Analyse: db x-trackers MSCI Korea Index UCITS ETF

Auch wenn Korea ein Schwellenland ist, ist die Korrelation zu China-Aktien in der Vergangenheit niedrig gewesen. Korea-Aktien bieten also eine stabile Diversifikationsquelle  für Emerging Markets-Portfolios.

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Rolle im Portfolio

This ETF offers exposure to the broad Korea equity market, with its underlying benchmark, the MSCI Korea Index, covering about 85% of the South Korea equity universe. Given its single-country exposure, this ETF would be ideal as a core equity holding for investors aiming to build a Korean-centric investment portfolio. Meanwhile, this ETF can take on a satellite holding role for investors looking to gain exposures to Korea within a broader geographical portfolio. This ETF can also be used tactically to roll out bets on the Korean market.

South Korea is an export-driven economy. As a result the MSCI Korea Index has a heavy tilt to large exporters with a cyclical orientation, mainly within the IT (36%), consumer discretionary (18%), financials (14%) and industrials (12%) sectors. Investors who are bullish on global growth can consider this ETF.

Over the past three years, the MSCI Korea Index has been more correlated to emerging markets (e.g. 91% correlation to the MSCI Emerging Markets Index and 93% to the MSCI EM Asia Index) than to developed markets (e.g. 72% correlation to the MSCI World Index and 67% to the S&P 500 Index). In our view, these figures suggest that the diversification effect of this ETF to a global portfolio is limited. 

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Über den Autor

Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure