IMV.L vs. HSEP.L

Last updated Jun 5, 2026

IMV.L (iShares Edge MSCI Europe Min Volatility UCITS) and HSEP.L (HSBC Europe Sustainable Equity UCITS ETF EUR) are both Europe Equities funds tracking the MSCI Europe NR EUR, from iShares and HSBC respectively. Both are passively managed. Over the past 5 years, IMV.L returned 7.54%/yr vs 9.61%/yr for HSEP.L. Their correlation of 0.83 suggests significant overlap in exposure. IMV.L charges 0.25%/yr vs 0.15%/yr for HSEP.L.

Performance

IMV.L vs. HSEP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) and HSBC Europe Sustainable Equity UCITS ETF EUR (HSEP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IMV.L achieves a 4.72% return, which is significantly lower than HSEP.L's 10.84% return.

IMV.L

• 1D: 0.51%
• 1M: 1.21%
• YTD: 4.72%
• 6M: 5.90%
• 1Y: 8.30%
• 3Y*: 10.49%
• 5Y*: 7.54%
• 10Y*: 7.68%

HSEP.L

• 1D: -0.04%
• 1M: 5.24%
• YTD: 10.84%
• 6M: 13.51%
• 1Y: 22.82%
• 3Y*: 15.06%
• 5Y*: 9.61%
• 10Y*: —

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

IMV.L vs. HSEP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IMV.L iShares Edge MSCI Europe Min Volatility UCITS	4.72%	17.66%	6.63%	8.56%	-7.83%	13.68%	4.61%
HSEP.L HSBC Europe Sustainable Equity UCITS ETF EUR	10.84%	25.17%	4.63%	13.07%	-6.18%	11.05%	10.18%

Correlation

The correlation between IMV.L and HSEP.L is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 8, 2020	0.83

The correlation between IMV.L and HSEP.L shifts across timeframes, from 0.71 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

IMV.L vs. HSEP.L - Sectors Allocation Comparison

Sectors	IMV.L	HSEP.L
Financial Services	17.9%	28.5%
Industrials	15.4%	14.5%
Consumer Defensive	13.1%	16.3%
Healthcare	13.0%	9.1%
Utilities	10.2%	6.4%
Communication Services	9.6%	3.7%
Energy	7.1%	1.3%
Basic Materials	5.6%	2.9%
Consumer Cyclical	3.6%	5.4%
Technology	2.8%	11.7%
Real Estate	1.6%	0.2%

Return for Risk

IMV.L vs. HSEP.L — Risk / Return Rank

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

IMV.L

IMV.L Risk / Return Rank: 24
IMV.L Sharpe Ratio Rank: 26
IMV.L Sortino Ratio Rank: 24
IMV.L Omega Ratio Rank: 26
IMV.L Calmar Ratio Rank: 22
IMV.L Martin Ratio Rank: 23

HSEP.L

HSEP.L Risk / Return Rank: 48
HSEP.L Sharpe Ratio Rank: 51
HSEP.L Sortino Ratio Rank: 51
HSEP.L Omega Ratio Rank: 53
HSEP.L Calmar Ratio Rank: 41
HSEP.L Martin Ratio Rank: 45

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.

IMV.L vs. HSEP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) and HSBC Europe Sustainable Equity UCITS ETF EUR (HSEP.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.

	IMV.L	HSEP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.73	-0.82
Sortino ratio: Return per unit of downside risk	1.27	2.42	-1.15
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio: Return relative to maximum drawdown	0.97	1.96	-0.99
Martin ratio: Return relative to average drawdown	2.92	7.14	-4.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMV.L vs. HSEP.L - Sharpe Ratio Comparison

The current IMV.L Sharpe Ratio is 0.91, which is lower than the HSEP.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of IMV.L and HSEP.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

	IMV.L	HSEP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.73	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.68	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.77	-0.06

Drawdowns

IMV.L vs. HSEP.L - Drawdown Comparison

The maximum IMV.L drawdown since its inception was -24.48%, which is greater than HSEP.L's maximum drawdown of -17.96%. Use the drawdown chart below to compare losses from any high point for IMV.L and HSEP.L.

Drawdown Indicators

	IMV.L	HSEP.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.48%	-17.96%	-6.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-11.57%	+3.07%
Max Drawdown (3Y) Largest decline over 3 years	-8.50%	-11.79%	+3.29%
Max Drawdown (5Y) Largest decline over 5 years	-17.42%	-17.96%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	-24.48%	—	—
Current Drawdown Current decline from peak	-4.62%	-0.94%	-3.68%
Average Drawdown Average peak-to-trough decline	-3.57%	-3.47%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.19%	-0.36%

Volatility

IMV.L vs. HSEP.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) is 2.89%, while HSBC Europe Sustainable Equity UCITS ETF EUR (HSEP.L) has a volatility of 4.61%. This indicates that IMV.L experiences smaller price fluctuations and is considered to be less risky than HSEP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMV.L	HSEP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	4.61%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	11.07%	-3.36%
Volatility (1Y) Calculated over the trailing 1-year period	9.13%	13.15%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	14.17%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.31%	14.52%	-2.21%

IMV.L vs. HSEP.L - Expense Ratio Comparison

IMV.L has a 0.25% expense ratio, which is higher than HSEP.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IMV.L vs. HSEP.L - Dividend Comparison

Neither IMV.L nor HSEP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IMV.L and HSEP.L in my portfolio?

IMV.L and HSEP.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMV.L or HSEP.L?

On fees, HSEP.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMV.L or HSEP.L?

HSEP.L is cheaper with a 0.15% expense ratio, compared with 0.25% for IMV.L.

What is the main difference between IMV.L and HSEP.L?

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.25% for IMV.L and 0.15% for HSEP.L.