HTWD.L vs. EMVL.L
HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) and EMVL.L (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) are both Emerging Markets Equities funds - HTWD.L tracks the MSCI Taiwan Capped Index while EMVL.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, HTWD.L returned 19.33%/yr vs 14.50%/yr for EMVL.L. A 0.78 correlation means they provide meaningful diversification when combined. HTWD.L charges 0.50%/yr vs 0.40%/yr for EMVL.L.
Performance
HTWD.L vs. EMVL.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HTWD.L achieves a 51.61% return, which is significantly higher than EMVL.L's 27.71% return.
HTWD.L
- 1D
- -4.13%
- 1M
- -10.54%
- 6M
- 42.37%
- YTD
- 51.61%
- 1Y
- 73.67%
- 3Y*
- 38.33%
- 5Y*
- 19.33%
- 10Y*
- 20.23%
EMVL.L
- 1D
- -1.78%
- 1M
- -12.08%
- 6M
- 19.62%
- YTD
- 27.71%
- 1Y
- 52.30%
- 3Y*
- 30.85%
- 5Y*
- 14.50%
- 10Y*
- —
HTWD.L vs. EMVL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 51.61% | 32.26% | 25.40% | 28.98% | -29.41% | 27.78% | 36.62% | 33.56% | -0.00% |
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) | 27.71% | 43.13% | 14.49% | 18.37% | -16.29% | 5.29% | 7.72% | 17.64% | -2.10% |
Correlation
The correlation between HTWD.L and EMVL.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018 | 0.78 |
The correlation between HTWD.L and EMVL.L has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HTWD.L vs. EMVL.L — Risk / Return Rank
HTWD.L
EMVL.L
HTWD.L vs. EMVL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.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.
| HTWD.L | EMVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.38 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.31 | 3.48 | +1.83 |
| Martin ratioReturn relative to average drawdown | 17.31 | 11.16 | +6.15 |
Loading charts...
Drawdowns
HTWD.L vs. EMVL.L - Drawdown Comparison
The maximum HTWD.L drawdown since its inception was -41.06%, which is greater than EMVL.L's maximum drawdown of -34.95%. Use the drawdown chart below to compare losses from any high point for HTWD.L and EMVL.L.
Loading charts...
Drawdown Indicators
| HTWD.L | EMVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.06% | -34.95% | -6.11% |
Max Drawdown (1Y)Largest decline over 1 year | -13.80% | -14.94% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -28.22% | -16.42% | -11.80% |
Max Drawdown (5Y)Largest decline over 5 years | -41.06% | -31.61% | -9.45% |
Max Drawdown (10Y)Largest decline over 10 years | -41.06% | — | — |
Current DrawdownCurrent decline from peak | -13.80% | -14.94% | +1.14% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -9.52% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 4.67% | -0.43% |
Volatility
HTWD.L vs. EMVL.L - Volatility Comparison
HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a higher volatility of 11.37% compared to iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) at 10.20%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than EMVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HTWD.L | EMVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.37% | 10.20% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 24.13% | 21.35% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.64% | 23.92% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.64% | 20.72% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.67% | 21.39% | +0.28% |
HTWD.L vs. EMVL.L - Expense Ratio Comparison
HTWD.L has a 0.50% expense ratio, which is higher than EMVL.L's 0.40% expense ratio.
Dividends
HTWD.L vs. EMVL.L - Dividend Comparison
HTWD.L's dividend yield for the trailing twelve months is around 1.08%, while EMVL.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) | 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
HTWD.L and EMVL.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMVL.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMVL.L is cheaper with a 0.40% expense ratio, compared with 0.50% for HTWD.L.
HTWD.L tracks MSCI Taiwan Capped Index, while EMVL.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.50% for HTWD.L and 0.40% for EMVL.L.
Find the right allocation for HTWD.L and EMVL.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer