HWWA.L vs. VALW.L

Last updated Jun 4, 2026

HWWA.L (HSBC Multi Factor Worldwide Equity UCITS ETF) and VALW.L (SPDR MSCI World Value UCITS ETF) are both Global Equities funds - HWWA.L tracks the MSCI ACWI NR USD while VALW.L tracks the MSCI ACWI Value NR USD. Both are passively managed. Over the past 5 years, HWWA.L returned 13.07%/yr vs 14.46%/yr for VALW.L. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

HWWA.L vs. VALW.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 SPDR MSCI World Value UCITS ETF (VALW.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWWA.L achieves a 14.08% return, which is significantly lower than VALW.L's 19.01% return.

HWWA.L

• 1D: -0.02%
• 1M: 6.39%
• YTD: 14.08%
• 6M: 15.66%
• 1Y: 34.98%
• 3Y*: 19.71%
• 5Y*: 13.07%
• 10Y*: 13.41%

VALW.L

• 1D: -0.26%
• 1M: 9.99%
• YTD: 19.01%
• 6M: 21.67%
• 1Y: 46.02%
• 3Y*: 21.08%
• 5Y*: 14.46%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HWWA.L HSBC Multi Factor Worldwide Equity UCITS ETF	14.08%	16.74%	17.83%	15.71%	-7.83%	21.70%	7.71%
VALW.L SPDR MSCI World Value UCITS ETF	19.01%	27.01%	5.92%	16.43%	0.09%	20.68%	-18.17%

Correlation

The correlation between HWWA.L and VALW.L is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020	0.84

The correlation between HWWA.L and VALW.L has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

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

Sectors	HWWA.L	VALW.L
Technology	34.2%	29.7%
Financial Services	14.0%	15.4%
Industrials	13.2%	12.4%
Communication Services	8.4%	8.1%
Consumer Cyclical	8.3%	8.3%
Basic Materials	5.8%	3.2%
Healthcare	5.6%	9.4%
Energy	4.2%	4.1%
Utilities	2.5%	2.7%
Consumer Defensive	2.2%	4.9%
Real Estate	1.4%	1.8%

Return for Risk

HWWA.L vs. VALW.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: 91
HWWA.L Sharpe Ratio Rank: 92
HWWA.L Sortino Ratio Rank: 93
HWWA.L Omega Ratio Rank: 93
HWWA.L Calmar Ratio Rank: 88
HWWA.L Martin Ratio Rank: 91

VALW.L

VALW.L Risk / Return Rank: 94
VALW.L Sharpe Ratio Rank: 95
VALW.L Sortino Ratio Rank: 95
VALW.L Omega Ratio Rank: 95
VALW.L Calmar Ratio Rank: 93
VALW.L Martin Ratio Rank: 93

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. VALW.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 SPDR MSCI World Value UCITS ETF (VALW.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.L	VALW.L	Difference
Sharpe ratio: Return per unit of total volatility	3.41	3.84	-0.44
Sortino ratio: Return per unit of downside risk	4.64	5.27	-0.63
Omega ratio: Gain probability vs. loss probability	1.65	1.72	-0.07
Calmar ratio: Return relative to maximum drawdown	5.16	6.51	-1.34
Martin ratio: Return relative to average drawdown	21.78	24.41	-2.63
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. VALW.L - Sharpe Ratio Comparison

The current HWWA.L Sharpe Ratio is 3.41, which is comparable to the VALW.L Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of HWWA.L and VALW.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.

Sharpe Ratios by Period

	HWWA.L	VALW.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.41	3.84	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	1.14	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.67	+0.16

Drawdowns

HWWA.L vs. VALW.L - Drawdown Comparison

The maximum HWWA.L drawdown since its inception was -25.12%, smaller than the maximum VALW.L drawdown of -28.59%. Use the drawdown chart below to compare losses from any high point for HWWA.L and VALW.L.

Drawdown Indicators

	HWWA.L	VALW.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.12%	-28.59%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.74%	-7.04%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.79%	-14.24%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-16.79%	-14.24%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	-25.12%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.26%	+0.24%
Average Drawdown Average peak-to-trough decline	-3.53%	-4.55%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.88%	-0.28%

Volatility

HWWA.L vs. VALW.L - Volatility Comparison

The current volatility for HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA.L) is 3.43%, while SPDR MSCI World Value UCITS ETF (VALW.L) has a volatility of 4.22%. This indicates that HWWA.L experiences smaller price fluctuations and is considered to be less risky than VALW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWWA.L	VALW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	4.22%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	9.57%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	11.92%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	12.65%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	16.68%	-2.35%

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

Both HWWA.L and VALW.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. VALW.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VALW.L SPDR MSCI World Value UCITS ETF	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

Can I hold both HWWA.L and VALW.L in my portfolio?

HWWA.L and VALW.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HWWA.L or VALW.L?

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

Which ETF is cheaper, HWWA.L or VALW.L?

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

What is the main difference between HWWA.L and VALW.L?

HWWA.L tracks MSCI ACWI NR USD, while VALW.L tracks MSCI ACWI Value NR USD. They also come from different issuers: HSBC and State Street.