DEM.L vs. HTWD.L

Last updated Jul 18, 2026

DEM.L (WisdomTree Emerging Markets Equity Income UCITS ETF) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) are both Emerging Markets Equities funds - DEM.L tracks the MSCI EM NR USD while HTWD.L tracks the MSCI Taiwan Capped Index. Both are passively managed. Over the past 10 years, DEM.L returned 7.79%/yr vs 19.91%/yr for HTWD.L. A 0.71 correlation means they provide meaningful diversification when combined. DEM.L charges 0.46%/yr vs 0.50%/yr for HTWD.L.

Performance

DEM.L vs. HTWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.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

DEM.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, DEM.L achieves a 14.51% return, which is significantly lower than HTWD.L's 51.82% return. Over the past 10 years, DEM.L has underperformed HTWD.L with an annualized return of 7.79%, while HTWD.L has yielded a comparatively higher 19.91% annualized return.

DEM.L

• 1D: -0.48%
• 1M: -5.81%
• 6M: 11.38%
• YTD: 14.51%
• 1Y: 19.59%
• 3Y*: 14.76%
• 5Y*: 10.26%
• 10Y*: 7.79%

HTWD.L

• 1D: -3.97%
• 1M: -11.64%
• 6M: 41.55%
• YTD: 51.82%
• 1Y: 73.20%
• 3Y*: 36.89%
• 5Y*: 19.87%
• 10Y*: 19.91%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF	14.51%	12.71%	6.85%	14.78%	-2.59%	15.16%	-9.47%	11.19%	-6.09%	13.87%
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)	51.82%	22.83%	27.59%	22.54%	-21.01%	28.99%	32.61%	28.48%	-3.30%	16.17%

Correlation

The correlation between DEM.L and HTWD.L is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 14, 2014	0.71

The correlation between DEM.L and HTWD.L has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

Return for Risk

DEM.L vs. HTWD.L — Risk / Return Rank

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

DEM.L

DEM.L Risk / Return Rank: 58
DEM.L Sharpe Ratio Rank: 54
DEM.L Sortino Ratio Rank: 52
DEM.L Omega Ratio Rank: 50
DEM.L Calmar Ratio Rank: 74
DEM.L Martin Ratio Rank: 64

HTWD.L

HTWD.L Risk / Return Rank: 92
HTWD.L Sharpe Ratio Rank: 94
HTWD.L Sortino Ratio Rank: 90
HTWD.L Omega Ratio Rank: 89
HTWD.L Calmar Ratio Rank: 94
HTWD.L Martin Ratio Rank: 92

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.

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

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.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.

	DEM.L	HTWD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.75	-1.33
Sortino ratio: Return per unit of downside risk	2.02	3.41	-1.39
Omega ratio: Gain probability vs. loss probability	1.25	1.45	-0.20
Calmar ratio: Return relative to maximum drawdown	2.90	4.83	-1.93
Martin ratio: Return relative to average drawdown	8.71	18.16	-9.45

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

The current DEM.L Sharpe Ratio is 1.43, which is lower than the HTWD.L Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of DEM.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

DEM.L vs. HTWD.L - Drawdown Comparison

The maximum DEM.L drawdown since its inception was -55.11%, 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 DEM.L and HTWD.L.

Drawdown Indicators

	DEM.L	HTWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.11%	-32.66%	-22.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-15.07%	+8.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-29.82%	+17.45%
Max Drawdown (5Y) Largest decline over 5 years	-14.48%	-30.12%	+15.64%
Max Drawdown (10Y) Largest decline over 10 years	-30.09%	-30.12%	+0.03%
Current Drawdown Current decline from peak	-6.72%	-15.07%	+8.35%
Average Drawdown Average peak-to-trough decline	-17.55%	-7.45%	-10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	4.02%	-1.78%

Volatility

DEM.L vs. HTWD.L - Volatility Comparison

The current volatility for WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) is 5.37%, while HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a volatility of 10.84%. This indicates that DEM.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

	DEM.L	HTWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	10.84%	-5.47%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	23.02%	-11.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.66%	26.48%	-12.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.32%	22.21%	-8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	21.12%	-5.23%

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

DEM.L has a 0.46% expense ratio, which is lower than HTWD.L's 0.50% expense ratio.

Dividends

DEM.L vs. HTWD.L - Dividend Comparison

DEM.L's dividend yield for the trailing twelve months is around 3.76%, more than HTWD.L's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF	3.76%	4.47%	7.67%	7.00%	7.05%	4.14%	4.77%	1.46%	0.00%	2.15%	1.49%	4.55%
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)	1.08%	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 DEM.L and HTWD.L in my portfolio?

DEM.L and HTWD.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, DEM.L is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

DEM.L is cheaper with a 0.46% expense ratio, compared with 0.50% for HTWD.L.

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

DEM.L tracks MSCI EM NR USD, while HTWD.L tracks MSCI Taiwan Capped Index. They also come from different issuers: WisdomTree and HSBC. Their fees differ too: 0.46% for DEM.L and 0.50% for HTWD.L.