Sheared edge formability can play a critical role in cold forming of high-strength hot-rolled steels due to susceptibility to edge cracking. Standardized ISO 16630 hole expansion test is currently the most widely used method to estimate sheared edge formability of steel sheets, however, there has been increasing interest in the industry to reduce the amount of required testing. The aim of this paper was to compare hole expansion performance of hot-rolled strip steels to various uniaxial tensile test results. The five investigated steels were selected to have 3 mm thickness and similar (838±10 MPa) longitudinal tensile strength level while consisting of different microstructures. Tensile properties were measured in 0°, 45°, and 90° angle relative to the rolling direction to investigate anisotropy. Plastic strain ratios were determined by digital image correlation measurement. Local ductility was evaluated with thickness strain measurements (εp_amin) on fracture surfaces of the tensile specimens. To investigate stretch-flangeability, ISO 16630 conforming hole expansion tests were performed. Test holes were produced by punching and by wire electrical discharge machining (W-EDM) to evaluate edge damage tolerance of the materials. The hole expansion ratios (HER) were not observed to correlate with majority of the investigated tensile test results, such as uniform elongation and yield strength. However, a good correlation between HER and planar anisotropy was observed. Planar anisotropy is seen to affect strain localization tendency around the hole. The HER values of neither punched nor W-EDM specimens correlated clearly with εp_amin measurement results. The results show that at a similar strength level, anisotropy is highly influencing the hole expansion performance of hot-rolled steels, and that the HER is not reliably predicted by a single local formability parameter.