MSAP.L vs. HDEM.L

Last updated Jul 21, 2026

MSAP.L (Invesco MSCI Saudi Arabia UCITS ETF USD (Acc)) and HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) are both Emerging Markets Equities funds from Invesco - MSAP.L tracks the MSCI Saudi Arabia 20/35 Capped Index while HDEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, MSAP.L returned 2.71%/yr vs 7.32%/yr for HDEM.L. At a 0.36 correlation, their price movements are largely independent. MSAP.L charges 0.50%/yr vs 0.49%/yr for HDEM.L.

Performance

MSAP.L vs. HDEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Saudi Arabia UCITS ETF USD (Acc) (MSAP.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSAP.L achieves a 4.46% return, which is significantly lower than HDEM.L's 10.06% return.

MSAP.L

• 1D: 0.41%
• 1M: -5.06%
• 6M: -1.46%
• YTD: 4.46%
• 1Y: 3.70%
• 3Y*: -1.71%
• 5Y*: 2.71%
• 10Y*: —
• ALL TIME*: 0.81%

HDEM.L

• 1D: -0.26%
• 1M: 2.60%
• 6M: 6.30%
• YTD: 10.06%
• 1Y: 21.58%
• 3Y*: 12.88%
• 5Y*: 7.32%
• 10Y*: 6.26%
• ALL TIME*: 4.38%

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

MSAP.L vs. HDEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSAP.L Invesco MSCI Saudi Arabia UCITS ETF USD (Acc)	4.46%	-12.17%	1.88%	3.56%	6.09%	37.74%	-2.87%	2.76%	-24.41%
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF	10.06%	18.32%	3.91%	3.74%	-6.40%	15.10%	-10.00%	11.46%	-0.13%

Correlation

The correlation between MSAP.L and HDEM.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 13, 2018	0.36

The correlation between MSAP.L and HDEM.L shifts across timeframes, from 0.19 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

MSAP.L vs. HDEM.L - Sectors Allocation Comparison

Sectors	MSAP.L	HDEM.L
Financial Services	46.0%	24.8%
Energy	15.3%	17.7%
Basic Materials	14.5%	5.7%
Communication Services	10.2%	6.1%
Utilities	4.9%	9.5%
Healthcare	2.1%	1.6%
Consumer Defensive	1.8%	6.9%
Consumer Cyclical	1.6%	8.1%
Technology	1.4%	4.8%
Industrials	1.3%	10.3%
Real Estate	0.8%	4.7%

Return for Risk

MSAP.L vs. HDEM.L — Risk / Return Rank

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

MSAP.L

MSAP.L Risk / Return Rank: 15
MSAP.L Sharpe Ratio Rank: 15
MSAP.L Sortino Ratio Rank: 15
MSAP.L Omega Ratio Rank: 14
MSAP.L Calmar Ratio Rank: 15
MSAP.L Martin Ratio Rank: 15

HDEM.L

HDEM.L Risk / Return Rank: 79
HDEM.L Sharpe Ratio Rank: 84
HDEM.L Sortino Ratio Rank: 85
HDEM.L Omega Ratio Rank: 77
HDEM.L Calmar Ratio Rank: 83
HDEM.L Martin Ratio Rank: 67

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.

MSAP.L vs. HDEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Saudi Arabia UCITS ETF USD (Acc) (MSAP.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.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.

	MSAP.L	HDEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.25	2.05	-1.79
Sortino ratio: Return per unit of downside risk	0.48	2.94	-2.46
Omega ratio: Gain probability vs. loss probability	1.05	1.34	-0.29
Calmar ratio: Return relative to maximum drawdown	0.30	3.33	-3.03
Martin ratio: Return relative to average drawdown	0.68	8.80	-8.12

MSAP.L vs. HDEM.L - Sharpe Ratio Comparison

The current MSAP.L Sharpe Ratio is 0.25, which is lower than the HDEM.L Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of MSAP.L and HDEM.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.

Drawdowns

MSAP.L vs. HDEM.L - Drawdown Comparison

The maximum MSAP.L drawdown since its inception was -46.44%, which is greater than HDEM.L's maximum drawdown of -32.18%. Use the drawdown chart below to compare losses from any high point for MSAP.L and HDEM.L.

Drawdown Indicators

	MSAP.L	HDEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-46.44%	-32.18%	-14.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-6.44%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-20.20%	-12.22%	-7.98%
Max Drawdown (5Y) Largest decline over 5 years	-30.35%	-18.05%	-12.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.18%	—
Current Drawdown Current decline from peak	-24.39%	-2.19%	-22.20%
Average Drawdown Average peak-to-trough decline	-19.40%	-7.65%	-11.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	2.45%	+3.02%

Volatility

MSAP.L vs. HDEM.L - Volatility Comparison

Invesco MSCI Saudi Arabia UCITS ETF USD (Acc) (MSAP.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) have volatilities of 3.33% and 3.28%, 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.

Volatility by Period

	MSAP.L	HDEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	3.28%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	7.63%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	10.51%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	13.58%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	15.69%	+4.62%

MSAP.L vs. HDEM.L - Expense Ratio Comparison

MSAP.L has a 0.50% expense ratio, which is higher than HDEM.L's 0.49% expense ratio.

Dividends

MSAP.L vs. HDEM.L - Dividend Comparison

MSAP.L has not paid dividends to shareholders, while HDEM.L's dividend yield for the trailing twelve months is around 4.79%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF	4.79%	5.18%	5.61%	6.08%	8.92%	5.96%	4.31%	5.23%	5.37%	5.06%	2.27%
MSAP.L Invesco MSCI Saudi Arabia 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%

Frequently Asked Questions

Can I hold both MSAP.L and HDEM.L in my portfolio?

MSAP.L and HDEM.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSAP.L or HDEM.L?

On fees, HDEM.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSAP.L or HDEM.L?

HDEM.L is cheaper with a 0.49% expense ratio, compared with 0.50% for MSAP.L.

What is the main difference between MSAP.L and HDEM.L?

MSAP.L tracks MSCI Saudi Arabia 20/35 Capped Index, while HDEM.L tracks MSCI EM NR USD. Their fees differ too: 0.50% for MSAP.L and 0.49% for HDEM.L.