HTWD.L vs. HMEF.L

Last updated Jul 16, 2026

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF) and HMEF.L (HSBC MSCI Emerging Markets UCITS ETF USD) are both exchange-traded funds - HTWD.L is a Technology Equities fund tracking the HSBC MSCI Taiwan Capped UCITS ETF, while HMEF.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, HTWD.L returned 20.62%/yr vs 45.23%/yr for HMEF.L. A 0.78 correlation means they provide meaningful diversification when combined. HTWD.L charges 0.50%/yr vs 0.15%/yr for HMEF.L.

Performance

HTWD.L vs. HMEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HTWD.L achieves a 57.53% return, which is significantly higher than HMEF.L's 20.71% return. Over the past 10 years, HTWD.L has underperformed HMEF.L with an annualized return of 20.62%, while HMEF.L has yielded a comparatively higher 45.23% annualized return.

HTWD.L

• 1D: -1.68%
• 1M: -6.47%
• 6M: 50.40%
• YTD: 57.53%
• 1Y: 84.50%
• 3Y*: 40.11%
• 5Y*: 20.24%
• 10Y*: 20.62%

HMEF.L

• 1D: -0.07%
• 1M: -5.76%
• 6M: 14.66%
• YTD: 20.71%
• 1Y: 38.62%
• 3Y*: 20.15%
• 5Y*: 7.00%
• 10Y*: 45.23%

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

HTWD.L vs. HMEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF	57.53%	32.26%	25.40%	28.98%	-29.41%	27.78%	36.62%	33.56%	-8.71%	27.16%
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	20.71%	33.96%	7.26%	7.85%	-19.63%	-3.16%	18.32%	17.27%	-14.74%	120.60%

Correlation

The correlation between HTWD.L and HMEF.L is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 7, 2011	0.78

The correlation between HTWD.L and HMEF.L has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

Return for Risk

HTWD.L vs. HMEF.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: 94
HTWD.L Sharpe Ratio Rank: 95
HTWD.L Sortino Ratio Rank: 92
HTWD.L Omega Ratio Rank: 92
HTWD.L Calmar Ratio Rank: 96
HTWD.L Martin Ratio Rank: 94

HMEF.L

HMEF.L Risk / Return Rank: 73
HMEF.L Sharpe Ratio Rank: 73
HMEF.L Sortino Ratio Rank: 67
HMEF.L Omega Ratio Rank: 74
HMEF.L Calmar Ratio Rank: 79
HMEF.L Martin Ratio Rank: 69

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. HMEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) and HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.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	HMEF.L	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.81	+1.23
Sortino ratio: Return per unit of downside risk	3.68	2.41	+1.27
Omega ratio: Gain probability vs. loss probability	1.49	1.33	+0.16
Calmar ratio: Return relative to maximum drawdown	7.40	2.94	+4.46
Martin ratio: Return relative to average drawdown	20.03	9.64	+10.39

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

The current HTWD.L Sharpe Ratio is 3.04, which is higher than the HMEF.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HTWD.L and HMEF.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. HMEF.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, roughly equal to the maximum HMEF.L drawdown of -39.89%. Use the drawdown chart below to compare losses from any high point for HTWD.L and HMEF.L.

Drawdown Indicators

	HTWD.L	HMEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-39.89%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-13.08%	+1.86%
Max Drawdown (3Y) Largest decline over 3 years	-28.22%	-16.21%	-12.01%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	-34.86%	-6.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-39.89%	-1.17%
Current Drawdown Current decline from peak	-10.43%	-7.49%	-2.94%
Average Drawdown Average peak-to-trough decline	-9.65%	-11.05%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	4.00%	+0.16%

Volatility

HTWD.L vs. HMEF.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) has a higher volatility of 10.99% compared to HSBC MSCI Emerging Markets UCITS ETF USD (HMEF.L) at 8.81%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than HMEF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWD.L	HMEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	8.81%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	23.75%	19.13%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	27.32%	21.24%	+6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	19.15%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	141.96%	-120.32%

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

HTWD.L has a 0.50% expense ratio, which is higher than HMEF.L's 0.15% expense ratio.

Dividends

HTWD.L vs. HMEF.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.04%, less than HMEF.L's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMEF.L HSBC MSCI Emerging Markets UCITS ETF USD	1.70%	1.98%	2.43%	2.58%	2.99%	2.01%	1.66%	2.11%	2.14%	37.43%	168.62%	225.12%
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF	1.04%	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 HMEF.L in my portfolio?

HTWD.L and HMEF.L have a correlation of 0.84, 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 HMEF.L?

On fees, HMEF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HMEF.L is cheaper with a 0.15% expense ratio, compared with 0.50% for HTWD.L.

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

HTWD.L is categorized as Technology Equities, while HMEF.L is Emerging Markets Equities. HTWD.L tracks HSBC MSCI Taiwan Capped UCITS ETF, while HMEF.L tracks MSCI EM NR USD. Their fees differ too: 0.50% for HTWD.L and 0.15% for HMEF.L.