HTWN.L vs. CSH2.L

Last updated Jun 4, 2026

HTWN.L (HSBC MSCI Taiwan Capped UCITS ETF USD) and CSH2.L (Lyxor Smart Overnight Return UCITS ETF C-GBP) are both exchange-traded funds - HTWN.L is a Asia Pacific Equities fund tracking the MSCI Taiwan NR USD, while CSH2.L is a Money Market fund actively managed by Amundi. HTWN.L is passively managed, while CSH2.L is actively managed. Over the past 10 years, HTWN.L returned 24.32%/yr vs 2.07%/yr for CSH2.L. At a correlation of -0.05, they often move in opposite directions. HTWN.L charges 0.50%/yr vs 0.07%/yr for CSH2.L.

Performance

HTWN.L vs. CSH2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) and Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTWN.L achieves a 71.35% return, which is significantly higher than CSH2.L's 1.71% return. Over the past 10 years, HTWN.L has outperformed CSH2.L with an annualized return of 24.32%, while CSH2.L has yielded a comparatively lower 2.07% annualized return.

HTWN.L

• 1D: 0.78%
• 1M: 20.41%
• YTD: 71.35%
• 6M: 76.45%
• 1Y: 124.97%
• 3Y*: 42.23%
• 5Y*: 23.93%
• 10Y*: 24.32%

CSH2.L

• 1D: 0.01%
• 1M: 0.35%
• YTD: 1.71%
• 6M: 2.09%
• 1Y: 4.37%
• 3Y*: 4.99%
• 5Y*: 3.65%
• 10Y*: 2.07%

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

HTWN.L vs. CSH2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	71.35%	23.15%	27.50%	21.28%	-20.57%	29.44%	31.41%	29.56%	-2.68%	15.90%
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	1.71%	4.67%	5.61%	4.72%	1.54%	0.13%	0.30%	0.82%	0.70%	0.42%

Correlation

The correlation between HTWN.L and CSH2.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jun 11, 2015	-0.05

HTWN.L vs. CSH2.L - Sectors Allocation Comparison

Sectors	HTWN.L	CSH2.L
Technology	81.7%	35.9%
Financial Services	10.4%	10.4%
Industrials	2.3%	6.3%
Basic Materials	1.9%	1.0%
Communication Services	1.3%	13.9%
Consumer Cyclical	1.1%	13.9%
Consumer Defensive	0.7%	4.9%
Healthcare	0.6%	11.3%
Energy	-	1.4%
Real Estate	-	0.0%
Utilities	-	1.1%

Return for Risk

HTWN.L vs. CSH2.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HTWN.L

HTWN.L Risk / Return Rank: 97
HTWN.L Sharpe Ratio Rank: 98
HTWN.L Sortino Ratio Rank: 97
HTWN.L Omega Ratio Rank: 97
HTWN.L Calmar Ratio Rank: 98
HTWN.L Martin Ratio Rank: 96

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

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.

HTWN.L vs. CSH2.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) and Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.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.

	HTWN.L	CSH2.L	Difference
Sharpe ratio: Return per unit of total volatility	5.49	8.04	-2.55
Sortino ratio: Return per unit of downside risk	6.35	15.04	-8.69
Omega ratio: Gain probability vs. loss probability	1.87	4.37	-2.50
Calmar ratio: Return relative to maximum drawdown	14.03	27.61	-13.58
Martin ratio: Return relative to average drawdown	38.67	158.77	-120.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTWN.L vs. CSH2.L - Sharpe Ratio Comparison

The current HTWN.L Sharpe Ratio is 5.49, which is lower than the CSH2.L Sharpe Ratio of 8.04. The chart below compares the historical Sharpe Ratios of HTWN.L and CSH2.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.

Sharpe Ratios by Period

	HTWN.L	CSH2.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.49	8.04	-2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	6.48	-5.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.49	4.68	-3.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	4.61	-3.48

Drawdowns

HTWN.L vs. CSH2.L - Drawdown Comparison

The maximum HTWN.L drawdown since its inception was -31.84%, which is greater than CSH2.L's maximum drawdown of -0.37%. Use the drawdown chart below to compare losses from any high point for HTWN.L and CSH2.L.

Drawdown Indicators

	HTWN.L	CSH2.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.84%	-0.37%	-31.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-0.16%	-8.70%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-0.29%	-29.47%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-0.29%	-29.68%
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	-0.37%	-29.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.18%	-0.00%	-7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	0.03%	+3.19%

Volatility

HTWN.L vs. CSH2.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) has a higher volatility of 9.55% compared to Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) at 0.08%. This indicates that HTWN.L's price experiences larger fluctuations and is considered to be riskier than CSH2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWN.L	CSH2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	0.08%	+9.47%
Volatility (6M) Calculated over the trailing 6-month period	18.18%	0.25%	+17.93%
Volatility (1Y) Calculated over the trailing 1-year period	22.65%	0.54%	+22.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	0.56%	+20.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.41%	0.44%	+22.97%

HTWN.L vs. CSH2.L - Expense Ratio Comparison

HTWN.L has a 0.50% expense ratio, which is higher than CSH2.L's 0.07% expense ratio.

Dividends

HTWN.L vs. CSH2.L - Dividend Comparison

HTWN.L's dividend yield for the trailing twelve months is around 0.95%, while CSH2.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	0.95%	1.61%	1.17%	2.79%	3.04%	1.11%	1.79%	2.12%	2.55%	2.04%	2.32%	2.61%

Frequently Asked Questions

Can I hold both HTWN.L and CSH2.L in my portfolio?

HTWN.L and CSH2.L have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTWN.L or CSH2.L?

On fees, CSH2.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTWN.L or CSH2.L?

CSH2.L is cheaper with a 0.07% expense ratio, compared with 0.50% for HTWN.L.

What is the main difference between HTWN.L and CSH2.L?

HTWN.L is categorized as Asia Pacific Equities, while CSH2.L is Money Market. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.50% for HTWN.L and 0.07% for CSH2.L.