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JRDE.L vs. HMEU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JRDE.L vs. HMEU.L

Last updated Jun 5, 2026

JRDE.L (JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)) and HMEU.L (HSBC MSCI Europe UCITS ETF) are both Europe Equities funds tracking the MSCI Europe NR EUR, from JPMorgan and HSBC respectively. Both are passively managed. Over the past 3 years, JRDE.L returned 13.08%/yr vs 14.73%/yr for HMEU.L. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

JRDE.L vs. HMEU.L - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with JRDE.L having a 6.47% return and HMEU.L slightly higher at 6.73%.

JRDE.L

1D
0.48%
1M
3.35%
YTD
6.47%
6M
8.47%
1Y
18.99%
3Y*
13.08%
5Y*
—
10Y*
—

HMEU.L

1D
0.61%
1M
3.46%
YTD
6.73%
6M
8.70%
1Y
19.15%
3Y*
14.73%
5Y*
10.72%
10Y*
10.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JRDE.L vs. HMEU.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
JRDE.L
JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)		6.47%25.66%2.21%14.40%-3.79%4.66%
HMEU.L
HSBC MSCI Europe UCITS ETF		6.73%25.88%6.23%13.28%-3.35%3.70%

Correlation

The correlation between JRDE.L and HMEU.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 23, 2021

0.97

The correlation between JRDE.L and HMEU.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

JRDE.L vs. HMEU.L - Sectors Allocation Comparison

Sectors
JRDE.L
HMEU.L

Financial Services

23.7%
23.2%

Industrials

20.4%
19.8%

Healthcare

13.3%
13.1%

Technology

8.7%
8.5%

Consumer Defensive

7.3%
8.7%

Consumer Cyclical

6.6%
6.3%

Utilities

6.0%
5.0%

Basic Materials

5.2%
5.6%

Energy

5.2%
5.3%

Communication Services

3.6%
3.7%

Real Estate

0.1%
0.8%

Financial Services

JRDE.L
23.7%
HMEU.L
23.2%

Industrials

JRDE.L
20.4%
HMEU.L
19.8%

Healthcare

JRDE.L
13.3%
HMEU.L
13.1%

Technology

JRDE.L
8.7%
HMEU.L
8.5%

Consumer Defensive

JRDE.L
7.3%
HMEU.L
8.7%

Consumer Cyclical

JRDE.L
6.6%
HMEU.L
6.3%

Utilities

JRDE.L
6.0%
HMEU.L
5.0%

Basic Materials

JRDE.L
5.2%
HMEU.L
5.6%

Energy

JRDE.L
5.2%
HMEU.L
5.3%

Communication Services

JRDE.L
3.6%
HMEU.L
3.7%

Real Estate

JRDE.L
0.1%
HMEU.L
0.8%

Compare stocks, funds, or ETFs

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JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)

HSBC MSCI Europe UCITS ETF

Often compared with JRDE.L:
JRDE.L vs. JRDM.LJRDE.L vs. JRDG.LJRDE.L vs. CS1.LJRDE.L vs. EUHD.LJRDE.L vs. EEI.LJRDE.L vs. V3EL.LJRDE.L vs. EEIP.L
Often compared with HMEU.L:
HMEU.L vs. MEUD.LHMEU.L vs. H50E.LHMEU.L vs. H4ZE.DEHMEU.L vs. VEUR.LHMEU.L vs. FLXD.LHMEU.L vs. HSPX.LHMEU.L vs. HMWD.L

Return for Risk

JRDE.L vs. HMEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JRDE.L
JRDE.L Risk / Return Rank: 4141
Overall Rank
JRDE.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
JRDE.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
JRDE.L Omega Ratio Rank: 4545
Omega Ratio Rank
JRDE.L Calmar Ratio Rank: 3535
Calmar Ratio Rank
JRDE.L Martin Ratio Rank: 3939
Martin Ratio Rank
HMEU.L
HMEU.L Risk / Return Rank: 4444
Overall Rank
HMEU.L Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
HMEU.L Sortino Ratio Rank: 4545
Sortino Ratio Rank
HMEU.L Omega Ratio Rank: 4848
Omega Ratio Rank
HMEU.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
HMEU.L Martin Ratio Rank: 4242
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.

JRDE.L vs. HMEU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist) (JRDE.L) and HSBC MSCI Europe UCITS ETF (HMEU.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.

JRDE.LHMEU.LDifference
Sharpe ratioReturn per unit of total volatility
1.53
1.57

-0.04

Sortino ratioReturn per unit of downside risk
2.16
2.24

-0.08

Omega ratioGain probability vs. loss probability

1.28

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

1.73

1.83

-0.10

Martin ratioReturn relative to average drawdown

6.00

6.52

-0.52

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

JRDE.L vs. HMEU.L - Sharpe Ratio Comparison

The current JRDE.L Sharpe Ratio is 1.53, which is comparable to the HMEU.L Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of JRDE.L and HMEU.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

JRDE.LHMEU.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

1.57

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.78

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.75

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.65

+0.07

Drawdowns

JRDE.L vs. HMEU.L - Drawdown Comparison

The maximum JRDE.L drawdown since its inception was -15.75%, smaller than the maximum HMEU.L drawdown of -28.42%. Use the drawdown chart below to compare losses from any high point for JRDE.L and HMEU.L.

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Drawdown Indicators

JRDE.LHMEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-15.75%

-28.42%

+12.67%

Max Drawdown (1Y)

Largest decline over 1 year

-10.94%

-10.42%

-0.52%

Max Drawdown (3Y)

Largest decline over 3 years

-12.84%

-12.77%

-0.07%

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.46%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-28.42%

—

Current Drawdown

Current decline from peak

-2.07%

-1.26%

-0.81%

Average Drawdown

Average peak-to-trough decline

-3.73%

-4.79%

+1.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

2.93%

+0.23%

Volatility

JRDE.L vs. HMEU.L - Volatility Comparison

JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist) (JRDE.L) and HSBC MSCI Europe UCITS ETF (HMEU.L) have volatilities of 3.98% and 3.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JRDE.LHMEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.98%

3.84%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

10.29%

10.19%

+0.10%

Volatility (1Y)

Calculated over the trailing 1-year period

12.39%

12.17%

+0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.16%

13.81%

+0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.16%

15.47%

-1.31%

JRDE.L vs. HMEU.L - Expense Ratio Comparison

Both JRDE.L and HMEU.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JRDE.L vs. HMEU.L - Dividend Comparison

JRDE.L's dividend yield for the trailing twelve months is around 2.19%, less than HMEU.L's 2.44% yield.

PositionTTM20252024202320222021202020192018201720162015
HMEU.L
HSBC MSCI Europe UCITS ETF		2.44%2.55%5.65%2.80%2.85%2.16%2.13%3.10%3.29%2.77%2.82%5.28%
JRDE.L
JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)		2.19%2.18%2.68%1.11%2.99%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.98, JRDE.L and HMEU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

JRDE.L and HMEU.L have the same expense ratio: 0.25% per year.

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: JPMorgan and HSBC.

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