VUSA.MI vs. HMCH.L

Last updated Jun 13, 2026

VUSA.MI (Vanguard S&P 500 UCITS ETF) and HMCH.L (HSBC MSCI China UCITS ETF) are both exchange-traded funds - VUSA.MI is a S&P 500 fund tracking the S&P 500 Index, while HMCH.L is a China Equities fund tracking the MSCI China NR USD. Both are passively managed. Over the past 5 years, VUSA.MI returned 14.23%/yr vs -4.43%/yr for HMCH.L. At a 0.38 correlation, their price movements are largely independent. VUSA.MI charges 0.07%/yr vs 0.30%/yr for HMCH.L.

Performance

VUSA.MI vs. HMCH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard S&P 500 UCITS ETF (VUSA.MI) and HSBC MSCI China UCITS ETF (HMCH.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VUSA.MI is traded in EUR, while HMCH.L is traded in GBp. To make them comparable, the HMCH.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, VUSA.MI achieves a 9.81% return, which is significantly higher than HMCH.L's -8.17% return.

VUSA.MI

• 1D: 1.51%
• 1M: 1.58%
• YTD: 9.81%
• 6M: 11.04%
• 1Y: 24.42%
• 3Y*: 17.93%
• 5Y*: 14.23%
• 10Y*: —

HMCH.L

• 1D: 1.46%
• 1M: -7.88%
• YTD: -8.17%
• 6M: -8.66%
• 1Y: 0.57%
• 3Y*: 6.14%
• 5Y*: -4.43%
• 10Y*: 4.74%

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

VUSA.MI vs. HMCH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VUSA.MI Vanguard S&P 500 UCITS ETF	9.81%	4.38%	33.56%	22.33%	-14.75%	40.98%	7.47%	25.81%
HMCH.L HSBC MSCI China UCITS ETF	-8.17%	16.46%	26.56%	-14.56%	-17.86%	-15.92%	18.18%	18.16%

Correlation

The correlation between VUSA.MI and HMCH.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 18, 2019	0.38

The correlation between VUSA.MI and HMCH.L shifts across timeframes, from 0.25 (3 years) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VUSA.MI vs. HMCH.L — Risk / Return Rank

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

VUSA.MI

VUSA.MI Risk / Return Rank: 75
VUSA.MI Sharpe Ratio Rank: 75
VUSA.MI Sortino Ratio Rank: 74
VUSA.MI Omega Ratio Rank: 76
VUSA.MI Calmar Ratio Rank: 76
VUSA.MI Martin Ratio Rank: 72

HMCH.L

HMCH.L Risk / Return Rank: 11
HMCH.L Sharpe Ratio Rank: 11
HMCH.L Sortino Ratio Rank: 11
HMCH.L Omega Ratio Rank: 11
HMCH.L Calmar Ratio Rank: 11
HMCH.L Martin Ratio Rank: 11

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.

VUSA.MI vs. HMCH.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF (VUSA.MI) and HSBC MSCI China UCITS ETF (HMCH.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.

	VUSA.MI	HMCH.L	Difference
Sharpe ratio: Return per unit of total volatility	2.11	0.03	+2.08
Sortino ratio: Return per unit of downside risk	2.88	0.18	+2.70
Omega ratio: Gain probability vs. loss probability	1.39	1.02	+0.37
Calmar ratio: Return relative to maximum drawdown	3.42	0.03	+3.38
Martin ratio: Return relative to average drawdown	11.96	0.07	+11.90

VUSA.MI vs. HMCH.L - Sharpe Ratio Comparison

The current VUSA.MI Sharpe Ratio is 2.11, which is higher than the HMCH.L Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of VUSA.MI and HMCH.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

VUSA.MI vs. HMCH.L - Drawdown Comparison

The maximum VUSA.MI drawdown since its inception was -33.67%, smaller than the maximum HMCH.L drawdown of -55.83%. Use the drawdown chart below to compare losses from any high point for VUSA.MI and HMCH.L.

Drawdown Indicators

	VUSA.MI	HMCH.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.67%	-55.83%	+22.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-17.56%	+10.41%
Max Drawdown (3Y) Largest decline over 3 years	-23.11%	-24.63%	+1.52%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	-49.13%	+26.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-55.83%	—
Current Drawdown Current decline from peak	-1.80%	-33.59%	+31.79%
Average Drawdown Average peak-to-trough decline	-4.50%	-20.72%	+16.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	8.40%	-6.36%

Volatility

VUSA.MI vs. HMCH.L - Volatility Comparison

The current volatility for Vanguard S&P 500 UCITS ETF (VUSA.MI) is 3.06%, while HSBC MSCI China UCITS ETF (HMCH.L) has a volatility of 6.55%. This indicates that VUSA.MI experiences smaller price fluctuations and is considered to be less risky than HMCH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSA.MI	HMCH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	6.55%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	7.83%	13.50%	-5.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	19.02%	-7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	27.97%	-12.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	25.43%	-8.50%

VUSA.MI vs. HMCH.L - Expense Ratio Comparison

VUSA.MI has a 0.07% expense ratio, which is lower than HMCH.L's 0.30% expense ratio.

Dividends

VUSA.MI vs. HMCH.L - Dividend Comparison

VUSA.MI's dividend yield for the trailing twelve months is around 0.88%, less than HMCH.L's 2.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCH.L HSBC MSCI China UCITS ETF	2.20%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
VUSA.MI Vanguard S&P 500 UCITS ETF	0.88%	0.97%	0.99%	1.26%	1.45%	1.02%	1.43%	1.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VUSA.MI and HMCH.L in my portfolio?

VUSA.MI and HMCH.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUSA.MI or HMCH.L?

On fees, VUSA.MI is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUSA.MI or HMCH.L?

VUSA.MI is cheaper with a 0.07% expense ratio, compared with 0.30% for HMCH.L.

What is the main difference between VUSA.MI and HMCH.L?

VUSA.MI is categorized as S&P 500, while HMCH.L is China Equities. VUSA.MI tracks S&P 500 Index, while HMCH.L tracks MSCI China NR USD. They also come from different issuers: Vanguard and HSBC. Their fees differ too: 0.07% for VUSA.MI and 0.30% for HMCH.L.