HMAF.L vs. FLXK.L
HMAF.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD) and FLXK.L (Franklin FTSE Korea UCITS ETF USD (Acc)) are both exchange-traded funds - HMAF.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD, while FLXK.L is a South Korea Equities fund tracking the FTSE Korea 30/18 Capped Index (Net Return). Both are passively managed. Over the past 5 years, HMAF.L returned 7.78%/yr vs 16.16%/yr for FLXK.L. A 0.73 correlation means they provide meaningful diversification when combined. HMAF.L charges 0.45%/yr vs 0.09%/yr for FLXK.L.
Performance
HMAF.L vs. FLXK.L - Performance Comparison
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Different Trading Currencies
HMAF.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, HMAF.L achieves a 26.04% return, which is significantly lower than FLXK.L's 75.44% return.
HMAF.L
- 1D
- -1.44%
- 1M
- -7.75%
- 6M
- 16.30%
- YTD
- 26.04%
- 1Y
- 47.89%
- 3Y*
- 23.01%
- 5Y*
- 7.78%
- 10Y*
- 9.74%
FLXK.L
- 1D
- -2.27%
- 1M
- -18.90%
- 6M
- 51.85%
- YTD
- 75.44%
- 1Y
- 141.17%
- 3Y*
- 38.05%
- 5Y*
- 16.16%
- 10Y*
- —
HMAF.L vs. FLXK.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD | 26.04% | 31.76% | 13.79% | -3.80% | -12.60% | -7.57% | 21.71% | 8.93% |
FLXK.L Franklin FTSE Korea UCITS ETF USD (Acc) | 75.44% | 80.91% | -20.26% | 14.73% | -19.45% | -5.96% | 42.98% | 8.49% |
Correlation
The correlation between HMAF.L and FLXK.L is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019 | 0.73 |
The correlation between HMAF.L and FLXK.L shifts across timeframes, from 0.71 (5 years) to 0.82 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HMAF.L vs. FLXK.L — Risk / Return Rank
HMAF.L
FLXK.L
HMAF.L vs. FLXK.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.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.
| HMAF.L | FLXK.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.47 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 5.48 | -1.67 |
| Martin ratioReturn relative to average drawdown | 11.67 | 18.23 | -6.57 |
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Drawdowns
HMAF.L vs. FLXK.L - Drawdown Comparison
The maximum HMAF.L drawdown since its inception was -53.81%, 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 HMAF.L and FLXK.L.
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Drawdown Indicators
| HMAF.L | FLXK.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.81% | -41.70% | -12.11% |
Max Drawdown (1Y)Largest decline over 1 year | -12.50% | -25.59% | +13.09% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -28.10% | +1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -37.51% | +5.08% |
Max Drawdown (10Y)Largest decline over 10 years | -39.58% | — | — |
Current DrawdownCurrent decline from peak | -12.50% | -25.59% | +13.09% |
Average DrawdownAverage peak-to-trough decline | -22.26% | -17.71% | -4.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 7.71% | -3.62% |
Volatility
HMAF.L vs. FLXK.L - Volatility Comparison
The current volatility for HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) is 11.07%, while Franklin FTSE Korea UCITS ETF USD (Acc) (FLXK.L) has a volatility of 19.61%. This indicates that HMAF.L experiences smaller price fluctuations and is considered to be less risky than FLXK.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMAF.L | FLXK.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 19.61% | -8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 20.04% | 40.36% | -20.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.45% | 43.90% | -21.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.91% | 27.96% | -4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.50% | 28.13% | -6.63% |
HMAF.L vs. FLXK.L - Expense Ratio Comparison
HMAF.L has a 0.45% expense ratio, which is higher than FLXK.L's 0.09% expense ratio.
Dividends
HMAF.L vs. FLXK.L - Dividend Comparison
Neither HMAF.L nor FLXK.L has paid dividends to shareholders.
Frequently Asked Questions
HMAF.L and FLXK.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
FLXK.L is cheaper with a 0.09% expense ratio, compared with 0.45% for HMAF.L.
HMAF.L is categorized as Asia Pacific Equities, while FLXK.L is South Korea Equities. HMAF.L tracks MSCI AC Asia Ex Japan 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: 0.45% for HMAF.L and 0.09% for FLXK.L.
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