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HWWD.L vs. MVOL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HWWD.L vs. MVOL.L

Last updated Jun 4, 2026

HWWD.L (HSBC Multi Factor Worldwide Equity UCITS ETF) and MVOL.L (iShares Edge MSCI World Minimum Volatility UCITS) are both Global Equities funds tracking the MSCI ACWI NR USD, from HSBC and iShares respectively. Both are passively managed. Over the past 10 years, HWWD.L returned 12.52%/yr vs 7.11%/yr for MVOL.L. A 0.75 correlation means they provide meaningful diversification when combined. HWWD.L charges 0.25%/yr vs 0.35%/yr for MVOL.L.

Performance

HWWD.L vs. MVOL.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 iShares Edge MSCI World Minimum Volatility UCITS (MVOL.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, HWWD.L achieves a 13.86% return, which is significantly higher than MVOL.L's 0.63% return. Over the past 10 years, HWWD.L has outperformed MVOL.L with an annualized return of 12.52%, while MVOL.L has yielded a comparatively lower 7.11% 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%

MVOL.L

1D
0.00%
1M
-0.08%
YTD
0.63%
6M
1.40%
1Y
1.75%
3Y*
9.40%
5Y*
5.17%
10Y*
7.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
MVOL.L
iShares Edge MSCI World Minimum Volatility UCITS		0.63%11.02%11.08%7.28%-9.62%14.65%2.56%22.56%-2.40%17.41%

Correlation

The correlation between HWWD.L and MVOL.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.41

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

0.55

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

0.69

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2014

0.75

Over the past year, the correlation between HWWD.L and MVOL.L has dropped to 0.41 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

HWWD.L vs. MVOL.L - Sectors Allocation Comparison

Sectors
HWWD.L
MVOL.L

Technology

33.9%
20.1%

Financial Services

15.2%
14.0%

Industrials

11.7%
9.2%

Communication Services

8.3%
12.1%

Consumer Cyclical

8.0%
5.6%

Basic Materials

5.8%
1.1%

Healthcare

5.4%
13.8%

Energy

4.3%
4.5%

Utilities

3.4%
8.0%

Consumer Defensive

2.2%
10.9%

Real Estate

1.4%
0.7%

Technology

HWWD.L
33.9%
MVOL.L
20.1%

Financial Services

HWWD.L
15.2%
MVOL.L
14.0%

Industrials

HWWD.L
11.7%
MVOL.L
9.2%

Communication Services

HWWD.L
8.3%
MVOL.L
12.1%

Consumer Cyclical

HWWD.L
8.0%
MVOL.L
5.6%

Basic Materials

HWWD.L
5.8%
MVOL.L
1.1%

Healthcare

HWWD.L
5.4%
MVOL.L
13.8%

Energy

HWWD.L
4.3%
MVOL.L
4.5%

Utilities

HWWD.L
3.4%
MVOL.L
8.0%

Consumer Defensive

HWWD.L
2.2%
MVOL.L
10.9%

Real Estate

HWWD.L
1.4%
MVOL.L
0.7%

Compare stocks, funds, or ETFs

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HSBC Multi Factor Worldwide Equity UCITS ETF

iShares Edge MSCI World Minimum Volatility UCITS

Often compared with HWWD.L:
HWWD.L vs. IFSW.LHWWD.L vs. GERD.DEHWWD.L vs. VUSA.LHWWD.L vs. HMUD.LHWWD.L vs. HUKX.LHWWD.L vs. IWFV.LHWWD.L vs. MWRD.L
Often compared with MVOL.L:
MVOL.L vs. ACWVMVOL.L vs. IWDA.LMVOL.L vs. XDEB.DEMVOL.L vs. VOOMVOL.L vs. XDEM.LMVOL.L vs. USMVMVOL.L vs. SLXX.L

Return for Risk

HWWD.L vs. MVOL.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: 8383
Overall Rank
HWWD.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
HWWD.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
HWWD.L Omega Ratio Rank: 8484
Omega Ratio Rank
HWWD.L Calmar Ratio Rank: 7878
Calmar Ratio Rank
HWWD.L Martin Ratio Rank: 8383
Martin Ratio Rank
MVOL.L
MVOL.L Risk / Return Rank: 1111
Overall Rank
MVOL.L Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
MVOL.L Sortino Ratio Rank: 1010
Sortino Ratio Rank
MVOL.L Omega Ratio Rank: 1111
Omega Ratio Rank
MVOL.L Calmar Ratio Rank: 1212
Calmar Ratio Rank
MVOL.L Martin Ratio Rank: 1212
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.

HWWD.L vs. MVOL.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 iShares Edge MSCI World Minimum Volatility UCITS (MVOL.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.LMVOL.LDifference
Sharpe ratioReturn per unit of total volatility
2.74
0.22

+2.52

Sortino ratioReturn per unit of downside risk
3.96
0.36

+3.59

Omega ratioGain probability vs. loss probability

1.51

1.04

+0.46

Calmar ratioReturn relative to maximum drawdown

3.96

0.30

+3.66

Martin ratioReturn relative to average drawdown

16.57

0.74

+15.83

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. MVOL.L - Sharpe Ratio Comparison

The current HWWD.L Sharpe Ratio is 2.74, which is higher than the MVOL.L Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of HWWD.L and MVOL.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

HWWD.LMVOL.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.74

0.22

+2.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.49

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

0.61

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.73

-0.08

Drawdowns

HWWD.L vs. MVOL.L - Drawdown Comparison

The maximum HWWD.L drawdown since its inception was -33.76%, which is greater than MVOL.L's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for HWWD.L and MVOL.L.

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Drawdown Indicators

HWWD.LMVOL.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.76%

-28.82%

-4.94%

Max Drawdown (1Y)

Largest decline over 1 year

-8.55%

-5.78%

-2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-15.36%

-8.14%

-7.22%

Max Drawdown (5Y)

Largest decline over 5 years

-26.22%

-18.52%

-7.70%

Max Drawdown (10Y)

Largest decline over 10 years

-33.76%

-28.82%

-4.94%

Current Drawdown

Current decline from peak

-0.34%

-3.90%

+3.56%

Average Drawdown

Average peak-to-trough decline

-5.37%

-3.34%

-2.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

2.35%

-0.30%

Volatility

HWWD.L vs. MVOL.L - Volatility Comparison

HSBC Multi Factor Worldwide Equity UCITS ETF (HWWD.L) has a higher volatility of 4.45% compared to iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) at 2.18%. This indicates that HWWD.L's price experiences larger fluctuations and is considered to be riskier than MVOL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HWWD.LMVOL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.45%

2.18%

+2.27%

Volatility (6M)

Calculated over the trailing 6-month period

10.03%

5.59%

+4.44%

Volatility (1Y)

Calculated over the trailing 1-year period

12.36%

7.74%

+4.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.28%

10.64%

+4.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.68%

11.66%

+4.02%

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

HWWD.L has a 0.25% expense ratio, which is lower than MVOL.L's 0.35% expense ratio.

Dividends

HWWD.L vs. MVOL.L - Dividend Comparison

HWWD.L's dividend yield for the trailing twelve months is around 1.30%, while MVOL.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
MVOL.L
iShares Edge MSCI World Minimum Volatility UCITS		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

HWWD.L and MVOL.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

HWWD.L is cheaper with a 0.25% expense ratio, compared with 0.35% for MVOL.L.

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.25% for HWWD.L and 0.35% for MVOL.L.

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