HTWN.L vs. FRXT.L

Last updated Jun 4, 2026

HTWN.L (HSBC MSCI Taiwan Capped UCITS ETF USD) and FRXT.L (Franklin FTSE Taiwan UCITS ETF) are both Asia Pacific Equities funds tracking the MSCI Taiwan NR USD, from HSBC and Franklin Templeton respectively. Both are passively managed. Over the past 3 years, HTWN.L returned 42.23%/yr vs 41.98%/yr for FRXT.L. Their correlation of 0.94 suggests significant overlap in exposure. HTWN.L charges 0.50%/yr vs 0.19%/yr for FRXT.L.

Performance

HTWN.L vs. FRXT.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 Franklin FTSE Taiwan UCITS ETF (FRXT.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HTWN.L is traded in GBp, while FRXT.L is traded in GBP. To make them comparable, the FRXT.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with HTWN.L having a 71.35% return and FRXT.L slightly lower at 70.33%.

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%

FRXT.L

• 1D: -0.10%
• 1M: 20.99%
• YTD: 70.33%
• 6M: 75.77%
• 1Y: 126.80%
• 3Y*: 41.98%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	71.35%	23.15%	27.50%	21.28%	-16.29%
FRXT.L Franklin FTSE Taiwan UCITS ETF	70.33%	25.34%	25.66%	22.61%	-17.25%

Correlation

The correlation between HTWN.L and FRXT.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.94

The correlation between HTWN.L and FRXT.L has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

HTWN.L vs. FRXT.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

FRXT.L

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

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. FRXT.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 Franklin FTSE Taiwan UCITS ETF (FRXT.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	FRXT.L	Difference
Sharpe ratio: Return per unit of total volatility	5.49	5.70	-0.21
Sortino ratio: Return per unit of downside risk	6.35	6.35	0.00
Omega ratio: Gain probability vs. loss probability	1.87	1.91	-0.04
Calmar ratio: Return relative to maximum drawdown	14.03	13.86	+0.17
Martin ratio: Return relative to average drawdown	38.67	40.21	-1.54
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. FRXT.L - Sharpe Ratio Comparison

The current HTWN.L Sharpe Ratio is 5.49, which is comparable to the FRXT.L Sharpe Ratio of 5.70. The chart below compares the historical Sharpe Ratios of HTWN.L and FRXT.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	FRXT.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.49	5.70	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.30	-0.17

Drawdowns

HTWN.L vs. FRXT.L - Drawdown Comparison

The maximum HTWN.L drawdown since its inception was -31.84%, which is greater than FRXT.L's maximum drawdown of -28.86%. Use the drawdown chart below to compare losses from any high point for HTWN.L and FRXT.L.

Drawdown Indicators

	HTWN.L	FRXT.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.84%	-28.86%	-2.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-9.09%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-28.86%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-7.18%	-6.95%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.14%	+0.08%

Volatility

HTWN.L vs. FRXT.L - Volatility Comparison

HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) and Franklin FTSE Taiwan UCITS ETF (FRXT.L) have volatilities of 9.55% and 9.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWN.L	FRXT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	9.21%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	18.18%	17.75%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	22.65%	22.13%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	20.72%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.41%	20.72%	+2.69%

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

HTWN.L has a 0.50% expense ratio, which is higher than FRXT.L's 0.19% expense ratio.

Dividends

HTWN.L vs. FRXT.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRXT.L Franklin FTSE Taiwan 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%
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 FRXT.L in my portfolio?

With a correlation of 0.98, HTWN.L and FRXT.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, FRXT.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

FRXT.L is cheaper with a 0.19% expense ratio, compared with 0.50% for HTWN.L.

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

Both ETFs track MSCI Taiwan NR USD. They also come from different issuers: HSBC and Franklin Templeton. Their fees differ too: 0.50% for HTWN.L and 0.19% for FRXT.L.