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

HWWA.L vs. IWVL.L

Last updated Jun 5, 2026

HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) and IWVL.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)) are both Global Equities funds - HWWA.L tracks the MSCI ACWI NR USD while IWVL.L tracks the MSCI World Enhanced Value Index. Both are passively managed. Over the past 10 years, HWWA.L returned 13.22%/yr vs 13.70%/yr for IWVL.L. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

HWWA.L vs. IWVL.L - Performance Comparison

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

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Different Trading Currencies

HWWA.L is traded in GBP, while IWVL.L is traded in USD. To make them comparable, the IWVL.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HWWA.L achieves a 13.69% return, which is significantly lower than IWVL.L's 34.84% return. Both investments have delivered pretty close results over the past 10 years, with HWWA.L having a 13.22% annualized return and IWVL.L not far ahead at 13.70%.

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%

IWVL.L

1D
-0.65%
1M
13.25%
YTD
34.84%
6M
37.26%
1Y
67.93%
3Y*
27.08%
5Y*
17.54%
10Y*
13.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HWWA.L
HSBC Multi Factor Worldwide Equity UCITS ETF		13.69%16.74%17.83%15.71%-7.83%21.70%11.03%18.57%-5.55%12.89%
IWVL.L
iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)		34.84%30.41%6.96%13.56%0.94%21.25%-6.50%13.64%-8.94%12.00%

Correlation

The correlation between HWWA.L and IWVL.L is 0.75, 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

0.75

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

0.76

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

0.77

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

0.79

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2014

0.80

The correlation between HWWA.L and IWVL.L has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

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

Sectors
HWWA.L
IWVL.L

Technology

34.2%
33.9%

Financial Services

14.0%
14.8%

Industrials

13.2%
11.3%

Communication Services

8.4%
7.6%

Consumer Cyclical

8.3%
7.9%

Basic Materials

5.8%
3.0%

Healthcare

5.6%
8.8%

Energy

4.2%
3.8%

Utilities

2.5%
2.5%

Consumer Defensive

2.2%
4.5%

Real Estate

1.4%
1.8%

Technology

HWWA.L
34.2%
IWVL.L
33.9%

Financial Services

HWWA.L
14.0%
IWVL.L
14.8%

Industrials

HWWA.L
13.2%
IWVL.L
11.3%

Communication Services

HWWA.L
8.4%
IWVL.L
7.6%

Consumer Cyclical

HWWA.L
8.3%
IWVL.L
7.9%

Basic Materials

HWWA.L
5.8%
IWVL.L
3.0%

Healthcare

HWWA.L
5.6%
IWVL.L
8.8%

Energy

HWWA.L
4.2%
IWVL.L
3.8%

Utilities

HWWA.L
2.5%
IWVL.L
2.5%

Consumer Defensive

HWWA.L
2.2%
IWVL.L
4.5%

Real Estate

HWWA.L
1.4%
IWVL.L
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC Multi Factor Worldwide Equity UCITS ETF

iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)

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Often compared with IWVL.L:
IWVL.L vs. VWRA.LIWVL.L vs. IWDA.ASIWVL.L vs. IWQU.LIWVL.L vs. DFIVIWVL.L vs. VOOIWVL.L vs. URTHIWVL.L vs. VT

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
IWVL.L
IWVL.L Risk / Return Rank: 9595
Overall Rank
IWVL.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
IWVL.L Sortino Ratio Rank: 9797
Sortino Ratio Rank
IWVL.L Omega Ratio Rank: 9696
Omega Ratio Rank
IWVL.L Calmar Ratio Rank: 9494
Calmar Ratio Rank
IWVL.L Martin Ratio Rank: 9595
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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) and iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.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.

HWWA.LIWVL.LDifference
Sharpe ratioReturn per unit of total volatility
3.34
4.57

-1.24

Sortino ratioReturn per unit of downside risk
4.56
6.12

-1.56

Omega ratioGain probability vs. loss probability

1.64

1.85

-0.22

Calmar ratioReturn relative to maximum drawdown

5.06

8.65

-3.58

Martin ratioReturn relative to average drawdown

21.35

36.16

-14.81

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

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

The current HWWA.L Sharpe Ratio is 3.34, which is comparable to the IWVL.L Sharpe Ratio of 4.57. The chart below compares the historical Sharpe Ratios of HWWA.L and IWVL.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

HWWA.LIWVL.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.34

4.57

-1.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.02

1.22

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

0.85

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.75

+0.08

Drawdowns

HWWA.L vs. IWVL.L - Drawdown Comparison

The maximum HWWA.L drawdown since its inception was -25.12%, smaller than the maximum IWVL.L drawdown of -28.56%. Use the drawdown chart below to compare losses from any high point for HWWA.L and IWVL.L.

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Drawdown Indicators

HWWA.LIWVL.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.12%

-28.56%

+3.44%

Max Drawdown (1Y)

Largest decline over 1 year

-6.74%

-7.82%

+1.08%

Max Drawdown (3Y)

Largest decline over 3 years

-16.79%

-14.14%

-2.65%

Max Drawdown (5Y)

Largest decline over 5 years

-16.79%

-14.14%

-2.65%

Max Drawdown (10Y)

Largest decline over 10 years

-25.12%

-28.56%

+3.44%

Current Drawdown

Current decline from peak

-0.35%

-0.65%

+0.30%

Average Drawdown

Average peak-to-trough decline

-3.53%

-4.52%

+0.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.87%

-0.27%

Volatility

HWWA.L vs. IWVL.L - Volatility Comparison

The current volatility for HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) is 3.48%, while iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.L) has a volatility of 6.16%. This indicates that HWWA.L experiences smaller price fluctuations and is considered to be less risky than IWVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HWWA.LIWVL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

6.16%

-2.68%

Volatility (6M)

Calculated over the trailing 6-month period

7.85%

12.58%

-4.73%

Volatility (1Y)

Calculated over the trailing 1-year period

10.23%

14.78%

-4.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.69%

14.34%

-1.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.32%

16.05%

-1.73%

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

Both HWWA.L and IWVL.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HWWA.L vs. IWVL.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%
IWVL.L
iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HWWA.L and IWVL.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HWWA.L and IWVL.L have the same expense ratio: 0.25% per year.

HWWA.L tracks MSCI ACWI NR USD, while IWVL.L tracks MSCI World Enhanced Value Index. They also come from different issuers: HSBC and iShares.

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