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HMXD.L vs. ITWN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMXD.L vs. ITWN.L

Last updated Jun 5, 2026

HMXD.L (HSBC MSCI Pacific ex Japan UCITS ETF) and ITWN.L (iShares MSCI Taiwan UCITS ETF) are both Asia Pacific Equities funds - HMXD.L tracks the MSCI Pacific Ex Japan NR USD while ITWN.L tracks the MSCI Taiwan NR USD. Both are passively managed. Over the past 10 years, HMXD.L returned 7.96%/yr vs 22.16%/yr for ITWN.L. At a 0.41 correlation, their price movements are largely independent. HMXD.L charges 0.40%/yr vs 0.74%/yr for ITWN.L.

Performance

HMXD.L vs. ITWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) and iShares MSCI Taiwan UCITS ETF (ITWN.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HMXD.L is traded in USD, while ITWN.L is traded in GBp. To make them comparable, the ITWN.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMXD.L achieves a 8.48% return, which is significantly lower than ITWN.L's 67.51% return. Over the past 10 years, HMXD.L has underperformed ITWN.L with an annualized return of 7.96%, while ITWN.L has yielded a comparatively higher 22.16% annualized return.

HMXD.L

1D
-0.92%
1M
-0.51%
YTD
8.48%
6M
10.08%
1Y
16.27%
3Y*
13.45%
5Y*
4.91%
10Y*
7.96%

ITWN.L

1D
-1.58%
1M
13.87%
YTD
67.51%
6M
74.76%
1Y
115.30%
3Y*
44.09%
5Y*
21.65%
10Y*
22.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMXD.L vs. ITWN.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HMXD.L
HSBC MSCI Pacific ex Japan UCITS ETF		8.48%20.24%5.29%6.26%-4.99%2.80%6.72%20.07%-11.50%21.80%
ITWN.L
iShares MSCI Taiwan UCITS ETF		67.51%31.86%23.68%28.27%-29.51%28.66%34.79%34.70%-9.34%27.66%

Correlation

The correlation between HMXD.L and ITWN.L is 0.56, 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

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

0.41

The correlation between HMXD.L and ITWN.L shifts across timeframes, from 0.41 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.

HMXD.L vs. ITWN.L - Sectors Allocation Comparison

Sectors
HMXD.L
ITWN.L

Financial Services

44.3%
10.9%

Basic Materials

15.6%
2.0%

Industrials

8.8%
2.4%

Real Estate

7.8%

-

Consumer Cyclical

6.0%
1.2%

Healthcare

3.6%
0.6%

Energy

3.3%

-

Utilities

3.1%

-

Consumer Defensive

2.9%
0.8%

Communication Services

2.7%
1.4%

Technology

1.0%
80.7%

Financial Services

HMXD.L
44.3%
ITWN.L
10.9%

Basic Materials

HMXD.L
15.6%
ITWN.L
2.0%

Industrials

HMXD.L
8.8%
ITWN.L
2.4%

Real Estate

HMXD.L
7.8%
ITWN.L

-

Consumer Cyclical

HMXD.L
6.0%
ITWN.L
1.2%

Healthcare

HMXD.L
3.6%
ITWN.L
0.6%

Energy

HMXD.L
3.3%
ITWN.L

-

Utilities

HMXD.L
3.1%
ITWN.L

-

Consumer Defensive

HMXD.L
2.9%
ITWN.L
0.8%

Communication Services

HMXD.L
2.7%
ITWN.L
1.4%

Technology

HMXD.L
1.0%
ITWN.L
80.7%

Compare stocks, funds, or ETFs

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HSBC MSCI Pacific ex Japan UCITS ETF

iShares MSCI Taiwan UCITS ETF

Often compared with HMXD.L:
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Often compared with ITWN.L:
ITWN.L vs. QQQITWN.L vs. SPINXITWN.L vs. TSMITWN.L vs. VTIITWN.L vs. VWCE.DEITWN.L vs. FLXT.DEITWN.L vs. FLIN

Return for Risk

HMXD.L vs. ITWN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMXD.L
HMXD.L Risk / Return Rank: 3737
Overall Rank
HMXD.L Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
HMXD.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
HMXD.L Omega Ratio Rank: 3434
Omega Ratio Rank
HMXD.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
HMXD.L Martin Ratio Rank: 3939
Martin Ratio Rank
ITWN.L
ITWN.L Risk / Return Rank: 9797
Overall Rank
ITWN.L Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ITWN.L Sortino Ratio Rank: 9797
Sortino Ratio Rank
ITWN.L Omega Ratio Rank: 9696
Omega Ratio Rank
ITWN.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
ITWN.L Martin Ratio Rank: 9696
Martin Ratio Rank
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.

HMXD.L vs. ITWN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) and iShares MSCI Taiwan UCITS ETF (ITWN.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.

HMXD.LITWN.LDifference
Sharpe ratioReturn per unit of total volatility
1.21
4.65

-3.45

Sortino ratioReturn per unit of downside risk
1.92
5.43

-3.52

Omega ratioGain probability vs. loss probability

1.22

1.72

-0.50

Calmar ratioReturn relative to maximum drawdown

1.96

10.10

-8.14

Martin ratioReturn relative to average drawdown

6.00

30.61

-24.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMXD.L vs. ITWN.L - Sharpe Ratio Comparison

The current HMXD.L Sharpe Ratio is 1.21, which is lower than the ITWN.L Sharpe Ratio of 4.65. The chart below compares the historical Sharpe Ratios of HMXD.L and ITWN.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.

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Sharpe Ratios by Period

HMXD.LITWN.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.21

4.65

-3.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.95

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

1.06

-0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.49

-0.05

Drawdowns

HMXD.L vs. ITWN.L - Drawdown Comparison

The maximum HMXD.L drawdown since its inception was -38.10%, smaller than the maximum ITWN.L drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for HMXD.L and ITWN.L.

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Drawdown Indicators

HMXD.LITWN.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.10%

-61.21%

+23.11%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

-11.35%

+2.76%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-28.01%

+9.08%

Max Drawdown (5Y)

Largest decline over 5 years

-24.73%

-41.23%

+16.50%

Max Drawdown (10Y)

Largest decline over 10 years

-38.10%

-41.23%

+3.13%

Current Drawdown

Current decline from peak

-3.35%

-2.11%

-1.24%

Average Drawdown

Average peak-to-trough decline

-7.91%

-12.72%

+4.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

3.75%

-0.99%

Volatility

HMXD.L vs. ITWN.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXD.L) is 4.66%, while iShares MSCI Taiwan UCITS ETF (ITWN.L) has a volatility of 10.34%. This indicates that HMXD.L experiences smaller price fluctuations and is considered to be less risky than ITWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMXD.LITWN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.66%

10.34%

-5.68%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

20.19%

-9.20%

Volatility (1Y)

Calculated over the trailing 1-year period

13.98%

24.66%

-10.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.97%

22.77%

-2.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.23%

21.83%

+0.40%

HMXD.L vs. ITWN.L - Expense Ratio Comparison

HMXD.L has a 0.40% expense ratio, which is lower than ITWN.L's 0.74% expense ratio.

Dividends

HMXD.L vs. ITWN.L - Dividend Comparison

HMXD.L's dividend yield for the trailing twelve months is around 3.05%, more than ITWN.L's 0.89% yield.

PositionTTM20252024202320222021202020192018201720162015
HMXD.L
HSBC MSCI Pacific ex Japan UCITS ETF		3.05%3.30%3.86%4.09%4.06%2.81%2.85%3.74%4.15%3.09%3.62%4.31%
ITWN.L
iShares MSCI Taiwan UCITS ETF		0.89%1.50%1.37%2.14%3.54%1.33%1.83%2.28%2.72%2.74%2.86%3.23%

Frequently Asked Questions

HMXD.L and ITWN.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HMXD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMXD.L is cheaper with a 0.40% expense ratio, compared with 0.74% for ITWN.L.

HMXD.L tracks MSCI Pacific Ex Japan NR USD, while ITWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.40% for HMXD.L and 0.74% for ITWN.L.

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