IASH.L vs. HMCT.L

Last updated Jul 16, 2026

IASH.L (iShares MSCI China A UCITS USD) and HMCT.L (HSBC MSCI CHINA A UCITS ETF) are both China Equities funds tracking the MSCI China A Onshore NR CNY, from iShares and HSBC respectively. Both are passively managed. Over the past 5 years, IASH.L returned -0.44%/yr vs -0.26%/yr for HMCT.L. Their correlation of 0.94 suggests significant overlap in exposure. IASH.L charges 0.40%/yr vs 0.30%/yr for HMCT.L.

Performance

IASH.L vs. HMCT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI China A UCITS USD (IASH.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IASH.L is traded in GBp, while HMCT.L is traded in USD. To make them comparable, the HMCT.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IASH.L achieves a 6.11% return, which is significantly lower than HMCT.L's 7.80% return.

IASH.L

• 1D: -1.15%
• 1M: -3.17%
• 6M: 3.10%
• YTD: 6.11%
• 1Y: 26.99%
• 3Y*: 9.04%
• 5Y*: -0.44%
• 10Y*: 5.31%

HMCT.L

• 1D: 2.23%
• 1M: -1.97%
• 6M: 4.47%
• YTD: 7.80%
• 1Y: 28.53%
• 3Y*: 9.58%
• 5Y*: -0.26%
• 10Y*: —

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

IASH.L vs. HMCT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IASH.L iShares MSCI China A UCITS USD	6.11%	17.67%	12.92%	-18.83%	-17.27%	4.48%	37.65%	30.20%	-11.55%
HMCT.L HSBC MSCI CHINA A UCITS ETF	7.80%	16.94%	13.69%	-18.19%	-17.08%	3.73%	39.83%	29.13%	-11.87%

Correlation

The correlation between IASH.L and HMCT.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.94

The correlation between IASH.L and HMCT.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

IASH.L vs. HMCT.L - Sectors Allocation Comparison

Sectors	IASH.L	HMCT.L
Technology	31.8%	32.1%
Financial Services	17.5%	17.5%
Industrials	15.5%	15.3%
Basic Materials	11.2%	11.2%
Consumer Defensive	6.7%	6.7%
Consumer Cyclical	5.2%	5.2%
Healthcare	4.0%	3.9%
Utilities	3.3%	3.3%
Energy	3.1%	3.1%
Communication Services	1.3%	1.3%
Real Estate	0.5%	0.5%

Return for Risk

IASH.L vs. HMCT.L — Risk / Return Rank

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

IASH.L

IASH.L Risk / Return Rank: 60
IASH.L Sharpe Ratio Rank: 54
IASH.L Sortino Ratio Rank: 52
IASH.L Omega Ratio Rank: 53
IASH.L Calmar Ratio Rank: 76
IASH.L Martin Ratio Rank: 64

HMCT.L

HMCT.L Risk / Return Rank: 61
HMCT.L Sharpe Ratio Rank: 52
HMCT.L Sortino Ratio Rank: 53
HMCT.L Omega Ratio Rank: 52
HMCT.L Calmar Ratio Rank: 85
HMCT.L Martin Ratio Rank: 65

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.

IASH.L vs. HMCT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A UCITS USD (IASH.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IASH.L	HMCT.L	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.52	-0.01
Sortino ratio: Return per unit of downside risk	2.10	2.13	-0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	3.14	3.48	-0.35
Martin ratio: Return relative to average drawdown	9.17	9.60	-0.43

IASH.L vs. HMCT.L - Sharpe Ratio Comparison

The current IASH.L Sharpe Ratio is 1.51, which is comparable to the HMCT.L Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of IASH.L and HMCT.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.

Drawdowns

IASH.L vs. HMCT.L - Drawdown Comparison

The maximum IASH.L drawdown since its inception was -59.37%, which is greater than HMCT.L's maximum drawdown of -44.20%. Use the drawdown chart below to compare losses from any high point for IASH.L and HMCT.L.

Drawdown Indicators

	IASH.L	HMCT.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-44.20%	-15.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.57%	-8.14%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-31.16%	-26.40%	-4.76%
Max Drawdown (5Y) Largest decline over 5 years	-42.23%	-41.60%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	-44.67%	—	—
Current Drawdown Current decline from peak	-14.08%	-11.04%	-3.04%
Average Drawdown Average peak-to-trough decline	-33.06%	-17.75%	-15.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.96%	-0.03%

Volatility

IASH.L vs. HMCT.L - Volatility Comparison

iShares MSCI China A UCITS USD (IASH.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.L) have volatilities of 8.51% and 8.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IASH.L	HMCT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	8.64%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	14.34%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	18.64%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.10%	21.75%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.84%	23.25%	+0.59%

IASH.L vs. HMCT.L - Expense Ratio Comparison

IASH.L has a 0.40% expense ratio, which is higher than HMCT.L's 0.30% expense ratio.

Dividends

IASH.L vs. HMCT.L - Dividend Comparison

IASH.L has not paid dividends to shareholders, while HMCT.L's dividend yield for the trailing twelve months is around 1.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMCT.L HSBC MSCI CHINA A UCITS ETF	1.70%	1.73%	2.03%	2.16%	1.69%	1.12%	0.84%	1.71%	0.29%
IASH.L iShares MSCI China A UCITS USD	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 IASH.L and HMCT.L in my portfolio?

With a correlation of 0.95, IASH.L and HMCT.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, IASH.L or HMCT.L?

On fees, HMCT.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IASH.L or HMCT.L?

HMCT.L is cheaper with a 0.30% expense ratio, compared with 0.40% for IASH.L.

What is the main difference between IASH.L and HMCT.L?

Both ETFs track MSCI China A Onshore NR CNY. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.40% for IASH.L and 0.30% for HMCT.L.