IDFX.L vs. HMCH.L

Last updated Jun 5, 2026

IDFX.L (iShares China Large Cap UCITS) and HMCH.L (HSBC MSCI China UCITS ETF) are both China Equities funds tracking the MSCI China NR USD, from iShares and HSBC respectively. Both are passively managed. Over the past 10 years, IDFX.L returned 2.94%/yr vs 4.82%/yr for HMCH.L. Their correlation of 0.92 suggests significant overlap in exposure. IDFX.L charges 0.74%/yr vs 0.30%/yr for HMCH.L.

Performance

IDFX.L vs. HMCH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large Cap UCITS (IDFX.L) and HSBC MSCI China UCITS ETF (HMCH.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with IDFX.L having a -7.34% return and HMCH.L slightly lower at -7.51%. Over the past 10 years, IDFX.L has underperformed HMCH.L with an annualized return of 2.94%, while HMCH.L has yielded a comparatively higher 4.82% annualized return.

IDFX.L

• 1D: -0.21%
• 1M: -2.66%
• YTD: -7.34%
• 6M: -8.50%
• 1Y: 0.27%
• 3Y*: 12.09%
• 5Y*: -3.09%
• 10Y*: 2.94%

HMCH.L

• 1D: -0.60%
• 1M: -2.68%
• YTD: -7.51%
• 6M: -8.26%
• 1Y: 4.81%
• 3Y*: 10.61%
• 5Y*: -5.15%
• 10Y*: 4.82%

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

IDFX.L vs. HMCH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IDFX.L iShares China Large Cap UCITS	-7.34%	28.34%	31.04%	-13.61%	-20.49%	-20.45%	10.44%	13.04%	-12.07%	35.25%
HMCH.L HSBC MSCI China UCITS ETF	-7.51%	32.14%	18.72%	-11.92%	-22.66%	-21.77%	28.79%	22.52%	-19.14%	53.59%

Correlation

The correlation between IDFX.L and HMCH.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 31, 2011	0.92

The correlation between IDFX.L and HMCH.L has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

IDFX.L vs. HMCH.L - Sectors Allocation Comparison

Sectors	IDFX.L	HMCH.L
Financial Services	34.7%	19.2%
Consumer Cyclical	26.6%	26.1%
Communication Services	16.2%	18.4%
Technology	5.4%	10.7%
Energy	5.2%	3.5%
Basic Materials	4.1%	5.3%
Industrials	3.1%	5.4%
Healthcare	2.3%	5.1%
Real Estate	1.1%	1.7%
Consumer Defensive	0.9%	3.0%
Utilities	0.4%	1.7%

Return for Risk

IDFX.L vs. HMCH.L — Risk / Return Rank

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

IDFX.L

IDFX.L Risk / Return Rank: 9
IDFX.L Sharpe Ratio Rank: 9
IDFX.L Sortino Ratio Rank: 9
IDFX.L Omega Ratio Rank: 9
IDFX.L Calmar Ratio Rank: 9
IDFX.L Martin Ratio Rank: 9

HMCH.L

HMCH.L Risk / Return Rank: 13
HMCH.L Sharpe Ratio Rank: 14
HMCH.L Sortino Ratio Rank: 14
HMCH.L Omega Ratio Rank: 14
HMCH.L Calmar Ratio Rank: 13
HMCH.L Martin Ratio Rank: 12

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.

IDFX.L vs. HMCH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS (IDFX.L) and HSBC MSCI China UCITS ETF (HMCH.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.

	IDFX.L	HMCH.L	Difference
Sharpe ratio: Return per unit of total volatility	0.01	0.25	-0.23
Sortino ratio: Return per unit of downside risk	0.16	0.49	-0.33
Omega ratio: Gain probability vs. loss probability	1.02	1.06	-0.04
Calmar ratio: Return relative to maximum drawdown	0.02	0.28	-0.26
Martin ratio: Return relative to average drawdown	0.04	0.58	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IDFX.L vs. HMCH.L - Sharpe Ratio Comparison

The current IDFX.L Sharpe Ratio is 0.01, which is lower than the HMCH.L Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of IDFX.L and HMCH.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

	IDFX.L	HMCH.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	0.25	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.17	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.18	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.11	+0.01

Drawdowns

IDFX.L vs. HMCH.L - Drawdown Comparison

The maximum IDFX.L drawdown since its inception was -70.30%, which is greater than HMCH.L's maximum drawdown of -62.58%. Use the drawdown chart below to compare losses from any high point for IDFX.L and HMCH.L.

Drawdown Indicators

	IDFX.L	HMCH.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.30%	-62.58%	-7.72%
Max Drawdown (1Y) Largest decline over 1 year	-15.54%	-17.14%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-28.74%	-25.44%	-3.30%
Max Drawdown (5Y) Largest decline over 5 years	-54.41%	-56.33%	+1.92%
Max Drawdown (10Y) Largest decline over 10 years	-60.44%	-62.58%	+2.14%
Current Drawdown Current decline from peak	-26.55%	-34.98%	+8.43%
Average Drawdown Average peak-to-trough decline	-33.92%	-24.06%	-9.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	8.27%	-1.02%

Volatility

IDFX.L vs. HMCH.L - Volatility Comparison

iShares China Large Cap UCITS (IDFX.L) and HSBC MSCI China UCITS ETF (HMCH.L) have volatilities of 7.60% and 7.69%, 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

	IDFX.L	HMCH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	7.69%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	14.13%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	19.26%	19.51%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.88%	29.41%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.08%	26.27%	-0.19%

IDFX.L vs. HMCH.L - Expense Ratio Comparison

IDFX.L has a 0.74% expense ratio, which is higher than HMCH.L's 0.30% expense ratio.

Dividends

IDFX.L vs. HMCH.L - Dividend Comparison

IDFX.L's dividend yield for the trailing twelve months is around 1.92%, less than HMCH.L's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCH.L HSBC MSCI China UCITS ETF	2.15%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
IDFX.L iShares China Large Cap UCITS	1.92%	1.76%	2.38%	2.43%	2.36%	1.86%	2.39%	2.44%	3.04%	2.35%	2.47%	2.70%

Frequently Asked Questions

Can I hold both IDFX.L and HMCH.L in my portfolio?

With a correlation of 0.94, IDFX.L and HMCH.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, IDFX.L or HMCH.L?

On fees, HMCH.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, IDFX.L or HMCH.L?

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.74% for IDFX.L.

What is the main difference between IDFX.L and HMCH.L?

Both ETFs track MSCI China NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.74% for IDFX.L and 0.30% for HMCH.L.