EMAD.L vs. ITWN.L
EMAD.L (State Street SPDR MSCI EM Asia UCITS ETF USD (Acc)) and ITWN.L (iShares MSCI Taiwan UCITS ETF) are both exchange-traded funds - EMAD.L is a Asia Pacific Equities fund tracking the MSCI EM (Emerging Markets) Asia Index, while ITWN.L is a Taiwan Equities fund tracking the MSCI Taiwan NR USD. Both are passively managed. Over the past 10 years, EMAD.L returned 9.69%/yr vs 20.49%/yr for ITWN.L. A 0.71 correlation means they provide meaningful diversification when combined. EMAD.L charges 0.55%/yr vs 0.74%/yr for ITWN.L.
Performance
EMAD.L vs. ITWN.L - Performance Comparison
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Different Trading Currencies
EMAD.L is traded in USD, while ITWN.L is traded in GBp. To make them comparable, the ITWN.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMAD.L achieves a 21.59% return, which is significantly lower than ITWN.L's 60.96% return. Over the past 10 years, EMAD.L has underperformed ITWN.L with an annualized return of 9.69%, while ITWN.L has yielded a comparatively higher 20.49% annualized return.
EMAD.L
- 1D
- -1.54%
- 1M
- -8.90%
- 6M
- 14.74%
- YTD
- 21.59%
- 1Y
- 36.41%
- 3Y*
- 20.83%
- 5Y*
- 6.55%
- 10Y*
- 9.69%
ITWN.L
- 1D
- 0.23%
- 1M
- -4.40%
- 6M
- 53.74%
- YTD
- 60.96%
- 1Y
- 88.13%
- 3Y*
- 40.16%
- 5Y*
- 20.32%
- 10Y*
- 20.49%
EMAD.L vs. ITWN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMAD.L State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) | 21.59% | 32.13% | 11.12% | 6.54% | -21.75% | -6.15% | 28.24% | 16.78% | -14.40% | 42.49% |
ITWN.L iShares MSCI Taiwan UCITS ETF | 60.96% | 31.86% | 23.68% | 28.27% | -29.51% | 28.66% | 34.37% | 35.09% | -9.34% | 24.42% |
Correlation
The correlation between EMAD.L and ITWN.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.71 |
The correlation between EMAD.L and ITWN.L shifts across timeframes, from 0.71 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMAD.L vs. ITWN.L — Risk / Return Rank
EMAD.L
ITWN.L
EMAD.L vs. ITWN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) (EMAD.L) and iShares MSCI Taiwan UCITS ETF (ITWN.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.
| EMAD.L | ITWN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.51 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 7.72 | -5.03 |
| Martin ratioReturn relative to average drawdown | 8.03 | 20.62 | -12.59 |
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Drawdowns
EMAD.L vs. ITWN.L - Drawdown Comparison
The maximum EMAD.L drawdown since its inception was -46.17%, smaller than the maximum ITWN.L drawdown of -79.46%. Use the drawdown chart below to compare losses from any high point for EMAD.L and ITWN.L.
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Drawdown Indicators
| EMAD.L | ITWN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -79.46% | +33.29% |
Max Drawdown (1Y)Largest decline over 1 year | -13.38% | -11.35% | -2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -20.03% | -28.01% | +7.98% |
Max Drawdown (5Y)Largest decline over 5 years | -39.17% | -41.23% | +2.06% |
Max Drawdown (10Y)Largest decline over 10 years | -46.17% | -41.23% | -4.94% |
Current DrawdownCurrent decline from peak | -11.48% | -9.15% | -2.33% |
Average DrawdownAverage peak-to-trough decline | -14.72% | -33.87% | +19.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 4.26% | +0.24% |
Volatility
EMAD.L vs. ITWN.L - Volatility Comparison
The current volatility for State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) (EMAD.L) is 9.84%, while iShares MSCI Taiwan UCITS ETF (ITWN.L) has a volatility of 11.80%. This indicates that EMAD.L experiences smaller price fluctuations and is considered to be less risky than ITWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMAD.L | ITWN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.84% | 11.80% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 23.83% | -2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.53% | 27.36% | -3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.80% | 23.46% | -2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 21.76% | -1.61% |
EMAD.L vs. ITWN.L - Expense Ratio Comparison
EMAD.L has a 0.55% expense ratio, which is lower than ITWN.L's 0.74% expense ratio.
Dividends
EMAD.L vs. ITWN.L - Dividend Comparison
EMAD.L has not paid dividends to shareholders, while ITWN.L's dividend yield for the trailing twelve months is around 0.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMAD.L State Street SPDR MSCI EM Asia UCITS ETF USD (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% |
ITWN.L iShares MSCI Taiwan UCITS ETF | 0.94% | 1.50% | 1.37% | 2.14% | 3.54% | 1.33% | 1.83% | 2.30% | 2.72% | 0.13% | 2.86% | 3.21% |
Frequently Asked Questions
EMAD.L and ITWN.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMAD.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMAD.L is cheaper with a 0.55% expense ratio, compared with 0.74% for ITWN.L.
EMAD.L is categorized as Asia Pacific Equities, while ITWN.L is Taiwan Equities. EMAD.L tracks MSCI EM (Emerging Markets) Asia Index, while ITWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMAD.L and 0.74% for ITWN.L.
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