IPXJ.L vs. HMAD.L
IPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist)) and HMAD.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc)) are both exchange-traded funds - IPXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific ex Japan Index (Net), while HMAD.L is a Asia ex-Japan Equity fund tracking the MSCI AC Far East ex Japan Net Index. Both are passively managed. Over the past 10 years, IPXJ.L returned 7.10%/yr vs 9.65%/yr for HMAD.L. A 0.77 correlation means they provide meaningful diversification when combined. IPXJ.L charges 0.60%/yr vs 0.45%/yr for HMAD.L.
Performance
IPXJ.L vs. HMAD.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IPXJ.L achieves a 9.42% return, which is significantly lower than HMAD.L's 22.93% return. Over the past 10 years, IPXJ.L has underperformed HMAD.L with an annualized return of 7.10%, while HMAD.L has yielded a comparatively higher 9.65% annualized return.
IPXJ.L
- 1D
- -0.91%
- 1M
- -0.21%
- 6M
- 7.35%
- YTD
- 9.42%
- 1Y
- 14.14%
- 3Y*
- 11.93%
- 5Y*
- 5.42%
- 10Y*
- 7.10%
HMAD.L
- 1D
- -2.84%
- 1M
- -11.01%
- 6M
- 15.46%
- YTD
- 22.93%
- 1Y
- 42.92%
- 3Y*
- 23.38%
- 5Y*
- 6.71%
- 10Y*
- 9.65%
IPXJ.L vs. HMAD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) | 9.42% | 19.91% | 4.45% | 5.64% | -6.26% | 3.62% | 6.65% | 17.59% | -10.82% | 25.42% |
HMAD.L HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc) | 22.93% | 41.42% | 11.84% | 1.71% | -21.78% | -8.81% | 26.05% | 17.57% | -14.95% | 42.10% |
Correlation
The correlation between IPXJ.L and HMAD.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 | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.77 |
The correlation between IPXJ.L and HMAD.L shifts across timeframes, from 0.65 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IPXJ.L vs. HMAD.L — Risk / Return Rank
IPXJ.L
HMAD.L
IPXJ.L vs. HMAD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc) (HMAD.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.
| IPXJ.L | HMAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.31 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 3.20 | -1.55 |
| Martin ratioReturn relative to average drawdown | 4.48 | 9.62 | -5.14 |
Loading charts...
Drawdowns
IPXJ.L vs. HMAD.L - Drawdown Comparison
The maximum IPXJ.L drawdown since its inception was -38.93%, smaller than the maximum HMAD.L drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for IPXJ.L and HMAD.L.
Loading charts...
Drawdown Indicators
| IPXJ.L | HMAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.93% | -50.05% | +11.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.53% | -13.34% | +4.81% |
Max Drawdown (3Y)Largest decline over 3 years | -18.67% | -19.56% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -24.44% | -43.19% | +18.75% |
Max Drawdown (10Y)Largest decline over 10 years | -38.93% | -50.05% | +11.12% |
Current DrawdownCurrent decline from peak | -2.38% | -13.34% | +10.96% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -16.49% | +7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 4.45% | -1.30% |
Volatility
IPXJ.L vs. HMAD.L - Volatility Comparison
The current volatility for iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L) is 3.13%, while HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc) (HMAD.L) has a volatility of 10.87%. This indicates that IPXJ.L experiences smaller price fluctuations and is considered to be less risky than HMAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IPXJ.L | HMAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 10.87% | -7.74% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 22.04% | -10.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 24.83% | -10.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.20% | 22.17% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.71% | 20.73% | -3.02% |
IPXJ.L vs. HMAD.L - Expense Ratio Comparison
IPXJ.L has a 0.60% expense ratio, which is higher than HMAD.L's 0.45% expense ratio.
Dividends
IPXJ.L vs. HMAD.L - Dividend Comparison
IPXJ.L's dividend yield for the trailing twelve months is around 2.83%, while HMAD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMAD.L HSBC MSCI AC Far East ex Japan 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% |
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) | 2.83% | 2.88% | 3.49% | 3.50% | 3.76% | 2.92% | 2.45% | 3.58% | 3.92% | 3.19% | 3.48% | 3.44% |
Frequently Asked Questions
IPXJ.L and HMAD.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.
On fees, HMAD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAD.L is cheaper with a 0.45% expense ratio, compared with 0.60% for IPXJ.L.
IPXJ.L is categorized as Asia Pacific Equities, while HMAD.L is Asia ex-Japan Equity. IPXJ.L tracks MSCI Pacific ex Japan Index (Net), while HMAD.L tracks MSCI AC Far East ex Japan Net Index. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.60% for IPXJ.L and 0.45% for HMAD.L.
Find the right allocation for IPXJ.L and HMAD.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer