HTWD.L vs. FLQA.L

Last updated Jul 18, 2026

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) and FLQA.L (Franklin FTSE Asia ex China ex Japan UCITS ETF USD (Acc)) are both exchange-traded funds - HTWD.L is a Emerging Markets Equities fund tracking the MSCI Taiwan Capped Index, while FLQA.L is a Asia Pacific Equities fund tracking the Linked FTSE Asia ex Japan ex China Index - Net Return. Both are passively managed. Over the past 5 years, HTWD.L returned 19.33%/yr vs 12.23%/yr for FLQA.L. Their correlation of 0.81 suggests significant overlap in exposure. HTWD.L charges 0.50%/yr vs 0.14%/yr for FLQA.L.

Performance

HTWD.L vs. FLQA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) and Franklin FTSE Asia ex China ex Japan UCITS ETF USD (Acc) (FLQA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTWD.L achieves a 51.61% return, which is significantly higher than FLQA.L's 30.17% 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%

FLQA.L

• 1D: -1.86%
• 1M: -11.56%
• 6M: 22.63%
• YTD: 30.17%
• 1Y: 48.05%
• 3Y*: 24.43%
• 5Y*: 12.23%
• 10Y*: —

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

HTWD.L vs. FLQA.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%	-12.18%
FLQA.L Franklin FTSE Asia ex China ex Japan UCITS ETF USD (Acc)	30.17%	29.84%	7.76%	12.02%	-12.93%	4.57%	6.71%	9.75%	-5.84%

Correlation

The correlation between HTWD.L and FLQA.L is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018	0.81

The correlation between HTWD.L and FLQA.L has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

HTWD.L vs. FLQA.L — Risk / Return Rank

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

HTWD.L

HTWD.L Risk / Return Rank: 92
HTWD.L Sharpe Ratio Rank: 94
HTWD.L Sortino Ratio Rank: 90
HTWD.L Omega Ratio Rank: 89
HTWD.L Calmar Ratio Rank: 94
HTWD.L Martin Ratio Rank: 92

FLQA.L

FLQA.L Risk / Return Rank: 78
FLQA.L Sharpe Ratio Rank: 79
FLQA.L Sortino Ratio Rank: 73
FLQA.L Omega Ratio Rank: 77
FLQA.L Calmar Ratio Rank: 84
FLQA.L Martin Ratio Rank: 78

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.

HTWD.L vs. FLQA.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 Franklin FTSE Asia ex China ex Japan UCITS ETF USD (Acc) (FLQA.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	FLQA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.90	+0.76
Sortino ratio: Return per unit of downside risk	3.29	2.49	+0.79
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	5.31	3.37	+1.94
Martin ratio: Return relative to average drawdown	17.31	10.76	+6.55

HTWD.L vs. FLQA.L - Sharpe Ratio Comparison

The current HTWD.L Sharpe Ratio is 2.66, which is higher than the FLQA.L Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of HTWD.L and FLQA.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

HTWD.L vs. FLQA.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, which is greater than FLQA.L's maximum drawdown of -29.21%. Use the drawdown chart below to compare losses from any high point for HTWD.L and FLQA.L.

Drawdown Indicators

	HTWD.L	FLQA.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-29.21%	-11.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-14.19%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-28.22%	-22.19%	-6.03%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	-25.38%	-15.68%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	—	—
Current Drawdown Current decline from peak	-13.80%	-14.19%	+0.39%
Average Drawdown Average peak-to-trough decline	-9.66%	-7.22%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	4.45%	-0.21%

Volatility

HTWD.L vs. FLQA.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) and Franklin FTSE Asia ex China ex Japan UCITS ETF USD (Acc) (FLQA.L) have volatilities of 11.37% and 10.89%, 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

	HTWD.L	FLQA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.37%	10.89%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	24.13%	23.07%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	25.18%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	17.75%	+5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	18.53%	+3.14%

HTWD.L vs. FLQA.L - Expense Ratio Comparison

HTWD.L has a 0.50% expense ratio, which is higher than FLQA.L's 0.14% expense ratio.

Dividends

HTWD.L vs. FLQA.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.08%, while FLQA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLQA.L Franklin FTSE Asia ex China ex Japan 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

Can I hold both HTWD.L and FLQA.L in my portfolio?

HTWD.L and FLQA.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTWD.L or FLQA.L?

On fees, FLQA.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTWD.L or FLQA.L?

FLQA.L is cheaper with a 0.14% expense ratio, compared with 0.50% for HTWD.L.

What is the main difference between HTWD.L and FLQA.L?

HTWD.L is categorized as Emerging Markets Equities, while FLQA.L is Asia Pacific Equities. HTWD.L tracks MSCI Taiwan Capped Index, while FLQA.L tracks Linked FTSE Asia ex Japan ex China Index - Net Return. They also come from different issuers: HSBC and Franklin. Their fees differ too: 0.50% for HTWD.L and 0.14% for FLQA.L.