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APEX.L vs. HKOR.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

APEX.L vs. HKOR.L

Last updated Jun 4, 2026

APEX.L (Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc) and HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) are both Asia Pacific Equities funds - APEX.L tracks the MSCI AC Asia Ex Japan NR USD while HKOR.L tracks the MSCI Korea NR USD. Both are passively managed. Over the past 5 years, APEX.L returned 8.31%/yr vs 19.84%/yr for HKOR.L. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

APEX.L vs. HKOR.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) and HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, APEX.L achieves a 30.37% return, which is significantly lower than HKOR.L's 117.51% return.

APEX.L

1D
-1.10%
1M
10.48%
YTD
30.37%
6M
33.80%
1Y
59.06%
3Y*
25.18%
5Y*
8.31%
10Y*
—

HKOR.L

1D
-0.81%
1M
30.74%
YTD
117.51%
6M
137.83%
1Y
261.04%
3Y*
51.44%
5Y*
19.84%
10Y*
17.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

APEX.L vs. HKOR.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
APEX.L
Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc		30.37%32.38%11.51%4.94%-18.85%-3.67%0.79%
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		117.51%100.49%-23.11%19.44%-28.51%-8.19%6.33%

Correlation

The correlation between APEX.L and HKOR.L is 0.80, 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

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Dec 15, 2020

0.59

Over the past year, APEX.L and HKOR.L have become more correlated (0.80) than their long-term average of 0.59, meaning their price movements have been converging.

APEX.L vs. HKOR.L - Sectors Allocation Comparison

Sectors
APEX.L
HKOR.L

Technology

41.6%
59.7%

Financial Services

17.7%
8.7%

Consumer Cyclical

10.3%
6.3%

Industrials

8.3%
16.3%

Communication Services

6.9%
2.1%

Basic Materials

3.6%
1.7%

Healthcare

3.0%
2.7%

Energy

2.7%
0.9%

Consumer Defensive

2.4%
1.2%

Utilities

1.9%
0.3%

Real Estate

1.7%

-

Technology

APEX.L
41.6%
HKOR.L
59.7%

Financial Services

APEX.L
17.7%
HKOR.L
8.7%

Consumer Cyclical

APEX.L
10.3%
HKOR.L
6.3%

Industrials

APEX.L
8.3%
HKOR.L
16.3%

Communication Services

APEX.L
6.9%
HKOR.L
2.1%

Basic Materials

APEX.L
3.6%
HKOR.L
1.7%

Healthcare

APEX.L
3.0%
HKOR.L
2.7%

Energy

APEX.L
2.7%
HKOR.L
0.9%

Consumer Defensive

APEX.L
2.4%
HKOR.L
1.2%

Utilities

APEX.L
1.9%
HKOR.L
0.3%

Real Estate

APEX.L
1.7%
HKOR.L

-

Compare stocks, funds, or ETFs

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Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc

HSBC MSCI Korea Capped UCITS ETF USD

Often compared with APEX.L:
APEX.L vs. ^GSPCAPEX.L vs. SPYAPEX.L vs. IYWAPEX.L vs. LDAG.LAPEX.L vs. XKS2.LAPEX.L vs. ASDV.LAPEX.L vs. CPJ1.L
Often compared with HKOR.L:
HKOR.L vs. HTWN.LHKOR.L vs. AUAD.LHKOR.L vs. XMID.LHKOR.L vs. FRXT.LHKOR.L vs. GXLK.LHKOR.L vs. KRWL.LHKOR.L vs. LAUU.L

Return for Risk

APEX.L vs. HKOR.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
APEX.L
APEX.L Risk / Return Rank: 8585
Overall Rank
APEX.L Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
APEX.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
APEX.L Omega Ratio Rank: 8585
Omega Ratio Rank
APEX.L Calmar Ratio Rank: 8484
Calmar Ratio Rank
APEX.L Martin Ratio Rank: 8383
Martin Ratio Rank
HKOR.L
HKOR.L Risk / Return Rank: 9797
Overall Rank
HKOR.L Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HKOR.L Sortino Ratio Rank: 9797
Sortino Ratio Rank
HKOR.L Omega Ratio Rank: 9797
Omega Ratio Rank
HKOR.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
HKOR.L Martin Ratio Rank: 9797
Martin Ratio Rank
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.

APEX.L vs. HKOR.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) and HSBC MSCI Korea Capped UCITS ETF USD (HKOR.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.

APEX.LHKOR.LDifference
Sharpe ratioReturn per unit of total volatility
2.97
6.75

-3.78

Sortino ratioReturn per unit of downside risk
3.92
6.05

-2.13

Omega ratioGain probability vs. loss probability

1.52

1.86

-0.34

Calmar ratioReturn relative to maximum drawdown

4.57

11.37

-6.80

Martin ratioReturn relative to average drawdown

16.66

42.53

-25.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APEX.L vs. HKOR.L - Sharpe Ratio Comparison

The current APEX.L Sharpe Ratio is 2.97, which is lower than the HKOR.L Sharpe Ratio of 6.75. The chart below compares the historical Sharpe Ratios of APEX.L and HKOR.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.

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Sharpe Ratios by Period

APEX.LHKOR.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.97

6.75

-3.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.72

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.70

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.43

+0.14

Drawdowns

APEX.L vs. HKOR.L - Drawdown Comparison

The maximum APEX.L drawdown since its inception was -43.98%, smaller than the maximum HKOR.L drawdown of -50.56%. Use the drawdown chart below to compare losses from any high point for APEX.L and HKOR.L.

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Drawdown Indicators

APEX.LHKOR.LDifference

Max Drawdown

Largest peak-to-trough decline

-43.98%

-50.56%

+6.58%

Max Drawdown (1Y)

Largest decline over 1 year

-12.85%

-22.80%

+9.95%

Max Drawdown (3Y)

Largest decline over 3 years

-18.72%

-29.50%

+10.78%

Max Drawdown (5Y)

Largest decline over 5 years

-39.58%

-48.74%

+9.16%

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.56%

—

Current Drawdown

Current decline from peak

-1.10%

-0.81%

-0.29%

Average Drawdown

Average peak-to-trough decline

-21.18%

-18.96%

-2.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.53%

6.11%

-2.58%

Volatility

APEX.L vs. HKOR.L - Volatility Comparison

The current volatility for Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) is 8.24%, while HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a volatility of 18.30%. This indicates that APEX.L experiences smaller price fluctuations and is considered to be less risky than HKOR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

APEX.LHKOR.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.24%

18.30%

-10.06%

Volatility (6M)

Calculated over the trailing 6-month period

16.85%

33.16%

-16.31%

Volatility (1Y)

Calculated over the trailing 1-year period

19.80%

38.38%

-18.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.00%

27.48%

-7.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.68%

25.78%

-5.10%

APEX.L vs. HKOR.L - Expense Ratio Comparison

Both APEX.L and HKOR.L have an expense ratio of 0.50%.

Dividends

APEX.L vs. HKOR.L - Dividend Comparison

APEX.L has not paid dividends to shareholders, while HKOR.L's dividend yield for the trailing twelve months is around 0.33%.

PositionTTM20252024202320222021202020192018201720162015
APEX.L
Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		0.33%0.69%1.51%1.11%0.71%0.59%0.02%0.29%0.53%0.11%0.13%0.57%

Frequently Asked Questions

APEX.L and HKOR.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

APEX.L and HKOR.L have the same expense ratio: 0.50% per year.

APEX.L tracks MSCI AC Asia Ex Japan NR USD, while HKOR.L tracks MSCI Korea NR USD. They also come from different issuers: Amundi and HSBC.

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