EWT vs. ADIV

Last updated Jun 4, 2026

EWT (iShares MSCI Taiwan ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both Asia Pacific Equities funds. EWT is passively managed, while ADIV is actively managed. Over the past 5 years, EWT returned 18.33%/yr vs 6.49%/yr for ADIV. A 0.76 correlation means they provide meaningful diversification when combined. EWT charges 0.59%/yr vs 0.78%/yr for ADIV.

Performance

EWT vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWT achieves a 68.27% return, which is significantly higher than ADIV's 8.00% return.

EWT

• 1D: -0.20%
• 1M: 18.24%
• YTD: 68.27%
• 6M: 72.42%
• 1Y: 110.37%
• 3Y*: 38.34%
• 5Y*: 18.33%
• 10Y*: 19.90%

ADIV

• 1D: -1.20%
• 1M: 4.12%
• YTD: 8.00%
• 6M: 7.65%
• 1Y: 19.14%
• 3Y*: 17.71%
• 5Y*: 6.49%
• 10Y*: —

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

EWT vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWT iShares MSCI Taiwan ETF	68.27%	28.38%	16.11%	23.97%	-28.90%	12.55%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.00%	21.86%	14.47%	12.28%	-18.00%	1.50%

Correlation

The correlation between EWT and ADIV is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.76

The correlation between EWT and ADIV has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

EWT vs. ADIV - Sectors Allocation Comparison

Sectors	EWT	ADIV
Technology	72.9%	25.5%
Financial Services	13.0%	32.4%
Industrials	4.9%	2.4%
Basic Materials	3.5%	-
Consumer Cyclical	1.9%	16.3%
Communication Services	1.9%	2.7%
Consumer Defensive	1.1%	4.7%
Healthcare	0.8%	5.6%
Energy	-	-
Real Estate	-	7.9%
Utilities	-	2.5%

Return for Risk

EWT vs. ADIV — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 95
EWT Sharpe Ratio Rank: 96
EWT Sortino Ratio Rank: 94
EWT Omega Ratio Rank: 94
EWT Calmar Ratio Rank: 97
EWT Martin Ratio Rank: 95

ADIV

ADIV Risk / Return Rank: 39
ADIV Sharpe Ratio Rank: 40
ADIV Sortino Ratio Rank: 39
ADIV Omega Ratio Rank: 39
ADIV Calmar Ratio Rank: 38
ADIV Martin Ratio Rank: 39

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.

EWT vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	EWT	ADIV	Difference
Sharpe ratio Return per unit of total volatility	4.42	1.43	+2.99
Sortino ratio Return per unit of downside risk	5.00	2.03	+2.97
Omega ratio Gain probability vs. loss probability	1.69	1.26	+0.44
Calmar ratio Return relative to maximum drawdown	10.56	1.89	+8.67
Martin ratio Return relative to average drawdown	32.40	6.27	+26.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWT vs. ADIV - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 4.42, which is higher than the ADIV Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EWT and ADIV, 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

	EWT	ADIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	1.43	+2.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.40	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.42	-0.16

Drawdowns

EWT vs. ADIV - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for EWT and ADIV.

Drawdown Indicators

	EWT	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-31.55%	-32.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-10.15%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-18.53%	-7.13%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-31.55%	-7.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	—	—
Current Drawdown Current decline from peak	-0.20%	-1.20%	+1.00%
Average Drawdown Average peak-to-trough decline	-19.23%	-8.45%	-10.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.06%	+0.36%

Volatility

EWT vs. ADIV - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 10.43% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 4.35%. This indicates that EWT's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWT	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	4.35%	+6.08%
Volatility (6M) Calculated over the trailing 6-month period	20.52%	10.54%	+9.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	13.49%	+11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	16.48%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	16.37%	+5.23%

EWT vs. ADIV - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

EWT vs. ADIV - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.63%, less than ADIV's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.79%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWT iShares MSCI Taiwan ETF	2.63%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EWT and ADIV in my portfolio?

EWT and ADIV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or ADIV?

EWT has higher volatility (10.43%) compared to ADIV (4.35%). In terms of maximum drawdown, EWT dropped -64.37% vs ADIV's -31.55%.

Which ETF is better, EWT or ADIV?

On 5-year performance, EWT leads with 18.33% vs 6.49% for ADIV. On fees, EWT is cheaper at 0.59% per year. On volatility, ADIV has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or ADIV?

Over the 5-year period, EWT has performed better with a 18.33% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or ADIV?

EWT is cheaper with a 0.59% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, EWT or ADIV?

ADIV has the higher dividend yield at 2.79%, compared with 2.63% for EWT.

What is the main difference between EWT and ADIV?

They also come from different issuers: iShares and Guinness Atkinson Asset Management. Their fees differ too: 0.59% for EWT and 0.78% for ADIV.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (4.42 vs 1.43), 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.