HSWO.L vs. VEVE.LHSWO.L vs. LGGG.LHSWO.L vs. VWRL.ASHSWO.L vs. HSPX.LHSWO.L vs. WMVG.LHSWO.L vs. FCSG.LHSWO.L vs. XDEB.L
Often compared with HWWA.L:
HWWA.L vs. GERD.DEHWWA.L vs. JMOMHWWA.L vs. JPGL.LHWWA.L vs. MFDXHWWA.L vs. HMWO.LHWWA.L vs. IWFQ.LHWWA.L vs. IWDA.L

Return for Risk

HSWO.L vs. HWWA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HSWO.L
HSWO.L Risk / Return Rank: 9191
Overall Rank
HSWO.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HSWO.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
HSWO.L Omega Ratio Rank: 9393
Omega Ratio Rank
HSWO.L Calmar Ratio Rank: 8686
Calmar Ratio Rank
HSWO.L Martin Ratio Rank: 8989
Martin Ratio Rank
HWWA.L
HWWA.L Risk / Return Rank: 9191
Overall Rank
HWWA.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HWWA.L Sortino Ratio Rank: 9393
Sortino Ratio Rank
HWWA.L Omega Ratio Rank: 9393
Omega Ratio Rank
HWWA.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
HWWA.L Martin Ratio Rank: 9191
Martin Ratio Rank
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.

HSWO.L vs. HWWA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Developed World Sustainable Equity UCITS ETF USD (HSWO.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.

HSWO.LHWWA.LDifference
Sharpe ratioReturn per unit of total volatility
3.30
3.34

-0.03

Sortino ratioReturn per unit of downside risk
4.54
4.56

-0.02

Omega ratioGain probability vs. loss probability

1.63

1.64

-0.01

Calmar ratioReturn relative to maximum drawdown

4.72

5.06

-0.34

Martin ratioReturn relative to average drawdown

19.29

21.35

-2.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSWO.L vs. HWWA.L - Sharpe Ratio Comparison

The current HSWO.L Sharpe Ratio is 3.30, which is comparable to the HWWA.L Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of HSWO.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.

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Sharpe Ratios by Period

HSWO.LHWWA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.30

3.34

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

1.02

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.92

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.18

0.83

+0.35

Drawdowns

HSWO.L vs. HWWA.L - Drawdown Comparison

The maximum HSWO.L drawdown since its inception was -17.26%, smaller than the maximum HWWA.L drawdown of -25.12%. Use the drawdown chart below to compare losses from any high point for HSWO.L and HWWA.L.

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Drawdown Indicators

HSWO.LHWWA.LDifference

Max Drawdown

Largest peak-to-trough decline

-17.26%

-25.12%

+7.86%

Max Drawdown (1Y)

Largest decline over 1 year

-6.84%

-6.74%

-0.10%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-16.79%

-0.47%

Max Drawdown (5Y)

Largest decline over 5 years

-17.26%

-16.79%

-0.47%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.12%

—

Current Drawdown

Current decline from peak

0.00%

-0.35%

+0.35%

Average Drawdown

Average peak-to-trough decline

-2.70%

-3.53%

+0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.68%

1.60%

+0.08%

Volatility

HSWO.L vs. HWWA.L - Volatility Comparison

The current volatility for HSBC Developed World Sustainable Equity UCITS ETF USD (HSWO.L) is 2.73%, while HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) has a volatility of 3.48%. This indicates that HSWO.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.

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Volatility by Period

HSWO.LHWWA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.73%

3.48%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

7.41%

7.85%

-0.44%

Volatility (1Y)

Calculated over the trailing 1-year period

9.76%

10.23%

-0.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.47%

12.69%

-0.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.74%

14.32%

-1.58%

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

HSWO.L has a 0.18% 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

HSWO.L vs. HWWA.L - Dividend Comparison

HSWO.L has not paid dividends to shareholders, while HWWA.L's dividend yield for the trailing twelve months is around 1.29%.

PositionTTM20252024202320222021202020192018201720162015
HSWO.L
HSBC Developed World Sustainable Equity UCITS ETF USD		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

HSWO.L and HWWA.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HSWO.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HSWO.L is cheaper with a 0.18% expense ratio, compared with 0.25% for HWWA.L.

Both ETFs track MSCI ACWI NR USD. Their fees differ too: 0.18% for HSWO.L and 0.25% for HWWA.L.

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