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

HSWO.L vs. ISWD.L

Last updated Jun 4, 2026

HSWO.L (HSBC Developed World Sustainable Equity UCITS ETF USD) and ISWD.L (iShares MSCI World Islamic UCITS ETF USD (Dist)) are both Global Equities funds - HSWO.L tracks the MSCI ACWI NR USD while ISWD.L tracks the MSCI World Islamic Index. Both are passively managed. Over the past 5 years, HSWO.L returned 12.78%/yr vs 13.73%/yr for ISWD.L. Their correlation of 0.86 suggests significant overlap in exposure. HSWO.L charges 0.18%/yr vs 0.60%/yr for ISWD.L.

Performance

HSWO.L vs. ISWD.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 iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, HSWO.L achieves a 13.07% return, which is significantly lower than ISWD.L's 20.37% return.

HSWO.L

1D
-0.29%
1M
7.65%
YTD
13.07%
6M
15.03%
1Y
32.21%
3Y*
17.81%
5Y*
12.78%
10Y*
—

ISWD.L

1D
0.65%
1M
11.25%
YTD
20.37%
6M
20.71%
1Y
38.83%
3Y*
16.15%
5Y*
13.73%
10Y*
12.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
HSWO.L
HSBC Developed World Sustainable Equity UCITS ETF USD		13.07%15.31%16.91%13.60%-7.08%23.82%11.63%
ISWD.L
iShares MSCI World Islamic UCITS ETF USD (Dist)		20.37%11.58%7.85%17.25%-0.87%23.70%9.11%

Correlation

The correlation between HSWO.L and ISWD.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.79

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

0.87

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

0.87

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

0.86

The correlation between HSWO.L and ISWD.L has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

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

Sectors
HSWO.L
ISWD.L

Technology

30.6%
42.8%

Financial Services

26.8%
0.0%

Healthcare

11.2%
10.4%

Consumer Cyclical

7.0%
6.9%

Communication Services

6.0%
0.4%

Consumer Defensive

5.6%
3.7%

Industrials

5.0%
12.9%

Basic Materials

3.9%
9.6%

Utilities

2.3%
1.1%

Energy

1.0%
11.6%

Real Estate

0.6%
0.2%

Technology

HSWO.L
30.6%
ISWD.L
42.8%

Financial Services

HSWO.L
26.8%
ISWD.L
0.0%

Healthcare

HSWO.L
11.2%
ISWD.L
10.4%

Consumer Cyclical

HSWO.L
7.0%
ISWD.L
6.9%

Communication Services

HSWO.L
6.0%
ISWD.L
0.4%

Consumer Defensive

HSWO.L
5.6%
ISWD.L
3.7%

Industrials

HSWO.L
5.0%
ISWD.L
12.9%

Basic Materials

HSWO.L
3.9%
ISWD.L
9.6%

Utilities

HSWO.L
2.3%
ISWD.L
1.1%

Energy

HSWO.L
1.0%
ISWD.L
11.6%

Real Estate

HSWO.L
0.6%
ISWD.L
0.2%

Compare stocks, funds, or ETFs

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HSBC Developed World Sustainable Equity UCITS ETF USD

iShares MSCI World Islamic UCITS ETF USD (Dist)

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 ISWD.L:
ISWD.L vs. IGDA.LISWD.L vs. SPUSISWD.L vs. HLALISWD.L vs. VOOISWD.L vs. SPWOISWD.L vs. UMMAISWD.L vs. HIWS.L

Return for Risk

HSWO.L vs. ISWD.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: 9090
Overall Rank
HSWO.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HSWO.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
HSWO.L Omega Ratio Rank: 9292
Omega Ratio Rank
HSWO.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
HSWO.L Martin Ratio Rank: 8888
Martin Ratio Rank
ISWD.L
ISWD.L Risk / Return Rank: 9292
Overall Rank
ISWD.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ISWD.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
ISWD.L Omega Ratio Rank: 9292
Omega Ratio Rank
ISWD.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
ISWD.L Martin Ratio Rank: 9292
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. ISWD.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 iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.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.LISWD.LDifference
Sharpe ratioReturn per unit of total volatility
3.29
3.42

-0.13

Sortino ratioReturn per unit of downside risk
4.52
4.60

-0.08

Omega ratioGain probability vs. loss probability

1.63

1.63

-0.01

Calmar ratioReturn relative to maximum drawdown

4.69

7.02

-2.32

Martin ratioReturn relative to average drawdown

19.18

24.08

-4.90

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. ISWD.L - Sharpe Ratio Comparison

The current HSWO.L Sharpe Ratio is 3.29, which is comparable to the ISWD.L Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of HSWO.L and ISWD.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.LISWD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.29

3.42

-0.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

1.03

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.89

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.18

0.74

+0.44

Drawdowns

HSWO.L vs. ISWD.L - Drawdown Comparison

The maximum HSWO.L drawdown since its inception was -17.26%, smaller than the maximum ISWD.L drawdown of -31.52%. Use the drawdown chart below to compare losses from any high point for HSWO.L and ISWD.L.

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Drawdown Indicators

HSWO.LISWD.LDifference

Max Drawdown

Largest peak-to-trough decline

-17.26%

-31.52%

+14.26%

Max Drawdown (1Y)

Largest decline over 1 year

-6.84%

-5.51%

-1.33%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-21.00%

+3.74%

Max Drawdown (5Y)

Largest decline over 5 years

-17.26%

-21.00%

+3.74%

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.90%

—

Current Drawdown

Current decline from peak

-0.29%

0.00%

-0.29%

Average Drawdown

Average peak-to-trough decline

-2.70%

-3.61%

+0.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.68%

1.61%

+0.07%

Volatility

HSWO.L vs. ISWD.L - Volatility Comparison

The current volatility for HSBC Developed World Sustainable Equity UCITS ETF USD (HSWO.L) is 2.73%, while iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.L) has a volatility of 3.64%. This indicates that HSWO.L experiences smaller price fluctuations and is considered to be less risky than ISWD.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.LISWD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.73%

3.64%

-0.91%

Volatility (6M)

Calculated over the trailing 6-month period

7.40%

8.40%

-1.00%

Volatility (1Y)

Calculated over the trailing 1-year period

9.80%

11.34%

-1.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.47%

13.27%

-0.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.74%

14.33%

-1.59%

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

HSWO.L has a 0.18% expense ratio, which is lower than ISWD.L's 0.60% expense ratio.

Dividends

HSWO.L vs. ISWD.L - Dividend Comparison

HSWO.L has not paid dividends to shareholders, while ISWD.L's dividend yield for the trailing twelve months is around 1.27%.

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%
ISWD.L
iShares MSCI World Islamic UCITS ETF USD (Dist)		1.27%1.50%1.74%1.99%2.43%1.98%1.88%2.37%2.39%2.09%2.09%2.62%

Frequently Asked Questions

HSWO.L and ISWD.L have a correlation of 0.79, 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 0.60% for ISWD.L.

HSWO.L tracks MSCI ACWI NR USD, while ISWD.L tracks MSCI World Islamic Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.18% for HSWO.L and 0.60% for ISWD.L.

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