JRCD.L vs. HMCH.L

Last updated Jun 5, 2026

JRCD.L (JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)) and HMCH.L (HSBC MSCI China UCITS ETF) are both China Equities funds - JRCD.L tracks the MSCI China A Onshore NR CNY while HMCH.L tracks the MSCI China NR USD. Both are passively managed. Over the past 3 years, JRCD.L returned 8.77%/yr vs 7.83%/yr for HMCH.L. A 0.73 correlation means they provide meaningful diversification when combined. JRCD.L charges 0.40%/yr vs 0.30%/yr for HMCH.L.

Performance

JRCD.L vs. HMCH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRCD.L) and HSBC MSCI China UCITS ETF (HMCH.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRCD.L achieves a 10.85% return, which is significantly higher than HMCH.L's -7.28% return.

JRCD.L

• 1D: 0.17%
• 1M: 3.16%
• YTD: 10.85%
• 6M: 14.20%
• 1Y: 40.67%
• 3Y*: 8.77%
• 5Y*: —
• 10Y*: —

HMCH.L

• 1D: -0.65%
• 1M: -1.85%
• YTD: -7.28%
• 6M: -8.93%
• 1Y: 5.82%
• 3Y*: 7.83%
• 5Y*: -4.14%
• 10Y*: 5.59%

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

JRCD.L vs. HMCH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JRCD.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	10.85%	18.92%	11.42%	-17.74%	-9.39%
HMCH.L HSBC MSCI China UCITS ETF	-7.28%	22.87%	20.73%	-16.33%	-9.15%

Correlation

The correlation between JRCD.L and HMCH.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.73

The correlation between JRCD.L and HMCH.L has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

JRCD.L vs. HMCH.L — Risk / Return Rank

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

JRCD.L

JRCD.L Risk / Return Rank: 86
JRCD.L Sharpe Ratio Rank: 85
JRCD.L Sortino Ratio Rank: 82
JRCD.L Omega Ratio Rank: 83
JRCD.L Calmar Ratio Rank: 92
JRCD.L Martin Ratio Rank: 88

HMCH.L

HMCH.L Risk / Return Rank: 13
HMCH.L Sharpe Ratio Rank: 14
HMCH.L Sortino Ratio Rank: 14
HMCH.L Omega Ratio Rank: 14
HMCH.L Calmar Ratio Rank: 13
HMCH.L Martin Ratio Rank: 12

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.

JRCD.L vs. HMCH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRCD.L) and HSBC MSCI China UCITS ETF (HMCH.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.

	JRCD.L	HMCH.L	Difference
Sharpe ratio: Return per unit of total volatility	2.73	0.32	+2.41
Sortino ratio: Return per unit of downside risk	3.62	0.57	+3.05
Omega ratio: Gain probability vs. loss probability	1.49	1.07	+0.42
Calmar ratio: Return relative to maximum drawdown	6.29	0.34	+5.96
Martin ratio: Return relative to average drawdown	18.82	0.71	+18.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JRCD.L vs. HMCH.L - Sharpe Ratio Comparison

The current JRCD.L Sharpe Ratio is 2.73, which is higher than the HMCH.L Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of JRCD.L and HMCH.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

	JRCD.L	HMCH.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	0.32	+2.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.16	-0.06

Drawdowns

JRCD.L vs. HMCH.L - Drawdown Comparison

The maximum JRCD.L drawdown since its inception was -36.64%, smaller than the maximum HMCH.L drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for JRCD.L and HMCH.L.

Drawdown Indicators

	JRCD.L	HMCH.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.64%	-56.50%	+19.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.53%	-17.18%	+10.65%
Max Drawdown (3Y) Largest decline over 3 years	-25.39%	-24.67%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-49.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.50%	—
Current Drawdown Current decline from peak	-1.64%	-32.69%	+31.05%
Average Drawdown Average peak-to-trough decline	-17.65%	-20.25%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	8.17%	-5.98%

Volatility

JRCD.L vs. HMCH.L - Volatility Comparison

The current volatility for JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRCD.L) is 5.56%, while HSBC MSCI China UCITS ETF (HMCH.L) has a volatility of 7.06%. This indicates that JRCD.L experiences smaller price fluctuations and is considered to be less risky than HMCH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JRCD.L	HMCH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	7.06%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	13.14%	-2.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	18.44%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	27.67%	-6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	25.21%	-3.83%

JRCD.L vs. HMCH.L - Expense Ratio Comparison

JRCD.L has a 0.40% expense ratio, which is higher than HMCH.L's 0.30% expense ratio.

Dividends

JRCD.L vs. HMCH.L - Dividend Comparison

JRCD.L's dividend yield for the trailing twelve months is around 0.86%, less than HMCH.L's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCH.L HSBC MSCI China UCITS ETF	2.15%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
JRCD.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.86%	1.35%	1.97%	1.67%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JRCD.L and HMCH.L in my portfolio?

JRCD.L and HMCH.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JRCD.L or HMCH.L?

On fees, HMCH.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, JRCD.L or HMCH.L?

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.40% for JRCD.L.

What is the main difference between JRCD.L and HMCH.L?

JRCD.L tracks MSCI China A Onshore NR CNY, while HMCH.L tracks MSCI China NR USD. They also come from different issuers: JPMorgan and HSBC. Their fees differ too: 0.40% for JRCD.L and 0.30% for HMCH.L.