HKOR.L vs. KRWL.L

Last updated Jun 5, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and KRWL.L (Lyxor MSCI Korea UCITS ETF - Acc) are both Asia Pacific Equities funds tracking the MSCI Korea NR USD, from HSBC and Amundi respectively. Both are passively managed. Over the past 5 years, HKOR.L returned 19.90%/yr vs 19.95%/yr for KRWL.L. With a 0.97 correlation, they move nearly in lockstep. HKOR.L charges 0.50%/yr vs 0.45%/yr for KRWL.L.

Performance

HKOR.L vs. KRWL.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 Lyxor MSCI Korea UCITS ETF - Acc (KRWL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HKOR.L having a 107.38% return and KRWL.L slightly lower at 106.66%.

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%

KRWL.L

• 1D: -4.89%
• 1M: 16.79%
• YTD: 106.66%
• 6M: 125.77%
• 1Y: 237.10%
• 3Y*: 45.48%
• 5Y*: 19.95%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	107.38%	86.42%	-21.81%	13.46%	-19.95%	-7.35%	40.21%	7.12%	-11.73%
KRWL.L Lyxor MSCI Korea UCITS ETF - Acc	106.66%	86.86%	-21.27%	13.04%	-19.64%	-7.54%	38.43%	7.15%	-12.12%

Correlation

The correlation between HKOR.L and KRWL.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 20, 2018	0.97

The correlation between HKOR.L and KRWL.L has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

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

Sectors	HKOR.L	KRWL.L
Technology	59.7%	42.8%
Industrials	16.3%	4.1%
Financial Services	8.7%	1.8%
Consumer Cyclical	6.3%	10.8%
Healthcare	2.7%	12.8%
Communication Services	2.1%	11.7%
Basic Materials	1.7%	0.4%
Consumer Defensive	1.2%	10.1%
Energy	0.9%	1.2%
Utilities	0.3%	2.1%
Real Estate	-	2.0%

Return for Risk

HKOR.L vs. KRWL.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

KRWL.L

KRWL.L Risk / Return Rank: 97
KRWL.L Sharpe Ratio Rank: 99
KRWL.L Sortino Ratio Rank: 96
KRWL.L Omega Ratio Rank: 96
KRWL.L Calmar Ratio Rank: 97
KRWL.L Martin Ratio Rank: 96

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. KRWL.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 Lyxor MSCI Korea UCITS ETF - Acc (KRWL.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	KRWL.L	Difference
Sharpe ratio: Return per unit of total volatility	6.39	6.22	+0.17
Sortino ratio: Return per unit of downside risk	5.88	5.50	+0.37
Omega ratio: Gain probability vs. loss probability	1.84	1.80	+0.03
Calmar ratio: Return relative to maximum drawdown	11.12	10.93	+0.19
Martin ratio: Return relative to average drawdown	39.48	38.59	+0.89
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. KRWL.L - Sharpe Ratio Comparison

The current HKOR.L Sharpe Ratio is 6.39, which is comparable to the KRWL.L Sharpe Ratio of 6.22. The chart below compares the historical Sharpe Ratios of HKOR.L and KRWL.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	KRWL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.39	6.22	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.78	0.00
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	0.61	-0.11

Drawdowns

HKOR.L vs. KRWL.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -44.41%, roughly equal to the maximum KRWL.L drawdown of -44.10%. Use the drawdown chart below to compare losses from any high point for HKOR.L and KRWL.L.

Drawdown Indicators

	HKOR.L	KRWL.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.41%	-44.10%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-21.26%	-21.55%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-29.09%	-28.42%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-40.86%	-40.54%	-0.32%
Max Drawdown (10Y) Largest decline over 10 years	-44.41%	—	—
Current Drawdown Current decline from peak	-5.40%	-5.36%	-0.04%
Average Drawdown Average peak-to-trough decline	-15.72%	-19.40%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	6.11%	-0.11%

Volatility

HKOR.L vs. KRWL.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) and Lyxor MSCI Korea UCITS ETF - Acc (KRWL.L) have volatilities of 17.73% and 17.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HKOR.L	KRWL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.73%	17.51%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	32.27%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	37.01%	37.87%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.32%	25.51%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.24%	25.79%	-1.55%

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

HKOR.L has a 0.50% expense ratio, which is higher than KRWL.L's 0.45% expense ratio.

Dividends

HKOR.L vs. KRWL.L - Dividend Comparison

HKOR.L's dividend yield for the trailing twelve months is around 0.35%, while KRWL.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%
KRWL.L Lyxor MSCI Korea UCITS ETF - 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 KRWL.L in my portfolio?

With a correlation of 0.92, HKOR.L and KRWL.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 KRWL.L?

On fees, KRWL.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

KRWL.L is cheaper with a 0.45% expense ratio, compared with 0.50% for HKOR.L.

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

Both ETFs track MSCI Korea NR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.50% for HKOR.L and 0.45% for KRWL.L.