EWT vs. UMC

Last updated Jun 4, 2026

EWT (iShares MSCI Taiwan ETF) is Asia Pacific Equities fund tracking the MSCI Taiwan Index, while UMC (United Microelectronics Corporation) is a stock. Over the past 10 years, EWT returned 19.90%/yr vs 33.53%/yr for UMC. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

EWT vs. UMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) and United Microelectronics Corporation (UMC). 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 lower than UMC's 172.52% return. Over the past 10 years, EWT has underperformed UMC with an annualized return of 19.90%, while UMC has yielded a comparatively higher 33.53% annualized 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%

UMC

• 1D: -4.63%
• 1M: 65.02%
• YTD: 172.52%
• 6M: 172.87%
• 1Y: 190.23%
• 3Y*: 45.85%
• 5Y*: 23.80%
• 10Y*: 33.53%

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

EWT vs. UMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	68.27%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
UMC United Microelectronics Corporation	172.52%	28.65%	-19.01%	39.20%	-40.32%	43.16%	230.69%	56.10%	-21.85%	39.99%

Correlation

The correlation between EWT and UMC 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	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 20, 2000	0.61

The correlation between EWT and UMC shifts across timeframes, from 0.44 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EWT vs. UMC — 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

UMC

UMC Risk / Return Rank: 95
UMC Sharpe Ratio Rank: 97
UMC Sortino Ratio Rank: 97
UMC Omega Ratio Rank: 96
UMC Calmar Ratio Rank: 93
UMC Martin Ratio Rank: 93

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. UMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) and United Microelectronics Corporation (UMC). 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	UMC	Difference
Sharpe ratio Return per unit of total volatility	4.42	3.93	+0.49
Sortino ratio Return per unit of downside risk	5.00	4.83	+0.17
Omega ratio Gain probability vs. loss probability	1.69	1.61	+0.09
Calmar ratio Return relative to maximum drawdown	10.56	6.17	+4.39
Martin ratio Return relative to average drawdown	32.40	15.70	+16.70
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. UMC - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 4.42, which is comparable to the UMC Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of EWT and UMC, 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	UMC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	3.93	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.61	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.85	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.18	+0.08

Drawdowns

EWT vs. UMC - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, smaller than the maximum UMC drawdown of -72.52%. Use the drawdown chart below to compare losses from any high point for EWT and UMC.

Drawdown Indicators

	EWT	UMC	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-72.52%	+8.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-31.01%	+20.50%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-36.00%	+10.34%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-54.30%	+15.42%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-54.30%	+15.42%
Current Drawdown Current decline from peak	-0.20%	-6.42%	+6.22%
Average Drawdown Average peak-to-trough decline	-19.23%	-42.57%	+23.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	12.18%	-8.76%

Volatility

EWT vs. UMC - Volatility Comparison

The current volatility for iShares MSCI Taiwan ETF (EWT) is 10.43%, while United Microelectronics Corporation (UMC) has a volatility of 20.21%. This indicates that EWT experiences smaller price fluctuations and is considered to be less risky than UMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWT	UMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	20.21%	-9.78%
Volatility (6M) Calculated over the trailing 6-month period	20.52%	42.83%	-22.31%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	48.67%	-23.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	39.54%	-16.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	39.55%	-17.95%

Dividends

EWT vs. UMC - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.63%, more than UMC's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UMC United Microelectronics Corporation	2.22%	6.06%	7.14%	6.93%	7.92%	2.44%	1.62%	3.51%	6.59%	2.41%	3.61%	3.15%

Frequently Asked Questions

Can I hold both EWT and UMC in my portfolio?

EWT and UMC 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, EWT or UMC?

UMC has higher volatility (20.21%) compared to EWT (10.43%). In terms of maximum drawdown, EWT dropped -64.37% vs UMC's -72.52%.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (4.42 vs 3.93), 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.