EWT vs. TWN
EWT (iShares MSCI Taiwan ETF) and TWN (The Taiwan Fund Inc.) are both Taiwan Equities funds. Over the past 10 years, EWT returned 17.92%/yr vs 26.14%/yr for TWN. Their 0.75 correlation means they have sometimes moved together and sometimes differently.
Performance
EWT vs. TWN - Performance Comparison
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Returns By Period
In the year-to-date period, EWT achieves a 54.23% return, which is significantly lower than TWN's 57.16% return. Over the past 10 years, EWT has underperformed TWN with an annualized return of 17.92%, while TWN has yielded a comparatively higher 26.14% annualized return.
EWT
- 1D
- 1.48%
- 1M
- -6.56%
- 6M
- 42.12%
- YTD
- 54.23%
- 1Y
- 75.51%
- 3Y*
- 36.58%
- 5Y*
- 16.78%
- 10Y*
- 17.92%
- ALL TIME*
- 7.06%
TWN
- 1D
- 2.17%
- 1M
- -10.65%
- 6M
- 43.89%
- YTD
- 57.16%
- 1Y
- 102.97%
- 3Y*
- 52.79%
- 5Y*
- 27.04%
- 10Y*
- 26.14%
- ALL TIME*
- 6.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $570.84M | $674.34M | $671.50M | |
| $3.78M | $3.68M | $5.09M |
EWT vs. TWN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 54.23% | 28.38% | 16.11% | 29.00% | -28.90% | 26.18% | 31.50% | 33.36% | -9.90% | 26.81% |
TWN The Taiwan Fund Inc. | 57.16% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
Correlation
The correlation between EWT and TWN is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2000 | 0.75 |
The correlation between EWT and TWN has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.
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Return for Risk
EWT vs. TWN — Risk / Return Rank
EWT
TWN
EWT vs. TWN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) 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.
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.
| EWT | TWN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.50 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.83 | 4.39 | -0.56 |
| Martin ratioReturn relative to average drawdown | 15.47 | 19.68 | -4.21 |
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Drawdowns
EWT vs. TWN - Drawdown Comparison
The maximum EWT drawdown since its inception was -64.37%, smaller than the maximum TWN drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for EWT and TWN.
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Drawdown Indicators
| EWT | TWN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.37% | -79.52% | +15.15% |
Max Drawdown (1Y)Largest decline over 1 year | -19.83% | -23.58% | +3.75% |
Max Drawdown (3Y)Largest decline over 3 years | -25.66% | -29.97% | +4.31% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -51.72% | +12.84% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -51.72% | +12.84% |
Current DrawdownCurrent decline from peak | -12.15% | -17.37% | +5.22% |
Average DrawdownAverage peak-to-trough decline | -19.09% | -37.28% | +18.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.90% | 5.25% | -0.35% |
Volatility
EWT vs. TWN - Volatility Comparison
iShares MSCI Taiwan ETF (EWT) and The Taiwan Fund Inc. (TWN) have volatilities of 13.53% and 13.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWT | TWN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.53% | 13.69% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 27.44% | 28.56% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.86% | 31.48% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.96% | 25.05% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 23.15% | -0.95% |
Dividends
EWT vs. TWN - Dividend Comparison
EWT's dividend yield for the trailing twelve months is around 2.87%, less than TWN's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 2.87% | 4.43% | 3.32% | 12.01% | 18.82% | 0.55% | 1.83% | 2.49% | 3.16% | 2.81% | 2.39% | 3.12% |
TWN The Taiwan Fund Inc. | 7.39% | 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
EWT and TWN have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWN has higher volatility (13.69%) compared to EWT (13.53%). In terms of maximum drawdown, EWT dropped -64.37% vs TWN's -79.52%.
TWN currently has the higher Sharpe Ratio (3.30 vs 2.46), 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.
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