HTWD.L vs. LUK2.L

Last updated Jul 18, 2026

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) and LUK2.L (L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)) are both exchange-traded funds - HTWD.L is a Emerging Markets Equities fund tracking the MSCI Taiwan Capped Index, while LUK2.L is a Leveraged Equities fund tracking the FTSE 100 Daily Leveraged Index. Both are passively managed. Over the past 10 years, HTWD.L returned 20.23%/yr vs 10.80%/yr for LUK2.L. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

HTWD.L vs. LUK2.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 L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HTWD.L is traded in USD, while LUK2.L is traded in GBp. To make them comparable, the LUK2.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 51.61% return, which is significantly higher than LUK2.L's 12.79% return. Over the past 10 years, HTWD.L has outperformed LUK2.L with an annualized return of 20.23%, while LUK2.L has yielded a comparatively lower 10.80% annualized 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%

LUK2.L

• 1D: 0.46%
• 1M: 2.55%
• 6M: 7.10%
• YTD: 12.79%
• 1Y: 36.40%
• 3Y*: 25.34%
• 5Y*: 16.78%
• 10Y*: 10.80%

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

HTWD.L vs. LUK2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	-8.71%	27.16%
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)	12.79%	54.57%	7.98%	12.21%	-7.34%	33.53%	-28.30%	37.83%	-25.19%	33.91%

Correlation

The correlation between HTWD.L and LUK2.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011	0.57

Over the past year, the correlation between HTWD.L and LUK2.L has dropped to 0.37 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

HTWD.L vs. LUK2.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

LUK2.L

LUK2.L Risk / Return Rank: 57
LUK2.L Sharpe Ratio Rank: 65
LUK2.L Sortino Ratio Rank: 61
LUK2.L Omega Ratio Rank: 64
LUK2.L Calmar Ratio Rank: 50
LUK2.L Martin Ratio Rank: 46

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. LUK2.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 L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.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	LUK2.L	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.50	+1.16
Sortino ratio: Return per unit of downside risk	3.29	2.09	+1.20
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	5.31	1.92	+3.39
Martin ratio: Return relative to average drawdown	17.31	5.46	+11.85

HTWD.L vs. LUK2.L - Sharpe Ratio Comparison

The current HTWD.L Sharpe Ratio is 2.66, which is higher than the LUK2.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of HTWD.L and LUK2.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. LUK2.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, smaller than the maximum LUK2.L drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for HTWD.L and LUK2.L.

Drawdown Indicators

	HTWD.L	LUK2.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-64.37%	+23.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-18.89%	+5.09%
Max Drawdown (3Y) Largest decline over 3 years	-28.22%	-25.12%	-3.10%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	-34.17%	-6.89%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-64.37%	+23.31%
Current Drawdown Current decline from peak	-13.80%	-6.38%	-7.42%
Average Drawdown Average peak-to-trough decline	-9.66%	-13.04%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	6.65%	-2.41%

Volatility

HTWD.L vs. LUK2.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a higher volatility of 11.37% compared to L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L) at 5.99%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than LUK2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWD.L	LUK2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.37%	5.99%	+5.38%
Volatility (6M) Calculated over the trailing 6-month period	24.13%	20.97%	+3.16%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	24.17%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	28.28%	-4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	31.33%	-9.66%

HTWD.L vs. LUK2.L - Expense Ratio Comparison

Both HTWD.L and LUK2.L have an expense ratio of 0.50%.

Dividends

HTWD.L vs. LUK2.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.08%, while LUK2.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (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%

Frequently Asked Questions

Can I hold both HTWD.L and LUK2.L in my portfolio?

HTWD.L and LUK2.L have a correlation of 0.37, 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 LUK2.L?

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

Which ETF is cheaper, HTWD.L or LUK2.L?

HTWD.L and LUK2.L have the same expense ratio: 0.50% per year.

What is the main difference between HTWD.L and LUK2.L?

HTWD.L is categorized as Emerging Markets Equities, while LUK2.L is Leveraged Equities. HTWD.L tracks MSCI Taiwan Capped Index, while LUK2.L tracks FTSE 100 Daily Leveraged Index. They also come from different issuers: HSBC and L&G.