PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ITKY.L vs. HMEF.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITKY.L vs. HMEF.L

Last updated Jul 22, 2026
Documentation

ITKY.L (iShares MSCI Turkey UCITS ETF USD (Dist)) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds - ITKY.L tracks the MSCI Turkey - Net Returns while HMEF.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, ITKY.L returned 2.11%/yr vs 44.71%/yr for HMEF.L. At a 0.41 correlation, their price movements are largely independent. ITKY.L charges 0.74%/yr vs 0.15%/yr for HMEF.L.

Performance

ITKY.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Turkey UCITS ETF USD (Dist) (ITKY.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ITKY.L achieves a 18.64% return, which is significantly lower than HMEF.L's 20.62% return. Over the past 10 years, ITKY.L has underperformed HMEF.L with an annualized return of 2.11%, while HMEF.L has yielded a comparatively higher 44.71% annualized return.

ITKY.L

1D
-0.02%
1M
-5.58%
6M
1.93%
YTD
18.64%
1Y
18.55%
3Y*
10.97%
5Y*
16.98%
10Y*
2.11%
ALL TIME*
2.80%

HMEF.L

1D
2.30%
1M
-7.87%
6M
14.56%
YTD
20.62%
1Y
36.13%
3Y*
18.84%
5Y*
7.61%
10Y*
44.71%
ALL TIME*
161.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ITKY.L vs. HMEF.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITKY.L
iShares MSCI Turkey UCITS ETF USD (Dist)		18.64%-10.34%19.76%-11.97%112.20%-27.00%-12.58%7.20%-38.24%24.95%
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		20.62%24.56%9.08%2.44%-10.01%-2.27%14.81%12.75%-9.63%101.42%

Correlation

The correlation between ITKY.L and HMEF.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

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

0.21

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

0.21

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2011

0.41

The correlation between ITKY.L and HMEF.L shifts across timeframes, from 0.21 (3 years) to 0.41 (all time), reflecting how their relationship changes across market environments.

ITKY.L vs. HMEF.L - Sectors Allocation Comparison

Sectors
ITKY.L
HMEF.L

Industrials

33.3%
6.0%

Financial Services

26.0%
18.9%

Consumer Defensive

16.2%
2.6%

Energy

12.2%
3.4%

Basic Materials

6.5%
5.5%

Communication Services

5.7%
6.5%

Consumer Cyclical

-

8.0%

Healthcare

-

2.7%

Real Estate

-

1.0%

Technology

-

43.6%

Utilities

-

1.9%

Industrials

ITKY.L
33.3%
HMEF.L
6.0%

Financial Services

ITKY.L
26.0%
HMEF.L
18.9%

Consumer Defensive

ITKY.L
16.2%
HMEF.L
2.6%

Energy

ITKY.L
12.2%
HMEF.L
3.4%

Basic Materials

ITKY.L
6.5%
HMEF.L
5.5%

Communication Services

ITKY.L
5.7%
HMEF.L
6.5%

Consumer Cyclical

ITKY.L

-

HMEF.L
8.0%

Healthcare

ITKY.L

-

HMEF.L
2.7%

Real Estate

ITKY.L

-

HMEF.L
1.0%

Technology

ITKY.L

-

HMEF.L
43.6%

Utilities

ITKY.L

-

HMEF.L
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Turkey UCITS ETF USD (Dist)

HSBC MSCI Emerging Markets UCITS ETF USD

Often compared with ITKY.L:
ITKY.L vs. IUIT.LITKY.L vs. E127.LITKY.L vs. FLES.LITKY.L vs. ISAC.LITKY.L vs. EIMI.LITKY.L vs. IWDA.LITKY.L vs. KSTR.L
Often compared with HMEF.L:
HMEF.L vs. VFEG.LHMEF.L vs. IEEM.LHMEF.L vs. AIAI.LHMEF.L vs. EMIM.LHMEF.L vs. VWRL.LHMEF.L vs. EQQQ.LHMEF.L vs. HMWO.L

Return for Risk

ITKY.L vs. HMEF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITKY.L
ITKY.L Risk / Return Rank: 2929
Overall Rank
ITKY.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
ITKY.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
ITKY.L Omega Ratio Rank: 2727
Omega Ratio Rank
ITKY.L Calmar Ratio Rank: 3434
Calmar Ratio Rank
ITKY.L Martin Ratio Rank: 3030
Martin Ratio Rank
HMEF.L
HMEF.L Risk / Return Rank: 7373
Overall Rank
HMEF.L Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
HMEF.L Sortino Ratio Rank: 7070
Sortino Ratio Rank
HMEF.L Omega Ratio Rank: 7676
Omega Ratio Rank
HMEF.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
HMEF.L Martin Ratio Rank: 7070
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.

ITKY.L vs. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey UCITS ETF USD (Dist) (ITKY.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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.

ITKY.LHMEF.LDifference
Sharpe ratioReturn per unit of total volatility
0.69
1.81

-1.12

Sortino ratioReturn per unit of downside risk
1.13
2.40

-1.27

Omega ratioGain probability vs. loss probability

1.14

1.34

-0.19

Calmar ratioReturn relative to maximum drawdown

1.30

2.92

-1.62

Martin ratioReturn relative to average drawdown

3.05

9.20

-6.14

ITKY.L vs. HMEF.L - Sharpe Ratio Comparison

The current ITKY.L Sharpe Ratio is 0.69, which is lower than the HMEF.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of ITKY.L and HMEF.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.

Loading charts...

Drawdowns

ITKY.L vs. HMEF.L - Drawdown Comparison

The maximum ITKY.L drawdown since its inception was -75.60%, which is greater than HMEF.L's maximum drawdown of -27.33%. Use the drawdown chart below to compare losses from any high point for ITKY.L and HMEF.L.

Loading charts...

Drawdown Indicators

ITKY.LHMEF.LDifference

Max Drawdown

Largest peak-to-trough decline

-75.60%

-27.33%

-48.27%

Max Drawdown (1Y)

Largest decline over 1 year

-14.15%

-12.30%

-1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-36.43%

-15.16%

-21.27%

Max Drawdown (5Y)

Largest decline over 5 years

-36.43%

-21.86%

-14.57%

Max Drawdown (10Y)

Largest decline over 10 years

-68.75%

-27.33%

-41.42%

Current Drawdown

Current decline from peak

-30.57%

-8.98%

-21.59%

Average Drawdown

Average peak-to-trough decline

-41.37%

-7.69%

-33.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.06%

3.92%

+2.14%

Volatility

ITKY.L vs. HMEF.L - Volatility Comparison

The current volatility for iShares MSCI Turkey UCITS ETF USD (Dist) (ITKY.L) is 6.38%, while HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a volatility of 8.89%. This indicates that ITKY.L experiences smaller price fluctuations and is considered to be less risky than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ITKY.LHMEF.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.38%

8.89%

-2.51%

Volatility (6M)

Calculated over the trailing 6-month period

21.16%

17.80%

+3.36%

Volatility (1Y)

Calculated over the trailing 1-year period

26.96%

19.85%

+7.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.79%

16.84%

+18.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.81%

142.60%

-107.79%

ITKY.L vs. HMEF.L - Expense Ratio Comparison

ITKY.L has a 0.74% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

Dividends

ITKY.L vs. HMEF.L - Dividend Comparison

ITKY.L's dividend yield for the trailing twelve months is around 1.83%, more than HMEF.L's 1.69% yield.

PositionTTM20252024202320222021202020192018201720162015
HMEF.L
HSBC MSCI Emerging Markets UCITS ETF USD		1.69%1.98%2.43%2.58%2.99%2.01%1.66%2.11%2.14%37.43%168.62%225.12%
ITKY.L
iShares MSCI Turkey UCITS ETF USD (Dist)		1.83%1.78%2.44%3.21%1.94%3.67%0.64%2.52%4.59%1.97%1.83%2.49%

Frequently Asked Questions

ITKY.L and HMEF.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.74% for ITKY.L.

ITKY.L tracks MSCI Turkey - Net Returns, while HMEF.L tracks MSCI EM NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.74% for ITKY.L and 0.15% for HMEF.L.

Portfolio Optimizer

Find the right allocation for ITKY.L and HMEF.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