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HUKX.L vs. HSPX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HUKX.L vs. HSPX.L

Last updated Jun 5, 2026

HUKX.L (HSBC FTSE 100 UCITS ETF GBP) and HSPX.L (HSBC S&P 500 UCITS ETF) are both exchange-traded funds - HUKX.L is a Europe Equities fund tracking the FTSE AllSh TR GBP, while HSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HUKX.L returned 9.07%/yr vs 16.09%/yr for HSPX.L. A 0.65 correlation means they provide meaningful diversification when combined. HUKX.L charges 0.07%/yr vs 0.09%/yr for HSPX.L.

Performance

HUKX.L vs. HSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC FTSE 100 UCITS ETF GBP (HUKX.L) and HSBC S&P 500 UCITS ETF (HSPX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HUKX.L achieves a 5.71% return, which is significantly lower than HSPX.L's 10.50% return. Over the past 10 years, HUKX.L has underperformed HSPX.L with an annualized return of 9.07%, while HSPX.L has yielded a comparatively higher 16.09% annualized return.

HUKX.L

1D
0.29%
1M
-0.57%
YTD
5.71%
6M
8.70%
1Y
20.92%
3Y*
14.79%
5Y*
11.88%
10Y*
9.07%

HSPX.L

1D
0.01%
1M
4.51%
YTD
10.50%
6M
9.84%
1Y
29.06%
3Y*
19.02%
5Y*
14.91%
10Y*
16.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HUKX.L vs. HSPX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HUKX.L
HSBC FTSE 100 UCITS ETF GBP		5.71%26.20%9.58%7.36%5.07%17.54%-11.64%17.42%-8.67%12.39%
HSPX.L
HSBC S&P 500 UCITS ETF		10.50%9.36%27.32%19.94%-9.10%30.95%13.89%26.37%0.09%10.81%

Correlation

The correlation between HUKX.L and HSPX.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.44

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

0.50

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since May 18, 2010

0.65

Over the past year, the correlation between HUKX.L and HSPX.L has dropped to 0.43 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

HUKX.L vs. HSPX.L - Sectors Allocation Comparison

Sectors
HUKX.L
HSPX.L

Financial Services

26.2%
11.3%

Consumer Defensive

13.7%
4.7%

Industrials

13.0%
7.8%

Healthcare

12.9%
8.4%

Energy

10.7%
3.4%

Basic Materials

8.5%
1.7%

Utilities

4.8%
2.2%

Consumer Cyclical

4.5%
9.9%

Communication Services

2.3%
10.8%

Real Estate

1.0%
1.9%

Technology

0.3%
38.0%

Financial Services

HUKX.L
26.2%
HSPX.L
11.3%

Consumer Defensive

HUKX.L
13.7%
HSPX.L
4.7%

Industrials

HUKX.L
13.0%
HSPX.L
7.8%

Healthcare

HUKX.L
12.9%
HSPX.L
8.4%

Energy

HUKX.L
10.7%
HSPX.L
3.4%

Basic Materials

HUKX.L
8.5%
HSPX.L
1.7%

Utilities

HUKX.L
4.8%
HSPX.L
2.2%

Consumer Cyclical

HUKX.L
4.5%
HSPX.L
9.9%

Communication Services

HUKX.L
2.3%
HSPX.L
10.8%

Real Estate

HUKX.L
1.0%
HSPX.L
1.9%

Technology

HUKX.L
0.3%
HSPX.L
38.0%

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HSBC FTSE 100 UCITS ETF GBP

HSBC S&P 500 UCITS ETF

Often compared with HUKX.L:
HUKX.L vs. ISF.LHUKX.L vs. VUKG.LHUKX.L vs. VFWAXHUKX.L vs. EUDVHUKX.L vs. LDUK.LHUKX.L vs. HSPD.LHUKX.L vs. LDEG.L
Often compared with HSPX.L:
HSPX.L vs. HSPD.LHSPX.L vs. VOOHSPX.L vs. SPYHSPX.L vs. VUSA.LHSPX.L vs. I500.LHSPX.L vs. SPX5.LHSPX.L vs. VOOG

Return for Risk

HUKX.L vs. HSPX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HUKX.L
HUKX.L Risk / Return Rank: 5555
Overall Rank
HUKX.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
HUKX.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
HUKX.L Omega Ratio Rank: 6060
Omega Ratio Rank
HUKX.L Calmar Ratio Rank: 4949
Calmar Ratio Rank
HUKX.L Martin Ratio Rank: 5050
Martin Ratio Rank
HSPX.L
HSPX.L Risk / Return Rank: 8282
Overall Rank
HSPX.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
HSPX.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
HSPX.L Omega Ratio Rank: 8585
Omega Ratio Rank
HSPX.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
HSPX.L Martin Ratio Rank: 7878
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.

HUKX.L vs. HSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE 100 UCITS ETF GBP (HUKX.L) and HSBC S&P 500 UCITS ETF (HSPX.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.

HUKX.LHSPX.LDifference
Sharpe ratioReturn per unit of total volatility
1.93
2.72

-0.79

Sortino ratioReturn per unit of downside risk
2.70
3.64

-0.93

Omega ratioGain probability vs. loss probability

1.36

1.51

-0.15

Calmar ratioReturn relative to maximum drawdown

2.38

4.05

-1.67

Martin ratioReturn relative to average drawdown

8.21

14.81

-6.61

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

HUKX.L vs. HSPX.L - Sharpe Ratio Comparison

The current HUKX.L Sharpe Ratio is 1.93, which is comparable to the HSPX.L Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of HUKX.L and HSPX.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

HUKX.LHSPX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

2.72

-0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

1.05

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

1.04

-0.43

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.97

-0.44

Drawdowns

HUKX.L vs. HSPX.L - Drawdown Comparison

The maximum HUKX.L drawdown since its inception was -34.22%, which is greater than HSPX.L's maximum drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for HUKX.L and HSPX.L.

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Drawdown Indicators

HUKX.LHSPX.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.22%

-25.43%

-8.79%

Max Drawdown (1Y)

Largest decline over 1 year

-8.78%

-7.16%

-1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-12.95%

-20.76%

+7.81%

Max Drawdown (5Y)

Largest decline over 5 years

-12.95%

-20.76%

+7.81%

Max Drawdown (10Y)

Largest decline over 10 years

-34.22%

-25.43%

-8.79%

Current Drawdown

Current decline from peak

-3.87%

-0.24%

-3.63%

Average Drawdown

Average peak-to-trough decline

-4.37%

-3.44%

-0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

1.96%

+0.59%

Volatility

HUKX.L vs. HSPX.L - Volatility Comparison

HSBC FTSE 100 UCITS ETF GBP (HUKX.L) has a higher volatility of 3.90% compared to HSBC S&P 500 UCITS ETF (HSPX.L) at 2.66%. This indicates that HUKX.L's price experiences larger fluctuations and is considered to be riskier than HSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HUKX.LHSPX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.90%

2.66%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

9.43%

7.23%

+2.20%

Volatility (1Y)

Calculated over the trailing 1-year period

10.82%

10.65%

+0.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.65%

14.22%

-1.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.96%

15.47%

-0.51%

HUKX.L vs. HSPX.L - Expense Ratio Comparison

HUKX.L has a 0.07% expense ratio, which is lower than HSPX.L's 0.09% 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

HUKX.L vs. HSPX.L - Dividend Comparison

HUKX.L's dividend yield for the trailing twelve months is around 2.85%, more than HSPX.L's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
HSPX.L
HSBC S&P 500 UCITS ETF		0.82%0.93%0.98%1.19%1.27%0.95%1.41%1.47%1.60%1.54%1.49%1.61%
HUKX.L
HSBC FTSE 100 UCITS ETF GBP		2.85%2.95%3.74%3.50%3.63%3.19%4.04%4.31%4.35%3.79%3.49%3.79%

Frequently Asked Questions

HUKX.L and HSPX.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HUKX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HUKX.L is cheaper with a 0.07% expense ratio, compared with 0.09% for HSPX.L.

HUKX.L is categorized as Europe Equities, while HSPX.L is S&P 500. HUKX.L tracks FTSE AllSh TR GBP, while HSPX.L tracks S&P 500 Index. Their fees differ too: 0.07% for HUKX.L and 0.09% for HSPX.L.

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