FRXT.L vs. HTWN.L

Last updated Jun 25, 2026

FRXT.L (Franklin FTSE Taiwan UCITS ETF) and HTWN.L (HSBC MSCI Taiwan Capped UCITS ETF USD) are both Asia Pacific Equities funds tracking the MSCI Taiwan NR USD, from Franklin Templeton and HSBC respectively. Both are passively managed. Over the past 3 years, FRXT.L returned 43.32%/yr vs 42.62%/yr for HTWN.L. With a 0.95 correlation, they move nearly in lockstep. FRXT.L charges 0.19%/yr vs 0.50%/yr for HTWN.L.

Performance

FRXT.L vs. HTWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Franklin FTSE Taiwan UCITS ETF (FRXT.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FRXT.L is traded in GBP, while HTWN.L is traded in GBp. To make them comparable, the HTWN.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with FRXT.L having a 71.15% return and HTWN.L slightly lower at 69.57%.

FRXT.L

• 1D: 0.00%
• 1M: 11.24%
• YTD: 71.15%
• 6M: 75.12%
• 1Y: 114.12%
• 3Y*: 43.32%
• 5Y*: —
• 10Y*: —

HTWN.L

• 1D: -0.80%
• 1M: 9.73%
• YTD: 69.57%
• 6M: 73.85%
• 1Y: 109.21%
• 3Y*: 42.62%
• 5Y*: 23.32%
• 10Y*: 22.91%

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

FRXT.L vs. HTWN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FRXT.L Franklin FTSE Taiwan UCITS ETF	71.15%	25.34%	25.66%	22.61%	-36.11%
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	69.57%	23.15%	27.50%	21.97%	-16.93%

Correlation

The correlation between FRXT.L and HTWN.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 21, 2022	0.95

The correlation between FRXT.L and HTWN.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FRXT.L vs. HTWN.L — Risk / Return Rank

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

FRXT.L

FRXT.L Risk / Return Rank: 97
FRXT.L Sharpe Ratio Rank: 98
FRXT.L Sortino Ratio Rank: 96
FRXT.L Omega Ratio Rank: 96
FRXT.L Calmar Ratio Rank: 98
FRXT.L Martin Ratio Rank: 97

HTWN.L

HTWN.L Risk / Return Rank: 97
HTWN.L Sharpe Ratio Rank: 97
HTWN.L Sortino Ratio Rank: 96
HTWN.L Omega Ratio Rank: 96
HTWN.L Calmar Ratio Rank: 98
HTWN.L Martin Ratio Rank: 96

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.

FRXT.L vs. HTWN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Taiwan UCITS ETF (FRXT.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.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.

	FRXT.L	HTWN.L	Difference
Sharpe ratio: Return per unit of total volatility	4.77	4.47	+0.30
Sortino ratio: Return per unit of downside risk	5.28	5.15	+0.13
Omega ratio: Gain probability vs. loss probability	1.75	1.71	+0.04
Calmar ratio: Return relative to maximum drawdown	12.62	12.26	+0.36
Martin ratio: Return relative to average drawdown	35.01	32.16	+2.85

FRXT.L vs. HTWN.L - Sharpe Ratio Comparison

The current FRXT.L Sharpe Ratio is 4.77, which is comparable to the HTWN.L Sharpe Ratio of 4.47. The chart below compares the historical Sharpe Ratios of FRXT.L and HTWN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRXT.L vs. HTWN.L - Drawdown Comparison

The maximum FRXT.L drawdown since its inception was -42.57%, which is greater than HTWN.L's maximum drawdown of -32.63%. Use the drawdown chart below to compare losses from any high point for FRXT.L and HTWN.L.

Drawdown Indicators

	FRXT.L	HTWN.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.57%	-32.63%	-9.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-8.86%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-28.86%	-29.76%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.98%	—
Current Drawdown Current decline from peak	-5.13%	-6.14%	+1.01%
Average Drawdown Average peak-to-trough decline	-16.55%	-7.43%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.38%	-0.11%

Volatility

FRXT.L vs. HTWN.L - Volatility Comparison

Franklin FTSE Taiwan UCITS ETF (FRXT.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) have volatilities of 10.91% and 10.98%, 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.

Volatility by Period

	FRXT.L	HTWN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	10.98%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	20.06%	20.27%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	24.17%	24.37%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	21.12%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.81%	20.36%	+3.45%

FRXT.L vs. HTWN.L - Expense Ratio Comparison

FRXT.L has a 0.19% expense ratio, which is lower than HTWN.L's 0.50% expense ratio.

Dividends

FRXT.L vs. HTWN.L - Dividend Comparison

FRXT.L has not paid dividends to shareholders, while HTWN.L's dividend yield for the trailing twelve months is around 0.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRXT.L Franklin FTSE Taiwan 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%
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	0.96%	1.61%	1.17%	2.79%	3.06%	1.11%	1.79%	2.13%	2.56%	2.03%	2.32%	2.59%

Frequently Asked Questions

Can I hold both FRXT.L and HTWN.L in my portfolio?

With a correlation of 0.97, FRXT.L and HTWN.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, FRXT.L or HTWN.L?

On fees, FRXT.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRXT.L or HTWN.L?

FRXT.L is cheaper with a 0.19% expense ratio, compared with 0.50% for HTWN.L.

What is the main difference between FRXT.L and HTWN.L?

Both ETFs track MSCI Taiwan NR USD. They also come from different issuers: Franklin Templeton and HSBC. Their fees differ too: 0.19% for FRXT.L and 0.50% for HTWN.L.