N4US.L vs. HKOD.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)) and HKOD.L (HSBC MSCI KOREA CAPPED UCITS ETF) are both Global Equities funds - N4US.L tracks the Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) while HKOD.L tracks the HSBC MSCI KOREA CAPPED UCITS ETF. Both are passively managed. Over the past 10 years, N4US.L returned 16.63%/yr vs 14.34%/yr for HKOD.L. At a 0.48 correlation, their price movements are largely independent. N4US.L charges 0.19%/yr vs 0.50%/yr for HKOD.L.
Performance
N4US.L vs. HKOD.L - Performance Comparison
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Returns By Period
In the year-to-date period, N4US.L achieves a 22.05% return, which is significantly lower than HKOD.L's 70.37% return. Over the past 10 years, N4US.L has outperformed HKOD.L with an annualized return of 16.63%, while HKOD.L has yielded a comparatively lower 14.34% annualized return.
N4US.L
- 1D
- -0.97%
- 1M
- 1.76%
- 6M
- 14.49%
- YTD
- 22.05%
- 1Y
- 50.55%
- 3Y*
- 29.24%
- 5Y*
- 22.54%
- 10Y*
- 16.63%
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%
N4US.L vs. HKOD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) | 22.05% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 10.79% | 19.49% | -15.75% | 22.99% |
HKOD.L HSBC MSCI KOREA CAPPED UCITS ETF | 70.37% | 99.54% | -22.90% | 19.95% | -28.44% | -8.49% | 45.08% | 10.64% | -21.06% | 45.79% |
Correlation
The correlation between N4US.L and HKOD.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.48 |
The correlation between N4US.L and HKOD.L shifts across timeframes, from 0.41 (3 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
N4US.L vs. HKOD.L — Risk / Return Rank
N4US.L
HKOD.L
N4US.L vs. HKOD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.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.
| N4US.L | HKOD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.45 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.38 | 5.77 | -0.39 |
| Martin ratioReturn relative to average drawdown | 18.45 | 17.93 | +0.52 |
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Drawdowns
N4US.L vs. HKOD.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum HKOD.L drawdown of -50.54%. Use the drawdown chart below to compare losses from any high point for N4US.L and HKOD.L.
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Drawdown Indicators
| N4US.L | HKOD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -50.54% | +19.60% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -24.00% | +14.65% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -29.48% | +8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -47.65% | +26.27% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -50.54% | +19.60% |
Current DrawdownCurrent decline from peak | -1.87% | -24.00% | +22.13% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -18.79% | +12.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 7.75% | -5.02% |
Volatility
N4US.L vs. HKOD.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) is 6.06%, while HSBC MSCI KOREA CAPPED UCITS ETF (HKOD.L) has a volatility of 20.20%. This indicates that N4US.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
| N4US.L | HKOD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 20.20% | -14.14% |
Volatility (6M)Calculated over the trailing 6-month period | 15.47% | 41.23% | -25.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.47% | 45.10% | -25.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.48% | 29.74% | -11.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 26.96% | -8.59% |
N4US.L vs. HKOD.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than HKOD.L's 0.50% expense ratio.
Dividends
N4US.L vs. HKOD.L - Dividend Comparison
N4US.L has not paid dividends to shareholders, while HKOD.L's dividend yield for the trailing twelve months is around 0.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
N4US.L and HKOD.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L is cheaper with a 0.19% expense ratio, compared with 0.50% for HKOD.L.
N4US.L tracks Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), while HKOD.L tracks HSBC MSCI KOREA CAPPED UCITS ETF. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.19% for N4US.L and 0.50% for HKOD.L.
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