CSH2.L vs. HTWN.L

Last updated Jun 4, 2026

CSH2.L (Lyxor Smart Overnight Return UCITS ETF C-GBP) and HTWN.L (HSBC MSCI Taiwan Capped UCITS ETF USD) are both exchange-traded funds - CSH2.L is a Money Market fund actively managed by Amundi, while HTWN.L is a Asia Pacific Equities fund tracking the MSCI Taiwan NR USD. CSH2.L is actively managed, while HTWN.L is passively managed. Over the past 10 years, CSH2.L returned 2.07%/yr vs 24.32%/yr for HTWN.L. At a correlation of -0.05, they often move in opposite directions. CSH2.L charges 0.07%/yr vs 0.50%/yr for HTWN.L.

Performance

CSH2.L vs. HTWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSH2.L achieves a 1.71% return, which is significantly lower than HTWN.L's 71.35% return. Over the past 10 years, CSH2.L has underperformed HTWN.L with an annualized return of 2.07%, while HTWN.L has yielded a comparatively higher 24.32% annualized return.

CSH2.L

• 1D: 0.01%
• 1M: 0.35%
• YTD: 1.71%
• 6M: 2.09%
• 1Y: 4.37%
• 3Y*: 4.99%
• 5Y*: 3.65%
• 10Y*: 2.07%

HTWN.L

• 1D: 0.78%
• 1M: 20.41%
• YTD: 71.35%
• 6M: 76.45%
• 1Y: 124.97%
• 3Y*: 42.23%
• 5Y*: 23.93%
• 10Y*: 24.32%

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

CSH2.L vs. HTWN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	1.71%	4.67%	5.61%	4.72%	1.54%	0.13%	0.30%	0.82%	0.70%	0.42%
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	71.35%	23.15%	27.50%	21.28%	-20.57%	29.44%	31.41%	29.56%	-2.68%	15.90%

Correlation

The correlation between CSH2.L and HTWN.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jun 11, 2015	-0.05

CSH2.L vs. HTWN.L - Sectors Allocation Comparison

Sectors	CSH2.L	HTWN.L
Technology	35.9%	81.7%
Communication Services	13.9%	1.3%
Consumer Cyclical	13.9%	1.1%
Healthcare	11.3%	0.6%
Financial Services	10.4%	10.4%
Industrials	6.3%	2.3%
Consumer Defensive	4.9%	0.7%
Energy	1.4%	-
Utilities	1.1%	-
Basic Materials	1.0%	1.9%
Real Estate	0.0%	-

Return for Risk

CSH2.L vs. HTWN.L — Risk / Return Rank

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

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

HTWN.L

HTWN.L Risk / Return Rank: 97
HTWN.L Sharpe Ratio Rank: 98
HTWN.L Sortino Ratio Rank: 97
HTWN.L Omega Ratio Rank: 97
HTWN.L Calmar Ratio Rank: 98
HTWN.L Martin Ratio Rank: 96

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.

CSH2.L vs. HTWN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.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.

	CSH2.L	HTWN.L	Difference
Sharpe ratio: Return per unit of total volatility	8.04	5.49	+2.55
Sortino ratio: Return per unit of downside risk	15.04	6.35	+8.69
Omega ratio: Gain probability vs. loss probability	4.37	1.87	+2.50
Calmar ratio: Return relative to maximum drawdown	27.61	14.03	+13.58
Martin ratio: Return relative to average drawdown	158.77	38.67	+120.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSH2.L vs. HTWN.L - Sharpe Ratio Comparison

The current CSH2.L Sharpe Ratio is 8.04, which is higher than the HTWN.L Sharpe Ratio of 5.49. The chart below compares the historical Sharpe Ratios of CSH2.L and HTWN.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.

Sharpe Ratios by Period

	CSH2.L	HTWN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.04	5.49	+2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.48	1.17	+5.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	4.68	1.49	+3.19
Sharpe Ratio (All Time) Calculated using the full available price history	4.61	1.13	+3.48

Drawdowns

CSH2.L vs. HTWN.L - Drawdown Comparison

The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum HTWN.L drawdown of -31.84%. Use the drawdown chart below to compare losses from any high point for CSH2.L and HTWN.L.

Drawdown Indicators

	CSH2.L	HTWN.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.37%	-31.84%	+31.47%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-8.86%	+8.70%
Max Drawdown (3Y) Largest decline over 3 years	-0.29%	-29.76%	+29.47%
Max Drawdown (5Y) Largest decline over 5 years	-0.29%	-29.97%	+29.68%
Max Drawdown (10Y) Largest decline over 10 years	-0.37%	-29.97%	+29.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-7.18%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	3.22%	-3.19%

Volatility

CSH2.L vs. HTWN.L - Volatility Comparison

The current volatility for Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) is 0.08%, while HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) has a volatility of 9.55%. This indicates that CSH2.L experiences smaller price fluctuations and is considered to be less risky than HTWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSH2.L	HTWN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	9.55%	-9.47%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	18.18%	-17.93%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	22.65%	-22.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.56%	20.85%	-20.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	23.41%	-22.97%

CSH2.L vs. HTWN.L - Expense Ratio Comparison

CSH2.L has a 0.07% expense ratio, which is lower than HTWN.L's 0.50% expense ratio.

Dividends

CSH2.L vs. HTWN.L - Dividend Comparison

CSH2.L has not paid dividends to shareholders, while HTWN.L's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	0.95%	1.61%	1.17%	2.79%	3.04%	1.11%	1.79%	2.12%	2.55%	2.04%	2.32%	2.61%

Frequently Asked Questions

Can I hold both CSH2.L and HTWN.L in my portfolio?

CSH2.L and HTWN.L have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CSH2.L or HTWN.L?

On fees, CSH2.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CSH2.L or HTWN.L?

CSH2.L is cheaper with a 0.07% expense ratio, compared with 0.50% for HTWN.L.

What is the main difference between CSH2.L and HTWN.L?

CSH2.L is categorized as Money Market, while HTWN.L is Asia Pacific Equities. They also come from different issuers: Amundi and HSBC. Their fees differ too: 0.07% for CSH2.L and 0.50% for HTWN.L.