IDFX.L vs. HMCT.L

Last updated Jun 26, 2026

IDFX.L (iShares China Large Cap UCITS) and HMCT.L (HSBC MSCI CHINA A UCITS ETF) are both China Equities funds - IDFX.L tracks the MSCI China NR USD while HMCT.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 5 years, IDFX.L returned -5.26%/yr vs 0.47%/yr for HMCT.L. A 0.73 correlation means they provide meaningful diversification when combined. IDFX.L charges 0.74%/yr vs 0.30%/yr for HMCT.L.

Performance

IDFX.L vs. HMCT.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 A UCITS ETF (HMCT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IDFX.L achieves a -16.92% return, which is significantly lower than HMCT.L's 12.93% return.

IDFX.L

• 1D: -2.71%
• 1M: -10.44%
• YTD: -16.92%
• 6M: -17.02%
• 1Y: -12.78%
• 3Y*: 8.08%
• 5Y*: -5.26%
• 10Y*: 2.39%

HMCT.L

• 1D: 2.41%
• 1M: 3.03%
• YTD: 12.93%
• 6M: 13.12%
• 1Y: 37.69%
• 3Y*: 13.69%
• 5Y*: 0.47%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IDFX.L iShares China Large Cap UCITS	-16.92%	28.34%	31.04%	-13.62%	-20.48%	-20.45%	10.44%	13.04%	-7.79%
HMCT.L HSBC MSCI CHINA A UCITS ETF	12.93%	25.91%	11.74%	-13.89%	-25.90%	2.76%	44.06%	34.24%	-14.27%

Correlation

The correlation between IDFX.L and HMCT.L is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.73

The correlation between IDFX.L and HMCT.L has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

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

Sectors	IDFX.L	HMCT.L
Financial Services	35.3%	17.5%
Consumer Cyclical	26.3%	5.2%
Communication Services	17.0%	1.3%
Technology	5.7%	32.1%
Energy	4.8%	3.1%
Basic Materials	3.7%	11.2%
Industrials	2.8%	15.3%
Healthcare	2.3%	3.9%
Real Estate	1.0%	0.5%
Consumer Defensive	0.8%	6.7%
Utilities	0.3%	3.3%

Return for Risk

IDFX.L vs. HMCT.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: 4
IDFX.L Sharpe Ratio Rank: 4
IDFX.L Sortino Ratio Rank: 4
IDFX.L Omega Ratio Rank: 4
IDFX.L Calmar Ratio Rank: 5
IDFX.L Martin Ratio Rank: 1

HMCT.L

HMCT.L Risk / Return Rank: 85
HMCT.L Sharpe Ratio Rank: 85
HMCT.L Sortino Ratio Rank: 84
HMCT.L Omega Ratio Rank: 82
HMCT.L Calmar Ratio Rank: 92
HMCT.L Martin Ratio Rank: 84

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. HMCT.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 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.

	IDFX.L	HMCT.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	2.40	-3.06
Sortino ratio: Return per unit of downside risk	-0.83	3.29	-4.12
Omega ratio: Gain probability vs. loss probability	0.91	1.43	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.56	5.47	-6.03
Martin ratio: Return relative to average drawdown	-1.52	14.98	-16.50

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

The current IDFX.L Sharpe Ratio is -0.66, which is lower than the HMCT.L Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of IDFX.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

IDFX.L vs. HMCT.L - Drawdown Comparison

The maximum IDFX.L drawdown since its inception was -70.65%, which is greater than HMCT.L's maximum drawdown of -49.07%. Use the drawdown chart below to compare losses from any high point for IDFX.L and HMCT.L.

Drawdown Indicators

	IDFX.L	HMCT.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.65%	-49.07%	-21.58%
Max Drawdown (1Y) Largest decline over 1 year	-22.71%	-7.57%	-15.14%
Max Drawdown (3Y) Largest decline over 3 years	-28.73%	-28.42%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-54.41%	-44.11%	-10.30%
Max Drawdown (10Y) Largest decline over 10 years	-60.44%	—	—
Current Drawdown Current decline from peak	-34.14%	-9.43%	-24.71%
Average Drawdown Average peak-to-trough decline	-33.90%	-21.55%	-12.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	2.77%	+5.61%

Volatility

IDFX.L vs. HMCT.L - Volatility Comparison

iShares China Large Cap UCITS (IDFX.L) has a higher volatility of 7.55% compared to HSBC MSCI CHINA A UCITS ETF (HMCT.L) at 6.11%. This indicates that IDFX.L's price experiences larger fluctuations and is considered to be riskier than HMCT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDFX.L	HMCT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	6.11%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	12.59%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.29%	17.32%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.98%	22.48%	+7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.04%	23.70%	+2.34%

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

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

Dividends

IDFX.L vs. HMCT.L - Dividend Comparison

IDFX.L's dividend yield for the trailing twelve months is around 1.98%, more than HMCT.L's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCT.L HSBC MSCI CHINA A UCITS ETF	1.61%	1.73%	2.03%	2.16%	1.69%	1.12%	0.84%	1.71%	0.29%	0.00%	0.00%	0.00%
IDFX.L iShares China Large Cap UCITS	1.98%	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 HMCT.L in my portfolio?

IDFX.L and HMCT.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HMCT.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 HMCT.L?

IDFX.L tracks MSCI China NR USD, while HMCT.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.74% for IDFX.L and 0.30% for HMCT.L.