MXUD.L vs. HPAS.L

Last updated Jun 5, 2026

MXUD.L (Invesco MSCI USA UCITS ETF Dist) and HPAS.L (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from Invesco and HSBC respectively. Both are passively managed. Over the past 3 years, MXUD.L returned 22.52%/yr vs 20.75%/yr for HPAS.L. Their correlation of 0.92 suggests significant overlap in exposure. MXUD.L charges 0.05%/yr vs 0.12%/yr for HPAS.L.

Performance

MXUD.L vs. HPAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI USA UCITS ETF Dist (MXUD.L) and HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MXUD.L is traded in USD, while HPAS.L is traded in GBP. To make them comparable, the HPAS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with MXUD.L having a 10.40% return and HPAS.L slightly lower at 10.39%.

MXUD.L

• 1D: 0.01%
• 1M: 4.69%
• YTD: 10.40%
• 6M: 11.09%
• 1Y: 27.70%
• 3Y*: 22.52%
• 5Y*: 13.61%
• 10Y*: —

HPAS.L

• 1D: 0.08%
• 1M: 8.02%
• YTD: 10.39%
• 6M: 11.19%
• 1Y: 26.14%
• 3Y*: 20.75%
• 5Y*: —
• 10Y*: —

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

MXUD.L vs. HPAS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MXUD.L Invesco MSCI USA UCITS ETF Dist	10.40%	17.43%	25.46%	27.86%	-19.91%	7.88%
HPAS.L HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	10.39%	13.62%	24.79%	28.89%	-23.78%	8.81%

Correlation

The correlation between MXUD.L and HPAS.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.92

The correlation between MXUD.L and HPAS.L has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

MXUD.L vs. HPAS.L — Risk / Return Rank

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

MXUD.L

MXUD.L Risk / Return Rank: 73
MXUD.L Sharpe Ratio Rank: 74
MXUD.L Sortino Ratio Rank: 78
MXUD.L Omega Ratio Rank: 74
MXUD.L Calmar Ratio Rank: 67
MXUD.L Martin Ratio Rank: 75

HPAS.L

HPAS.L Risk / Return Rank: 58
HPAS.L Sharpe Ratio Rank: 70
HPAS.L Sortino Ratio Rank: 66
HPAS.L Omega Ratio Rank: 69
HPAS.L Calmar Ratio Rank: 44
HPAS.L Martin Ratio Rank: 40

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.

MXUD.L vs. HPAS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI USA UCITS ETF Dist (MXUD.L) and HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.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.

	MXUD.L	HPAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.06	+0.31
Sortino ratio: Return per unit of downside risk	3.43	2.95	+0.47
Omega ratio: Gain probability vs. loss probability	1.43	1.37	+0.06
Calmar ratio: Return relative to maximum drawdown	3.27	2.20	+1.07
Martin ratio: Return relative to average drawdown	14.10	8.06	+6.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXUD.L vs. HPAS.L - Sharpe Ratio Comparison

The current MXUD.L Sharpe Ratio is 2.37, which is comparable to the HPAS.L Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of MXUD.L and HPAS.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

	MXUD.L	HPAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.06	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.66	+0.20

Drawdowns

MXUD.L vs. HPAS.L - Drawdown Comparison

The maximum MXUD.L drawdown since its inception was -34.70%, which is greater than HPAS.L's maximum drawdown of -29.47%. Use the drawdown chart below to compare losses from any high point for MXUD.L and HPAS.L.

Drawdown Indicators

	MXUD.L	HPAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.70%	-29.47%	-5.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-11.83%	+3.40%
Max Drawdown (3Y) Largest decline over 3 years	-19.43%	-21.38%	+1.95%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	—	—
Current Drawdown Current decline from peak	-0.44%	-0.41%	-0.03%
Average Drawdown Average peak-to-trough decline	-5.78%	-8.01%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	3.24%	-1.28%

Volatility

MXUD.L vs. HPAS.L - Volatility Comparison

Invesco MSCI USA UCITS ETF Dist (MXUD.L) and HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAS.L) have volatilities of 3.28% and 3.17%, 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

	MXUD.L	HPAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	3.17%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.54%	9.26%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	12.63%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	17.11%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	17.11%	+1.35%

MXUD.L vs. HPAS.L - Expense Ratio Comparison

MXUD.L has a 0.05% expense ratio, which is lower than HPAS.L's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MXUD.L vs. HPAS.L - Dividend Comparison

MXUD.L's dividend yield for the trailing twelve months is around 1.05%, while HPAS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
HPAS.L HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MXUD.L Invesco MSCI USA UCITS ETF Dist	1.05%	1.14%	1.30%	1.47%	1.66%	0.62%

Frequently Asked Questions

Can I hold both MXUD.L and HPAS.L in my portfolio?

MXUD.L and HPAS.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MXUD.L or HPAS.L?

On fees, MXUD.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MXUD.L or HPAS.L?

MXUD.L is cheaper with a 0.05% expense ratio, compared with 0.12% for HPAS.L.

What is the main difference between MXUD.L and HPAS.L?

Both ETFs track Russell 1000 TR USD. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.05% for MXUD.L and 0.12% for HPAS.L.