BCHS.L vs. HTWD.L

Last updated Jul 17, 2026

BCHS.L (Invesco CoinShares Global Blockchain UCITS ETF Acc) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) are both exchange-traded funds - BCHS.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while HTWD.L is a Emerging Markets Equities fund tracking the MSCI Taiwan Capped Index. Both are passively managed. Over the past 5 years, BCHS.L returned 10.86%/yr vs 20.84%/yr for HTWD.L. A 0.53 correlation means they provide meaningful diversification when combined. BCHS.L charges 0.65%/yr vs 0.50%/yr for HTWD.L.

Performance

BCHS.L vs. HTWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BCHS.L is traded in GBp, while HTWD.L is traded in USD. To make them comparable, the HTWD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, BCHS.L achieves a 14.01% return, which is significantly lower than HTWD.L's 58.08% return.

BCHS.L

• 1D: -2.03%
• 1M: -11.29%
• 6M: 1.37%
• YTD: 14.01%
• 1Y: 22.19%
• 3Y*: 32.47%
• 5Y*: 10.86%
• 10Y*: —

HTWD.L

• 1D: -0.87%
• 1M: -5.26%
• 6M: 46.74%
• YTD: 58.08%
• 1Y: 83.39%
• 3Y*: 38.87%
• 5Y*: 20.84%
• 10Y*: 20.47%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BCHS.L vs. HTWD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BCHS.L Invesco CoinShares Global Blockchain UCITS ETF Acc	14.01%	35.24%	18.50%	58.28%	-46.25%	26.00%	89.05%	-12.06%
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)	58.08%	22.83%	27.59%	22.54%	-21.01%	28.99%	32.61%	28.01%

Correlation

The correlation between BCHS.L and HTWD.L is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019	0.53

The correlation between BCHS.L and HTWD.L shifts across timeframes, from 0.52 (3 years) to 0.62 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BCHS.L vs. HTWD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCHS.L

BCHS.L Risk / Return Rank: 20
BCHS.L Sharpe Ratio Rank: 20
BCHS.L Sortino Ratio Rank: 22
BCHS.L Omega Ratio Rank: 21
BCHS.L Calmar Ratio Rank: 21
BCHS.L Martin Ratio Rank: 18

HTWD.L

HTWD.L Risk / Return Rank: 94
HTWD.L Sharpe Ratio Rank: 95
HTWD.L Sortino Ratio Rank: 93
HTWD.L Omega Ratio Rank: 92
HTWD.L Calmar Ratio Rank: 96
HTWD.L Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCHS.L vs. HTWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BCHS.L	HTWD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.57	3.17	-2.60
Sortino ratio: Return per unit of downside risk	1.03	3.84	-2.81
Omega ratio: Gain probability vs. loss probability	1.12	1.51	-0.39
Calmar ratio: Return relative to maximum drawdown	0.75	7.17	-6.42
Martin ratio: Return relative to average drawdown	1.48	21.28	-19.80

BCHS.L vs. HTWD.L - Sharpe Ratio Comparison

The current BCHS.L Sharpe Ratio is 0.57, which is lower than the HTWD.L Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of BCHS.L and HTWD.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCHS.L vs. HTWD.L - Drawdown Comparison

The maximum BCHS.L drawdown since its inception was -55.89%, which is greater than HTWD.L's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for BCHS.L and HTWD.L.

Drawdown Indicators

	BCHS.L	HTWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.89%	-32.66%	-23.23%
Max Drawdown (1Y) Largest decline over 1 year	-29.49%	-11.57%	-17.92%
Max Drawdown (3Y) Largest decline over 3 years	-35.64%	-29.82%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-55.89%	-30.12%	-25.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.12%	—
Current Drawdown Current decline from peak	-14.69%	-11.57%	-3.12%
Average Drawdown Average peak-to-trough decline	-22.88%	-7.45%	-15.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.93%	3.90%	+11.03%

Volatility

BCHS.L vs. HTWD.L - Volatility Comparison

The current volatility for Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) is 9.46%, while HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a volatility of 10.66%. This indicates that BCHS.L experiences smaller price fluctuations and is considered to be less risky than HTWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHS.L	HTWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	10.66%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	26.51%	22.61%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	38.79%	26.14%	+12.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.42%	22.15%	+16.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.48%	21.08%	+15.40%

BCHS.L vs. HTWD.L - Expense Ratio Comparison

BCHS.L has a 0.65% expense ratio, which is higher than HTWD.L's 0.50% expense ratio.

Dividends

BCHS.L vs. HTWD.L - Dividend Comparison

BCHS.L has not paid dividends to shareholders, while HTWD.L's dividend yield for the trailing twelve months is around 1.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCHS.L Invesco CoinShares Global Blockchain UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)	1.04%	1.53%	1.18%	2.73%	3.31%	1.13%	1.69%	2.08%	2.79%	1.37%	2.64%	2.65%

Frequently Asked Questions

Can I hold both BCHS.L and HTWD.L in my portfolio?

BCHS.L and HTWD.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCHS.L or HTWD.L?

On fees, HTWD.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCHS.L or HTWD.L?

HTWD.L is cheaper with a 0.50% expense ratio, compared with 0.65% for BCHS.L.

What is the main difference between BCHS.L and HTWD.L?

BCHS.L is categorized as Technology Equities, while HTWD.L is Emerging Markets Equities. BCHS.L tracks MSCI World/Information Tech NR USD, while HTWD.L tracks MSCI Taiwan Capped Index. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.65% for BCHS.L and 0.50% for HTWD.L.