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

HKOR.L vs. SJPA.L

Last updated Jun 13, 2026

HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) and SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) are both exchange-traded funds - HKOR.L is a Asia Pacific Equities fund tracking the MSCI Korea NR USD, while SJPA.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, HKOR.L returned 17.97%/yr vs 10.26%/yr for SJPA.L. A 0.51 correlation means they provide meaningful diversification when combined. HKOR.L charges 0.50%/yr vs 0.15%/yr for SJPA.L.

Performance

HKOR.L vs. SJPA.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 Core MSCI Japan IMI UCITS ETF (SJPA.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 104.29% return, which is significantly higher than SJPA.L's 15.47% return. Over the past 10 years, HKOR.L has outperformed SJPA.L with an annualized return of 17.97%, while SJPA.L has yielded a comparatively lower 10.26% annualized return.

HKOR.L

1D
5.85%
1M
6.51%
YTD
104.29%
6M
120.70%
1Y
214.67%
3Y*
43.29%
5Y*
19.67%
10Y*
17.97%

SJPA.L

1D
2.26%
1M
0.53%
YTD
15.47%
6M
14.66%
1Y
32.71%
3Y*
14.56%
5Y*
9.85%
10Y*
10.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		104.29%86.42%-21.81%13.46%-19.95%-7.35%40.21%7.12%-16.48%32.68%
SJPA.L
iShares Core MSCI Japan IMI UCITS ETF		15.47%18.19%8.36%12.76%-6.21%1.62%11.03%14.68%-9.15%14.69%

Correlation

The correlation between HKOR.L and SJPA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.38

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

0.41

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

0.50

Correlation (All Time)
Calculated using the full available price history since Apr 6, 2011

0.51

The correlation between HKOR.L and SJPA.L shifts across timeframes, from 0.38 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HKOR.L
SJPA.L

Technology

61.3%
19.1%

Industrials

15.4%
25.6%

Financial Services

8.0%
15.9%

Consumer Cyclical

6.7%
12.5%

Healthcare

2.4%
5.5%

Communication Services

2.2%
7.6%

Basic Materials

1.6%
4.6%

Consumer Defensive

1.2%
4.1%

Energy

0.8%
0.9%

Utilities

0.3%
1.2%

Real Estate

-

3.1%

Technology

HKOR.L
61.3%
SJPA.L
19.1%

Industrials

HKOR.L
15.4%
SJPA.L
25.6%

Financial Services

HKOR.L
8.0%
SJPA.L
15.9%

Consumer Cyclical

HKOR.L
6.7%
SJPA.L
12.5%

Healthcare

HKOR.L
2.4%
SJPA.L
5.5%

Communication Services

HKOR.L
2.2%
SJPA.L
7.6%

Basic Materials

HKOR.L
1.6%
SJPA.L
4.6%

Consumer Defensive

HKOR.L
1.2%
SJPA.L
4.1%

Energy

HKOR.L
0.8%
SJPA.L
0.9%

Utilities

HKOR.L
0.3%
SJPA.L
1.2%

Real Estate

HKOR.L

-

SJPA.L
3.1%

Compare stocks, funds, or ETFs

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HSBC MSCI Korea Capped UCITS ETF USD

iShares Core MSCI Japan IMI 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. LAUU.LHKOR.L vs. XMID.L
Often compared with SJPA.L:
SJPA.L vs. LCJP.LSJPA.L vs. CSJP.LSJPA.L vs. XAUUSD=XSJPA.L vs. CNKY.LSJPA.L vs. PRIJ.LSJPA.L vs. N1ES.DESJPA.L vs. PADV.L

Return for Risk

HKOR.L vs. SJPA.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
SJPA.L
SJPA.L Risk / Return Rank: 6565
Overall Rank
SJPA.L Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
SJPA.L Sortino Ratio Rank: 6565
Sortino Ratio Rank
SJPA.L Omega Ratio Rank: 6767
Omega Ratio Rank
SJPA.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
SJPA.L Martin Ratio Rank: 6363
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. SJPA.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 Core MSCI Japan IMI UCITS ETF (SJPA.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.LSJPA.LDifference
Sharpe ratioReturn per unit of total volatility
5.56
1.82

+3.74

Sortino ratioReturn per unit of downside risk
5.23
2.62

+2.61

Omega ratioGain probability vs. loss probability

1.75

1.35

+0.40

Calmar ratioReturn relative to maximum drawdown

10.03

3.04

+6.99

Martin ratioReturn relative to average drawdown

33.95

9.86

+24.09

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

The current HKOR.L Sharpe Ratio is 5.56, which is higher than the SJPA.L Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of HKOR.L and SJPA.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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Drawdowns

HKOR.L vs. SJPA.L - Drawdown Comparison

The maximum HKOR.L drawdown since its inception was -55.33%, which is greater than SJPA.L's maximum drawdown of -45.53%. Use the drawdown chart below to compare losses from any high point for HKOR.L and SJPA.L.

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Drawdown Indicators

HKOR.LSJPA.LDifference

Max Drawdown

Largest peak-to-trough decline

-55.33%

-45.53%

-9.80%

Max Drawdown (1Y)

Largest decline over 1 year

-21.26%

-10.71%

-10.55%

Max Drawdown (3Y)

Largest decline over 3 years

-29.09%

-19.68%

-9.41%

Max Drawdown (5Y)

Largest decline over 5 years

-40.86%

-19.68%

-21.18%

Max Drawdown (10Y)

Largest decline over 10 years

-44.41%

-24.73%

-19.68%

Current Drawdown

Current decline from peak

-6.81%

-0.82%

-5.99%

Average Drawdown

Average peak-to-trough decline

-27.84%

-15.72%

-12.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.29%

3.31%

+2.98%

Volatility

HKOR.L vs. SJPA.L - Volatility Comparison

HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a higher volatility of 16.80% compared to iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) at 4.41%. This indicates that HKOR.L's price experiences larger fluctuations and is considered to be riskier than SJPA.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.LSJPA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.80%

4.41%

+12.39%

Volatility (6M)

Calculated over the trailing 6-month period

33.81%

14.72%

+19.09%

Volatility (1Y)

Calculated over the trailing 1-year period

38.32%

17.89%

+20.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.74%

20.67%

+5.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.44%

18.47%

+5.97%

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

HKOR.L has a 0.50% expense ratio, which is higher than SJPA.L's 0.15% expense ratio.

Dividends

HKOR.L vs. SJPA.L - Dividend Comparison

HKOR.L's dividend yield for the trailing twelve months is around 0.36%, while SJPA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HKOR.L
HSBC MSCI Korea Capped UCITS ETF USD		0.36%0.69%1.51%1.11%0.71%0.59%0.02%0.29%0.53%0.11%0.13%0.57%
SJPA.L
iShares Core MSCI Japan IMI 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 SJPA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SJPA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.50% for HKOR.L.

HKOR.L is categorized as Asia Pacific Equities, while SJPA.L is Japan Equities. HKOR.L tracks MSCI Korea NR USD, while SJPA.L tracks TOPIX TR JPY. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.50% for HKOR.L and 0.15% for SJPA.L.

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