IASMX vs. TWN

Last updated Jun 4, 2026

IASMX (Guinness Atkinson Asia Focus Fund) and TWN (The Taiwan Fund Inc.) are both Asia Pacific Equities funds. Over the past 10 years, IASMX returned 9.38%/yr vs 29.91%/yr for TWN. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

IASMX vs. TWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Asia Focus Fund (IASMX) and The Taiwan Fund Inc. (TWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IASMX achieves a 18.99% return, which is significantly lower than TWN's 86.31% return. Over the past 10 years, IASMX has underperformed TWN with an annualized return of 9.38%, while TWN has yielded a comparatively higher 29.91% annualized return.

IASMX

• 1D: 1.48%
• 1M: 5.32%
• YTD: 18.99%
• 6M: 21.26%
• 1Y: 41.63%
• 3Y*: 17.87%
• 5Y*: 2.11%
• 10Y*: 9.38%

TWN

• 1D: -1.94%
• 1M: 6.24%
• YTD: 86.31%
• 6M: 99.02%
• 1Y: 193.19%
• 3Y*: 65.09%
• 5Y*: 34.56%
• 10Y*: 29.91%

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

IASMX vs. TWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IASMX Guinness Atkinson Asia Focus Fund	18.99%	29.64%	4.38%	5.95%	-28.04%	-6.46%	26.02%	29.32%	-17.58%	47.12%
TWN The Taiwan Fund Inc.	86.31%	54.11%	32.76%	51.73%	-38.54%	58.14%	40.71%	47.00%	-19.15%	33.80%

Correlation

The correlation between IASMX and TWN is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996	0.52

The correlation between IASMX and TWN shifts across timeframes, from 0.47 (1 year) to 0.60 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IASMX vs. TWN — Risk / Return Rank

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

IASMX

IASMX Risk / Return Rank: 74
IASMX Sharpe Ratio Rank: 79
IASMX Sortino Ratio Rank: 68
IASMX Omega Ratio Rank: 65
IASMX Calmar Ratio Rank: 88
IASMX Martin Ratio Rank: 71

TWN

TWN Risk / Return Rank: 99
TWN Sharpe Ratio Rank: 100
TWN Sortino Ratio Rank: 98
TWN Omega Ratio Rank: 97
TWN Calmar Ratio Rank: 100
TWN 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.

IASMX vs. TWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Asia Focus Fund (IASMX) and The Taiwan Fund Inc. (TWN). 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.

	IASMX	TWN	Difference
Sharpe ratio: Return per unit of total volatility	2.59	7.24	-4.65
Sortino ratio: Return per unit of downside risk	3.44	7.30	-3.86
Omega ratio: Gain probability vs. loss probability	1.45	2.00	-0.55
Calmar ratio: Return relative to maximum drawdown	4.36	21.40	-17.03
Martin ratio: Return relative to average drawdown	13.58	69.94	-56.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IASMX vs. TWN - Sharpe Ratio Comparison

The current IASMX Sharpe Ratio is 2.59, which is lower than the TWN Sharpe Ratio of 7.24. The chart below compares the historical Sharpe Ratios of IASMX and TWN, 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

	IASMX	TWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	7.24	-4.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	1.46	-1.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	1.33	-0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.24	-0.06

Drawdowns

IASMX vs. TWN - Drawdown Comparison

The maximum IASMX drawdown since its inception was -76.53%, roughly equal to the maximum TWN drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for IASMX and TWN.

Drawdown Indicators

	IASMX	TWN	Difference
Max Drawdown Largest peak-to-trough decline	-76.53%	-79.52%	+2.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.00%	-9.09%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-29.97%	+10.35%
Max Drawdown (5Y) Largest decline over 5 years	-47.13%	-51.72%	+4.59%
Max Drawdown (10Y) Largest decline over 10 years	-52.51%	-51.72%	-0.79%
Current Drawdown Current decline from peak	-1.32%	-2.05%	+0.73%
Average Drawdown Average peak-to-trough decline	-33.21%	-37.41%	+4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	2.77%	+0.44%

Volatility

IASMX vs. TWN - Volatility Comparison

The current volatility for Guinness Atkinson Asia Focus Fund (IASMX) is 6.13%, while The Taiwan Fund Inc. (TWN) has a volatility of 12.08%. This indicates that IASMX experiences smaller price fluctuations and is considered to be less risky than TWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IASMX	TWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	12.08%	-5.95%
Volatility (6M) Calculated over the trailing 6-month period	13.18%	22.99%	-9.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	26.91%	-10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	23.89%	-2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	22.53%	-1.78%

Dividends

IASMX vs. TWN - Dividend Comparison

IASMX's dividend yield for the trailing twelve months is around 5.82%, less than TWN's 6.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IASMX Guinness Atkinson Asia Focus Fund	5.82%	6.92%	1.51%	1.16%	3.40%	9.14%	5.78%	6.61%	12.82%	0.90%	1.44%	1.18%
TWN The Taiwan Fund Inc.	6.23%	11.62%	19.14%	1.26%	0.00%	7.78%	12.91%	8.26%	11.27%	3.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IASMX and TWN in my portfolio?

IASMX and TWN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IASMX or TWN?

TWN has higher volatility (12.08%) compared to IASMX (6.13%). In terms of maximum drawdown, IASMX dropped -76.53% vs TWN's -79.52%.

Which has better risk-adjusted returns?

TWN currently has the higher Sharpe Ratio (7.24 vs 2.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.