HWWD.L vs. HMUD.L

Last updated Jun 4, 2026

HWWD.L (HSBC Multi Factor Worldwide Equity UCITS ETF) and HMUD.L (HSBC MSCI USA UCITS ETF) are both exchange-traded funds - HWWD.L is a Global Equities fund tracking the MSCI ACWI NR USD, while HMUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, HWWD.L returned 12.52%/yr vs 14.60%/yr for HMUD.L. Their correlation of 0.91 suggests significant overlap in exposure. HWWD.L charges 0.25%/yr vs 0.30%/yr for HMUD.L.

Performance

HWWD.L vs. HMUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Multi Factor Worldwide Equity UCITS ETF (HWWD.L) and HSBC MSCI USA UCITS ETF (HMUD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWWD.L achieves a 13.86% return, which is significantly higher than HMUD.L's 8.09% return. Over the past 10 years, HWWD.L has underperformed HMUD.L with an annualized return of 12.52%, while HMUD.L has yielded a comparatively higher 14.60% annualized return.

HWWD.L

• 1D: -0.34%
• 1M: 4.87%
• YTD: 13.86%
• 6M: 16.38%
• 1Y: 34.04%
• 3Y*: 22.70%
• 5Y*: 11.81%
• 10Y*: 12.52%

HMUD.L

• 1D: 0.04%
• 1M: 3.54%
• YTD: 8.09%
• 6M: 9.05%
• 1Y: 22.04%
• 3Y*: 20.31%
• 5Y*: 12.09%
• 10Y*: 14.60%

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

HWWD.L vs. HMUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWWD.L HSBC Multi Factor Worldwide Equity UCITS ETF	13.86%	25.22%	15.99%	22.41%	-17.65%	20.14%	14.94%	22.38%	-10.70%	23.96%
HMUD.L HSBC MSCI USA UCITS ETF	8.09%	13.89%	25.06%	27.46%	-20.22%	27.36%	20.72%	30.48%	-5.72%	21.56%

Correlation

The correlation between HWWD.L and HMUD.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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 9, 2014	0.91

The correlation between HWWD.L and HMUD.L has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

HWWD.L vs. HMUD.L — Risk / Return Rank

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

HWWD.L

HWWD.L Risk / Return Rank: 83
HWWD.L Sharpe Ratio Rank: 84
HWWD.L Sortino Ratio Rank: 87
HWWD.L Omega Ratio Rank: 84
HWWD.L Calmar Ratio Rank: 78
HWWD.L Martin Ratio Rank: 83

HMUD.L

HMUD.L Risk / Return Rank: 59
HMUD.L Sharpe Ratio Rank: 57
HMUD.L Sortino Ratio Rank: 64
HMUD.L Omega Ratio Rank: 58
HMUD.L Calmar Ratio Rank: 53
HMUD.L Martin Ratio Rank: 64

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.

HWWD.L vs. HMUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Multi Factor Worldwide Equity UCITS ETF (HWWD.L) and HSBC MSCI USA UCITS ETF (HMUD.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.

	HWWD.L	HMUD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.96	+0.78
Sortino ratio: Return per unit of downside risk	3.96	3.00	+0.96
Omega ratio: Gain probability vs. loss probability	1.51	1.36	+0.15
Calmar ratio: Return relative to maximum drawdown	3.96	2.65	+1.31
Martin ratio: Return relative to average drawdown	16.57	11.71	+4.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWWD.L vs. HMUD.L - Sharpe Ratio Comparison

The current HWWD.L Sharpe Ratio is 2.74, which is higher than the HMUD.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of HWWD.L and HMUD.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

	HWWD.L	HMUD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	1.96	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.75	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.89	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.89	-0.24

Drawdowns

HWWD.L vs. HMUD.L - Drawdown Comparison

The maximum HWWD.L drawdown since its inception was -33.76%, roughly equal to the maximum HMUD.L drawdown of -34.30%. Use the drawdown chart below to compare losses from any high point for HWWD.L and HMUD.L.

Drawdown Indicators

	HWWD.L	HMUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.76%	-34.30%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-8.29%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-19.47%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	-26.22%	-25.47%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-33.76%	-34.30%	+0.54%
Current Drawdown Current decline from peak	-0.34%	-0.14%	-0.20%
Average Drawdown Average peak-to-trough decline	-5.37%	-4.05%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.88%	+0.17%

Volatility

HWWD.L vs. HMUD.L - Volatility Comparison

HSBC Multi Factor Worldwide Equity UCITS ETF (HWWD.L) has a higher volatility of 4.45% compared to HSBC MSCI USA UCITS ETF (HMUD.L) at 2.80%. This indicates that HWWD.L's price experiences larger fluctuations and is considered to be riskier than HMUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWWD.L	HMUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	2.80%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	8.21%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	11.23%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.28%	16.11%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	16.36%	-0.68%

HWWD.L vs. HMUD.L - Expense Ratio Comparison

HWWD.L has a 0.25% expense ratio, which is lower than HMUD.L's 0.30% expense ratio.

Dividends

HWWD.L vs. HMUD.L - Dividend Comparison

HWWD.L's dividend yield for the trailing twelve months is around 1.30%, more than HMUD.L's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMUD.L HSBC MSCI USA UCITS ETF	0.92%	0.95%	0.82%	0.97%	1.07%	0.78%	1.11%	1.22%	1.45%	1.24%	1.43%	1.43%
HWWD.L HSBC Multi Factor Worldwide Equity UCITS ETF	1.30%	1.41%	1.61%	1.90%	2.10%	1.52%	1.35%	2.00%	2.19%	1.76%	1.87%	2.04%

Frequently Asked Questions

Can I hold both HWWD.L and HMUD.L in my portfolio?

HWWD.L and HMUD.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.

Which ETF is better, HWWD.L or HMUD.L?

On fees, HWWD.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, HWWD.L or HMUD.L?

HWWD.L is cheaper with a 0.25% expense ratio, compared with 0.30% for HMUD.L.

What is the main difference between HWWD.L and HMUD.L?

HWWD.L is categorized as Global Equities, while HMUD.L is Large Cap Blend Equities. HWWD.L tracks MSCI ACWI NR USD, while HMUD.L tracks Russell 1000 TR USD. Their fees differ too: 0.25% for HWWD.L and 0.30% for HMUD.L.