HKOD.L vs. WNDY.L

Last updated Jul 18, 2026

HKOD.L (HSBC MSCI Korea Capped UCITS ETF USD (Dist)) and WNDY.L (Global X Wind Energy UCITS ETF USD (Acc)) are both exchange-traded funds - HKOD.L is a Korea Equity fund tracking the MSCI Korea Capped Net Index, while WNDY.L is a Global Equities fund tracking the Solactive Wind Energy v2 Index. Both are passively managed. Over the past 3 years, HKOD.L returned 36.80%/yr vs -1.62%/yr for WNDY.L. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

HKOD.L vs. WNDY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Korea Capped UCITS ETF USD (Dist) (HKOD.L) and Global X Wind Energy UCITS ETF USD (Acc) (WNDY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HKOD.L achieves a 66.61% return, which is significantly higher than WNDY.L's 0.09% return.

HKOD.L

• 1D: -1.41%
• 1M: -23.05%
• 6M: 45.58%
• YTD: 66.61%
• 1Y: 134.15%
• 3Y*: 36.80%
• 5Y*: 14.20%
• 10Y*: 14.17%

WNDY.L

• 1D: -0.62%
• 1M: -10.14%
• 6M: -7.15%
• YTD: 0.09%
• 1Y: 16.74%
• 3Y*: -1.62%
• 5Y*: —
• 10Y*: —

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

HKOD.L vs. WNDY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HKOD.L HSBC MSCI Korea Capped UCITS ETF USD (Dist)	66.61%	99.54%	-22.90%	19.95%	-22.27%
WNDY.L Global X Wind Energy UCITS ETF USD (Acc)	0.09%	32.58%	-20.21%	-19.30%	-12.05%

Correlation

The correlation between HKOD.L and WNDY.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.47

Return for Risk

HKOD.L vs. WNDY.L — Risk / Return Rank

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

HKOD.L

HKOD.L Risk / Return Rank: 92
HKOD.L Sharpe Ratio Rank: 95
HKOD.L Sortino Ratio Rank: 88
HKOD.L Omega Ratio Rank: 90
HKOD.L Calmar Ratio Rank: 94
HKOD.L Martin Ratio Rank: 92

WNDY.L

WNDY.L Risk / Return Rank: 25
WNDY.L Sharpe Ratio Rank: 27
WNDY.L Sortino Ratio Rank: 26
WNDY.L Omega Ratio Rank: 26
WNDY.L Calmar Ratio Rank: 22
WNDY.L Martin Ratio Rank: 26

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.

HKOD.L vs. WNDY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Korea Capped UCITS ETF USD (Dist) (HKOD.L) and Global X Wind Energy UCITS ETF USD (Acc) (WNDY.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.

	HKOD.L	WNDY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.95	0.74	+2.21
Sortino ratio: Return per unit of downside risk	3.14	1.12	+2.02
Omega ratio: Gain probability vs. loss probability	1.44	1.14	+0.30
Calmar ratio: Return relative to maximum drawdown	5.19	0.74	+4.45
Martin ratio: Return relative to average drawdown	16.87	2.49	+14.39

HKOD.L vs. WNDY.L - Sharpe Ratio Comparison

The current HKOD.L Sharpe Ratio is 2.95, which is higher than the WNDY.L Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of HKOD.L and WNDY.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

HKOD.L vs. WNDY.L - Drawdown Comparison

The maximum HKOD.L drawdown since its inception was -50.54%, roughly equal to the maximum WNDY.L drawdown of -52.51%. Use the drawdown chart below to compare losses from any high point for HKOD.L and WNDY.L.

Drawdown Indicators

	HKOD.L	WNDY.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.54%	-52.51%	+1.97%
Max Drawdown (1Y) Largest decline over 1 year	-25.67%	-22.39%	-3.28%
Max Drawdown (3Y) Largest decline over 3 years	-29.48%	-35.99%	+6.51%
Max Drawdown (5Y) Largest decline over 5 years	-47.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.54%	—	—
Current Drawdown Current decline from peak	-25.67%	-29.90%	+4.23%
Average Drawdown Average peak-to-trough decline	-18.79%	-30.23%	+11.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.92%	6.72%	+1.20%

Volatility

HKOD.L vs. WNDY.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (Dist) (HKOD.L) has a higher volatility of 19.64% compared to Global X Wind Energy UCITS ETF USD (Acc) (WNDY.L) at 8.14%. This indicates that HKOD.L's price experiences larger fluctuations and is considered to be riskier than WNDY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HKOD.L	WNDY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.64%	8.14%	+11.50%
Volatility (6M) Calculated over the trailing 6-month period	41.31%	17.06%	+24.25%
Volatility (1Y) Calculated over the trailing 1-year period	45.17%	22.41%	+22.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.75%	23.08%	+6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	23.08%	+3.89%

HKOD.L vs. WNDY.L - Expense Ratio Comparison

Both HKOD.L and WNDY.L have an expense ratio of 0.50%.

Dividends

HKOD.L vs. WNDY.L - Dividend Comparison

HKOD.L's dividend yield for the trailing twelve months is around 0.44%, while WNDY.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HKOD.L HSBC MSCI Korea Capped UCITS ETF USD (Dist)	0.44%	0.68%	1.54%	1.08%	0.72%	0.61%	0.02%	0.29%	0.56%	0.10%
WNDY.L Global X Wind Energy UCITS ETF USD (Acc)	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 HKOD.L and WNDY.L in my portfolio?

HKOD.L and WNDY.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HKOD.L or WNDY.L?

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

Which ETF is cheaper, HKOD.L or WNDY.L?

HKOD.L and WNDY.L have the same expense ratio: 0.50% per year.

What is the main difference between HKOD.L and WNDY.L?

HKOD.L is categorized as Korea Equity, while WNDY.L is Global Equities. HKOD.L tracks MSCI Korea Capped Net Index, while WNDY.L tracks Solactive Wind Energy v2 Index. They also come from different issuers: HSBC and Global X.