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

HKOR.L vs. IEFV.L

Last updated Jun 9, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and IEFV.L (iShares Edge MSCI Europe Value Factor UCITS ETF) are both exchange-traded funds - HKOR.L is a Asia Pacific Equities fund tracking the MSCI Korea NR USD, while IEFV.L is a Europe Equities fund tracking the MSCI Europe Value NR EUR. Both are passively managed. Over the past 10 years, HKOR.L returned 17.01%/yr vs 12.02%/yr for IEFV.L. A 0.53 correlation means they provide meaningful diversification when combined. HKOR.L charges 0.50%/yr vs 0.25%/yr for IEFV.L.

Performance

HKOR.L vs. IEFV.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 Edge MSCI Europe Value Factor UCITS ETF (IEFV.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 91.61% return, which is significantly higher than IEFV.L's 11.85% return. Over the past 10 years, HKOR.L has outperformed IEFV.L with an annualized return of 17.01%, while IEFV.L has yielded a comparatively lower 12.02% annualized return.

HKOR.L

1D
0.27%
1M
-0.16%
YTD
91.61%
6M
101.53%
1Y
202.61%
3Y*
40.81%
5Y*
18.34%
10Y*
17.01%

IEFV.L

1D
-0.12%
1M
3.20%
YTD
11.85%
6M
14.76%
1Y
33.90%
3Y*
21.37%
5Y*
14.28%
10Y*
12.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		91.61%86.42%-21.81%13.46%-19.95%-7.35%40.21%7.12%-16.48%32.68%
IEFV.L
iShares Edge MSCI Europe Value Factor UCITS ETF		11.85%42.20%5.40%11.41%1.47%18.58%-3.74%15.71%-12.67%14.28%

Correlation

The correlation between HKOR.L and IEFV.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.41

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

0.42

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

0.51

Correlation (All Time)
Calculated using the full available price history since Jan 19, 2015

0.53

The correlation between HKOR.L and IEFV.L shifts across timeframes, from 0.39 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HKOR.L
IEFV.L

Technology

61.3%
12.1%

Industrials

15.4%
17.4%

Financial Services

8.0%
22.6%

Consumer Cyclical

6.7%
6.6%

Healthcare

2.4%
12.5%

Communication Services

2.2%
3.8%

Basic Materials

1.6%
6.3%

Consumer Defensive

1.2%
8.6%

Energy

0.8%
5.0%

Utilities

0.3%
4.4%

Real Estate

-

0.7%

Technology

HKOR.L
61.3%
IEFV.L
12.1%

Industrials

HKOR.L
15.4%
IEFV.L
17.4%

Financial Services

HKOR.L
8.0%
IEFV.L
22.6%

Consumer Cyclical

HKOR.L
6.7%
IEFV.L
6.6%

Healthcare

HKOR.L
2.4%
IEFV.L
12.5%

Communication Services

HKOR.L
2.2%
IEFV.L
3.8%

Basic Materials

HKOR.L
1.6%
IEFV.L
6.3%

Consumer Defensive

HKOR.L
1.2%
IEFV.L
8.6%

Energy

HKOR.L
0.8%
IEFV.L
5.0%

Utilities

HKOR.L
0.3%
IEFV.L
4.4%

Real Estate

HKOR.L

-

IEFV.L
0.7%

Compare stocks, funds, or ETFs

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HSBC MSCI Korea Capped UCITS ETF USD

iShares Edge MSCI Europe Value Factor 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. XMID.LHKOR.L vs. LAUU.L
Often compared with IEFV.L:
IEFV.L vs. EVAL.LIEFV.L vs. BRK-BIEFV.L vs. NASL.LIEFV.L vs. SMEA.LIEFV.L vs. UC96.LIEFV.L vs. XDAX.LIEFV.L vs. EFV

Return for Risk

HKOR.L vs. IEFV.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
IEFV.L
IEFV.L Risk / Return Rank: 7979
Overall Rank
IEFV.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IEFV.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
IEFV.L Omega Ratio Rank: 8585
Omega Ratio Rank
IEFV.L Calmar Ratio Rank: 7070
Calmar Ratio Rank
IEFV.L Martin Ratio Rank: 7070
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. IEFV.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 Edge MSCI Europe Value Factor UCITS ETF (IEFV.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.LIEFV.LDifference
Sharpe ratioReturn per unit of total volatility
5.32
2.54

+2.79

Sortino ratioReturn per unit of downside risk
5.07
3.45

+1.62

Omega ratioGain probability vs. loss probability

1.73

1.46

+0.27

Calmar ratioReturn relative to maximum drawdown

9.47

3.19

+6.27

Martin ratioReturn relative to average drawdown

33.04

11.73

+21.31

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. IEFV.L - Sharpe Ratio Comparison

The current HKOR.L Sharpe Ratio is 5.32, which is higher than the IEFV.L Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of HKOR.L and IEFV.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.LIEFV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.32

2.54

+2.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.84

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.68

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.56

-0.28

Drawdowns

HKOR.L vs. IEFV.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -55.33%, which is greater than IEFV.L's maximum drawdown of -34.64%. Use the drawdown chart below to compare losses from any high point for HKOR.L and IEFV.L.

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Drawdown Indicators

HKOR.LIEFV.LDifference

Max Drawdown

Largest peak-to-trough decline

-55.33%

-34.64%

-20.69%

Max Drawdown (1Y)

Largest decline over 1 year

-21.26%

-10.57%

-10.69%

Max Drawdown (3Y)

Largest decline over 3 years

-29.09%

-15.02%

-14.07%

Max Drawdown (5Y)

Largest decline over 5 years

-40.86%

-16.16%

-24.70%

Max Drawdown (10Y)

Largest decline over 10 years

-44.41%

-34.64%

-9.77%

Current Drawdown

Current decline from peak

-12.59%

-1.66%

-10.93%

Average Drawdown

Average peak-to-trough decline

-27.86%

-6.21%

-21.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.10%

2.88%

+3.22%

Volatility

HKOR.L vs. IEFV.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a higher volatility of 19.43% compared to iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.L) at 3.71%. This indicates that HKOR.L's price experiences larger fluctuations and is considered to be riskier than IEFV.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.LIEFV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

19.43%

3.71%

+15.72%

Volatility (6M)

Calculated over the trailing 6-month period

33.31%

10.75%

+22.56%

Volatility (1Y)

Calculated over the trailing 1-year period

37.89%

13.32%

+24.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.58%

17.08%

+8.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.36%

17.63%

+6.73%

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

HKOR.L has a 0.50% expense ratio, which is higher than IEFV.L's 0.25% expense ratio.

Dividends

HKOR.L vs. IEFV.L - Dividend Comparison

HKOR.L's dividend yield for the trailing twelve months is around 0.38%, while IEFV.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		0.38%0.69%1.51%1.11%0.71%0.59%0.02%0.29%0.53%0.11%0.13%0.57%
IEFV.L
iShares Edge MSCI Europe Value Factor 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%

Frequently Asked Questions

HKOR.L and IEFV.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEFV.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEFV.L is cheaper with a 0.25% expense ratio, compared with 0.50% for HKOR.L.

HKOR.L is categorized as Asia Pacific Equities, while IEFV.L is Europe Equities. HKOR.L tracks MSCI Korea NR USD, while IEFV.L tracks MSCI Europe Value NR EUR. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.50% for HKOR.L and 0.25% for IEFV.L.

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