UB32.L vs. HEMC.L
UB32.L (UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis) and HEMC.L (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from UBS and HSBC respectively. Both are passively managed. Over the past 3 years, UB32.L returned 21.10%/yr vs 20.54%/yr for HEMC.L. With a 0.95 correlation, they move nearly in lockstep. UB32.L charges 0.23%/yr vs 0.15%/yr for HEMC.L.
Performance
UB32.L vs. HEMC.L - Performance Comparison
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Different Trading Currencies
UB32.L is traded in GBp, while HEMC.L is traded in GBP. To make them comparable, the HEMC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with UB32.L having a 26.16% return and HEMC.L slightly higher at 26.32%.
UB32.L
- 1D
- -1.51%
- 1M
- 6.18%
- YTD
- 26.16%
- 6M
- 28.70%
- 1Y
- 54.13%
- 3Y*
- 21.10%
- 5Y*
- 8.64%
- 10Y*
- 11.02%
HEMC.L
- 1D
- -1.65%
- 1M
- 6.49%
- YTD
- 26.32%
- 6M
- 28.17%
- 1Y
- 54.26%
- 3Y*
- 20.54%
- 5Y*
- —
- 10Y*
- —
UB32.L vs. HEMC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis | 26.16% | 26.36% | 8.34% | 3.61% | -3.55% |
HEMC.L HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 26.32% | 24.74% | 8.89% | 2.36% | -2.34% |
Correlation
The correlation between UB32.L and HEMC.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.95 |
The correlation between UB32.L and HEMC.L has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
UB32.L vs. HEMC.L — Risk / Return Rank
UB32.L
HEMC.L
UB32.L vs. HEMC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.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.
| UB32.L | HEMC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.59 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 4.98 | +0.19 |
| Martin ratioReturn relative to average drawdown | 18.40 | 17.55 | +0.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UB32.L | HEMC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.25 | 3.19 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.95 | -0.45 |
Drawdowns
UB32.L vs. HEMC.L - Drawdown Comparison
The maximum UB32.L drawdown since its inception was -30.25%, which is greater than HEMC.L's maximum drawdown of -15.14%. Use the drawdown chart below to compare losses from any high point for UB32.L and HEMC.L.
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Drawdown Indicators
| UB32.L | HEMC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.25% | -15.14% | -15.11% |
Max Drawdown (1Y)Largest decline over 1 year | -10.68% | -10.83% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | -15.14% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -27.71% | — | — |
Current DrawdownCurrent decline from peak | -2.44% | -2.51% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -9.93% | -4.25% | -5.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 3.08% | -0.10% |
Volatility
UB32.L vs. HEMC.L - Volatility Comparison
UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (HEMC.L) have volatilities of 7.38% and 7.44%, 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.
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Volatility by Period
| UB32.L | HEMC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.38% | 7.44% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 14.38% | 14.44% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.01% | 16.93% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.51% | 15.44% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.53% | 15.44% | +3.09% |
UB32.L vs. HEMC.L - Expense Ratio Comparison
UB32.L has a 0.23% expense ratio, which is higher than HEMC.L's 0.15% 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
UB32.L vs. HEMC.L - Dividend Comparison
UB32.L's dividend yield for the trailing twelve months is around 1.70%, while HEMC.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEMC.L HSBC MSCI Emerging Markets 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% |
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis | 1.70% | 2.25% | 2.16% | 2.64% | 2.74% | 1.71% | 1.75% | 2.29% | 1.98% | 1.65% | 2.36% | 2.69% |
Frequently Asked Questions
With a correlation of 0.98, UB32.L and HEMC.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, HEMC.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEMC.L is cheaper with a 0.15% expense ratio, compared with 0.23% for UB32.L.
Both ETFs track MSCI EM NR USD. They also come from different issuers: UBS and HSBC. Their fees differ too: 0.23% for UB32.L and 0.15% for HEMC.L.
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