HKOR.L vs. EMAS.L

Last updated Jun 25, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and EMAS.L (SPDR MSCI EM Asia UCITS ETF) are both Asia Pacific Equities funds - HKOR.L tracks the MSCI Korea NR USD while EMAS.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 10 years, HKOR.L returned 17.54%/yr vs 15.67%/yr for EMAS.L. A 0.79 correlation means they provide meaningful diversification when combined. HKOR.L charges 0.50%/yr vs 0.55%/yr for EMAS.L.

Performance

HKOR.L vs. EMAS.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 SPDR MSCI EM Asia UCITS ETF (EMAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HKOR.L is traded in GBp, while EMAS.L is traded in GBP. To make them comparable, the EMAS.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 106.23% return, which is significantly higher than EMAS.L's 81.22% return. Over the past 10 years, HKOR.L has outperformed EMAS.L with an annualized return of 17.54%, while EMAS.L has yielded a comparatively lower 15.67% annualized return.

HKOR.L

• 1D: 1.79%
• 1M: 8.32%
• YTD: 106.23%
• 6M: 116.74%
• 1Y: 196.14%
• 3Y*: 47.21%
• 5Y*: 19.25%
• 10Y*: 17.54%

EMAS.L

• 1D: 38.71%
• 1M: 44.55%
• YTD: 81.22%
• 6M: 83.42%
• 1Y: 109.79%
• 3Y*: 35.88%
• 5Y*: 15.70%
• 10Y*: 15.67%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	106.23%	86.42%	-21.81%	13.46%	-19.95%	-7.35%	40.21%	7.12%	-16.48%	32.68%
EMAS.L SPDR MSCI EM Asia UCITS ETF	81.22%	22.99%	12.86%	0.62%	-12.26%	-4.94%	23.72%	13.20%	-9.78%	29.84%

Correlation

The correlation between HKOR.L and EMAS.L is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 16, 2011	0.79

The correlation between HKOR.L and EMAS.L has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

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

Sectors	HKOR.L	EMAS.L
Technology	61.3%	52.1%
Industrials	15.4%	6.5%
Financial Services	8.0%	13.2%
Consumer Cyclical	6.7%	9.6%
Healthcare	2.4%	2.8%
Communication Services	2.2%	6.1%
Basic Materials	1.6%	3.3%
Consumer Defensive	1.2%	2.1%
Energy	0.8%	2.4%
Utilities	0.3%	1.3%
Real Estate	-	0.6%

Return for Risk

HKOR.L vs. EMAS.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: 96
HKOR.L Sharpe Ratio Rank: 98
HKOR.L Sortino Ratio Rank: 95
HKOR.L Omega Ratio Rank: 95
HKOR.L Calmar Ratio Rank: 97
HKOR.L Martin Ratio Rank: 96

EMAS.L

EMAS.L Risk / Return Rank: 97
EMAS.L Sharpe Ratio Rank: 92
EMAS.L Sortino Ratio Rank: 98
EMAS.L Omega Ratio Rank: 98
EMAS.L Calmar Ratio Rank: 98
EMAS.L Martin Ratio Rank: 97

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. EMAS.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 SPDR MSCI EM Asia UCITS ETF (EMAS.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.L	EMAS.L	Difference
Sharpe ratio: Return per unit of total volatility	4.89	2.85	+2.04
Sortino ratio: Return per unit of downside risk	4.61	7.46	-2.86
Omega ratio: Gain probability vs. loss probability	1.68	2.09	-0.41
Calmar ratio: Return relative to maximum drawdown	9.16	10.86	-1.69
Martin ratio: Return relative to average drawdown	30.69	35.46	-4.77

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

The current HKOR.L Sharpe Ratio is 4.89, which is higher than the EMAS.L Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of HKOR.L and EMAS.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

HKOR.L vs. EMAS.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -55.33%, roughly equal to the maximum EMAS.L drawdown of -53.67%. Use the drawdown chart below to compare losses from any high point for HKOR.L and EMAS.L.

Drawdown Indicators

	HKOR.L	EMAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-53.67%	-1.66%
Max Drawdown (1Y) Largest decline over 1 year	-21.26%	-11.14%	-10.12%
Max Drawdown (3Y) Largest decline over 3 years	-29.09%	-25.14%	-3.95%
Max Drawdown (5Y) Largest decline over 5 years	-40.86%	-29.16%	-11.70%
Max Drawdown (10Y) Largest decline over 10 years	-44.41%	-34.79%	-9.62%
Current Drawdown Current decline from peak	-9.41%	0.00%	-9.41%
Average Drawdown Average peak-to-trough decline	-27.79%	-22.16%	-5.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	3.42%	+2.94%

Volatility

HKOR.L vs. EMAS.L - Volatility Comparison

The current volatility for HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) is 18.97%, while SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a volatility of 33.13%. This indicates that HKOR.L experiences smaller price fluctuations and is considered to be less risky than EMAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HKOR.L	EMAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.97%	33.13%	-14.16%
Volatility (6M) Calculated over the trailing 6-month period	35.96%	35.89%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	40.09%	42.41%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.35%	28.52%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.73%	24.30%	+0.43%

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

HKOR.L has a 0.50% expense ratio, which is lower than EMAS.L's 0.55% expense ratio.

Dividends

HKOR.L vs. EMAS.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMAS.L SPDR MSCI EM Asia 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	0.35%	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 EMAS.L in my portfolio?

HKOR.L and EMAS.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HKOR.L or EMAS.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 EMAS.L?

HKOR.L is cheaper with a 0.50% expense ratio, compared with 0.55% for EMAS.L.

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

HKOR.L tracks MSCI Korea NR USD, while EMAS.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: HSBC and State Street. Their fees differ too: 0.50% for HKOR.L and 0.55% for EMAS.L.