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MINV.L vs. HMWO.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MINV.L vs. HMWO.L

Last updated Jun 5, 2026

MINV.L (iShares Edge MSCI World Minimum Volatility UCITS ETF) and HMWO.L (HSBC MSCI World UCITS ETF) are both Global Equities funds tracking the MSCI ACWI NR USD, from iShares and HSBC respectively. Both are passively managed. Over the past 10 years, MINV.L returned 7.86%/yr vs 12.15%/yr for HMWO.L. A 0.78 correlation means they provide meaningful diversification when combined. MINV.L charges 0.35%/yr vs 0.15%/yr for HMWO.L.

Performance

MINV.L vs. HMWO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI World Minimum Volatility UCITS ETF (MINV.L) and HSBC MSCI World UCITS ETF (HMWO.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MINV.L achieves a 1.01% return, which is significantly lower than HMWO.L's 9.53% return. Over the past 10 years, MINV.L has underperformed HMWO.L with an annualized return of 7.86%, while HMWO.L has yielded a comparatively higher 12.15% annualized return.

MINV.L

1D
0.15%
1M
1.83%
YTD
1.01%
6M
0.93%
1Y
2.57%
3Y*
6.54%
5Y*
6.32%
10Y*
7.86%

HMWO.L

1D
0.16%
1M
5.13%
YTD
9.53%
6M
9.79%
1Y
25.75%
3Y*
16.04%
5Y*
11.42%
10Y*
12.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MINV.L vs. HMWO.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MINV.L
iShares Edge MSCI World Minimum Volatility UCITS ETF		1.01%3.37%12.86%1.50%1.23%15.98%-1.05%18.84%3.17%7.00%
HMWO.L
HSBC MSCI World UCITS ETF		9.53%11.10%19.31%15.79%-10.00%22.25%10.57%20.88%-5.47%9.85%

Correlation

The correlation between MINV.L and HMWO.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.50

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

0.62

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

0.76

Correlation (All Time)
Calculated using the full available price history since Dec 21, 2012

0.78

Over the past year, the correlation between MINV.L and HMWO.L has dropped to 0.32 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

MINV.L vs. HMWO.L - Sectors Allocation Comparison

Sectors
MINV.L
HMWO.L

Technology

21.3%
30.2%

Financial Services

14.2%
15.4%

Healthcare

13.6%
8.6%

Communication Services

11.9%
9.1%

Consumer Defensive

10.8%
5.2%

Industrials

9.1%
11.0%

Utilities

7.7%
2.5%

Consumer Cyclical

5.4%
9.0%

Energy

4.2%
4.1%

Basic Materials

1.0%
3.2%

Real Estate

0.7%
1.8%

Technology

MINV.L
21.3%
HMWO.L
30.2%

Financial Services

MINV.L
14.2%
HMWO.L
15.4%

Healthcare

MINV.L
13.6%
HMWO.L
8.6%

Communication Services

MINV.L
11.9%
HMWO.L
9.1%

Consumer Defensive

MINV.L
10.8%
HMWO.L
5.2%

Industrials

MINV.L
9.1%
HMWO.L
11.0%

Utilities

MINV.L
7.7%
HMWO.L
2.5%

Consumer Cyclical

MINV.L
5.4%
HMWO.L
9.0%

Energy

MINV.L
4.2%
HMWO.L
4.1%

Basic Materials

MINV.L
1.0%
HMWO.L
3.2%

Real Estate

MINV.L
0.7%
HMWO.L
1.8%

Compare stocks, funds, or ETFs

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iShares Edge MSCI World Minimum Volatility UCITS ETF

HSBC MSCI World UCITS ETF

Often compared with MINV.L:
MINV.L vs. MVEW.LMINV.L vs. CSH2.LMINV.L vs. FULVXMINV.L vs. MVEA.LMINV.L vs. SPYMINV.L vs. VOOMINV.L vs. AOR
Often compared with HMWO.L:
HMWO.L vs. VWRL.LHMWO.L vs. VWRP.LHMWO.L vs. VEVE.LHMWO.L vs. IWRD.LHMWO.L vs. SWDA.LHMWO.L vs. FWRGHMWO.L vs. GGRP.L

Return for Risk

MINV.L vs. HMWO.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MINV.L
MINV.L Risk / Return Rank: 1414
Overall Rank
MINV.L Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
MINV.L Sortino Ratio Rank: 1313
Sortino Ratio Rank
MINV.L Omega Ratio Rank: 1313
Omega Ratio Rank
MINV.L Calmar Ratio Rank: 1414
Calmar Ratio Rank
MINV.L Martin Ratio Rank: 1414
Martin Ratio Rank
HMWO.L
HMWO.L Risk / Return Rank: 7878
Overall Rank
HMWO.L Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HMWO.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
HMWO.L Omega Ratio Rank: 8080
Omega Ratio Rank
HMWO.L Calmar Ratio Rank: 7777
Calmar Ratio Rank
HMWO.L Martin Ratio Rank: 7878
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.

MINV.L vs. HMWO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Minimum Volatility UCITS ETF (MINV.L) and HSBC MSCI World UCITS ETF (HMWO.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.

MINV.LHMWO.LDifference
Sharpe ratioReturn per unit of total volatility
0.32
2.50

-2.18

Sortino ratioReturn per unit of downside risk
0.53
3.44

-2.92

Omega ratioGain probability vs. loss probability

1.06

1.47

-0.41

Calmar ratioReturn relative to maximum drawdown

0.41

3.82

-3.41

Martin ratioReturn relative to average drawdown

1.10

15.06

-13.96

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

MINV.L vs. HMWO.L - Sharpe Ratio Comparison

The current MINV.L Sharpe Ratio is 0.32, which is lower than the HMWO.L Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of MINV.L and HMWO.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

MINV.LHMWO.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.32

2.50

-2.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.86

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.84

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.72

+0.12

Drawdowns

MINV.L vs. HMWO.L - Drawdown Comparison

The maximum MINV.L drawdown since its inception was -20.38%, smaller than the maximum HMWO.L drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for MINV.L and HMWO.L.

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Drawdown Indicators

MINV.LHMWO.LDifference

Max Drawdown

Largest peak-to-trough decline

-20.38%

-25.48%

+5.10%

Max Drawdown (1Y)

Largest decline over 1 year

-6.31%

-6.71%

+0.40%

Max Drawdown (3Y)

Largest decline over 3 years

-8.47%

-19.01%

+10.54%

Max Drawdown (5Y)

Largest decline over 5 years

-10.23%

-19.01%

+8.78%

Max Drawdown (10Y)

Largest decline over 10 years

-20.38%

-25.48%

+5.10%

Current Drawdown

Current decline from peak

-3.60%

-0.13%

-3.47%

Average Drawdown

Average peak-to-trough decline

-3.74%

-4.07%

+0.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

1.71%

+0.62%

Volatility

MINV.L vs. HMWO.L - Volatility Comparison

iShares Edge MSCI World Minimum Volatility UCITS ETF (MINV.L) and HSBC MSCI World UCITS ETF (HMWO.L) have volatilities of 2.55% and 2.54%, 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

MINV.LHMWO.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.55%

2.54%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

5.92%

7.34%

-1.42%

Volatility (1Y)

Calculated over the trailing 1-year period

7.92%

10.26%

-2.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.70%

13.28%

-3.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.85%

14.47%

-2.62%

MINV.L vs. HMWO.L - Expense Ratio Comparison

MINV.L has a 0.35% expense ratio, which is higher than HMWO.L's 0.15% expense ratio.

Dividends

MINV.L vs. HMWO.L - Dividend Comparison

MINV.L has not paid dividends to shareholders, while HMWO.L's dividend yield for the trailing twelve months is around 0.01%.

PositionTTM20252024202320222021202020192018201720162015
HMWO.L
HSBC MSCI World UCITS ETF		0.01%0.01%0.01%0.02%0.02%0.01%0.02%0.02%0.02%0.02%0.02%0.02%
MINV.L
iShares Edge MSCI World Minimum Volatility UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MINV.L and HMWO.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HMWO.L is cheaper with a 0.15% expense ratio, compared with 0.35% for MINV.L.

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.35% for MINV.L and 0.15% for HMWO.L.

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