HKOR.L vs. CSKR.L

Last updated Jun 5, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and CSKR.L (iShares MSCI Korea UCITS ETF (Acc)) are both Asia Pacific Equities funds tracking the MSCI Korea NR USD, from HSBC and iShares respectively. Both are passively managed. Over the past 10 years, HKOR.L returned 17.97%/yr vs 17.87%/yr for CSKR.L. A 0.79 correlation means they provide meaningful diversification when combined. HKOR.L charges 0.50%/yr vs 0.65%/yr for CSKR.L.

Performance

HKOR.L vs. CSKR.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 iShares MSCI Korea UCITS ETF (Acc) (CSKR.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HKOR.L having a 107.38% return and CSKR.L slightly lower at 107.20%. Both investments have delivered pretty close results over the past 10 years, with HKOR.L having a 17.97% annualized return and CSKR.L not far behind at 17.87%.

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%

CSKR.L

• 1D: -4.80%
• 1M: 16.83%
• YTD: 107.20%
• 6M: 125.38%
• 1Y: 235.82%
• 3Y*: 45.39%
• 5Y*: 19.76%
• 10Y*: 17.87%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	107.38%	86.42%	-21.81%	13.46%	-19.95%	-7.35%	40.21%	7.12%	-16.48%	32.68%
CSKR.L iShares MSCI Korea UCITS ETF (Acc)	107.20%	85.24%	-21.31%	13.76%	-20.02%	-7.37%	40.01%	6.37%	-15.31%	31.58%

Correlation

The correlation between HKOR.L and CSKR.L is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 29, 2014	0.79

The correlation between HKOR.L and CSKR.L shifts across timeframes, from 0.79 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	HKOR.L	CSKR.L
Technology	59.7%	58.7%
Industrials	16.3%	16.9%
Financial Services	8.7%	8.8%
Consumer Cyclical	6.3%	6.4%
Healthcare	2.7%	2.7%
Communication Services	2.1%	2.3%
Basic Materials	1.7%	1.7%
Consumer Defensive	1.2%	1.2%
Energy	0.9%	0.9%
Utilities	0.3%	0.3%
Real Estate	-	-

Return for Risk

HKOR.L vs. CSKR.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: 97
HKOR.L Sharpe Ratio Rank: 99
HKOR.L Sortino Ratio Rank: 97
HKOR.L Omega Ratio Rank: 96
HKOR.L Calmar Ratio Rank: 97
HKOR.L Martin Ratio Rank: 96

CSKR.L

CSKR.L Risk / Return Rank: 97
CSKR.L Sharpe Ratio Rank: 98
CSKR.L Sortino Ratio Rank: 96
CSKR.L Omega Ratio Rank: 96
CSKR.L Calmar Ratio Rank: 97
CSKR.L Martin Ratio Rank: 96

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. CSKR.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 iShares MSCI Korea UCITS ETF (Acc) (CSKR.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.L	CSKR.L	Difference
Sharpe ratio: Return per unit of total volatility	6.39	6.19	+0.21
Sortino ratio: Return per unit of downside risk	5.88	5.62	+0.25
Omega ratio: Gain probability vs. loss probability	1.84	1.83	+0.01
Calmar ratio: Return relative to maximum drawdown	11.12	10.81	+0.30
Martin ratio: Return relative to average drawdown	39.48	38.46	+1.02
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. CSKR.L - Sharpe Ratio Comparison

The current HKOR.L Sharpe Ratio is 6.39, which is comparable to the CSKR.L Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of HKOR.L and CSKR.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

	HKOR.L	CSKR.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.39	6.19	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.73	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.77	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.65	-0.15

Drawdowns

HKOR.L vs. CSKR.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -44.41%, roughly equal to the maximum CSKR.L drawdown of -44.32%. Use the drawdown chart below to compare losses from any high point for HKOR.L and CSKR.L.

Drawdown Indicators

	HKOR.L	CSKR.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.41%	-44.32%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-21.26%	-21.66%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-29.09%	-28.94%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-40.86%	-41.04%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-44.41%	-44.32%	-0.09%
Current Drawdown Current decline from peak	-5.40%	-5.57%	+0.17%
Average Drawdown Average peak-to-trough decline	-15.72%	-17.89%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	6.10%	-0.10%

Volatility

HKOR.L vs. CSKR.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) and iShares MSCI Korea UCITS ETF (Acc) (CSKR.L) have volatilities of 17.73% and 17.72%, 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

	HKOR.L	CSKR.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.73%	17.72%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	33.18%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	37.01%	37.90%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.32%	27.66%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.24%	28.22%	-3.98%

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

HKOR.L has a 0.50% expense ratio, which is lower than CSKR.L's 0.65% expense ratio.

Dividends

HKOR.L vs. CSKR.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSKR.L iShares MSCI Korea 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

Can I hold both HKOR.L and CSKR.L in my portfolio?

With a correlation of 0.98, HKOR.L and CSKR.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, HKOR.L or CSKR.L?

On fees, HKOR.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HKOR.L or CSKR.L?

HKOR.L is cheaper with a 0.50% expense ratio, compared with 0.65% for CSKR.L.

What is the main difference between HKOR.L and CSKR.L?

Both ETFs track MSCI Korea NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.50% for HKOR.L and 0.65% for CSKR.L.