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

IIND.L vs. HMXJ.L

Last updated Jun 5, 2026

IIND.L (iShares MSCI India UCITS ETF USD (Acc)) and HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) are both Asia Pacific Equities funds - IIND.L tracks the MSCI India NR USD while HMXJ.L tracks the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 5 years, IIND.L returned 4.52%/yr vs 6.07%/yr for HMXJ.L. At a 0.43 correlation, their price movements are largely independent. IIND.L charges 0.65%/yr vs 0.40%/yr for HMXJ.L.

Performance

IIND.L vs. HMXJ.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI India UCITS ETF USD (Acc) (IIND.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

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

Returns By Period

In the year-to-date period, IIND.L achieves a -13.04% return, which is significantly lower than HMXJ.L's 8.91% return.

IIND.L

1D
1.17%
1M
-1.77%
YTD
-13.04%
6M
-13.23%
1Y
-11.37%
3Y*
2.69%
5Y*
4.52%
10Y*
—

HMXJ.L

1D
-0.47%
1M
0.55%
YTD
8.91%
6M
9.65%
1Y
17.57%
3Y*
10.62%
5Y*
6.07%
10Y*
8.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
IIND.L
iShares MSCI India UCITS ETF USD (Acc)		-13.04%-2.93%11.04%12.49%2.72%26.95%10.48%3.72%3.78%
HMXJ.L
HSBC MSCI Pacific ex Japan UCITS ETF		8.91%12.37%6.43%0.38%5.35%5.41%3.21%13.89%-5.88%

Correlation

The correlation between IIND.L and HMXJ.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.36

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

0.33

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

0.36

Correlation (All Time)
Calculated using the full available price history since May 30, 2018

0.43

The correlation between IIND.L and HMXJ.L shifts across timeframes, from 0.33 (3 years) to 0.43 (all time), reflecting how their relationship changes across market environments.

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

Sectors
IIND.L
HMXJ.L

Financial Services

28.3%
45.1%

Consumer Cyclical

12.5%
6.3%

Industrials

10.3%
8.5%

Energy

9.5%
2.7%

Technology

8.3%
1.0%

Basic Materials

8.0%
16.1%

Consumer Defensive

6.2%
3.0%

Healthcare

6.2%
3.3%

Communication Services

4.7%
2.6%

Utilities

4.6%
3.5%

Real Estate

1.4%
7.8%

Financial Services

IIND.L
28.3%
HMXJ.L
45.1%

Consumer Cyclical

IIND.L
12.5%
HMXJ.L
6.3%

Industrials

IIND.L
10.3%
HMXJ.L
8.5%

Energy

IIND.L
9.5%
HMXJ.L
2.7%

Technology

IIND.L
8.3%
HMXJ.L
1.0%

Basic Materials

IIND.L
8.0%
HMXJ.L
16.1%

Consumer Defensive

IIND.L
6.2%
HMXJ.L
3.0%

Healthcare

IIND.L
6.2%
HMXJ.L
3.3%

Communication Services

IIND.L
4.7%
HMXJ.L
2.6%

Utilities

IIND.L
4.6%
HMXJ.L
3.5%

Real Estate

IIND.L
1.4%
HMXJ.L
7.8%

Compare stocks, funds, or ETFs

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iShares MSCI India UCITS ETF USD (Acc)

HSBC MSCI Pacific ex Japan UCITS ETF

Often compared with IIND.L:
IIND.L vs. FRIN.LIIND.L vs. INDAIIND.L vs. QDV5.DEIIND.L vs. FLINIIND.L vs. IS3N.DEIIND.L vs. 2B77.DEIIND.L vs. SPY
Often compared with HMXJ.L:
HMXJ.L vs. VAPX.LHMXJ.L vs. ISF.LHMXJ.L vs. EMIM.LHMXJ.L vs. PAXJ.LHMXJ.L vs. AASG.LHMXJ.L vs. LDAG.LHMXJ.L vs. ASDV.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IIND.L
IIND.L Risk / Return Rank: 33
Overall Rank
IIND.L Sharpe Ratio Rank: 33
Sharpe Ratio Rank
IIND.L Sortino Ratio Rank: 33
Sortino Ratio Rank
IIND.L Omega Ratio Rank: 33
Omega Ratio Rank
IIND.L Calmar Ratio Rank: 44
Calmar Ratio Rank
IIND.L Martin Ratio Rank: 33
Martin Ratio Rank
HMXJ.L
HMXJ.L Risk / Return Rank: 4848
Overall Rank
HMXJ.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
HMXJ.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
HMXJ.L Omega Ratio Rank: 4646
Omega Ratio Rank
HMXJ.L Calmar Ratio Rank: 5151
Calmar Ratio Rank
HMXJ.L Martin Ratio Rank: 4646
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India UCITS ETF USD (Acc) (IIND.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.

IIND.LHMXJ.LDifference
Sharpe ratioReturn per unit of total volatility
-0.72
1.61

-2.33

Sortino ratioReturn per unit of downside risk
-0.96
2.40

-3.36

Omega ratioGain probability vs. loss probability

0.89

1.29

-0.40

Calmar ratioReturn relative to maximum drawdown

-0.57

2.46

-3.03

Martin ratioReturn relative to average drawdown

-1.28

7.37

-8.65

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IIND.L Sharpe Ratio is -0.72, which is lower than the HMXJ.L Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of IIND.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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Sharpe Ratios by Period

IIND.LHMXJ.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.72

1.61

-2.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

0.44

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.42

-0.12

Drawdowns

IIND.L vs. HMXJ.L - Drawdown Comparison

The maximum IIND.L drawdown since its inception was -36.72%, which is greater than HMXJ.L's maximum drawdown of -32.30%. Use the drawdown chart below to compare losses from any high point for IIND.L and HMXJ.L.

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Drawdown Indicators

IIND.LHMXJ.LDifference

Max Drawdown

Largest peak-to-trough decline

-36.72%

-32.30%

-4.42%

Max Drawdown (1Y)

Largest decline over 1 year

-19.77%

-7.12%

-12.65%

Max Drawdown (3Y)

Largest decline over 3 years

-24.77%

-17.47%

-7.30%

Max Drawdown (5Y)

Largest decline over 5 years

-24.77%

-17.65%

-7.12%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.30%

—

Current Drawdown

Current decline from peak

-21.93%

-2.76%

-19.17%

Average Drawdown

Average peak-to-trough decline

-7.75%

-6.74%

-1.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.85%

2.38%

+6.47%

Volatility

IIND.L vs. HMXJ.L - Volatility Comparison

iShares MSCI India UCITS ETF USD (Acc) (IIND.L) has a higher volatility of 6.07% compared to HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) at 3.58%. This indicates that IIND.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

IIND.LHMXJ.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.07%

3.58%

+2.49%

Volatility (6M)

Calculated over the trailing 6-month period

13.29%

8.32%

+4.97%

Volatility (1Y)

Calculated over the trailing 1-year period

15.71%

10.89%

+4.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.11%

13.80%

+2.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.76%

16.12%

+4.64%

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

IIND.L has a 0.65% expense ratio, which is higher than HMXJ.L's 0.40% expense ratio.

Dividends

IIND.L vs. HMXJ.L - Dividend Comparison

IIND.L has not paid dividends to shareholders, while HMXJ.L's dividend yield for the trailing twelve months is around 3.02%.

PositionTTM20252024202320222021202020192018201720162015
HMXJ.L
HSBC MSCI Pacific ex Japan UCITS ETF		3.02%3.43%3.80%4.13%3.79%2.71%3.05%3.88%3.80%3.23%3.32%4.03%
IIND.L
iShares MSCI India 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

IIND.L and HMXJ.L have a correlation of 0.36, 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 0.65% for IIND.L.

IIND.L tracks MSCI India NR USD, while HMXJ.L tracks MSCI Pacific Ex Japan NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.65% for IIND.L and 0.40% for HMXJ.L.

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