HKOR.L vs. JRAE.L

Last updated Jun 5, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and JRAE.L (JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) are both Asia Pacific Equities funds - HKOR.L tracks the MSCI Korea NR USD while JRAE.L tracks the MSCI AC Asia Pac Ex JPN NR USD. Both are passively managed. Over the past 3 years, HKOR.L returned 45.20%/yr vs 20.15%/yr for JRAE.L. A 0.70 correlation means they provide meaningful diversification when combined. HKOR.L charges 0.50%/yr vs 0.30%/yr for JRAE.L.

Performance

HKOR.L vs. JRAE.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 JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HKOR.L achieves a 107.38% return, which is significantly higher than JRAE.L's 28.94% return.

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%

JRAE.L

• 1D: -1.76%
• 1M: 6.60%
• YTD: 28.94%
• 6M: 31.22%
• 1Y: 54.30%
• 3Y*: 20.15%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	107.38%	86.42%	-21.81%	13.46%	-11.17%
JRAE.L JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	28.94%	20.80%	10.58%	-1.23%	-1.04%

Correlation

The correlation between HKOR.L and JRAE.L is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 9, 2022	0.70

The correlation between HKOR.L and JRAE.L has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

HKOR.L vs. JRAE.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

JRAE.L

JRAE.L Risk / Return Rank: 91
JRAE.L Sharpe Ratio Rank: 93
JRAE.L Sortino Ratio Rank: 92
JRAE.L Omega Ratio Rank: 93
JRAE.L Calmar Ratio Rank: 90
JRAE.L Martin Ratio Rank: 88

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. JRAE.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 JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.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	JRAE.L	Difference
Sharpe ratio: Return per unit of total volatility	6.39	3.37	+3.02
Sortino ratio: Return per unit of downside risk	5.88	4.34	+1.53
Omega ratio: Gain probability vs. loss probability	1.84	1.62	+0.21
Calmar ratio: Return relative to maximum drawdown	11.12	5.62	+5.49
Martin ratio: Return relative to average drawdown	39.48	19.32	+20.16
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. JRAE.L - Sharpe Ratio Comparison

The current HKOR.L Sharpe Ratio is 6.39, which is higher than the JRAE.L Sharpe Ratio of 3.37. The chart below compares the historical Sharpe Ratios of HKOR.L and JRAE.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	JRAE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.39	3.37	+3.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.89	-0.39

Drawdowns

HKOR.L vs. JRAE.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -44.41%, which is greater than JRAE.L's maximum drawdown of -16.72%. Use the drawdown chart below to compare losses from any high point for HKOR.L and JRAE.L.

Drawdown Indicators

	HKOR.L	JRAE.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.41%	-16.72%	-27.69%
Max Drawdown (1Y) Largest decline over 1 year	-21.26%	-9.61%	-11.65%
Max Drawdown (3Y) Largest decline over 3 years	-29.09%	-16.72%	-12.37%
Max Drawdown (5Y) Largest decline over 5 years	-40.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.41%	—	—
Current Drawdown Current decline from peak	-5.40%	-2.58%	-2.82%
Average Drawdown Average peak-to-trough decline	-15.72%	-5.61%	-10.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	2.80%	+3.20%

Volatility

HKOR.L vs. JRAE.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a higher volatility of 17.73% compared to JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L) at 7.21%. This indicates that HKOR.L's price experiences larger fluctuations and is considered to be riskier than JRAE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HKOR.L	JRAE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.73%	7.21%	+10.52%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	13.48%	+18.68%
Volatility (1Y) Calculated over the trailing 1-year period	37.01%	16.06%	+20.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.32%	15.83%	+9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.24%	15.83%	+8.41%

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

HKOR.L has a 0.50% expense ratio, which is higher than JRAE.L's 0.30% expense ratio.

Dividends

HKOR.L vs. JRAE.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
JRAE.L JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) 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%	0.00%

Frequently Asked Questions

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

HKOR.L and JRAE.L have a correlation of 0.79, 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 JRAE.L?

On fees, JRAE.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

JRAE.L is cheaper with a 0.30% expense ratio, compared with 0.50% for HKOR.L.

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

HKOR.L tracks MSCI Korea NR USD, while JRAE.L tracks MSCI AC Asia Pac Ex JPN NR USD. They also come from different issuers: HSBC and JPMorgan. Their fees differ too: 0.50% for HKOR.L and 0.30% for JRAE.L.