HTWD.L vs. HMWD.L

Last updated Jul 16, 2026

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF) and HMWD.L (HSBC MSCI World UCITS ETF) are both exchange-traded funds - HTWD.L is a Technology Equities fund tracking the HSBC MSCI Taiwan Capped UCITS ETF, while HMWD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, HTWD.L returned 20.62%/yr vs 13.16%/yr for HMWD.L. A 0.68 correlation means they provide meaningful diversification when combined. HTWD.L charges 0.50%/yr vs 0.15%/yr for HMWD.L.

Performance

HTWD.L vs. HMWD.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 World UCITS ETF (HMWD.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 57.53% return, which is significantly higher than HMWD.L's 10.23% return. Over the past 10 years, HTWD.L has outperformed HMWD.L with an annualized return of 20.62%, while HMWD.L has yielded a comparatively lower 13.16% 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%

HMWD.L

• 1D: 0.10%
• 1M: 0.20%
• 6M: 9.06%
• YTD: 10.23%
• 1Y: 22.04%
• 3Y*: 18.94%
• 5Y*: 11.71%
• 10Y*: 13.16%

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

HTWD.L vs. HMWD.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%
HMWD.L HSBC MSCI World UCITS ETF	10.23%	21.06%	19.12%	24.61%	-18.25%	22.44%	16.43%	27.45%	-8.90%	23.11%

Correlation

The correlation between HTWD.L and HMWD.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011	0.68

The correlation between HTWD.L and HMWD.L has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

HTWD.L vs. HMWD.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

HMWD.L

HMWD.L Risk / Return Rank: 70
HMWD.L Sharpe Ratio Rank: 68
HMWD.L Sortino Ratio Rank: 76
HMWD.L Omega Ratio Rank: 67
HMWD.L Calmar Ratio Rank: 66
HMWD.L Martin Ratio Rank: 74

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. HMWD.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 World UCITS ETF (HMWD.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	HMWD.L	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.79	+1.26
Sortino ratio: Return per unit of downside risk	3.68	2.72	+0.96
Omega ratio: Gain probability vs. loss probability	1.49	1.32	+0.16
Calmar ratio: Return relative to maximum drawdown	7.40	2.65	+4.76
Martin ratio: Return relative to average drawdown	20.03	10.84	+9.19

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

The current HTWD.L Sharpe Ratio is 3.04, which is higher than the HMWD.L Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of HTWD.L and HMWD.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. HMWD.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, which is greater than HMWD.L's maximum drawdown of -34.01%. Use the drawdown chart below to compare losses from any high point for HTWD.L and HMWD.L.

Drawdown Indicators

	HTWD.L	HMWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-34.01%	-7.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-8.30%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-28.22%	-17.58%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	-25.99%	-15.07%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-34.01%	-7.05%
Current Drawdown Current decline from peak	-10.43%	-0.10%	-10.33%
Average Drawdown Average peak-to-trough decline	-9.65%	-4.75%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	2.03%	+2.13%

Volatility

HTWD.L vs. HMWD.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) has a higher volatility of 10.99% compared to HSBC MSCI World UCITS ETF (HMWD.L) at 2.93%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than HMWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWD.L	HMWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	2.93%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	23.75%	9.85%	+13.90%
Volatility (1Y) Calculated over the trailing 1-year period	27.32%	12.29%	+15.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	15.63%	+7.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	15.73%	+5.91%

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

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

Dividends

HTWD.L vs. HMWD.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.04%, less than HMWD.L's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMWD.L HSBC MSCI World UCITS ETF	1.17%	1.24%	1.43%	1.57%	1.79%	1.31%	1.44%	1.91%	2.23%	1.81%	2.00%	1.93%
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 HMWD.L in my portfolio?

HTWD.L and HMWD.L have a correlation of 0.67, 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 HMWD.L?

On fees, HMWD.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 HMWD.L?

HMWD.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 HMWD.L?

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