XCX6.L vs. HMCD.L

Last updated Jun 5, 2026

XCX6.L (Xtrackers MSCI China UCITS ETF 1C) and HMCD.L (HSBC MSCI China UCITS ETF) are both China Equities funds tracking the MSCI China NR USD, from DWS and HSBC respectively. Both are passively managed. Over the past 10 years, XCX6.L returned 5.39%/yr vs 5.59%/yr for HMCD.L. Their correlation of 0.92 suggests significant overlap in exposure. XCX6.L charges 0.65%/yr vs 0.30%/yr for HMCD.L.

Performance

XCX6.L vs. HMCD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI China UCITS ETF 1C (XCX6.L) and HSBC MSCI China UCITS ETF (HMCD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XCX6.L is traded in GBp, while HMCD.L is traded in USD. To make them comparable, the HMCD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XCX6.L achieves a -7.52% return, which is significantly lower than HMCD.L's -6.81% return. Both investments have delivered pretty close results over the past 10 years, with XCX6.L having a 5.39% annualized return and HMCD.L not far ahead at 5.59%.

XCX6.L

• 1D: -0.40%
• 1M: -1.77%
• YTD: -7.52%
• 6M: -9.53%
• 1Y: 5.17%
• 3Y*: 7.33%
• 5Y*: -4.51%
• 10Y*: 5.39%

HMCD.L

• 1D: -0.03%
• 1M: -1.83%
• YTD: -6.81%
• 6M: -9.18%
• 1Y: 5.78%
• 3Y*: 7.88%
• 5Y*: -4.13%
• 10Y*: 5.59%

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

XCX6.L vs. HMCD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCX6.L Xtrackers MSCI China UCITS ETF 1C	-7.52%	22.42%	20.57%	-17.10%	-13.36%	-21.25%	25.03%	17.56%	-14.28%	40.17%
HMCD.L HSBC MSCI China UCITS ETF	-6.81%	22.20%	20.76%	-15.94%	-13.31%	-21.35%	25.52%	16.97%	-14.14%	40.75%

Correlation

The correlation between XCX6.L and HMCD.L is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 31, 2011	0.92

The correlation between XCX6.L and HMCD.L has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

XCX6.L vs. HMCD.L - Sectors Allocation Comparison

Sectors	XCX6.L	HMCD.L
Consumer Cyclical	26.5%	26.5%
Financial Services	19.1%	19.1%
Communication Services	18.8%	18.8%
Technology	9.6%	9.5%
Basic Materials	5.5%	5.5%
Healthcare	5.4%	5.3%
Industrials	5.0%	5.0%
Energy	3.7%	3.7%
Consumer Defensive	3.2%	3.2%
Utilities	1.7%	1.7%
Real Estate	1.5%	1.5%

Return for Risk

XCX6.L vs. HMCD.L — Risk / Return Rank

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

XCX6.L

XCX6.L Risk / Return Rank: 13
XCX6.L Sharpe Ratio Rank: 13
XCX6.L Sortino Ratio Rank: 13
XCX6.L Omega Ratio Rank: 13
XCX6.L Calmar Ratio Rank: 13
XCX6.L Martin Ratio Rank: 12

HMCD.L

HMCD.L Risk / Return Rank: 12
HMCD.L Sharpe Ratio Rank: 12
HMCD.L Sortino Ratio Rank: 13
HMCD.L Omega Ratio Rank: 13
HMCD.L Calmar Ratio Rank: 12
HMCD.L Martin Ratio Rank: 12

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.

XCX6.L vs. HMCD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI China UCITS ETF 1C (XCX6.L) and HSBC MSCI China UCITS ETF (HMCD.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.

	XCX6.L	HMCD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.30	-0.01
Sortino ratio: Return per unit of downside risk	0.52	0.55	-0.03
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	0.29	0.34	-0.04
Martin ratio: Return relative to average drawdown	0.62	0.70	-0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCX6.L vs. HMCD.L - Sharpe Ratio Comparison

The current XCX6.L Sharpe Ratio is 0.28, which is comparable to the HMCD.L Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of XCX6.L and HMCD.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

	XCX6.L	HMCD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.30	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	-0.15	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.22	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.16	-0.02

Drawdowns

XCX6.L vs. HMCD.L - Drawdown Comparison

The maximum XCX6.L drawdown since its inception was -57.08%, roughly equal to the maximum HMCD.L drawdown of -56.56%. Use the drawdown chart below to compare losses from any high point for XCX6.L and HMCD.L.

Drawdown Indicators

	XCX6.L	HMCD.L	Difference
Max Drawdown Largest peak-to-trough decline	-57.08%	-56.56%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-17.12%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.89%	-24.84%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-49.99%	-49.36%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	-57.08%	-56.56%	-0.52%
Current Drawdown Current decline from peak	-34.10%	-32.66%	-1.44%
Average Drawdown Average peak-to-trough decline	-20.91%	-20.52%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	8.22%	+0.13%

Volatility

XCX6.L vs. HMCD.L - Volatility Comparison

The current volatility for Xtrackers MSCI China UCITS ETF 1C (XCX6.L) is 7.09%, while HSBC MSCI China UCITS ETF (HMCD.L) has a volatility of 7.71%. This indicates that XCX6.L experiences smaller price fluctuations and is considered to be less risky than HMCD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCX6.L	HMCD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	7.71%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	14.24%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	19.56%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.71%	27.89%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.27%	25.66%	-0.39%

XCX6.L vs. HMCD.L - Expense Ratio Comparison

XCX6.L has a 0.65% expense ratio, which is higher than HMCD.L's 0.30% expense ratio.

Dividends

XCX6.L vs. HMCD.L - Dividend Comparison

XCX6.L has not paid dividends to shareholders, while HMCD.L's dividend yield for the trailing twelve months is around 2.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCD.L HSBC MSCI China UCITS ETF	2.15%	2.25%	2.20%	2.08%	1.95%	1.31%	0.86%	1.59%	1.46%	0.75%	2.07%	2.95%
XCX6.L Xtrackers MSCI China UCITS ETF 1C	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 XCX6.L and HMCD.L in my portfolio?

With a correlation of 0.97, XCX6.L and HMCD.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.

Which ETF is better, XCX6.L or HMCD.L?

On fees, HMCD.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, XCX6.L or HMCD.L?

HMCD.L is cheaper with a 0.30% expense ratio, compared with 0.65% for XCX6.L.

What is the main difference between XCX6.L and HMCD.L?

Both ETFs track MSCI China NR USD. They also come from different issuers: DWS and HSBC. Their fees differ too: 0.65% for XCX6.L and 0.30% for HMCD.L.