FPX.L vs. HTWD.L
FPX.L (First Trust US IPO Index UCITS ETF) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) are both exchange-traded funds - FPX.L is a Large Cap Growth Equities fund tracking the Russell 1000 Growth TR USD, while HTWD.L is a Emerging Markets Equities fund tracking the MSCI Taiwan Capped Index. Both are passively managed. Over the past 10 years, FPX.L returned 13.24%/yr vs 19.91%/yr for HTWD.L. A 0.52 correlation means they provide meaningful diversification when combined. FPX.L charges 0.65%/yr vs 0.50%/yr for HTWD.L.
Performance
FPX.L vs. HTWD.L - Performance Comparison
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Different Trading Currencies
FPX.L is traded in GBp, while HTWD.L is traded in USD. To make them comparable, the HTWD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FPX.L achieves a 10.96% return, which is significantly lower than HTWD.L's 51.82% return. Over the past 10 years, FPX.L has underperformed HTWD.L with an annualized return of 13.24%, while HTWD.L has yielded a comparatively higher 19.91% annualized return.
FPX.L
- 1D
- -0.76%
- 1M
- -7.81%
- 6M
- 7.74%
- YTD
- 10.96%
- 1Y
- 24.27%
- 3Y*
- 23.91%
- 5Y*
- 9.31%
- 10Y*
- 13.24%
HTWD.L
- 1D
- -3.97%
- 1M
- -11.64%
- 6M
- 41.55%
- YTD
- 51.82%
- 1Y
- 73.20%
- 3Y*
- 36.89%
- 5Y*
- 19.87%
- 10Y*
- 19.91%
FPX.L vs. HTWD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPX.L First Trust US IPO Index UCITS ETF | 10.96% | 26.94% | 27.65% | 16.72% | -28.22% | 3.98% | 43.83% | 25.95% | -4.42% | 15.29% |
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 51.82% | 22.83% | 27.59% | 22.54% | -21.01% | 28.99% | 32.61% | 28.48% | -3.30% | 16.17% |
Correlation
The correlation between FPX.L and HTWD.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2015 | 0.52 |
The correlation between FPX.L and HTWD.L shifts across timeframes, from 0.52 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FPX.L vs. HTWD.L — Risk / Return Rank
FPX.L
HTWD.L
FPX.L vs. HTWD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust US IPO Index UCITS ETF (FPX.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.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.
| FPX.L | HTWD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.45 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 4.83 | -2.85 |
| Martin ratioReturn relative to average drawdown | 5.77 | 18.16 | -12.39 |
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Drawdowns
FPX.L vs. HTWD.L - Drawdown Comparison
The maximum FPX.L drawdown since its inception was -46.68%, which is greater than HTWD.L's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for FPX.L and HTWD.L.
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Drawdown Indicators
| FPX.L | HTWD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.68% | -32.66% | -14.02% |
Max Drawdown (1Y)Largest decline over 1 year | -12.19% | -15.07% | +2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -32.16% | -29.82% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -36.97% | -30.12% | -6.85% |
Max Drawdown (10Y)Largest decline over 10 years | -36.97% | -30.12% | -6.85% |
Current DrawdownCurrent decline from peak | -11.38% | -15.07% | +3.69% |
Average DrawdownAverage peak-to-trough decline | -15.43% | -7.45% | -7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 4.02% | +0.17% |
Volatility
FPX.L vs. HTWD.L - Volatility Comparison
The current volatility for First Trust US IPO Index UCITS ETF (FPX.L) is 8.81%, while HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a volatility of 10.84%. This indicates that FPX.L experiences smaller price fluctuations and is considered to be less risky than HTWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPX.L | HTWD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.81% | 10.84% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 16.99% | 23.02% | -6.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.49% | 26.48% | -1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.74% | 22.21% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.59% | 21.12% | +1.47% |
FPX.L vs. HTWD.L - Expense Ratio Comparison
FPX.L has a 0.65% expense ratio, which is higher than HTWD.L's 0.50% expense ratio.
Dividends
FPX.L vs. HTWD.L - Dividend Comparison
FPX.L has not paid dividends to shareholders, while HTWD.L's dividend yield for the trailing twelve months is around 1.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPX.L First Trust US IPO Index UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 1.08% | 1.53% | 1.18% | 2.73% | 3.31% | 1.13% | 1.69% | 2.08% | 2.79% | 1.37% | 2.64% | 2.65% |
Frequently Asked Questions
FPX.L and HTWD.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HTWD.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HTWD.L is cheaper with a 0.50% expense ratio, compared with 0.65% for FPX.L.
FPX.L is categorized as Large Cap Growth Equities, while HTWD.L is Emerging Markets Equities. FPX.L tracks Russell 1000 Growth TR USD, while HTWD.L tracks MSCI Taiwan Capped Index. They also come from different issuers: First Trust and HSBC. Their fees differ too: 0.65% for FPX.L and 0.50% for HTWD.L.
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