PRVT vs. HSBH

Last updated Jul 10, 2026

PRVT (Tema Listed Private Managers ETF) and HSBH (HSBC Holdings plc ADRhedged ETF) are both Financials Equities funds. PRVT is actively managed, while HSBH is passively managed. At a 0.40 correlation, their price movements are largely independent. PRVT charges 0.75%/yr vs 0.19%/yr for HSBH.

Performance

PRVT vs. HSBH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Listed Private Managers ETF (PRVT) and HSBC Holdings plc ADRhedged ETF (HSBH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PRVT

• 1D: 2.08%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSBH

• 1D: 1.79%
• 1M: 9.00%
• 6M: 24.86%
• YTD: 28.10%
• 1Y: 65.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRVT vs. HSBH - Yearly Performance Comparison

	2026 (YTD)
PRVT Tema Listed Private Managers ETF	1.57%
HSBH HSBC Holdings plc ADRhedged ETF	0.98%

Correlation

The correlation between PRVT and HSBH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 6, 2026	0.40

Return for Risk

PRVT vs. HSBH — Risk / Return Rank

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

PRVT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HSBH

HSBH Risk / Return Rank: 91
HSBH Sharpe Ratio Rank: 94
HSBH Sortino Ratio Rank: 92
HSBH Omega Ratio Rank: 91
HSBH Calmar Ratio Rank: 90
HSBH Martin Ratio Rank: 90

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.

PRVT vs. HSBH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Listed Private Managers ETF (PRVT) and HSBC Holdings plc ADRhedged ETF (HSBH). 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.

	PRVT	HSBH	Difference
Sharpe ratio: Return per unit of total volatility	—	2.76	—
Sortino ratio: Return per unit of downside risk	—	3.52	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	4.42	—
Martin ratio: Return relative to average drawdown	—	15.98	—

Drawdowns

PRVT vs. HSBH - Drawdown Comparison

The maximum PRVT drawdown since its inception was -2.95%, smaller than the maximum HSBH drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for PRVT and HSBH.

Drawdown Indicators

	PRVT	HSBH	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-14.81%	+11.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.81%	—
Current Drawdown Current decline from peak	-0.93%	-0.75%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.97%	-2.30%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.09%	—

Volatility

Volatility by Period

	PRVT	HSBH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	39.67%	23.73%	+15.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	22.75%	+16.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.67%	22.75%	+16.92%

PRVT vs. HSBH - Expense Ratio Comparison

PRVT has a 0.75% expense ratio, which is higher than HSBH's 0.19% expense ratio.

Dividends

PRVT vs. HSBH - Dividend Comparison

PRVT has not paid dividends to shareholders, while HSBH's dividend yield for the trailing twelve months is around 2.32%.

Position	TTM
HSBH HSBC Holdings plc ADRhedged ETF	2.32%
PRVT Tema Listed Private Managers ETF	0.00%

Frequently Asked Questions

Can I hold both PRVT and HSBH in my portfolio?

PRVT and HSBH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PRVT or HSBH?

On fees, HSBH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PRVT or HSBH?

HSBH is cheaper with a 0.19% expense ratio, compared with 0.75% for PRVT.

Which ETF pays a higher dividend yield, PRVT or HSBH?

HSBH has the higher dividend yield at 2.32%, compared with 0.00% for PRVT.

What is the main difference between PRVT and HSBH?

They also come from different issuers: Tema and ADRhedged. Their fees differ too: 0.75% for PRVT and 0.19% for HSBH.