KOKU vs. TOK

Last updated Jun 6, 2026

KOKU (Xtrackers MSCI Kokusai Equity ETF) and TOK (iShares MSCI Kokusai ETF) are both Large Cap Growth Equities funds - KOKU tracks the MSCI Kokusai Index (World ex Japan) while TOK tracks the MSCI Kokusai Index. Both are passively managed. Over the past 5 years, KOKU returned 11.69%/yr vs 11.75%/yr for TOK. Their correlation of 0.95 suggests significant overlap in exposure. KOKU charges 0.09%/yr vs 0.25%/yr for TOK.

Performance

KOKU vs. TOK - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with KOKU having a 7.33% return and TOK slightly higher at 7.65%.

KOKU

• 1D: -2.72%
• 1M: -0.32%
• YTD: 7.33%
• 6M: 7.81%
• 1Y: 23.41%
• 3Y*: 20.15%
• 5Y*: 11.69%
• 10Y*: —

TOK

• 1D: -2.48%
• 1M: -0.06%
• YTD: 7.65%
• 6M: 8.12%
• 1Y: 23.58%
• 3Y*: 20.17%
• 5Y*: 11.75%
• 10Y*: 13.19%

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

KOKU vs. TOK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KOKU Xtrackers MSCI Kokusai Equity ETF	7.33%	21.45%	19.45%	24.23%	-17.83%	23.84%	40.42%
TOK iShares MSCI Kokusai ETF	7.65%	20.83%	19.52%	24.76%	-17.93%	23.84%	40.63%

Correlation

The correlation between KOKU and TOK is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
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 Apr 9, 2020	0.95

The correlation between KOKU and TOK has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

KOKU vs. TOK - Sectors Allocation Comparison

Sectors	KOKU	TOK
Technology	28.9%	31.3%
Financial Services	15.6%	14.9%
Industrials	10.5%	9.8%
Communication Services	9.3%	9.0%
Consumer Cyclical	9.1%	9.0%
Healthcare	8.9%	8.7%
Consumer Defensive	5.4%	5.2%
Energy	4.4%	4.0%
Basic Materials	3.3%	3.2%
Utilities	2.8%	2.8%
Real Estate	1.8%	1.7%

Return for Risk

KOKU vs. TOK — Risk / Return Rank

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

KOKU

KOKU Risk / Return Rank: 60
KOKU Sharpe Ratio Rank: 60
KOKU Sortino Ratio Rank: 59
KOKU Omega Ratio Rank: 59
KOKU Calmar Ratio Rank: 56
KOKU Martin Ratio Rank: 67

TOK

TOK Risk / Return Rank: 61
TOK Sharpe Ratio Rank: 61
TOK Sortino Ratio Rank: 60
TOK Omega Ratio Rank: 60
TOK Calmar Ratio Rank: 55
TOK Martin Ratio Rank: 68

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. TOK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Kokusai Equity ETF (KOKU) and iShares MSCI Kokusai ETF (TOK). 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.

	KOKU	TOK	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.94	-0.05
Sortino ratio: Return per unit of downside risk	2.62	2.68	-0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	2.60	2.61	-0.01
Martin ratio: Return relative to average drawdown	11.67	11.95	-0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOKU vs. TOK - Sharpe Ratio Comparison

The current KOKU Sharpe Ratio is 1.89, which is comparable to the TOK Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of KOKU and TOK, 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

	KOKU	TOK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.94	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.74	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.43	+0.64

Drawdowns

KOKU vs. TOK - Drawdown Comparison

The maximum KOKU drawdown since its inception was -25.77%, smaller than the maximum TOK drawdown of -56.18%. Use the drawdown chart below to compare losses from any high point for KOKU and TOK.

Drawdown Indicators

	KOKU	TOK	Difference
Max Drawdown Largest peak-to-trough decline	-25.77%	-56.18%	+30.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-9.07%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-16.23%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-25.86%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.82%	—
Current Drawdown Current decline from peak	-2.95%	-2.70%	-0.25%
Average Drawdown Average peak-to-trough decline	-4.82%	-8.52%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.98%	+0.03%

Volatility

KOKU vs. TOK - Volatility Comparison

Xtrackers MSCI Kokusai Equity ETF (KOKU) has a higher volatility of 4.06% compared to iShares MSCI Kokusai ETF (TOK) at 3.82%. This indicates that KOKU's price experiences larger fluctuations and is considered to be riskier than TOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOKU	TOK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.82%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	9.72%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	12.22%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	15.96%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	17.16%	-0.32%

KOKU vs. TOK - Expense Ratio Comparison

KOKU has a 0.09% expense ratio, which is lower than TOK's 0.25% 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. TOK - Dividend Comparison

KOKU's dividend yield for the trailing twelve months is around 1.39%, more than TOK's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KOKU Xtrackers MSCI Kokusai Equity ETF	1.39%	1.48%	1.63%	1.76%	1.98%	1.89%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%
TOK iShares MSCI Kokusai ETF	1.28%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both KOKU and TOK in my portfolio?

With a correlation of 0.96, KOKU and TOK 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 is riskier, KOKU or TOK?

KOKU has higher volatility (4.06%) compared to TOK (3.82%). In terms of maximum drawdown, KOKU dropped -25.77% vs TOK's -56.18%.

Which ETF is better, KOKU or TOK?

On 5-year performance, TOK leads with 11.75% vs 11.69% for KOKU. On fees, KOKU is cheaper at 0.09% per year. On volatility, TOK has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOKU or TOK?

Over the 5-year period, TOK has performed better with a 11.75% return vs 11.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOKU or TOK?

KOKU is cheaper with a 0.09% expense ratio, compared with 0.25% for TOK.

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

KOKU has the higher dividend yield at 1.39%, compared with 1.28% for TOK.

What is the main difference between KOKU and TOK?

KOKU tracks MSCI Kokusai Index (World ex Japan), while TOK tracks MSCI Kokusai Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.09% for KOKU and 0.25% for TOK.

Which has better risk-adjusted returns?

TOK currently has the higher Sharpe Ratio (1.94 vs 1.89), 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.