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HKOR.L vs. CSP1.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HKOR.L vs. CSP1.L

Last updated Jun 13, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - HKOR.L is a Asia Pacific Equities fund tracking the MSCI Korea NR USD, while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HKOR.L returned 17.97%/yr vs 15.83%/yr for CSP1.L. A 0.55 correlation means they provide meaningful diversification when combined. HKOR.L charges 0.50%/yr vs 0.07%/yr for CSP1.L.

Performance

HKOR.L vs. CSP1.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 Core S&P 500 UCITS ETF (CSP1.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HKOR.L achieves a 104.29% return, which is significantly higher than CSP1.L's 8.73% return. Over the past 10 years, HKOR.L has outperformed CSP1.L with an annualized return of 17.97%, while CSP1.L has yielded a comparatively lower 15.83% annualized return.

HKOR.L

1D
5.85%
1M
6.51%
YTD
104.29%
6M
120.70%
1Y
214.67%
3Y*
43.29%
5Y*
19.67%
10Y*
17.97%

CSP1.L

1D
1.46%
1M
1.17%
YTD
8.73%
6M
9.12%
1Y
26.08%
3Y*
18.26%
5Y*
14.38%
10Y*
15.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HKOR.L vs. CSP1.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		104.29%86.42%-21.81%13.46%-19.95%-7.35%40.21%7.12%-16.48%32.68%
CSP1.L
iShares Core S&P 500 UCITS ETF		8.73%9.37%27.35%19.79%-9.05%31.07%13.65%26.42%0.01%10.83%

Correlation

The correlation between HKOR.L and CSP1.L is 0.50, 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

0.50

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

0.48

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

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Apr 6, 2011

0.55

The correlation between HKOR.L and CSP1.L has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

HKOR.L vs. CSP1.L - Sectors Allocation Comparison

Sectors
HKOR.L
CSP1.L

Technology

61.3%
38.4%

Industrials

15.4%
7.9%

Financial Services

8.0%
11.0%

Consumer Cyclical

6.7%
10.0%

Healthcare

2.4%
8.4%

Communication Services

2.2%
10.8%

Basic Materials

1.6%
1.7%

Consumer Defensive

1.2%
4.6%

Energy

0.8%
3.2%

Utilities

0.3%
2.1%

Real Estate

-

1.8%

Technology

HKOR.L
61.3%
CSP1.L
38.4%

Industrials

HKOR.L
15.4%
CSP1.L
7.9%

Financial Services

HKOR.L
8.0%
CSP1.L
11.0%

Consumer Cyclical

HKOR.L
6.7%
CSP1.L
10.0%

Healthcare

HKOR.L
2.4%
CSP1.L
8.4%

Communication Services

HKOR.L
2.2%
CSP1.L
10.8%

Basic Materials

HKOR.L
1.6%
CSP1.L
1.7%

Consumer Defensive

HKOR.L
1.2%
CSP1.L
4.6%

Energy

HKOR.L
0.8%
CSP1.L
3.2%

Utilities

HKOR.L
0.3%
CSP1.L
2.1%

Real Estate

HKOR.L

-

CSP1.L
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC MSCI Korea Capped UCITS ETF USD

iShares Core S&P 500 UCITS ETF

Often compared with HKOR.L:
HKOR.L vs. HTWN.LHKOR.L vs. AUAD.LHKOR.L vs. KRWL.LHKOR.L vs. FRXT.LHKOR.L vs. GXLK.LHKOR.L vs. LAUU.LHKOR.L vs. XMID.L
Often compared with CSP1.L:
CSP1.L vs. CSPX.LCSP1.L vs. VUAG.LCSP1.L vs. SPYCSP1.L vs. IUSA.LCSP1.L vs. VUAA.LCSP1.L vs. SPY5.LCSP1.L vs. VOO

Return for Risk

HKOR.L vs. CSP1.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: 9898
Sharpe Ratio Rank
HKOR.L Sortino Ratio Rank: 9696
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
CSP1.L
CSP1.L Risk / Return Rank: 8282
Overall Rank
CSP1.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
CSP1.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
CSP1.L Omega Ratio Rank: 8585
Omega Ratio Rank
CSP1.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
CSP1.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. CSP1.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 Core S&P 500 UCITS ETF (CSP1.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.

HKOR.LCSP1.LDifference
Sharpe ratioReturn per unit of total volatility
5.56
2.39

+3.18

Sortino ratioReturn per unit of downside risk
5.23
3.22

+2.02

Omega ratioGain probability vs. loss probability

1.75

1.44

+0.30

Calmar ratioReturn relative to maximum drawdown

10.03

3.64

+6.38

Martin ratioReturn relative to average drawdown

33.95

13.18

+20.77

HKOR.L vs. CSP1.L - Sharpe Ratio Comparison

The current HKOR.L Sharpe Ratio is 5.56, which is higher than the CSP1.L Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HKOR.L and CSP1.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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Drawdowns

HKOR.L vs. CSP1.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -55.33%, which is greater than CSP1.L's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for HKOR.L and CSP1.L.

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Drawdown Indicators

HKOR.LCSP1.LDifference

Max Drawdown

Largest peak-to-trough decline

-55.33%

-25.48%

-29.85%

Max Drawdown (1Y)

Largest decline over 1 year

-21.26%

-7.12%

-14.14%

Max Drawdown (3Y)

Largest decline over 3 years

-29.09%

-20.77%

-8.32%

Max Drawdown (5Y)

Largest decline over 5 years

-40.86%

-20.77%

-20.09%

Max Drawdown (10Y)

Largest decline over 10 years

-44.41%

-25.48%

-18.93%

Current Drawdown

Current decline from peak

-6.81%

-1.88%

-4.93%

Average Drawdown

Average peak-to-trough decline

-27.84%

-3.65%

-24.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.29%

1.97%

+4.32%

Volatility

HKOR.L vs. CSP1.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a higher volatility of 16.80% compared to iShares Core S&P 500 UCITS ETF (CSP1.L) at 3.54%. This indicates that HKOR.L's price experiences larger fluctuations and is considered to be riskier than CSP1.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.LCSP1.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.80%

3.54%

+13.26%

Volatility (6M)

Calculated over the trailing 6-month period

33.81%

7.53%

+26.28%

Volatility (1Y)

Calculated over the trailing 1-year period

38.32%

10.91%

+27.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.74%

20.02%

+5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.44%

18.45%

+5.99%

HKOR.L vs. CSP1.L - Expense Ratio Comparison

HKOR.L has a 0.50% expense ratio, which is higher than CSP1.L's 0.07% expense ratio.

Dividends

HKOR.L vs. CSP1.L - Dividend Comparison

HKOR.L's dividend yield for the trailing twelve months is around 0.36%, while CSP1.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CSP1.L
iShares Core S&P 500 UCITS ETF		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		0.36%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 CSP1.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CSP1.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.50% for HKOR.L.

HKOR.L is categorized as Asia Pacific Equities, while CSP1.L is S&P 500. HKOR.L tracks MSCI Korea NR USD, while CSP1.L tracks S&P 500 Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.50% for HKOR.L and 0.07% for CSP1.L.

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