HMAF.L vs. IDTW.L
HMAF.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD) and IDTW.L (iShares MSCI Taiwan UCITS ETF USD (Dist)) are both exchange-traded funds - HMAF.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD, while IDTW.L is a Technology Equities fund tracking the MSCI Taiwan 20/35 Index (Net) (USD). Both are passively managed. Over the past 10 years, HMAF.L returned 9.74%/yr vs 20.14%/yr for IDTW.L. A 0.76 correlation means they provide meaningful diversification when combined. HMAF.L charges 0.45%/yr vs 0.74%/yr for IDTW.L.
Performance
HMAF.L vs. IDTW.L - Performance Comparison
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Different Trading Currencies
HMAF.L is traded in GBP, while IDTW.L is traded in USD. To make them comparable, the IDTW.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HMAF.L achieves a 26.04% return, which is significantly lower than IDTW.L's 58.02% return. Over the past 10 years, HMAF.L has underperformed IDTW.L with an annualized return of 9.74%, while IDTW.L has yielded a comparatively higher 20.14% annualized return.
HMAF.L
- 1D
- -1.44%
- 1M
- -7.75%
- 6M
- 16.30%
- YTD
- 26.04%
- 1Y
- 47.89%
- 3Y*
- 23.01%
- 5Y*
- 7.78%
- 10Y*
- 9.74%
IDTW.L
- 1D
- -1.27%
- 1M
- -5.17%
- 6M
- 46.70%
- YTD
- 58.02%
- 1Y
- 82.77%
- 3Y*
- 38.04%
- 5Y*
- 20.31%
- 10Y*
- 20.14%
HMAF.L vs. IDTW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD | 26.04% | 31.76% | 13.79% | -3.80% | -12.60% | -7.57% | 21.71% | 13.86% | -8.45% | 27.16% |
IDTW.L iShares MSCI Taiwan UCITS ETF USD (Dist) | 58.02% | 22.39% | 25.77% | 22.40% | -21.17% | 29.73% | 30.40% | 29.33% | -3.73% | 16.98% |
Correlation
The correlation between HMAF.L and IDTW.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.76 |
The correlation between HMAF.L and IDTW.L shifts across timeframes, from 0.71 (5 years) to 0.82 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HMAF.L vs. IDTW.L — Risk / Return Rank
HMAF.L
IDTW.L
HMAF.L vs. IDTW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) and iShares MSCI Taiwan UCITS ETF USD (Dist) (IDTW.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.
| HMAF.L | IDTW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.50 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 6.65 | -2.84 |
| Martin ratioReturn relative to average drawdown | 11.67 | 20.04 | -8.37 |
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Drawdowns
HMAF.L vs. IDTW.L - Drawdown Comparison
The maximum HMAF.L drawdown since its inception was -53.81%, which is greater than IDTW.L's maximum drawdown of -47.00%. Use the drawdown chart below to compare losses from any high point for HMAF.L and IDTW.L.
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Drawdown Indicators
| HMAF.L | IDTW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.81% | -47.00% | -6.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.50% | -12.38% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -29.91% | +3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -30.18% | -2.25% |
Max Drawdown (10Y)Largest decline over 10 years | -39.58% | -30.18% | -9.40% |
Current DrawdownCurrent decline from peak | -12.50% | -12.38% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -22.26% | -9.11% | -13.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 4.11% | -0.02% |
Volatility
HMAF.L vs. IDTW.L - Volatility Comparison
HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) and iShares MSCI Taiwan UCITS ETF USD (Dist) (IDTW.L) have volatilities of 11.07% and 11.25%, 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
| HMAF.L | IDTW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 11.25% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 20.04% | 23.20% | -3.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.45% | 26.74% | -4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.91% | 22.45% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.50% | 21.76% | -0.26% |
HMAF.L vs. IDTW.L - Expense Ratio Comparison
HMAF.L has a 0.45% expense ratio, which is lower than IDTW.L's 0.74% expense ratio.
Dividends
HMAF.L vs. IDTW.L - Dividend Comparison
HMAF.L has not paid dividends to shareholders, while IDTW.L's dividend yield for the trailing twelve months is around 0.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IDTW.L iShares MSCI Taiwan UCITS ETF USD (Dist) | 0.95% | 1.51% | 1.43% | 2.09% | 3.39% | 1.35% | 1.73% | 2.15% | 2.78% | 2.70% | 3.10% | 3.33% |
Frequently Asked Questions
HMAF.L and IDTW.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAF.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAF.L is cheaper with a 0.45% expense ratio, compared with 0.74% for IDTW.L.
HMAF.L is categorized as Asia Pacific Equities, while IDTW.L is Technology Equities. HMAF.L tracks MSCI AC Asia Ex Japan NR USD, while IDTW.L tracks MSCI Taiwan 20/35 Index (Net) (USD). They also come from different issuers: HSBC and iShares. Their fees differ too: 0.45% for HMAF.L and 0.74% for IDTW.L.
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