DFWVX vs. TWN

Last updated Jun 3, 2026

DFWVX (DFA World ex U.S. Value Portfolio Fund) and TWN (The Taiwan Fund Inc.) are both mutual funds - DFWVX is a Foreign Large Cap Equities fund managed by Dimensional, while TWN is a Asia Pacific Equities fund managed by Nomura Asset Management. Over the past 10 years, DFWVX returned 29.41%/yr vs 30.17%/yr for TWN. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

DFWVX vs. TWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA World ex U.S. Value Portfolio Fund (DFWVX) and The Taiwan Fund Inc. (TWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFWVX achieves a 16.43% return, which is significantly lower than TWN's 90.00% return. Both investments have delivered pretty close results over the past 10 years, with DFWVX having a 29.41% annualized return and TWN not far ahead at 30.17%.

DFWVX

• 1D: 0.60%
• 1M: 4.32%
• YTD: 16.43%
• 6M: 20.24%
• 1Y: 39.94%
• 3Y*: 24.15%
• 5Y*: 16.21%
• 10Y*: 29.41%

TWN

• 1D: -0.11%
• 1M: 8.54%
• YTD: 90.00%
• 6M: 99.81%
• 1Y: 195.95%
• 3Y*: 66.17%
• 5Y*: 35.51%
• 10Y*: 30.17%

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

DFWVX vs. TWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFWVX DFA World ex U.S. Value Portfolio Fund	16.43%	40.30%	6.66%	17.37%	-6.41%	32.65%	-0.40%	344.89%	-16.69%	28.21%
TWN The Taiwan Fund Inc.	90.00%	54.11%	32.76%	51.73%	-38.54%	58.14%	40.71%	47.00%	-19.15%	33.80%

Correlation

The correlation between DFWVX and TWN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.54

The correlation between DFWVX and TWN shifts across timeframes, from 0.44 (1 year) to 0.55 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

DFWVX vs. TWN — Risk / Return Rank

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

DFWVX

DFWVX Risk / Return Rank: 88
DFWVX Sharpe Ratio Rank: 95
DFWVX Sortino Ratio Rank: 90
DFWVX Omega Ratio Rank: 88
DFWVX Calmar Ratio Rank: 86
DFWVX Martin Ratio Rank: 83

TWN

TWN Risk / Return Rank: 99
TWN Sharpe Ratio Rank: 100
TWN Sortino Ratio Rank: 98
TWN Omega Ratio Rank: 97
TWN Calmar Ratio Rank: 100
TWN Martin Ratio Rank: 99

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.

DFWVX vs. TWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA World ex U.S. Value Portfolio Fund (DFWVX) and The Taiwan Fund Inc. (TWN). 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.

	DFWVX	TWN	Difference
Sharpe ratio Return per unit of total volatility	3.28	7.36	-4.08
Sortino ratio Return per unit of downside risk	4.38	7.40	-3.02
Omega ratio Gain probability vs. loss probability	1.61	2.02	-0.41
Calmar ratio Return relative to maximum drawdown	4.12	21.97	-17.85
Martin ratio Return relative to average drawdown	15.68	72.01	-56.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFWVX vs. TWN - Sharpe Ratio Comparison

The current DFWVX Sharpe Ratio is 3.28, which is lower than the TWN Sharpe Ratio of 7.36. The chart below compares the historical Sharpe Ratios of DFWVX and TWN, 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

	DFWVX	TWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	7.36	-4.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.50	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	1.34	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.24	+0.48

Drawdowns

DFWVX vs. TWN - Drawdown Comparison

The maximum DFWVX drawdown since its inception was -41.32%, smaller than the maximum TWN drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for DFWVX and TWN.

Drawdown Indicators

	DFWVX	TWN	Difference
Max Drawdown Largest peak-to-trough decline	-41.32%	-79.52%	+38.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-9.09%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-29.97%	+15.86%
Max Drawdown (5Y) Largest decline over 5 years	-24.59%	-51.72%	+27.13%
Max Drawdown (10Y) Largest decline over 10 years	-41.32%	-51.72%	+10.40%
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-7.08%	-37.41%	+30.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.77%	-0.17%

Volatility

DFWVX vs. TWN - Volatility Comparison

The current volatility for DFA World ex U.S. Value Portfolio Fund (DFWVX) is 4.19%, while The Taiwan Fund Inc. (TWN) has a volatility of 11.85%. This indicates that DFWVX experiences smaller price fluctuations and is considered to be less risky than TWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFWVX	TWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	11.85%	-7.66%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	22.86%	-12.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	26.81%	-14.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	23.87%	-7.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.91%	22.52%	+12.39%

Dividends

DFWVX vs. TWN - Dividend Comparison

DFWVX's dividend yield for the trailing twelve months is around 3.40%, less than TWN's 6.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFWVX DFA World ex U.S. Value Portfolio Fund	3.40%	3.66%	4.28%	4.30%	3.75%	15.97%	2.43%	110.54%	5.26%	2.70%	2.92%	2.77%
TWN The Taiwan Fund Inc.	6.11%	11.62%	19.14%	1.26%	0.00%	7.78%	12.91%	8.26%	11.27%	3.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFWVX and TWN in my portfolio?

DFWVX and TWN have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFWVX or TWN?

TWN has higher volatility (11.85%) compared to DFWVX (4.19%). In terms of maximum drawdown, DFWVX dropped -41.32% vs TWN's -79.52%.

Which has better risk-adjusted returns?

TWN currently has the higher Sharpe Ratio (7.36 vs 3.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.