HSXD.L vs. HMAD.L

Last updated Jul 16, 2026

HSXD.L (HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF) and HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) are both Japan Equities funds from HSBC - HSXD.L tracks the HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF while HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF. Both are passively managed. Over the past 5 years, HSXD.L returned 9.90%/yr vs 7.36%/yr for HMAD.L. Their correlation of 0.95 suggests significant overlap in exposure. HSXD.L charges 0.25%/yr vs 0.45%/yr for HMAD.L.

Performance

HSXD.L vs. HMAD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L) and HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HSXD.L having a 27.12% return and HMAD.L slightly lower at 26.73%.

HSXD.L

• 1D: -1.47%
• 1M: -7.17%
• 6M: 21.56%
• YTD: 27.12%
• 1Y: 45.66%
• 3Y*: 23.98%
• 5Y*: 9.90%
• 10Y*: —

HMAD.L

• 1D: -1.11%
• 1M: -8.23%
• 6M: 19.23%
• YTD: 26.73%
• 1Y: 48.95%
• 3Y*: 24.40%
• 5Y*: 7.36%
• 10Y*: 9.94%

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

HSXD.L vs. HMAD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSXD.L HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF	27.12%	32.35%	14.83%	4.23%	-15.92%	-0.71%	22.36%
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF	26.73%	41.42%	11.84%	1.71%	-21.78%	-8.81%	17.86%

Correlation

The correlation between HSXD.L and HMAD.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 20, 2020	0.95

The correlation between HSXD.L and HMAD.L has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

HSXD.L vs. HMAD.L — Risk / Return Rank

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

HSXD.L

HSXD.L Risk / Return Rank: 78
HSXD.L Sharpe Ratio Rank: 80
HSXD.L Sortino Ratio Rank: 75
HSXD.L Omega Ratio Rank: 79
HSXD.L Calmar Ratio Rank: 83
HSXD.L Martin Ratio Rank: 74

HMAD.L

HMAD.L Risk / Return Rank: 77
HMAD.L Sharpe Ratio Rank: 77
HMAD.L Sortino Ratio Rank: 70
HMAD.L Omega Ratio Rank: 75
HMAD.L Calmar Ratio Rank: 86
HMAD.L Martin Ratio Rank: 75

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.

HSXD.L vs. HMAD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L) and HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.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.

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.

	HSXD.L	HMAD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.97	+0.06
Sortino ratio: Return per unit of downside risk	2.71	2.56	+0.15
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.51	3.78	-0.27
Martin ratio: Return relative to average drawdown	10.85	11.13	-0.28

HSXD.L vs. HMAD.L - Sharpe Ratio Comparison

The current HSXD.L Sharpe Ratio is 2.03, which is comparable to the HMAD.L Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of HSXD.L and HMAD.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.

Drawdowns

HSXD.L vs. HMAD.L - Drawdown Comparison

The maximum HSXD.L drawdown since its inception was -38.23%, smaller than the maximum HMAD.L drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for HSXD.L and HMAD.L.

Drawdown Indicators

	HSXD.L	HMAD.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.23%	-50.05%	+11.82%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-12.83%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.22%	-19.56%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-43.66%	+10.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.05%	—
Current Drawdown Current decline from peak	-9.93%	-10.65%	+0.72%
Average Drawdown Average peak-to-trough decline	-14.15%	-16.49%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	4.37%	-0.21%

Volatility

HSXD.L vs. HMAD.L - Volatility Comparison

The current volatility for HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L) is 10.03%, while HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a volatility of 10.83%. This indicates that HSXD.L experiences smaller price fluctuations and is considered to be less risky than HMAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSXD.L	HMAD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.03%	10.83%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	20.15%	21.87%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.21%	24.64%	-2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.62%	22.14%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	20.71%	-1.56%

HSXD.L vs. HMAD.L - Expense Ratio Comparison

HSXD.L has a 0.25% expense ratio, which is lower than HMAD.L's 0.45% expense ratio.

Dividends

HSXD.L vs. HMAD.L - Dividend Comparison

Neither HSXD.L nor HMAD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HSXD.L and HMAD.L in my portfolio?

With a correlation of 0.95, HSXD.L and HMAD.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, HSXD.L or HMAD.L?

On fees, HSXD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSXD.L or HMAD.L?

HSXD.L is cheaper with a 0.25% expense ratio, compared with 0.45% for HMAD.L.

What is the main difference between HSXD.L and HMAD.L?

HSXD.L tracks HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF, while HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF. Their fees differ too: 0.25% for HSXD.L and 0.45% for HMAD.L.