SUSW.L vs. HPAO.L

Last updated Jun 5, 2026

SUSW.L (iShares MSCI World SRI UCITS ETF EUR (Acc)) and HPAO.L (HSBC MSCI World Climate Paris Aligned 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 3 years, SUSW.L returned 12.95%/yr vs 15.26%/yr for HPAO.L. Their correlation of 0.91 suggests significant overlap in exposure. SUSW.L charges 0.20%/yr vs 0.18%/yr for HPAO.L.

Performance

SUSW.L vs. HPAO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI World SRI UCITS ETF EUR (Acc) (SUSW.L) and HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SUSW.L is traded in EUR, while HPAO.L is traded in GBP. To make them comparable, the HPAO.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SUSW.L achieves a 11.31% return, which is significantly higher than HPAO.L's 7.44% return.

SUSW.L

• 1D: 0.22%
• 1M: 5.87%
• YTD: 11.31%
• 6M: 11.72%
• 1Y: 18.68%
• 3Y*: 12.95%
• 5Y*: 10.52%
• 10Y*: —

HPAO.L

• 1D: -0.50%
• 1M: 4.71%
• YTD: 7.44%
• 6M: 7.82%
• 1Y: 18.92%
• 3Y*: 15.26%
• 5Y*: —
• 10Y*: —

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

SUSW.L vs. HPAO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SUSW.L iShares MSCI World SRI UCITS ETF EUR (Acc)	11.31%	1.89%	18.34%	20.78%	-16.40%	17.53%
HPAO.L HSBC MSCI World Climate Paris Aligned UCITS ETF	7.44%	4.55%	26.12%	21.38%	-16.90%	13.60%

Correlation

The correlation between SUSW.L and HPAO.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	0.88
Correlation (All Time) Calculated using the full available price history since Jul 9, 2021	0.91

The correlation between SUSW.L and HPAO.L has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

SUSW.L vs. HPAO.L - Sectors Allocation Comparison

Sectors	SUSW.L	HPAO.L
Technology	30.6%	35.7%
Financial Services	17.1%	15.3%
Industrials	11.8%	9.1%
Healthcare	9.3%	9.3%
Consumer Cyclical	9.2%	8.3%
Communication Services	7.7%	9.2%
Consumer Defensive	6.2%	1.3%
Basic Materials	4.0%	1.8%
Real Estate	2.3%	6.9%
Utilities	1.8%	3.1%
Energy	-	0.0%

Return for Risk

SUSW.L vs. HPAO.L — Risk / Return Rank

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

SUSW.L

SUSW.L Risk / Return Rank: 46
SUSW.L Sharpe Ratio Rank: 43
SUSW.L Sortino Ratio Rank: 44
SUSW.L Omega Ratio Rank: 44
SUSW.L Calmar Ratio Rank: 48
SUSW.L Martin Ratio Rank: 52

HPAO.L

HPAO.L Risk / Return Rank: 56
HPAO.L Sharpe Ratio Rank: 61
HPAO.L Sortino Ratio Rank: 62
HPAO.L Omega Ratio Rank: 63
HPAO.L Calmar Ratio Rank: 45
HPAO.L Martin Ratio Rank: 48

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.

SUSW.L vs. HPAO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World SRI UCITS ETF EUR (Acc) (SUSW.L) and HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.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.

	SUSW.L	HPAO.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.65	-0.15
Sortino ratio: Return per unit of downside risk	2.18	2.34	-0.15
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.35	2.09	+0.27
Martin ratio: Return relative to average drawdown	8.66	7.80	+0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUSW.L vs. HPAO.L - Sharpe Ratio Comparison

The current SUSW.L Sharpe Ratio is 1.50, which is comparable to the HPAO.L Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SUSW.L and HPAO.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

	SUSW.L	HPAO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.65	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.71	+0.05

Drawdowns

SUSW.L vs. HPAO.L - Drawdown Comparison

The maximum SUSW.L drawdown since its inception was -32.09%, which is greater than HPAO.L's maximum drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for SUSW.L and HPAO.L.

Drawdown Indicators

	SUSW.L	HPAO.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.09%	-21.30%	-10.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-9.10%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-21.13%	-21.30%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-21.13%	—	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-4.93%	-5.73%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.44%	-0.30%

Volatility

SUSW.L vs. HPAO.L - Volatility Comparison

iShares MSCI World SRI UCITS ETF EUR (Acc) (SUSW.L) has a higher volatility of 3.49% compared to HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAO.L) at 2.51%. This indicates that SUSW.L's price experiences larger fluctuations and is considered to be riskier than HPAO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUSW.L	HPAO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	2.51%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	8.06%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	11.58%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	14.62%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	14.62%	+1.61%

SUSW.L vs. HPAO.L - Expense Ratio Comparison

SUSW.L has a 0.20% expense ratio, which is higher than HPAO.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SUSW.L vs. HPAO.L - Dividend Comparison

Neither SUSW.L nor HPAO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SUSW.L and HPAO.L in my portfolio?

SUSW.L and HPAO.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, SUSW.L or HPAO.L?

On fees, HPAO.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SUSW.L or HPAO.L?

HPAO.L is cheaper with a 0.18% expense ratio, compared with 0.20% for SUSW.L.

What is the main difference between SUSW.L and HPAO.L?

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.20% for SUSW.L and 0.18% for HPAO.L.