KOKU vs. HDEF

Last updated Jun 26, 2026

KOKU (Xtrackers MSCI Kokusai Equity ETF) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) are both exchange-traded funds - KOKU is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index (World ex Japan), while HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 5 years, KOKU returned 11.35%/yr vs 10.53%/yr for HDEF. A 0.68 correlation means they provide meaningful diversification when combined. KOKU charges 0.09%/yr vs 0.20%/yr for HDEF.

Performance

KOKU vs. HDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Kokusai Equity ETF (KOKU) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOKU achieves a 6.85% return, which is significantly higher than HDEF's 6.13% return.

KOKU

• 1D: -0.90%
• 1M: -2.41%
• YTD: 6.85%
• 6M: 5.75%
• 1Y: 20.24%
• 3Y*: 19.66%
• 5Y*: 11.35%
• 10Y*: —

HDEF

• 1D: 0.72%
• 1M: -1.24%
• YTD: 6.13%
• 6M: 5.89%
• 1Y: 17.54%
• 3Y*: 16.95%
• 5Y*: 10.53%
• 10Y*: 9.06%

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

KOKU vs. HDEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KOKU Xtrackers MSCI Kokusai Equity ETF	6.85%	21.45%	19.45%	24.23%	-17.83%	23.84%	42.72%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	6.13%	33.01%	2.85%	18.53%	-2.51%	6.95%	30.11%

Correlation

The correlation between KOKU and HDEF is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.68

The correlation between KOKU and HDEF shifts across timeframes, from 0.51 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

KOKU vs. HDEF - Sectors Allocation Comparison

Sectors	KOKU	HDEF
Technology	31.8%	0.6%
Financial Services	14.9%	26.5%
Industrials	10.1%	7.7%
Consumer Cyclical	9.0%	4.1%
Communication Services	8.9%	3.9%
Healthcare	8.8%	17.0%
Consumer Defensive	5.0%	19.5%
Energy	4.0%	11.4%
Basic Materials	3.3%	0.6%
Utilities	2.6%	7.8%
Real Estate	1.7%	0.8%

Return for Risk

KOKU vs. HDEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOKU

KOKU Risk / Return Rank: 55
KOKU Sharpe Ratio Rank: 54
KOKU Sortino Ratio Rank: 53
KOKU Omega Ratio Rank: 52
KOKU Calmar Ratio Rank: 52
KOKU Martin Ratio Rank: 62

HDEF

HDEF Risk / Return Rank: 48
HDEF Sharpe Ratio Rank: 50
HDEF Sortino Ratio Rank: 49
HDEF Omega Ratio Rank: 49
HDEF Calmar Ratio Rank: 50
HDEF Martin Ratio Rank: 43

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.

KOKU vs. HDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Kokusai Equity ETF (KOKU) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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.

	KOKU	HDEF	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.50	+0.11
Sortino ratio: Return per unit of downside risk	2.27	2.12	+0.15
Omega ratio: Gain probability vs. loss probability	1.29	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.25	2.19	+0.05
Martin ratio: Return relative to average drawdown	9.81	6.26	+3.55

KOKU vs. HDEF - Sharpe Ratio Comparison

The current KOKU Sharpe Ratio is 1.62, which is comparable to the HDEF Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of KOKU and HDEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KOKU vs. HDEF - Drawdown Comparison

The maximum KOKU drawdown since its inception was -25.77%, smaller than the maximum HDEF drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for KOKU and HDEF.

Drawdown Indicators

	KOKU	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-25.77%	-36.43%	+10.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-8.03%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-11.15%	-6.58%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-23.63%	-2.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.43%	—
Current Drawdown Current decline from peak	-3.39%	-3.74%	+0.35%
Average Drawdown Average peak-to-trough decline	-4.79%	-5.05%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.81%	-0.74%

Volatility

KOKU vs. HDEF - Volatility Comparison

Xtrackers MSCI Kokusai Equity ETF (KOKU) has a higher volatility of 4.70% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.16%. This indicates that KOKU's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOKU	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	3.16%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	9.35%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	11.74%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	14.14%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	16.12%	+0.71%

KOKU vs. HDEF - Expense Ratio Comparison

KOKU has a 0.09% expense ratio, which is lower than HDEF's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

KOKU vs. HDEF - Dividend Comparison

KOKU's dividend yield for the trailing twelve months is around 1.47%, less than HDEF's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.92%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%
KOKU Xtrackers MSCI Kokusai Equity ETF	1.47%	1.48%	1.63%	1.76%	1.98%	1.89%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOKU and HDEF in my portfolio?

KOKU and HDEF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOKU or HDEF?

KOKU has higher volatility (4.70%) compared to HDEF (3.16%). In terms of maximum drawdown, KOKU dropped -25.77% vs HDEF's -36.43%.

Which ETF is better, KOKU or HDEF?

On 5-year performance, KOKU leads with 11.35% vs 10.53% for HDEF. On fees, KOKU is cheaper at 0.09% per year. On volatility, HDEF has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOKU or HDEF?

Over the 5-year period, KOKU has performed better with a 11.35% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOKU or HDEF?

KOKU is cheaper with a 0.09% expense ratio, compared with 0.20% for HDEF.

Which ETF pays a higher dividend yield, KOKU or HDEF?

HDEF has the higher dividend yield at 3.92%, compared with 1.47% for KOKU.

What is the main difference between KOKU and HDEF?

KOKU is categorized as Large Cap Growth Equities, while HDEF is Foreign Large Cap Equities. KOKU tracks MSCI Kokusai Index (World ex Japan), while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. Their fees differ too: 0.09% for KOKU and 0.20% for HDEF.

Which has better risk-adjusted returns?

KOKU currently has the higher Sharpe Ratio (1.62 vs 1.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.