HTWD.L vs. PRAM.L

Last updated Jul 18, 2026

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) and PRAM.L (Amundi Prime Emerging Markets UCITS ETF DR (C)) are both Emerging Markets Equities funds - HTWD.L tracks the MSCI Taiwan Capped Index while PRAM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, HTWD.L returned 38.33%/yr vs 19.01%/yr for PRAM.L. A 0.77 correlation means they provide meaningful diversification when combined. HTWD.L charges 0.50%/yr vs 0.10%/yr for PRAM.L.

Performance

HTWD.L vs. PRAM.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 Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.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 PRAM.L's 14.40% 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%

PRAM.L

• 1D: -2.05%
• 1M: -9.53%
• 6M: 8.92%
• YTD: 14.40%
• 1Y: 28.83%
• 3Y*: 19.01%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)	51.61%	32.26%	25.40%	28.98%	-29.41%	5.79%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	14.40%	32.60%	7.09%	9.87%	-17.96%	-0.87%

Correlation

The correlation between HTWD.L and PRAM.L is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 20, 2021	0.77

The correlation between HTWD.L and PRAM.L has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

HTWD.L vs. PRAM.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

PRAM.L

PRAM.L Risk / Return Rank: 52
PRAM.L Sharpe Ratio Rank: 49
PRAM.L Sortino Ratio Rank: 47
PRAM.L Omega Ratio Rank: 50
PRAM.L Calmar Ratio Rank: 60
PRAM.L Martin Ratio Rank: 54

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. PRAM.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 Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.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	PRAM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.33	+1.33
Sortino ratio: Return per unit of downside risk	3.29	1.86	+1.43
Omega ratio: Gain probability vs. loss probability	1.43	1.25	+0.19
Calmar ratio: Return relative to maximum drawdown	5.31	2.29	+3.02
Martin ratio: Return relative to average drawdown	17.31	7.02	+10.29

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

The current HTWD.L Sharpe Ratio is 2.66, which is higher than the PRAM.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of HTWD.L and PRAM.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. PRAM.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, which is greater than PRAM.L's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for HTWD.L and PRAM.L.

Drawdown Indicators

	HTWD.L	PRAM.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-31.21%	-9.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-12.51%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-28.22%	-16.74%	-11.48%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	—	—
Current Drawdown Current decline from peak	-13.80%	-11.32%	-2.48%
Average Drawdown Average peak-to-trough decline	-9.66%	-10.59%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	4.10%	+0.14%

Volatility

HTWD.L vs. PRAM.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a higher volatility of 11.37% compared to Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L) at 8.81%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than PRAM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWD.L	PRAM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.37%	8.81%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	24.13%	19.52%	+4.61%
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	21.62%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	18.65%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	18.65%	+3.02%

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

HTWD.L has a 0.50% expense ratio, which is higher than PRAM.L's 0.10% expense ratio.

Dividends

HTWD.L vs. PRAM.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.08%, while PRAM.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%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	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 PRAM.L in my portfolio?

HTWD.L and PRAM.L have a correlation of 0.85, 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 PRAM.L?

On fees, PRAM.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PRAM.L is cheaper with a 0.10% expense ratio, compared with 0.50% for HTWD.L.

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

HTWD.L tracks MSCI Taiwan Capped Index, while PRAM.L tracks MSCI EM NR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.50% for HTWD.L and 0.10% for PRAM.L.