ΔE 19.1, loose: different enough that you should pick on purpose. Elven Flesh is much more saturated, cooler than Hobgoblin Hue.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 19). Elven Flesh is much more saturated, cooler than Hobgoblin Hue.
The same difference applies the other way round: Hobgoblin Hue is much more muted, warmer.
ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.
See Hobgoblin Hue on the colour wheel See Elven Flesh on the colour wheel
All matches: Hobgoblin Hue equivalents · Elven Flesh equivalents