XDEX.L vs. HSEF.L

Last updated Jun 25, 2026

XDEX.L (Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C) and HSEF.L (HSBC Emerging Market Sustainable Equity UCITS ETF USD) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Xtrackers and HSBC respectively. Both are passively managed. Over the past 5 years, XDEX.L returned 13.25%/yr vs 6.99%/yr for HSEF.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.18% expense ratio.

Performance

XDEX.L vs. HSEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C (XDEX.L) and HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XDEX.L is traded in GBp, while HSEF.L is traded in GBP. To make them comparable, the HSEF.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XDEX.L achieves a 40.69% return, which is significantly higher than HSEF.L's 14.23% return.

XDEX.L

• 1D: 0.30%
• 1M: 7.50%
• YTD: 40.69%
• 6M: 43.95%
• 1Y: 71.71%
• 3Y*: 24.52%
• 5Y*: 13.25%
• 10Y*: 14.10%

HSEF.L

• 1D: -0.18%
• 1M: 1.88%
• YTD: 14.23%
• 6M: 14.77%
• 1Y: 33.49%
• 3Y*: 18.20%
• 5Y*: 6.99%
• 10Y*: —

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

XDEX.L vs. HSEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XDEX.L Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C	40.69%	28.16%	2.86%	2.89%	-10.24%	20.08%	7.15%
HSEF.L HSBC Emerging Market Sustainable Equity UCITS ETF USD	14.23%	20.91%	16.94%	-1.33%	-8.36%	1.86%	-16.39%

Correlation

The correlation between XDEX.L and HSEF.L is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 27, 2020	0.81

The correlation between XDEX.L and HSEF.L has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

XDEX.L vs. HSEF.L - Sectors Allocation Comparison

Sectors	XDEX.L	HSEF.L
Technology	51.8%	43.9%
Financial Services	17.2%	20.9%
Industrials	7.1%	4.5%
Basic Materials	6.0%	8.5%
Consumer Cyclical	4.3%	8.0%
Energy	3.4%	4.0%
Communication Services	3.0%	2.6%
Consumer Defensive	2.6%	2.7%
Utilities	1.9%	1.1%
Healthcare	1.9%	3.3%
Real Estate	0.8%	0.6%

Return for Risk

XDEX.L vs. HSEF.L — Risk / Return Rank

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

XDEX.L

XDEX.L Risk / Return Rank: 94
XDEX.L Sharpe Ratio Rank: 96
XDEX.L Sortino Ratio Rank: 94
XDEX.L Omega Ratio Rank: 95
XDEX.L Calmar Ratio Rank: 93
XDEX.L Martin Ratio Rank: 92

HSEF.L

HSEF.L Risk / Return Rank: 74
HSEF.L Sharpe Ratio Rank: 77
HSEF.L Sortino Ratio Rank: 72
HSEF.L Omega Ratio Rank: 73
HSEF.L Calmar Ratio Rank: 76
HSEF.L Martin Ratio Rank: 70

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.

XDEX.L vs. HSEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C (XDEX.L) and HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.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.

	XDEX.L	HSEF.L	Difference
Sharpe ratio: Return per unit of total volatility	3.51	2.15	+1.36
Sortino ratio: Return per unit of downside risk	4.25	2.83	+1.42
Omega ratio: Gain probability vs. loss probability	1.65	1.38	+0.27
Calmar ratio: Return relative to maximum drawdown	5.66	3.45	+2.22
Martin ratio: Return relative to average drawdown	20.13	11.27	+8.86

XDEX.L vs. HSEF.L - Sharpe Ratio Comparison

The current XDEX.L Sharpe Ratio is 3.51, which is higher than the HSEF.L Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of XDEX.L and HSEF.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

XDEX.L vs. HSEF.L - Drawdown Comparison

The maximum XDEX.L drawdown since its inception was -24.54%, smaller than the maximum HSEF.L drawdown of -28.39%. Use the drawdown chart below to compare losses from any high point for XDEX.L and HSEF.L.

Drawdown Indicators

	XDEX.L	HSEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-28.39%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-9.67%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	-15.37%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-18.65%	-19.30%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-24.54%	—	—
Current Drawdown Current decline from peak	-5.24%	-3.29%	-1.95%
Average Drawdown Average peak-to-trough decline	-4.83%	-14.92%	+10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	2.96%	+0.59%

Volatility

XDEX.L vs. HSEF.L - Volatility Comparison

Xtrackers MSCI Emerging Markets ESG Screened UCITS ETF 1C (XDEX.L) has a higher volatility of 10.62% compared to HSBC Emerging Market Sustainable Equity UCITS ETF USD (HSEF.L) at 6.41%. This indicates that XDEX.L's price experiences larger fluctuations and is considered to be riskier than HSEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDEX.L	HSEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.62%	6.41%	+4.21%
Volatility (6M) Calculated over the trailing 6-month period	18.61%	12.68%	+5.93%
Volatility (1Y) Calculated over the trailing 1-year period	20.38%	15.58%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	15.83%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	18.90%	-3.05%

XDEX.L vs. HSEF.L - Expense Ratio Comparison

Both XDEX.L and HSEF.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XDEX.L vs. HSEF.L - Dividend Comparison

Neither XDEX.L nor HSEF.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XDEX.L and HSEF.L in my portfolio?

XDEX.L and HSEF.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDEX.L or HSEF.L?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDEX.L or HSEF.L?

XDEX.L and HSEF.L have the same expense ratio: 0.18% per year.

What is the main difference between XDEX.L and HSEF.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: Xtrackers and HSBC.