HDEM.L vs. HTWD.L
HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) are both Emerging Markets Equities funds - HDEM.L tracks the MSCI EM NR USD while HTWD.L tracks the MSCI Taiwan Capped Index. Both are passively managed. Over the past 10 years, HDEM.L returned 6.22%/yr vs 19.91%/yr for HTWD.L. A 0.57 correlation means they provide meaningful diversification when combined. HDEM.L charges 0.49%/yr vs 0.50%/yr for HTWD.L.
Performance
HDEM.L vs. HTWD.L - Performance Comparison
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Different Trading Currencies
HDEM.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, HDEM.L achieves a 9.16% return, which is significantly lower than HTWD.L's 51.82% return. Over the past 10 years, HDEM.L has underperformed HTWD.L with an annualized return of 6.22%, while HTWD.L has yielded a comparatively higher 19.91% annualized return.
HDEM.L
- 1D
- 0.98%
- 1M
- 0.79%
- 6M
- 6.19%
- YTD
- 9.16%
- 1Y
- 20.82%
- 3Y*
- 13.34%
- 5Y*
- 7.03%
- 10Y*
- 6.22%
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%
HDEM.L vs. HTWD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF | 9.16% | 18.32% | 3.91% | 3.74% | -6.40% | 15.10% | -10.00% | 11.46% | -1.01% | 14.12% |
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 HDEM.L and HTWD.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 27, 2016 | 0.57 |
The correlation between HDEM.L and HTWD.L shifts across timeframes, from 0.43 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HDEM.L vs. HTWD.L — Risk / Return Rank
HDEM.L
HTWD.L
HDEM.L vs. HTWD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.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.
| HDEM.L | HTWD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.45 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 4.83 | -1.61 |
| Martin ratioReturn relative to average drawdown | 8.51 | 18.16 | -9.65 |
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Drawdowns
HDEM.L vs. HTWD.L - Drawdown Comparison
The maximum HDEM.L drawdown since its inception was -32.18%, roughly equal to the maximum HTWD.L drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for HDEM.L and HTWD.L.
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Drawdown Indicators
| HDEM.L | HTWD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.18% | -32.66% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -6.44% | -15.07% | +8.63% |
Max Drawdown (3Y)Largest decline over 3 years | -12.22% | -29.82% | +17.60% |
Max Drawdown (5Y)Largest decline over 5 years | -18.05% | -30.12% | +12.07% |
Max Drawdown (10Y)Largest decline over 10 years | -32.18% | -30.12% | -2.06% |
Current DrawdownCurrent decline from peak | -2.99% | -15.07% | +12.08% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -7.45% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 4.02% | -1.58% |
Volatility
HDEM.L vs. HTWD.L - Volatility Comparison
The current volatility for Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) is 3.32%, while HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a volatility of 10.84%. This indicates that HDEM.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
| HDEM.L | HTWD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.32% | 10.84% | -7.52% |
Volatility (6M)Calculated over the trailing 6-month period | 7.57% | 23.02% | -15.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 26.48% | -16.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 22.21% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.69% | 21.12% | -5.43% |
HDEM.L vs. HTWD.L - Expense Ratio Comparison
HDEM.L has a 0.49% expense ratio, which is lower than HTWD.L's 0.50% expense ratio.
Dividends
HDEM.L vs. HTWD.L - Dividend Comparison
HDEM.L's dividend yield for the trailing twelve months is around 4.83%, more than HTWD.L's 1.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF | 4.83% | 5.18% | 5.61% | 6.08% | 8.92% | 5.96% | 4.31% | 5.23% | 5.37% | 5.06% | 2.27% | 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
HDEM.L and HTWD.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HDEM.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HDEM.L is cheaper with a 0.49% expense ratio, compared with 0.50% for HTWD.L.
HDEM.L tracks MSCI EM NR USD, while HTWD.L tracks MSCI Taiwan Capped Index. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.49% for HDEM.L and 0.50% for HTWD.L.
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