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HPAW.L vs. HKOD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HPAW.L vs. HKOD.L

Last updated Jul 16, 2026
Documentation

HPAW.L (HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF) and HKOD.L (HSBC MSCI KOREA CAPPED UCITS ETF) are both Global Equities funds from HSBC - HPAW.L tracks the HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF while HKOD.L tracks the HSBC MSCI KOREA CAPPED UCITS ETF. Both are passively managed. Over the past 5 years, HPAW.L returned 9.58%/yr vs 14.71%/yr for HKOD.L. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

HPAW.L vs. HKOD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) and HSBC MSCI KOREA CAPPED UCITS ETF (HKOD.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, HPAW.L achieves a 6.16% return, which is significantly lower than HKOD.L's 70.37% return.

HPAW.L

1D
0.24%
1M
0.03%
6M
6.34%
YTD
6.16%
1Y
16.79%
3Y*
16.39%
5Y*
9.58%
10Y*
—

HKOD.L

1D
-1.67%
1M
-20.60%
6M
52.67%
YTD
70.37%
1Y
138.83%
3Y*
37.85%
5Y*
14.71%
10Y*
14.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HPAW.L vs. HKOD.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HPAW.L
HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF		6.16%17.97%18.58%25.68%-21.73%7.56%
HKOD.L
HSBC MSCI KOREA CAPPED UCITS ETF		70.37%99.54%-22.90%19.95%-28.44%-13.26%

Correlation

The correlation between HPAW.L and HKOD.L is 0.54, 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

0.54

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

0.59

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

0.61

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2021

0.61

The correlation between HPAW.L and HKOD.L has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF

HSBC MSCI KOREA CAPPED UCITS ETF

Return for Risk

HPAW.L vs. HKOD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HPAW.L
HPAW.L Risk / Return Rank: 4444
Overall Rank
HPAW.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
HPAW.L Sortino Ratio Rank: 4747
Sortino Ratio Rank
HPAW.L Omega Ratio Rank: 4242
Omega Ratio Rank
HPAW.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
HPAW.L Martin Ratio Rank: 4848
Martin Ratio Rank
HKOD.L
HKOD.L Risk / Return Rank: 9292
Overall Rank
HKOD.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
HKOD.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
HKOD.L Omega Ratio Rank: 9090
Omega Ratio Rank
HKOD.L Calmar Ratio Rank: 9494
Calmar Ratio Rank
HKOD.L Martin Ratio Rank: 9292
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.

HPAW.L vs. HKOD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) and HSBC MSCI KOREA CAPPED UCITS ETF (HKOD.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.

HPAW.LHKOD.LDifference
Sharpe ratioReturn per unit of total volatility
1.28
3.07

-1.79

Sortino ratioReturn per unit of downside risk
1.97
3.22

-1.25

Omega ratioGain probability vs. loss probability

1.23

1.45

-0.22

Calmar ratioReturn relative to maximum drawdown

1.65

5.77

-4.12

Martin ratioReturn relative to average drawdown

6.44

17.93

-11.48

HPAW.L vs. HKOD.L - Sharpe Ratio Comparison

The current HPAW.L Sharpe Ratio is 1.28, which is lower than the HKOD.L Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of HPAW.L and HKOD.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

HPAW.L vs. HKOD.L - Drawdown Comparison

The maximum HPAW.L drawdown since its inception was -29.31%, smaller than the maximum HKOD.L drawdown of -50.54%. Use the drawdown chart below to compare losses from any high point for HPAW.L and HKOD.L.

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Drawdown Indicators

HPAW.LHKOD.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.31%

-50.54%

+21.23%

Max Drawdown (1Y)

Largest decline over 1 year

-10.10%

-24.00%

+13.90%

Max Drawdown (3Y)

Largest decline over 3 years

-17.47%

-29.48%

+12.01%

Max Drawdown (5Y)

Largest decline over 5 years

-29.31%

-47.65%

+18.34%

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.54%

—

Current Drawdown

Current decline from peak

-1.00%

-24.00%

+23.00%

Average Drawdown

Average peak-to-trough decline

-7.12%

-18.79%

+11.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

7.75%

-5.15%

Volatility

HPAW.L vs. HKOD.L - Volatility Comparison

The current volatility for HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.L) is 3.10%, while HSBC MSCI KOREA CAPPED UCITS ETF (HKOD.L) has a volatility of 20.20%. This indicates that HPAW.L experiences smaller price fluctuations and is considered to be less risky than HKOD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HPAW.LHKOD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.10%

20.20%

-17.10%

Volatility (6M)

Calculated over the trailing 6-month period

10.43%

41.23%

-30.80%

Volatility (1Y)

Calculated over the trailing 1-year period

13.01%

45.10%

-32.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.30%

29.74%

-13.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.28%

26.96%

-10.68%

Dividends

HPAW.L vs. HKOD.L - Dividend Comparison

HPAW.L has not paid dividends to shareholders, while HKOD.L's dividend yield for the trailing twelve months is around 0.43%.

PositionTTM202520242023202220212020201920182017
HKOD.L
HSBC MSCI KOREA CAPPED UCITS ETF		0.43%0.68%1.54%1.08%0.72%0.61%0.02%0.29%0.56%0.10%
HPAW.L
HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HPAW.L and HKOD.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HPAW.L tracks HSBC ETFs PLC - HSBC MSCI World Climate Paris Aligned UCITS ETF, while HKOD.L tracks HSBC MSCI KOREA CAPPED UCITS ETF.

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