PADV.L vs. HKOR.L

Last updated Jun 5, 2026

PADV.L (SPDR S&P Pan Asia Dividend Aristocrats UCITS) and HKOR.L (HSBC MSCI Korea Capped UCITS ETF USD) are both Asia Pacific Equities funds - PADV.L tracks the MSCI AC Asia Pacific NR USD while HKOR.L tracks the MSCI Korea NR USD. Both are passively managed. Over the past 10 years, PADV.L returned 7.74%/yr vs 17.97%/yr for HKOR.L. A 0.51 correlation means they provide meaningful diversification when combined. PADV.L charges 0.55%/yr vs 0.50%/yr for HKOR.L.

Performance

PADV.L vs. HKOR.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P Pan Asia Dividend Aristocrats UCITS (PADV.L) and HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PADV.L is traded in GBP, while HKOR.L is traded in GBp. To make them comparable, the HKOR.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, PADV.L achieves a 3.65% return, which is significantly lower than HKOR.L's 107.38% return. Over the past 10 years, PADV.L has underperformed HKOR.L with an annualized return of 7.74%, while HKOR.L has yielded a comparatively higher 17.97% annualized return.

PADV.L

• 1D: -0.57%
• 1M: -0.94%
• YTD: 3.65%
• 6M: 0.91%
• 1Y: 13.55%
• 3Y*: 10.47%
• 5Y*: 5.22%
• 10Y*: 7.74%

HKOR.L

• 1D: -4.88%
• 1M: 17.29%
• YTD: 107.38%
• 6M: 126.00%
• 1Y: 237.99%
• 3Y*: 45.20%
• 5Y*: 19.90%
• 10Y*: 17.97%

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

PADV.L vs. HKOR.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PADV.L SPDR S&P Pan Asia Dividend Aristocrats UCITS	3.65%	14.61%	6.60%	9.29%	-5.74%	3.20%	-2.54%	16.77%	-3.74%	18.23%
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	107.38%	86.42%	-21.81%	13.46%	-19.95%	-7.35%	40.21%	7.12%	-16.48%	32.68%

Correlation

The correlation between PADV.L and HKOR.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 23, 2013	0.51

Over the past year, the correlation between PADV.L and HKOR.L has dropped to 0.25 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

PADV.L vs. HKOR.L - Sectors Allocation Comparison

Sectors	PADV.L	HKOR.L
Financial Services	33.0%	8.7%
Utilities	14.9%	0.3%
Consumer Defensive	9.2%	1.2%
Healthcare	8.7%	2.7%
Industrials	7.3%	16.3%
Consumer Cyclical	6.7%	6.3%
Technology	6.7%	59.7%
Communication Services	6.2%	2.1%
Real Estate	4.6%	-
Basic Materials	2.8%	1.7%
Energy	-	0.9%

Return for Risk

PADV.L vs. HKOR.L — Risk / Return Rank

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

PADV.L

PADV.L Risk / Return Rank: 33
PADV.L Sharpe Ratio Rank: 33
PADV.L Sortino Ratio Rank: 31
PADV.L Omega Ratio Rank: 32
PADV.L Calmar Ratio Rank: 38
PADV.L Martin Ratio Rank: 32

HKOR.L

HKOR.L Risk / Return Rank: 97
HKOR.L Sharpe Ratio Rank: 99
HKOR.L Sortino Ratio Rank: 97
HKOR.L Omega Ratio Rank: 96
HKOR.L Calmar Ratio Rank: 97
HKOR.L Martin Ratio Rank: 96

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.

PADV.L vs. HKOR.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Pan Asia Dividend Aristocrats UCITS (PADV.L) and HSBC MSCI Korea Capped UCITS ETF USD (HKOR.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.

	PADV.L	HKOR.L	Difference
Sharpe ratio: Return per unit of total volatility	1.17	6.39	-5.22
Sortino ratio: Return per unit of downside risk	1.63	5.88	-4.25
Omega ratio: Gain probability vs. loss probability	1.21	1.84	-0.63
Calmar ratio: Return relative to maximum drawdown	1.87	11.12	-9.24
Martin ratio: Return relative to average drawdown	4.60	39.48	-34.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PADV.L vs. HKOR.L - Sharpe Ratio Comparison

The current PADV.L Sharpe Ratio is 1.17, which is lower than the HKOR.L Sharpe Ratio of 6.39. The chart below compares the historical Sharpe Ratios of PADV.L and HKOR.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.

Sharpe Ratios by Period

	PADV.L	HKOR.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	6.39	-5.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.79	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.74	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.50	-0.06

Drawdowns

PADV.L vs. HKOR.L - Drawdown Comparison

The maximum PADV.L drawdown since its inception was -27.09%, smaller than the maximum HKOR.L drawdown of -44.41%. Use the drawdown chart below to compare losses from any high point for PADV.L and HKOR.L.

Drawdown Indicators

	PADV.L	HKOR.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.09%	-44.41%	+17.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-21.26%	+14.25%
Max Drawdown (3Y) Largest decline over 3 years	-10.60%	-29.09%	+18.49%
Max Drawdown (5Y) Largest decline over 5 years	-20.25%	-40.86%	+20.61%
Max Drawdown (10Y) Largest decline over 10 years	-24.94%	-44.41%	+19.47%
Current Drawdown Current decline from peak	-4.84%	-5.40%	+0.56%
Average Drawdown Average peak-to-trough decline	-5.65%	-15.72%	+10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	6.00%	-3.13%

Volatility

PADV.L vs. HKOR.L - Volatility Comparison

The current volatility for SPDR S&P Pan Asia Dividend Aristocrats UCITS (PADV.L) is 2.49%, while HSBC MSCI Korea Capped UCITS ETF USD (HKOR.L) has a volatility of 17.73%. This indicates that PADV.L experiences smaller price fluctuations and is considered to be less risky than HKOR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PADV.L	HKOR.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	17.73%	-15.24%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	32.16%	-23.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	37.01%	-25.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	25.32%	-12.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	24.24%	-9.61%

PADV.L vs. HKOR.L - Expense Ratio Comparison

PADV.L has a 0.55% expense ratio, which is higher than HKOR.L's 0.50% expense ratio.

Dividends

PADV.L vs. HKOR.L - Dividend Comparison

PADV.L's dividend yield for the trailing twelve months is around 2.89%, more than HKOR.L's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HKOR.L HSBC MSCI Korea Capped UCITS ETF USD	0.35%	0.69%	1.51%	1.11%	0.71%	0.59%	0.02%	0.29%	0.53%	0.11%	0.13%	0.57%
PADV.L SPDR S&P Pan Asia Dividend Aristocrats UCITS	2.89%	2.96%	3.06%	2.93%	3.44%	2.91%	2.94%	2.79%	2.38%	1.76%	2.14%	3.16%

Frequently Asked Questions

Can I hold both PADV.L and HKOR.L in my portfolio?

PADV.L and HKOR.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PADV.L or HKOR.L?

On fees, HKOR.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PADV.L or HKOR.L?

HKOR.L is cheaper with a 0.50% expense ratio, compared with 0.55% for PADV.L.

What is the main difference between PADV.L and HKOR.L?

PADV.L tracks MSCI AC Asia Pacific NR USD, while HKOR.L tracks MSCI Korea NR USD. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.55% for PADV.L and 0.50% for HKOR.L.