HSXE.L vs. IEVL.L

Last updated Jul 16, 2026

HSXE.L (HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis) and IEVL.L (iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating) are both Europe Equities funds - HSXE.L tracks the HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis while IEVL.L tracks the MSCI Europe Enhanced Value Index. Both are passively managed. Over the past 3 years, HSXE.L returned 16.10%/yr vs 21.31%/yr for IEVL.L. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

HSXE.L vs. IEVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis (HSXE.L) and iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSXE.L is traded in GBP, while IEVL.L is traded in EUR. To make them comparable, the IEVL.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with HSXE.L having a 13.08% return and IEVL.L slightly higher at 13.18%.

HSXE.L

• 1D: -0.35%
• 1M: -1.94%
• 6M: 10.19%
• YTD: 13.08%
• 1Y: 24.00%
• 3Y*: 16.10%
• 5Y*: —
• 10Y*: —

IEVL.L

• 1D: -0.66%
• 1M: -0.72%
• 6M: 10.84%
• YTD: 13.18%
• 1Y: 31.43%
• 3Y*: 21.31%
• 5Y*: 15.31%
• 10Y*: 11.26%

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

HSXE.L vs. IEVL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HSXE.L HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis	13.08%	24.17%	3.60%	18.35%	-15.14%
IEVL.L iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating	13.18%	42.27%	5.54%	11.26%	1.51%

Correlation

The correlation between HSXE.L and IEVL.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	0.87
Correlation (All Time) Calculated using the full available price history since Apr 21, 2022	0.86

The correlation between HSXE.L and IEVL.L has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

HSXE.L vs. IEVL.L — Risk / Return Rank

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

HSXE.L

HSXE.L Risk / Return Rank: 64
HSXE.L Sharpe Ratio Rank: 68
HSXE.L Sortino Ratio Rank: 68
HSXE.L Omega Ratio Rank: 68
HSXE.L Calmar Ratio Rank: 57
HSXE.L Martin Ratio Rank: 60

IEVL.L

IEVL.L Risk / Return Rank: 86
IEVL.L Sharpe Ratio Rank: 90
IEVL.L Sortino Ratio Rank: 89
IEVL.L Omega Ratio Rank: 88
IEVL.L Calmar Ratio Rank: 82
IEVL.L Martin Ratio Rank: 83

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.

HSXE.L vs. IEVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis (HSXE.L) and iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.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.

	HSXE.L	IEVL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.23	-0.45
Sortino ratio: Return per unit of downside risk	2.50	3.05	-0.55
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.07
Calmar ratio: Return relative to maximum drawdown	2.30	2.95	-0.65
Martin ratio: Return relative to average drawdown	8.41	10.85	-2.44

HSXE.L vs. IEVL.L - Sharpe Ratio Comparison

The current HSXE.L Sharpe Ratio is 1.77, which is comparable to the IEVL.L Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of HSXE.L and IEVL.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

HSXE.L vs. IEVL.L - Drawdown Comparison

The maximum HSXE.L drawdown since its inception was -25.98%, smaller than the maximum IEVL.L drawdown of -34.81%. Use the drawdown chart below to compare losses from any high point for HSXE.L and IEVL.L.

Drawdown Indicators

	HSXE.L	IEVL.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-34.81%	+8.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.50%	-10.62%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-11.48%	-16.27%	+4.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.81%	—
Current Drawdown Current decline from peak	-3.27%	-2.09%	-1.18%
Average Drawdown Average peak-to-trough decline	-6.19%	-5.99%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.89%	-0.01%

Volatility

HSXE.L vs. IEVL.L - Volatility Comparison

The current volatility for HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis (HSXE.L) is 3.88%, while iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.L) has a volatility of 4.31%. This indicates that HSXE.L experiences smaller price fluctuations and is considered to be less risky than IEVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSXE.L	IEVL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.31%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	11.91%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	14.07%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.15%	15.29%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	17.07%	+2.08%

Dividends

HSXE.L vs. IEVL.L - Dividend Comparison

HSXE.L's dividend yield for the trailing twelve months is around 2.52%, while IEVL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HSXE.L HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis	2.52%	2.65%	2.73%	3.93%
IEVL.L iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSXE.L and IEVL.L in my portfolio?

HSXE.L and IEVL.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.

What is the main difference between HSXE.L and IEVL.L?

HSXE.L tracks HSBC Europe Ex UK Screened Equity UCITS ETF EUR Dis, while IEVL.L tracks MSCI Europe Enhanced Value Index. They also come from different issuers: HSBC and iShares.