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HTWD.L vs. HSTE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HTWD.L vs. HSTE.L

Last updated Jul 16, 2026
Documentation

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF) and HSTE.L (HSBC Hang Seng Tech UCITS ETF) are both Technology Equities funds from HSBC - HTWD.L tracks the HSBC MSCI Taiwan Capped UCITS ETF while HSTE.L tracks the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 5 years, HTWD.L returned 20.24%/yr vs -8.55%/yr for HSTE.L. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

HTWD.L vs. HSTE.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 Hang Seng Tech UCITS ETF (HSTE.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HTWD.L achieves a 57.53% return, which is significantly higher than HSTE.L's -13.70% 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%

HSTE.L

1D
2.14%
1M
0.30%
6M
-18.64%
YTD
-13.70%
1Y
-11.29%
3Y*
5.00%
5Y*
-8.55%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
HTWD.L
HSBC MSCI Taiwan Capped UCITS ETF		57.53%32.26%25.40%28.98%-29.41%27.78%2.91%
HSTE.L
HSBC Hang Seng Tech UCITS ETF		-13.70%24.64%19.65%-8.46%-27.99%-32.88%-86.54%

Correlation

The correlation between HTWD.L and HSTE.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

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

0.40

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

0.45

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2020

0.45

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC MSCI Taiwan Capped UCITS ETF

HSBC Hang Seng Tech UCITS ETF

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HSTE.L vs. HSTC.LHSTE.L vs. KTECHSTE.L vs. ^HSIHSTE.L vs. 0700.HKHSTE.L vs. ^NDXHSTE.L vs. VOOHSTE.L vs. BRK-B

Return for Risk

HTWD.L vs. HSTE.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: 9494
Overall Rank
HTWD.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
HTWD.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
HTWD.L Omega Ratio Rank: 9292
Omega Ratio Rank
HTWD.L Calmar Ratio Rank: 9696
Calmar Ratio Rank
HTWD.L Martin Ratio Rank: 9494
Martin Ratio Rank
HSTE.L
HSTE.L Risk / Return Rank: 66
Overall Rank
HSTE.L Sharpe Ratio Rank: 66
Sharpe Ratio Rank
HSTE.L Sortino Ratio Rank: 55
Sortino Ratio Rank
HSTE.L Omega Ratio Rank: 66
Omega Ratio Rank
HSTE.L Calmar Ratio Rank: 66
Calmar Ratio Rank
HSTE.L Martin Ratio Rank: 77
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.

HTWD.L vs. HSTE.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 Hang Seng Tech UCITS ETF (HSTE.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.LHSTE.LDifference
Sharpe ratioReturn per unit of total volatility
3.04
-0.40

+3.44

Sortino ratioReturn per unit of downside risk
3.68
-0.40

+4.08

Omega ratioGain probability vs. loss probability

1.49

0.95

+0.53

Calmar ratioReturn relative to maximum drawdown

7.40

-0.32

+7.72

Martin ratioReturn relative to average drawdown

20.03

-0.57

+20.60

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

The current HTWD.L Sharpe Ratio is 3.04, which is higher than the HSTE.L Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of HTWD.L and HSTE.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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Drawdowns

HTWD.L vs. HSTE.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, smaller than the maximum HSTE.L drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for HTWD.L and HSTE.L.

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Drawdown Indicators

HTWD.LHSTE.LDifference

Max Drawdown

Largest peak-to-trough decline

-41.06%

-95.65%

+54.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.22%

-35.09%

+23.87%

Max Drawdown (3Y)

Largest decline over 3 years

-28.22%

-35.09%

+6.87%

Max Drawdown (5Y)

Largest decline over 5 years

-41.06%

-63.71%

+22.65%

Max Drawdown (10Y)

Largest decline over 10 years

-41.06%

—

—

Current Drawdown

Current decline from peak

-10.43%

-92.33%

+81.90%

Average Drawdown

Average peak-to-trough decline

-9.65%

-91.81%

+82.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

19.67%

-15.51%

Volatility

HTWD.L vs. HSTE.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) has a higher volatility of 10.99% compared to HSBC Hang Seng Tech UCITS ETF (HSTE.L) at 8.04%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than HSTE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HTWD.LHSTE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.99%

8.04%

+2.95%

Volatility (6M)

Calculated over the trailing 6-month period

23.75%

21.08%

+2.67%

Volatility (1Y)

Calculated over the trailing 1-year period

27.32%

28.05%

-0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.58%

39.45%

-15.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.64%

53.48%

-31.84%

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

Both HTWD.L and HSTE.L have an expense ratio of 0.50%.

Dividends

HTWD.L vs. HSTE.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.04%, while HSTE.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HSTE.L
HSBC Hang Seng Tech UCITS ETF		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		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

HTWD.L and HSTE.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HTWD.L and HSTE.L have the same expense ratio: 0.50% per year.

HTWD.L tracks HSBC MSCI Taiwan Capped UCITS ETF, while HSTE.L tracks MSCI World/Information Tech NR USD.

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