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IAUS.L vs. HMXJ.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAUS.L vs. HMXJ.L

Last updated Jul 22, 2026
Documentation

IAUS.L (iShares MSCI Australia UCITS ETF USD (Acc)) and HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) are both Asia Pacific Equities funds - IAUS.L tracks the MSCI Australia Index (Net) while HMXJ.L tracks the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 10 years, IAUS.L returned 7.93%/yr vs 6.65%/yr for HMXJ.L. Their correlation of 0.90 suggests significant overlap in exposure. IAUS.L charges 0.50%/yr vs 0.40%/yr for HMXJ.L.

Performance

IAUS.L vs. HMXJ.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Australia UCITS ETF USD (Acc) (IAUS.L) and HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with IAUS.L having a 10.07% return and HMXJ.L slightly higher at 10.39%. Over the past 10 years, IAUS.L has outperformed HMXJ.L with an annualized return of 7.93%, while HMXJ.L has yielded a comparatively lower 6.65% annualized return.

IAUS.L

1D
0.00%
1M
0.74%
6M
9.27%
YTD
10.07%
1Y
11.31%
3Y*
11.10%
5Y*
6.54%
10Y*
7.93%
ALL TIME*
5.87%

HMXJ.L

1D
0.20%
1M
2.70%
6M
8.67%
YTD
10.39%
1Y
14.12%
3Y*
12.96%
5Y*
5.96%
10Y*
6.65%
ALL TIME*
5.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAUS.L vs. HMXJ.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAUS.L
iShares MSCI Australia UCITS ETF USD (Acc)		10.07%13.86%1.70%13.84%-5.50%8.27%9.46%21.85%-12.47%20.13%
HMXJ.L
HSBC MSCI Pacific ex Japan UCITS ETF		10.39%20.85%4.65%5.67%-5.91%4.45%6.37%16.38%-13.89%23.14%

Correlation

The correlation between IAUS.L and HMXJ.L is 0.88, 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

0.88

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

0.91

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

0.91

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

0.89

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2010

0.90

The correlation between IAUS.L and HMXJ.L has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

IAUS.L vs. HMXJ.L - Sectors Allocation Comparison

Sectors
IAUS.L
HMXJ.L

Financial Services

41.7%
45.9%

Basic Materials

24.5%
15.0%

Consumer Cyclical

7.3%
7.1%

Real Estate

5.0%
7.0%

Healthcare

4.9%
3.9%

Industrials

4.4%
8.5%

Consumer Defensive

4.0%
3.1%

Energy

3.8%
2.5%

Communication Services

1.8%
2.5%

Utilities

1.6%
3.4%

Technology

0.9%
1.0%

Financial Services

IAUS.L
41.7%
HMXJ.L
45.9%

Basic Materials

IAUS.L
24.5%
HMXJ.L
15.0%

Consumer Cyclical

IAUS.L
7.3%
HMXJ.L
7.1%

Real Estate

IAUS.L
5.0%
HMXJ.L
7.0%

Healthcare

IAUS.L
4.9%
HMXJ.L
3.9%

Industrials

IAUS.L
4.4%
HMXJ.L
8.5%

Consumer Defensive

IAUS.L
4.0%
HMXJ.L
3.1%

Energy

IAUS.L
3.8%
HMXJ.L
2.5%

Communication Services

IAUS.L
1.8%
HMXJ.L
2.5%

Utilities

IAUS.L
1.6%
HMXJ.L
3.4%

Technology

IAUS.L
0.9%
HMXJ.L
1.0%

Compare stocks, funds, or ETFs

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iShares MSCI Australia UCITS ETF USD (Acc)

HSBC MSCI Pacific ex Japan UCITS ETF

Often compared with IAUS.L:
IAUS.L vs. CSP1.LIAUS.L vs. ISAC.LIAUS.L vs. IWDA.LIAUS.L vs. KSTR.LIAUS.L vs. FLXK.LIAUS.L vs. IITU.LIAUS.L vs. EIMI.L
Often compared with HMXJ.L:
HMXJ.L vs. VAPX.LHMXJ.L vs. ISF.LHMXJ.L vs. EMIM.LHMXJ.L vs. AASG.LHMXJ.L vs. PAXJ.LHMXJ.L vs. LDAG.LHMXJ.L vs. H50E.L

Return for Risk

IAUS.L vs. HMXJ.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAUS.L
IAUS.L Risk / Return Rank: 2828
Overall Rank
IAUS.L Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
IAUS.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
IAUS.L Omega Ratio Rank: 2626
Omega Ratio Rank
IAUS.L Calmar Ratio Rank: 3131
Calmar Ratio Rank
IAUS.L Martin Ratio Rank: 2929
Martin Ratio Rank
HMXJ.L
HMXJ.L Risk / Return Rank: 5151
Overall Rank
HMXJ.L Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
HMXJ.L Sortino Ratio Rank: 5252
Sortino Ratio Rank
HMXJ.L Omega Ratio Rank: 5050
Omega Ratio Rank
HMXJ.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
HMXJ.L Martin Ratio Rank: 4747
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.

IAUS.L vs. HMXJ.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Australia UCITS ETF USD (Acc) (IAUS.L) and HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.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.

IAUS.LHMXJ.LDifference
Sharpe ratioReturn per unit of total volatility
0.71
1.04

-0.33

Sortino ratioReturn per unit of downside risk
1.16
1.60

-0.43

Omega ratioGain probability vs. loss probability

1.13

1.19

-0.05

Calmar ratioReturn relative to maximum drawdown

1.16

1.62

-0.45

Martin ratioReturn relative to average drawdown

2.84

4.53

-1.70

IAUS.L vs. HMXJ.L - Sharpe Ratio Comparison

The current IAUS.L Sharpe Ratio is 0.71, which is lower than the HMXJ.L Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of IAUS.L and HMXJ.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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Drawdowns

IAUS.L vs. HMXJ.L - Drawdown Comparison

The maximum IAUS.L drawdown since its inception was -44.76%, which is greater than HMXJ.L's maximum drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for IAUS.L and HMXJ.L.

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Drawdown Indicators

IAUS.LHMXJ.LDifference

Max Drawdown

Largest peak-to-trough decline

-44.76%

-38.56%

-6.20%

Max Drawdown (1Y)

Largest decline over 1 year

-9.68%

-8.70%

-0.98%

Max Drawdown (3Y)

Largest decline over 3 years

-23.04%

-18.96%

-4.08%

Max Drawdown (5Y)

Largest decline over 5 years

-24.60%

-24.25%

-0.35%

Max Drawdown (10Y)

Largest decline over 10 years

-44.76%

-38.56%

-6.20%

Current Drawdown

Current decline from peak

-4.38%

-1.61%

-2.77%

Average Drawdown

Average peak-to-trough decline

-9.26%

-8.63%

-0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.98%

3.11%

+0.87%

Volatility

IAUS.L vs. HMXJ.L - Volatility Comparison

iShares MSCI Australia UCITS ETF USD (Acc) (IAUS.L) has a higher volatility of 3.52% compared to HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) at 2.97%. This indicates that IAUS.L's price experiences larger fluctuations and is considered to be riskier than HMXJ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAUS.LHMXJ.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.52%

2.97%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

13.34%

11.08%

+2.26%

Volatility (1Y)

Calculated over the trailing 1-year period

15.89%

13.53%

+2.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.49%

16.96%

+2.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.74%

17.51%

+3.23%

IAUS.L vs. HMXJ.L - Expense Ratio Comparison

IAUS.L has a 0.50% expense ratio, which is higher than HMXJ.L's 0.40% expense ratio.

Dividends

IAUS.L vs. HMXJ.L - Dividend Comparison

IAUS.L has not paid dividends to shareholders, while HMXJ.L's dividend yield for the trailing twelve months is around 2.97%.

PositionTTM20252024202320222021202020192018201720162015
HMXJ.L
HSBC MSCI Pacific ex Japan UCITS ETF		2.97%3.43%3.80%4.13%3.79%2.71%3.05%2.22%0.00%1.49%3.32%4.03%
IAUS.L
iShares MSCI Australia 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

IAUS.L and HMXJ.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HMXJ.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMXJ.L is cheaper with a 0.40% expense ratio, compared with 0.50% for IAUS.L.

IAUS.L tracks MSCI Australia Index (Net), while HMXJ.L tracks MSCI Pacific Ex Japan NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.50% for IAUS.L and 0.40% for HMXJ.L.

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