HKOR.L vs. FLXK.L

Last updated Jul 18, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and FLXK.L (Franklin FTSE Korea UCITS ETF USD (Acc)) are both South Korea Equities funds - HKOR.L tracks the MSCI Korea NR USD while FLXK.L tracks the FTSE Korea 30/18 Capped Index (Net Return). Both are passively managed. Over the past 5 years, HKOR.L returned 14.78%/yr vs 15.73%/yr for FLXK.L. With a 0.96 correlation, they move nearly in lockstep. HKOR.L charges 0.50%/yr vs 0.09%/yr for FLXK.L.

Performance

HKOR.L vs. FLXK.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 Franklin FTSE Korea UCITS ETF USD (Acc) (FLXK.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HKOR.L is traded in GBp, while FLXK.L is traded in USD. To make them comparable, the FLXK.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 66.72% return, which is significantly lower than FLXK.L's 72.16% return.

HKOR.L

• 1D: -1.47%
• 1M: -23.43%
• 6M: 44.96%
• YTD: 66.72%
• 1Y: 133.06%
• 3Y*: 35.54%
• 5Y*: 14.78%
• 10Y*: 13.87%

FLXK.L

• 1D: -1.88%
• 1M: -23.34%
• 6M: 49.24%
• YTD: 72.16%
• 1Y: 136.47%
• 3Y*: 37.03%
• 5Y*: 15.73%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	66.72%	86.42%	-21.81%	13.46%	-19.95%	-7.35%	40.21%	9.54%
FLXK.L Franklin FTSE Korea UCITS ETF USD (Acc)	72.16%	80.91%	-20.26%	14.73%	-19.45%	-5.96%	42.98%	8.49%

Correlation

The correlation between HKOR.L and FLXK.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019	0.96

The correlation between HKOR.L and FLXK.L has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

HKOR.L vs. FLXK.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: 92
HKOR.L Sharpe Ratio Rank: 96
HKOR.L Sortino Ratio Rank: 89
HKOR.L Omega Ratio Rank: 90
HKOR.L Calmar Ratio Rank: 93
HKOR.L Martin Ratio Rank: 92

FLXK.L

FLXK.L Risk / Return Rank: 92
FLXK.L Sharpe Ratio Rank: 96
FLXK.L Sortino Ratio Rank: 89
FLXK.L Omega Ratio Rank: 91
FLXK.L Calmar Ratio Rank: 94
FLXK.L Martin Ratio Rank: 93

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. FLXK.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 Franklin FTSE Korea UCITS ETF USD (Acc) (FLXK.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	FLXK.L	Difference
Sharpe ratio: Return per unit of total volatility	3.05	3.09	-0.03
Sortino ratio: Return per unit of downside risk	3.26	3.26	0.00
Omega ratio: Gain probability vs. loss probability	1.46	1.46	-0.01
Calmar ratio: Return relative to maximum drawdown	4.94	5.03	-0.08
Martin ratio: Return relative to average drawdown	16.76	17.21	-0.46

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

The current HKOR.L Sharpe Ratio is 3.05, which is comparable to the FLXK.L Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of HKOR.L and FLXK.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. FLXK.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -56.04%, which is greater than FLXK.L's maximum drawdown of -41.70%. Use the drawdown chart below to compare losses from any high point for HKOR.L and FLXK.L.

Drawdown Indicators

	HKOR.L	FLXK.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.04%	-41.70%	-14.34%
Max Drawdown (1Y) Largest decline over 1 year	-26.76%	-26.99%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-29.09%	-28.10%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-39.36%	-37.31%	-2.05%
Max Drawdown (10Y) Largest decline over 10 years	-44.41%	—	—
Current Drawdown Current decline from peak	-26.76%	-26.99%	+0.23%
Average Drawdown Average peak-to-trough decline	-28.33%	-17.72%	-10.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	7.90%	+0.01%

Volatility

HKOR.L vs. FLXK.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a higher volatility of 19.52% compared to Franklin FTSE Korea UCITS ETF USD (Acc) (FLXK.L) at 18.55%. This indicates that HKOR.L's price experiences larger fluctuations and is considered to be riskier than FLXK.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HKOR.L	FLXK.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.52%	18.55%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	39.48%	40.42%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	43.31%	43.95%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.38%	27.96%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.26%	28.13%	-2.87%

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

HKOR.L has a 0.50% expense ratio, which is higher than FLXK.L's 0.09% expense ratio.

Dividends

HKOR.L vs. FLXK.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLXK.L Franklin FTSE Korea UCITS ETF USD (Acc)	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	0.44%	0.69%	1.51%	1.11%	0.71%	0.59%	0.02%	0.29%	0.14%	0.11%	0.13%

Frequently Asked Questions

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

With a correlation of 0.99, HKOR.L and FLXK.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 FLXK.L?

On fees, FLXK.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

FLXK.L is cheaper with a 0.09% expense ratio, compared with 0.50% for HKOR.L.

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

HKOR.L tracks MSCI Korea NR USD, while FLXK.L tracks FTSE Korea 30/18 Capped Index (Net Return). They also come from different issuers: HSBC and Franklin. Their fees differ too: 0.50% for HKOR.L and 0.09% for FLXK.L.