HTWD.L vs. XLKQ.L

Last updated Jul 16, 2026

HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF) and XLKQ.L (Invesco Technology S&P US Select Sector UCITS ETF GBP Acc) are both Technology Equities funds - HTWD.L tracks the HSBC MSCI Taiwan Capped UCITS ETF while XLKQ.L tracks the S&P Select Sector Capped 20% Technology Index. Both are passively managed. Over the past 10 years, HTWD.L returned 20.62%/yr vs 25.44%/yr for XLKQ.L. A 0.58 correlation means they provide meaningful diversification when combined. HTWD.L charges 0.50%/yr vs 0.14%/yr for XLKQ.L.

Performance

HTWD.L vs. XLKQ.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 Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HTWD.L is traded in USD, while XLKQ.L is traded in GBp. To make them comparable, the XLKQ.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 XLKQ.L's 17.97% return. Over the past 10 years, HTWD.L has underperformed XLKQ.L with an annualized return of 20.62%, while XLKQ.L has yielded a comparatively higher 25.44% 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%

XLKQ.L

• 1D: -0.46%
• 1M: -2.56%
• 6M: 20.54%
• YTD: 17.97%
• 1Y: 32.89%
• 3Y*: 31.49%
• 5Y*: 22.29%
• 10Y*: 25.44%

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

HTWD.L vs. XLKQ.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%
XLKQ.L Invesco Technology S&P US Select Sector UCITS ETF GBP Acc	17.97%	24.49%	41.63%	59.85%	-29.07%	35.05%	42.15%	50.17%	-3.26%	33.42%

Correlation

The correlation between HTWD.L and XLKQ.L is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011	0.58

The correlation between HTWD.L and XLKQ.L shifts across timeframes, from 0.58 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HTWD.L vs. XLKQ.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

XLKQ.L

XLKQ.L Risk / Return Rank: 47
XLKQ.L Sharpe Ratio Rank: 53
XLKQ.L Sortino Ratio Rank: 51
XLKQ.L Omega Ratio Rank: 48
XLKQ.L Calmar Ratio Rank: 45
XLKQ.L Martin Ratio Rank: 37

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. XLKQ.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 Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.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	XLKQ.L	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.53	+1.52
Sortino ratio: Return per unit of downside risk	3.68	2.12	+1.56
Omega ratio: Gain probability vs. loss probability	1.49	1.26	+0.23
Calmar ratio: Return relative to maximum drawdown	7.40	1.95	+5.45
Martin ratio: Return relative to average drawdown	20.03	5.35	+14.67

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

The current HTWD.L Sharpe Ratio is 3.04, which is higher than the XLKQ.L Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of HTWD.L and XLKQ.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. XLKQ.L - Drawdown Comparison

The maximum HTWD.L drawdown since its inception was -41.06%, roughly equal to the maximum XLKQ.L drawdown of -39.80%. Use the drawdown chart below to compare losses from any high point for HTWD.L and XLKQ.L.

Drawdown Indicators

	HTWD.L	XLKQ.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-39.80%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-16.81%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.22%	-26.96%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-41.06%	-35.00%	-6.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-35.00%	-6.06%
Current Drawdown Current decline from peak	-10.43%	-7.48%	-2.95%
Average Drawdown Average peak-to-trough decline	-9.65%	-9.18%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	6.13%	-1.97%

Volatility

HTWD.L vs. XLKQ.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) has a higher volatility of 10.99% compared to Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L) at 7.47%. This indicates that HTWD.L's price experiences larger fluctuations and is considered to be riskier than XLKQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWD.L	XLKQ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	7.47%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	23.75%	17.08%	+6.67%
Volatility (1Y) Calculated over the trailing 1-year period	27.32%	21.52%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	27.46%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	23.97%	-2.33%

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

HTWD.L has a 0.50% expense ratio, which is higher than XLKQ.L's 0.14% expense ratio.

Dividends

HTWD.L vs. XLKQ.L - Dividend Comparison

HTWD.L's dividend yield for the trailing twelve months is around 1.04%, while XLKQ.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	1.04%	1.53%	1.18%	2.73%	3.31%	1.13%	1.69%	2.08%	2.79%	1.37%	2.64%	2.65%
XLKQ.L Invesco Technology S&P US Select Sector 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 XLKQ.L in my portfolio?

HTWD.L and XLKQ.L have a correlation of 0.72, 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 XLKQ.L?

On fees, XLKQ.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XLKQ.L is cheaper with a 0.14% expense ratio, compared with 0.50% for HTWD.L.

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

HTWD.L tracks HSBC MSCI Taiwan Capped UCITS ETF, while XLKQ.L tracks S&P Select Sector Capped 20% Technology Index. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.50% for HTWD.L and 0.14% for XLKQ.L.