SRSA.L vs. HMEF.L

Last updated Jul 22, 2026

SRSA.L (iShares MSCI South Africa UCITS ETF USD (Acc)) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds - SRSA.L tracks the MSCI South Africa 20/35 Index while HMEF.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, SRSA.L returned 6.00%/yr vs 44.71%/yr for HMEF.L. A 0.73 correlation means they provide meaningful diversification when combined. SRSA.L charges 0.65%/yr vs 0.15%/yr for HMEF.L.

Performance

SRSA.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI South Africa UCITS ETF USD (Acc) (SRSA.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRSA.L achieves a -6.88% return, which is significantly lower than HMEF.L's 20.62% return. Over the past 10 years, SRSA.L has underperformed HMEF.L with an annualized return of 6.00%, while HMEF.L has yielded a comparatively higher 44.71% annualized return.

SRSA.L

• 1D: 0.87%
• 1M: -5.01%
• 6M: -12.54%
• YTD: -6.88%
• 1Y: 23.19%
• 3Y*: 19.01%
• 5Y*: 11.11%
• 10Y*: 6.00%
• ALL TIME*: 3.32%

HMEF.L

• 1D: 2.30%
• 1M: -7.87%
• 6M: 14.56%
• YTD: 20.62%
• 1Y: 36.13%
• 3Y*: 18.84%
• 5Y*: 7.61%
• 10Y*: 44.71%
• ALL TIME*: 161.48%

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

SRSA.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRSA.L iShares MSCI South Africa UCITS ETF USD (Acc)	-6.88%	65.31%	9.25%	-5.19%	7.61%	5.31%	-5.99%	5.20%	-21.09%	24.74%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	20.62%	24.56%	9.08%	2.44%	-10.01%	-2.27%	14.81%	12.75%	-9.63%	101.42%

Correlation

The correlation between SRSA.L and HMEF.L is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Sep 7, 2011	0.73

The correlation between SRSA.L and HMEF.L shifts across timeframes, from 0.60 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

SRSA.L vs. HMEF.L - Sectors Allocation Comparison

Sectors	SRSA.L	HMEF.L
Financial Services	36.2%	18.9%
Basic Materials	34.9%	5.5%
Consumer Cyclical	14.5%	8.0%
Communication Services	8.4%	6.5%
Consumer Defensive	2.5%	2.6%
Real Estate	1.5%	1.0%
Industrials	1.3%	6.0%
Healthcare	0.9%	2.7%
Energy	-	3.4%
Technology	-	43.6%
Utilities	-	1.9%

Return for Risk

SRSA.L vs. HMEF.L — Risk / Return Rank

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

SRSA.L

SRSA.L Risk / Return Rank: 28
SRSA.L Sharpe Ratio Rank: 29
SRSA.L Sortino Ratio Rank: 29
SRSA.L Omega Ratio Rank: 29
SRSA.L Calmar Ratio Rank: 27
SRSA.L Martin Ratio Rank: 24

HMEF.L

HMEF.L Risk / Return Rank: 73
HMEF.L Sharpe Ratio Rank: 75
HMEF.L Sortino Ratio Rank: 70
HMEF.L Omega Ratio Rank: 76
HMEF.L Calmar Ratio Rank: 76
HMEF.L Martin Ratio Rank: 70

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.

SRSA.L vs. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (SRSA.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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.

	SRSA.L	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.81	-1.05
Sortino ratio: Return per unit of downside risk	1.18	2.40	-1.22
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.18
Calmar ratio: Return relative to maximum drawdown	1.00	2.92	-1.92
Martin ratio: Return relative to average drawdown	2.13	9.20	-7.07

SRSA.L vs. HMEF.L - Sharpe Ratio Comparison

The current SRSA.L Sharpe Ratio is 0.77, which is lower than the HMEF.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SRSA.L and HMEF.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

SRSA.L vs. HMEF.L - Drawdown Comparison

The maximum SRSA.L drawdown since its inception was -52.58%, which is greater than HMEF.L's maximum drawdown of -27.33%. Use the drawdown chart below to compare losses from any high point for SRSA.L and HMEF.L.

Drawdown Indicators

	SRSA.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-27.33%	-25.25%
Max Drawdown (1Y) Largest decline over 1 year	-23.06%	-12.30%	-10.76%
Max Drawdown (3Y) Largest decline over 3 years	-27.05%	-15.16%	-11.89%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	-21.86%	-5.90%
Max Drawdown (10Y) Largest decline over 10 years	-52.58%	-27.33%	-25.25%
Current Drawdown Current decline from peak	-21.79%	-8.98%	-12.81%
Average Drawdown Average peak-to-trough decline	-16.97%	-7.69%	-9.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.88%	3.92%	+6.96%

Volatility

SRSA.L vs. HMEF.L - Volatility Comparison

The current volatility for iShares MSCI South Africa UCITS ETF USD (Acc) (SRSA.L) is 6.07%, while HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) has a volatility of 8.89%. This indicates that SRSA.L experiences smaller price fluctuations and is considered to be less risky than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRSA.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	8.89%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	25.73%	17.80%	+7.93%
Volatility (1Y) Calculated over the trailing 1-year period	30.16%	19.85%	+10.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.64%	16.84%	+11.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.99%	142.60%	-110.61%

SRSA.L vs. HMEF.L - Expense Ratio Comparison

SRSA.L has a 0.65% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

Dividends

SRSA.L vs. HMEF.L - Dividend Comparison

SRSA.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 1.69%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	1.69%	1.98%	2.43%	2.58%	2.99%	2.01%	1.66%	2.11%	2.14%	37.43%	168.62%	225.12%
SRSA.L iShares MSCI South Africa 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%	0.00%

Frequently Asked Questions

Can I hold both SRSA.L and HMEF.L in my portfolio?

SRSA.L and HMEF.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SRSA.L or HMEF.L?

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

Which ETF is cheaper, SRSA.L or HMEF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.65% for SRSA.L.

What is the main difference between SRSA.L and HMEF.L?

SRSA.L tracks MSCI South Africa 20/35 Index, while HMEF.L tracks MSCI EM NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.65% for SRSA.L and 0.15% for HMEF.L.