Korean retail investors in US stocks suffer as won strengthens

Korean retail investors are seeing lower returns on U.S. stocks as the won strengthens against the dollar. The won-dollar rate closed at 1,339.2 won per dollar on Thursday, down from the 1,550-won range two months earlier. Some investors are considering selling, while others are buying more because U.S. assets have become cheaper in won terms. Analysts expect the exchange rate may rebound to the low 1,400-won range later this year.

The won-dollar exchange rate closed at 1,339.2 won per dollar on Thursday after several weeks of declines.

Two months earlier, the exchange rate had been in the 1,550-won range.

A 20 percent gain on a U.S. stock would translate into only about a 4 percent return for a Korean investor if the won-dollar exchange rate falls by around 14 percent.

Investors made net purchases of 951.6 billion won in the TIGER U.S. S&P 500 ETF over the past month.

Kiwoom Securities analyst Kim Yu-mi expects the exchange rate to rebound to the low 1,400-won range in the fourth quarter.

Published Sep 11, 2026 3:13 pm KST

The won-dollar exchange rate is displayed at a currency exchange booth in Myeong-dong, Seoul, Sept. 6. Yonhap

Hong, a woman in her 30s living in Seoul, is having second thoughts about her U.S. stock investments.

"I increased the share of U.S. stocks in my portfolio about two months ago because the Korean market was doing poorly. But the stronger won has left my returns below expectations. I'm not sure whether to sell or just hold the stocks for the long term," she said.

Hong is not alone. The won's recent strengthening against the dollar has cut returns for many Korean retail investors holding U.S. stocks, as currency losses offset stock gains.

The won-dollar exchange rate closed at 1,339.2 won per dollar on Thursday, down sharply from the 1,550-won range seen two months ago after several weeks of declines.

The won's strengthening can significantly reduce returns even when U.S. stocks rise. For example, a 20 percent gain on a U.S. stock would translate into a return of only about 4 percent for a Korean investor if the won-dollar exchange rate falls by around 14 percent.

The recent currency move has led some investors to consider selling their U.S. stocks as the won continues to strengthen.

However, some investors are using the stronger won as an opportunity to increase their exposure to American stocks. The stronger won has lowered the cost of buying U.S. assets in won terms, making it easier for Korean investors to enter the U.S. market.

This has helped drive money into Korean-listed exchange-traded funds (ETFs) tracking major U.S. indexes.

Investors made net purchases of 951.6 billion won ($711 million) in the TIGER U.S. S&P 500 ETF over the past month, according to ETF Check, a platform operated by Korea Securities Computer Corp. The TIGER U.S. Nasdaq 100 and KODEX U.S. Nasdaq 100 ETFs attracted net purchases of 589 billion won and 299.5 billion won, respectively.

The focus is now on how long this trend can continue and how much further the won can strengthen, with some analysts seeing signs that its recent rally is losing steam.

One factor behind the won's recent gains was SK hynix's conversion of dollar proceeds from its July American depositary receipts issuance into won. Much of the conversion is believed to have been completed, meaning the resulting boost to dollar supply could fade.

At the same time, the first phase of Korea's planned $350 billion investment in the United States could put upward pressure on the won-dollar exchange rate. The government is expected to announce initial investment plans in the coming days covering nuclear power and natural gas projects.

Authorities have said that investments will be financed with returns from its foreign exchange reserves, limiting their impact on the currency market. But the scale of the investments could still affect market sentiment.

Kim Yu-mi, an analyst at Kiwoom Securities, expects the exchange rate to rebound to the low 1,400-won range in the fourth quarter.

"While the exchange rate could fall to the low 1,300-won range in the short term, further declines are likely to be limited. It could rebound to the low 1,400-won range toward year-end and seek a balance," she said.

由于韩元兑美元走强，韩国散户投资者投资美国股票的回报率下降。周四，韩元兑美元汇率收于1339.2韩元，低于两个月前的1550韩元区间。一些投资者正在考虑抛售，而另一些投资者则在增持，因为以韩元计价的美国资产价格有所下降。分析师预计，韩元兑美元汇率今年晚些时候可能会反弹至1400韩元左右。

韩元兑美元汇率在经历了数周的下跌后，周四收于1美元兑1339.2韩元。

两个月前，汇率在 1550 韩元左右。

如果韩元兑美元汇率下跌约 14%，那么美国股票 20% 的涨幅对于韩国投资者来说，只能转化为约 4% 的回报。

过去一个月，投资者净买入 9516 亿韩元 TIGER 美国标普 500 指数 ETF。

Kiwoom证券分析师金裕美预计，第四季度韩元汇率将反弹至1400韩元左右的低位。

发布于2026年9月11日下午3:13（韩国标准时间）

9月6日，首尔明洞一家货币兑换处展示韩元兑美元汇率。（韩联社）

居住在首尔的洪女士，30多岁，对她在美国股票的投资开始犹豫不决。

“大约两个月前，由于韩国股市表现不佳，我增加了投资组合中美国股票的比例。但韩元走强导致我的收益低于预期。我不确定是应该卖出还是继续长期持有这些股票，”她说道。

洪先生并非个例。近期韩元对美元走强，导致许多持有美股的韩国散户投资者收益下降，因为汇率损失抵消了股票收益。

周四，韩元兑美元汇率收于1美元兑1339.2韩元，较两个月前1美元兑1550韩元的水平大幅下跌，此前已连续数周下跌。

即使美股上涨，韩元走强也会显著降低韩国投资者的收益。例如，如果美股上涨20%，而韩元兑美元汇率下跌约14%，那么韩国投资者的实际收益可能仅为4%左右。

由于韩元持续走强，近期汇率波动导致一些投资者考虑抛售其持有的美国股票。

然而，一些投资者正利用韩元走强的机会增加对美国股票的投资。韩元走强降低了以韩元计价购买美国资产的成本，使韩国投资者更容易进入美国市场。

这有助于将资金推向在韩国上市的追踪美国主要指数的交易所交易基金（ETF）。

据韩国证券计算机公司运营的ETF Check平台数据显示，过去一个月，投资者净买入TIGER美国标普500指数ETF 9516亿韩元（约合7.11亿美元）。TIGER美国纳斯达克100指数ETF和KODEX美国纳斯达克100指数ETF分别吸引了5890亿韩元和2995亿韩元的净买入。

现在的焦点在于这一趋势能持续多久，以及韩元还能走强多少，一些分析师认为，韩元近期的涨势正在失去动力。

韩元近期走强的一个原因是SK海力士将其7月份发行美国存托凭证所得的美元收益兑换成了韩元。据信大部分兑换工作已经完成，这意味着由此带来的美元供应量增加可能会逐渐消退。

与此同时，韩国计划在美国投资3500亿美元的第一阶段可能会对韩元兑美元汇率构成上行压力。预计韩国政府将在未来几天公布初步投资计划，涵盖核电和天然气项目。

当局表示，这些投资将以外汇储备收益为资金，从而限制其对货币市场的影响。但投资规模仍可能影响市场情绪。

Kiwoom证券分析师金裕美预计，第四季度韩元汇率将反弹至1400韩元左右的低位。

她表示：“虽然短期内汇率可能会跌至1300韩元左右的低位，但进一步下跌的空间可能有限。到年底，汇率可能会反弹至1400韩元左右的低位，并寻求平衡。”