  We present a comparison of the predictions of stellar models with the
luminosity of the lower main sequence ($5.5 < M_V < 7.3$) using K dwarfs in the
Hipparcos catalog. The parallaxes of our comparison stars are known to better
than 15% and metallicities have been recently determined from photometry. A
major advantage of our comparison is that distances in our sample are known
with good accuracy, while tests that involve open and globular clusters are
constrained by potentially inaccurate distances. We show that the luminosity of
the lower main sequence relative to a fiducial (solar metallicity) isochrone is
a simple function of metallicity: $\Delta M_V = 0.84375 \times {\rm [ Fe/H]} -
0.04577$. We compare the data with a range of isochrones from the literature.
None of the models fit all the data, although some models do clearly better
than others. In particular, metal rich isochrones seem to be difficult to
construct.
  The relationship between luminosity, colour and metallicity for K dwarfs is
found to be very tight. We are thus able to derive metallicities for K dwarfs
based on their position in the Hipparcos colour-magnitude diagram with
accuracies better than 0.1 dex. The metallicity-luminosity relation for K
dwarfs leads to a new distance indicator with a wide range of possible
applications.
