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

HKOR.L vs. APEX.L

Last updated Jun 5, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and APEX.L (Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc) are both Asia Pacific Equities funds - HKOR.L tracks the MSCI Korea NR USD while APEX.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, HKOR.L returned 19.90%/yr vs 9.13%/yr for APEX.L. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

HKOR.L vs. APEX.L - Performance Comparison

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

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, HKOR.L achieves a 107.38% return, which is significantly higher than APEX.L's 28.51% return.

HKOR.L

1D
-4.88%
1M
17.29%
YTD
107.38%
6M
126.00%
1Y
237.99%
3Y*
45.20%
5Y*
19.90%
10Y*
17.97%

APEX.L

1D
-1.82%
1M
7.53%
YTD
28.51%
6M
29.96%
1Y
55.49%
3Y*
21.56%
5Y*
9.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		107.38%86.42%-21.81%13.46%-19.95%-7.35%3.68%
APEX.L
Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc		28.51%22.95%13.46%-0.31%-11.28%-1.60%-0.54%

Correlation

The correlation between HKOR.L and APEX.L is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.76

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

0.71

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

0.61

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

0.57

The correlation between HKOR.L and APEX.L shifts across timeframes, from 0.57 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
HKOR.L
APEX.L

Technology

59.7%
41.6%

Industrials

16.3%
8.3%

Financial Services

8.7%
17.7%

Consumer Cyclical

6.3%
10.3%

Healthcare

2.7%
3.0%

Communication Services

2.1%
6.9%

Basic Materials

1.7%
3.6%

Consumer Defensive

1.2%
2.4%

Energy

0.9%
2.7%

Utilities

0.3%
1.9%

Real Estate

-

1.7%

Technology

HKOR.L
59.7%
APEX.L
41.6%

Industrials

HKOR.L
16.3%
APEX.L
8.3%

Financial Services

HKOR.L
8.7%
APEX.L
17.7%

Consumer Cyclical

HKOR.L
6.3%
APEX.L
10.3%

Healthcare

HKOR.L
2.7%
APEX.L
3.0%

Communication Services

HKOR.L
2.1%
APEX.L
6.9%

Basic Materials

HKOR.L
1.7%
APEX.L
3.6%

Consumer Defensive

HKOR.L
1.2%
APEX.L
2.4%

Energy

HKOR.L
0.9%
APEX.L
2.7%

Utilities

HKOR.L
0.3%
APEX.L
1.9%

Real Estate

HKOR.L

-

APEX.L
1.7%

Compare stocks, funds, or ETFs

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HSBC MSCI Korea Capped UCITS ETF USD

Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc

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
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

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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: 9696
Omega Ratio Rank
HKOR.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
HKOR.L Martin Ratio Rank: 9696
Martin Ratio Rank
APEX.L
APEX.L Risk / Return Rank: 8181
Overall Rank
APEX.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
APEX.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
APEX.L Omega Ratio Rank: 8080
Omega Ratio Rank
APEX.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
APEX.L Martin Ratio Rank: 7979
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.

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

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

HKOR.LAPEX.LDifference
Sharpe ratioReturn per unit of total volatility
6.39
2.95

+3.44

Sortino ratioReturn per unit of downside risk
5.88
3.80

+2.08

Omega ratioGain probability vs. loss probability

1.84

1.52

+0.32

Calmar ratioReturn relative to maximum drawdown

11.12

5.11

+6.01

Martin ratioReturn relative to average drawdown

39.48

16.98

+22.51

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

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

The current HKOR.L Sharpe Ratio is 6.39, which is higher than the APEX.L Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of HKOR.L and APEX.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

HKOR.LAPEX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.39

2.95

+3.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.61

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.58

-0.07

Drawdowns

HKOR.L vs. APEX.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -44.41%, which is greater than APEX.L's maximum drawdown of -32.37%. Use the drawdown chart below to compare losses from any high point for HKOR.L and APEX.L.

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Drawdown Indicators

HKOR.LAPEX.LDifference

Max Drawdown

Largest peak-to-trough decline

-44.41%

-32.37%

-12.04%

Max Drawdown (1Y)

Largest decline over 1 year

-21.26%

-10.82%

-10.44%

Max Drawdown (3Y)

Largest decline over 3 years

-29.09%

-17.06%

-12.03%

Max Drawdown (5Y)

Largest decline over 5 years

-40.86%

-27.61%

-13.25%

Max Drawdown (10Y)

Largest decline over 10 years

-44.41%

—

—

Current Drawdown

Current decline from peak

-5.40%

-2.55%

-2.85%

Average Drawdown

Average peak-to-trough decline

-15.72%

-15.29%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.00%

3.26%

+2.74%

Volatility

HKOR.L vs. APEX.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a higher volatility of 17.73% compared to Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) at 7.89%. This indicates that HKOR.L's price experiences larger fluctuations and is considered to be riskier than APEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HKOR.LAPEX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.73%

7.89%

+9.84%

Volatility (6M)

Calculated over the trailing 6-month period

32.16%

15.93%

+16.23%

Volatility (1Y)

Calculated over the trailing 1-year period

37.01%

18.72%

+18.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.32%

18.51%

+6.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.24%

19.22%

+5.02%

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

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

Dividends

HKOR.L vs. APEX.L - Dividend Comparison

HKOR.L's dividend yield for the trailing twelve months is around 0.35%, while APEX.L has not paid dividends to shareholders.

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		0.35%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

HKOR.L and APEX.L have a correlation of 0.76, 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.

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

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

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