XX25.L vs. HMCT.L

Last updated Jun 5, 2026

XX25.L (Xtrackers FTSE China 50 UCITS ETF 1C) and HMCT.L (HSBC MSCI CHINA A UCITS ETF) are both China Equities funds - XX25.L tracks the MSCI China NR USD while HMCT.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 5 years, XX25.L returned 0.29%/yr vs 0.05%/yr for HMCT.L. A 0.74 correlation means they provide meaningful diversification when combined. XX25.L charges 0.60%/yr vs 0.30%/yr for HMCT.L.

Performance

XX25.L vs. HMCT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XX25.L is traded in GBp, while HMCT.L is traded in USD. To make them comparable, the HMCT.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 XX25.L having a 8.96% return and HMCT.L slightly higher at 9.01%.

XX25.L

• 1D: -0.66%
• 1M: 0.28%
• YTD: 8.96%
• 6M: 10.97%
• 1Y: 36.41%
• 3Y*: 13.47%
• 5Y*: 0.29%
• 10Y*: 4.94%

HMCT.L

• 1D: -0.62%
• 1M: 0.26%
• YTD: 9.01%
• 6M: 10.47%
• 1Y: 36.52%
• 3Y*: 8.61%
• 5Y*: 0.05%
• 10Y*: —

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

XX25.L vs. HMCT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XX25.L Xtrackers FTSE China 50 UCITS ETF 1C	8.96%	17.72%	29.08%	-18.23%	-11.14%	-19.11%	6.62%	10.00%	-5.50%
HMCT.L HSBC MSCI CHINA A UCITS ETF	9.01%	16.93%	13.71%	-18.22%	-17.08%	3.76%	39.75%	29.21%	-12.14%

Correlation

The correlation between XX25.L and HMCT.L is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 30, 2018	0.74

The correlation between XX25.L and HMCT.L shifts across timeframes, from 0.72 (5 years) to 0.92 (1 year), reflecting how their relationship changes across market environments.

XX25.L vs. HMCT.L - Sectors Allocation Comparison

Sectors	XX25.L	HMCT.L
Technology	27.2%	26.9%
Financial Services	18.8%	18.9%
Industrials	15.7%	15.7%
Basic Materials	12.4%	12.4%
Consumer Defensive	7.4%	7.5%
Consumer Cyclical	5.6%	5.7%
Healthcare	4.3%	4.3%
Energy	3.4%	3.4%
Utilities	3.2%	3.2%
Communication Services	1.4%	1.4%
Real Estate	0.6%	0.6%

Return for Risk

XX25.L vs. HMCT.L — Risk / Return Rank

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

XX25.L

XX25.L Risk / Return Rank: 76
XX25.L Sharpe Ratio Rank: 73
XX25.L Sortino Ratio Rank: 70
XX25.L Omega Ratio Rank: 71
XX25.L Calmar Ratio Rank: 88
XX25.L Martin Ratio Rank: 79

HMCT.L

HMCT.L Risk / Return Rank: 71
HMCT.L Sharpe Ratio Rank: 65
HMCT.L Sortino Ratio Rank: 66
HMCT.L Omega Ratio Rank: 64
HMCT.L Calmar Ratio Rank: 86
HMCT.L Martin Ratio Rank: 75

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.

XX25.L vs. HMCT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.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.

	XX25.L	HMCT.L	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.27	+0.07
Sortino ratio: Return per unit of downside risk	3.13	3.06	+0.07
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	5.10	5.17	-0.07
Martin ratio: Return relative to average drawdown	15.08	14.58	+0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XX25.L vs. HMCT.L - Sharpe Ratio Comparison

The current XX25.L Sharpe Ratio is 2.34, which is comparable to the HMCT.L Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of XX25.L and HMCT.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

	XX25.L	HMCT.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.27	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.00	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.27	-0.18

Drawdowns

XX25.L vs. HMCT.L - Drawdown Comparison

The maximum XX25.L drawdown since its inception was -59.20%, which is greater than HMCT.L's maximum drawdown of -44.21%. Use the drawdown chart below to compare losses from any high point for XX25.L and HMCT.L.

Drawdown Indicators

	XX25.L	HMCT.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.20%	-44.21%	-14.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.21%	-7.15%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-28.00%	-26.39%	-1.61%
Max Drawdown (5Y) Largest decline over 5 years	-47.66%	-41.63%	-6.03%
Max Drawdown (10Y) Largest decline over 10 years	-54.65%	—	—
Current Drawdown Current decline from peak	-15.09%	-10.02%	-5.07%
Average Drawdown Average peak-to-trough decline	-23.23%	-17.91%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.54%	-0.10%

Volatility

XX25.L vs. HMCT.L - Volatility Comparison

Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) and HSBC MSCI CHINA A UCITS ETF (HMCT.L) have volatilities of 5.59% and 5.74%, 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

	XX25.L	HMCT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	5.74%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	11.64%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	16.31%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.24%	21.45%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	23.21%	+1.26%

XX25.L vs. HMCT.L - Expense Ratio Comparison

XX25.L has a 0.60% expense ratio, which is higher than HMCT.L's 0.30% expense ratio.

Dividends

XX25.L vs. HMCT.L - Dividend Comparison

XX25.L has not paid dividends to shareholders, while HMCT.L's dividend yield for the trailing twelve months is around 1.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HMCT.L HSBC MSCI CHINA A UCITS ETF	1.67%	1.73%	2.03%	2.16%	1.69%	1.12%	0.84%	1.71%
XX25.L Xtrackers FTSE China 50 UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XX25.L and HMCT.L in my portfolio?

With a correlation of 0.92, XX25.L and HMCT.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, XX25.L or HMCT.L?

On fees, HMCT.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, XX25.L or HMCT.L?

HMCT.L is cheaper with a 0.30% expense ratio, compared with 0.60% for XX25.L.

What is the main difference between XX25.L and HMCT.L?

XX25.L tracks MSCI China NR USD, while HMCT.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: Xtrackers and HSBC. Their fees differ too: 0.60% for XX25.L and 0.30% for HMCT.L.