TECW.L vs. HNSS.L

Last updated Jun 5, 2026

TECW.L (SPDR MSCI World Technology UCITS ETF) and HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) are both exchange-traded funds - TECW.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while HNSS.L is a Semiconductors fund tracking the Nasdaq Global Semiconductor Index. Both are passively managed. Over the past 3 years, TECW.L returned 29.52%/yr vs 58.47%/yr for HNSS.L. Their correlation of 0.84 suggests significant overlap in exposure. TECW.L charges 0.30%/yr vs 0.35%/yr for HNSS.L.

Performance

TECW.L vs. HNSS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI World Technology UCITS ETF (TECW.L) and HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TECW.L achieves a 24.30% return, which is significantly lower than HNSS.L's 91.77% return.

TECW.L

• 1D: -1.91%
• 1M: 15.12%
• YTD: 24.30%
• 6M: 22.78%
• 1Y: 52.52%
• 3Y*: 29.52%
• 5Y*: —
• 10Y*: —

HNSS.L

• 1D: -2.66%
• 1M: 21.88%
• YTD: 91.77%
• 6M: 93.25%
• 1Y: 194.16%
• 3Y*: 58.47%
• 5Y*: —
• 10Y*: —

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

TECW.L vs. HNSS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TECW.L SPDR MSCI World Technology UCITS ETF	24.30%	13.84%	36.32%	46.35%	-17.74%
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF	91.77%	45.50%	19.96%	60.90%	-19.74%

Correlation

The correlation between TECW.L and HNSS.L is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.84

The correlation between TECW.L and HNSS.L has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

TECW.L vs. HNSS.L — Risk / Return Rank

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

TECW.L

TECW.L Risk / Return Rank: 70
TECW.L Sharpe Ratio Rank: 84
TECW.L Sortino Ratio Rank: 78
TECW.L Omega Ratio Rank: 75
TECW.L Calmar Ratio Rank: 64
TECW.L Martin Ratio Rank: 49

HNSS.L

HNSS.L Risk / Return Rank: 97
HNSS.L Sharpe Ratio Rank: 98
HNSS.L Sortino Ratio Rank: 97
HNSS.L Omega Ratio Rank: 96
HNSS.L Calmar Ratio Rank: 98
HNSS.L Martin Ratio Rank: 97

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.

TECW.L vs. HNSS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Technology UCITS ETF (TECW.L) and HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.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.

	TECW.L	HNSS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.71	6.08	-3.38
Sortino ratio: Return per unit of downside risk	3.46	6.01	-2.54
Omega ratio: Gain probability vs. loss probability	1.44	1.78	-0.34
Calmar ratio: Return relative to maximum drawdown	3.14	14.66	-11.53
Martin ratio: Return relative to average drawdown	8.04	50.30	-42.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TECW.L vs. HNSS.L - Sharpe Ratio Comparison

The current TECW.L Sharpe Ratio is 2.71, which is lower than the HNSS.L Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of TECW.L and HNSS.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

	TECW.L	HNSS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	6.08	-3.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	1.34	-0.32

Drawdowns

TECW.L vs. HNSS.L - Drawdown Comparison

The maximum TECW.L drawdown since its inception was -28.26%, smaller than the maximum HNSS.L drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for TECW.L and HNSS.L.

Drawdown Indicators

	TECW.L	HNSS.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.26%	-36.83%	+8.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.66%	-13.16%	-3.50%
Max Drawdown (3Y) Largest decline over 3 years	-28.26%	-36.83%	+8.57%
Current Drawdown Current decline from peak	-2.33%	-2.66%	+0.33%
Average Drawdown Average peak-to-trough decline	-6.15%	-9.55%	+3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	3.84%	+2.68%

Volatility

TECW.L vs. HNSS.L - Volatility Comparison

The current volatility for SPDR MSCI World Technology UCITS ETF (TECW.L) is 6.85%, while HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) has a volatility of 13.36%. This indicates that TECW.L experiences smaller price fluctuations and is considered to be less risky than HNSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TECW.L	HNSS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	13.36%	-6.51%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	24.62%	-10.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.31%	31.72%	-12.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	30.12%	-8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	30.12%	-8.11%

TECW.L vs. HNSS.L - Expense Ratio Comparison

TECW.L has a 0.30% expense ratio, which is lower than HNSS.L's 0.35% expense ratio.

Dividends

TECW.L vs. HNSS.L - Dividend Comparison

Neither TECW.L nor HNSS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TECW.L and HNSS.L in my portfolio?

TECW.L and HNSS.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TECW.L or HNSS.L?

On fees, TECW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TECW.L or HNSS.L?

TECW.L is cheaper with a 0.30% expense ratio, compared with 0.35% for HNSS.L.

What is the main difference between TECW.L and HNSS.L?

TECW.L is categorized as Technology Equities, while HNSS.L is Semiconductors. TECW.L tracks MSCI World/Information Tech NR USD, while HNSS.L tracks Nasdaq Global Semiconductor Index. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.30% for TECW.L and 0.35% for HNSS.L.