XMEM.L vs. HMEF.L

Last updated Jun 5, 2026

XMEM.L (Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C) and HMEF.L (HSBC MSCI Emerging Markets 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 10 years, XMEM.L returned 10.73%/yr vs 8.47%/yr for HMEF.L. With a 0.96 correlation, they move nearly in lockstep. XMEM.L charges 0.49%/yr vs 0.15%/yr for HMEF.L.

Performance

XMEM.L vs. HMEF.L - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XMEM.L having a 25.99% return and HMEF.L slightly lower at 25.52%. Over the past 10 years, XMEM.L has outperformed HMEF.L with an annualized return of 10.73%, while HMEF.L has yielded a comparatively lower 8.47% annualized return.

XMEM.L

• 1D: -1.54%
• 1M: 6.19%
• YTD: 25.99%
• 6M: 27.99%
• 1Y: 53.69%
• 3Y*: 20.58%
• 5Y*: 8.31%
• 10Y*: 10.73%

HMEF.L

• 1D: -1.66%
• 1M: 6.53%
• YTD: 25.52%
• 6M: 27.29%
• 1Y: 51.20%
• 3Y*: 17.76%
• 5Y*: 5.72%
• 10Y*: 8.47%

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

XMEM.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMEM.L Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C	25.99%	24.74%	8.98%	2.98%	-10.70%	-2.06%	13.72%	13.41%	-9.64%	25.10%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	25.52%	21.88%	6.43%	-0.16%	-12.59%	-4.10%	12.68%	10.34%	-11.43%	23.56%

Correlation

The correlation between XMEM.L and HMEF.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.96

The correlation between XMEM.L and HMEF.L has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

XMEM.L vs. HMEF.L - Sectors Allocation Comparison

Sectors	XMEM.L	HMEF.L
Technology	36.9%	42.9%
Financial Services	19.5%	17.8%
Consumer Cyclical	9.6%	8.7%
Industrials	7.5%	6.8%
Communication Services	6.9%	6.2%
Basic Materials	6.6%	5.9%
Energy	4.1%	3.5%
Consumer Defensive	3.0%	2.7%
Healthcare	2.9%	2.6%
Utilities	2.1%	1.9%
Real Estate	1.0%	1.0%

Return for Risk

XMEM.L vs. HMEF.L — Risk / Return Rank

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

XMEM.L

XMEM.L Risk / Return Rank: 89
XMEM.L Sharpe Ratio Rank: 91
XMEM.L Sortino Ratio Rank: 89
XMEM.L Omega Ratio Rank: 91
XMEM.L Calmar Ratio Rank: 87
XMEM.L Martin Ratio Rank: 85

HMEF.L

HMEF.L Risk / Return Rank: 86
HMEF.L Sharpe Ratio Rank: 89
HMEF.L Sortino Ratio Rank: 87
HMEF.L Omega Ratio Rank: 89
HMEF.L Calmar Ratio Rank: 85
HMEF.L Martin Ratio Rank: 81

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.

XMEM.L vs. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C (XMEM.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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.

	XMEM.L	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	3.14	2.99	+0.15
Sortino ratio: Return per unit of downside risk	4.04	3.88	+0.16
Omega ratio: Gain probability vs. loss probability	1.58	1.55	+0.03
Calmar ratio: Return relative to maximum drawdown	4.87	4.60	+0.27
Martin ratio: Return relative to average drawdown	17.24	15.90	+1.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMEM.L vs. HMEF.L - Sharpe Ratio Comparison

The current XMEM.L Sharpe Ratio is 3.14, which is comparable to the HMEF.L Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of XMEM.L and HMEF.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

	XMEM.L	HMEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	2.99	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.35	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.47	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.27	+0.03

Drawdowns

XMEM.L vs. HMEF.L - Drawdown Comparison

The maximum XMEM.L drawdown since its inception was -54.53%, which is greater than HMEF.L's maximum drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for XMEM.L and HMEF.L.

Drawdown Indicators

	XMEM.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-54.53%	-32.91%	-21.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-11.07%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-15.40%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	-26.99%	+3.05%
Max Drawdown (10Y) Largest decline over 10 years	-27.58%	-30.58%	+3.00%
Current Drawdown Current decline from peak	-2.44%	-2.56%	+0.12%
Average Drawdown Average peak-to-trough decline	-11.73%	-12.28%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.21%	-0.11%

Volatility

XMEM.L vs. HMEF.L - Volatility Comparison

Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C (XMEM.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) have volatilities of 7.37% and 7.42%, 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.

Volatility by Period

	XMEM.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	7.42%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	14.61%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	17.04%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	16.23%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	17.92%	+0.39%

XMEM.L vs. HMEF.L - Expense Ratio Comparison

XMEM.L has a 0.49% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

Dividends

XMEM.L vs. HMEF.L - Dividend Comparison

XMEM.L has not paid dividends to shareholders, while HMEF.L's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
XMEM.L Xtrackers MSCI Emerging Markets Swap 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 XMEM.L and HMEF.L in my portfolio?

With a correlation of 0.99, XMEM.L and HMEF.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, XMEM.L or HMEF.L?

On fees, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMEM.L or HMEF.L?

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.49% for XMEM.L.

What is the main difference between XMEM.L and HMEF.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: Xtrackers and HSBC. Their fees differ too: 0.49% for XMEM.L and 0.15% for HMEF.L.