IDTW.L vs. EMSD.L
IDTW.L (iShares MSCI Taiwan UCITS ETF USD (Dist)) and EMSD.L (State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc)) are both exchange-traded funds - IDTW.L is a Technology Equities fund tracking the MSCI Taiwan 20/35 Index (Net) (USD), while EMSD.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap Index. Both are passively managed. Over the past 10 years, IDTW.L returned 19.92%/yr vs 8.23%/yr for EMSD.L. A 0.75 correlation means they provide meaningful diversification when combined. IDTW.L charges 0.74%/yr vs 0.55%/yr for EMSD.L.
Performance
IDTW.L vs. EMSD.L - Performance Comparison
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Returns By Period
In the year-to-date period, IDTW.L achieves a 51.77% return, which is significantly higher than EMSD.L's 6.08% return. Over the past 10 years, IDTW.L has outperformed EMSD.L with an annualized return of 19.92%, while EMSD.L has yielded a comparatively lower 8.23% annualized return.
IDTW.L
- 1D
- -3.99%
- 1M
- -10.58%
- 6M
- 42.72%
- YTD
- 51.77%
- 1Y
- 73.35%
- 3Y*
- 37.69%
- 5Y*
- 18.84%
- 10Y*
- 19.92%
EMSD.L
- 1D
- -2.31%
- 1M
- -9.04%
- 6M
- 2.75%
- YTD
- 6.08%
- 1Y
- 11.77%
- 3Y*
- 11.90%
- 5Y*
- 5.48%
- 10Y*
- 8.23%
IDTW.L vs. EMSD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IDTW.L iShares MSCI Taiwan UCITS ETF USD (Dist) | 51.77% | 31.78% | 23.61% | 28.84% | -29.55% | 28.51% | 34.35% | 34.44% | -9.12% | 28.06% |
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) | 6.08% | 20.23% | 2.90% | 22.19% | -16.88% | 16.02% | 20.35% | 8.52% | -14.77% | 30.78% |
Correlation
The correlation between IDTW.L and EMSD.L is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.75 |
The correlation between IDTW.L and EMSD.L has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.
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Return for Risk
IDTW.L vs. EMSD.L — Risk / Return Rank
IDTW.L
EMSD.L
IDTW.L vs. EMSD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan UCITS ETF USD (Dist) (IDTW.L) and State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) (EMSD.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.
| IDTW.L | EMSD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.12 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 5.05 | 1.02 | +4.02 |
| Martin ratioReturn relative to average drawdown | 16.48 | 3.12 | +13.37 |
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Drawdowns
IDTW.L vs. EMSD.L - Drawdown Comparison
The maximum IDTW.L drawdown since its inception was -60.07%, which is greater than EMSD.L's maximum drawdown of -48.91%. Use the drawdown chart below to compare losses from any high point for IDTW.L and EMSD.L.
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Drawdown Indicators
| IDTW.L | EMSD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.07% | -48.91% | -11.16% |
Max Drawdown (1Y)Largest decline over 1 year | -14.46% | -11.45% | -3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -28.24% | -21.39% | -6.85% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -27.40% | -13.58% |
Max Drawdown (10Y)Largest decline over 10 years | -40.98% | -48.91% | +7.93% |
Current DrawdownCurrent decline from peak | -14.46% | -9.61% | -4.85% |
Average DrawdownAverage peak-to-trough decline | -12.59% | -11.04% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.44% | 3.77% | +0.67% |
Volatility
IDTW.L vs. EMSD.L - Volatility Comparison
iShares MSCI Taiwan UCITS ETF USD (Dist) (IDTW.L) has a higher volatility of 12.06% compared to State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (Acc) (EMSD.L) at 7.76%. This indicates that IDTW.L's price experiences larger fluctuations and is considered to be riskier than EMSD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IDTW.L | EMSD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.06% | 7.76% | +4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 24.76% | 17.89% | +6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.27% | 19.87% | +8.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.97% | 16.75% | +7.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 17.65% | +4.76% |
IDTW.L vs. EMSD.L - Expense Ratio Comparison
IDTW.L has a 0.74% expense ratio, which is higher than EMSD.L's 0.55% expense ratio.
Dividends
IDTW.L vs. EMSD.L - Dividend Comparison
IDTW.L's dividend yield for the trailing twelve months is around 0.99%, while EMSD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMSD.L State Street SPDR MSCI Emerging Markets Small Cap UCITS ETF USD (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% |
IDTW.L iShares MSCI Taiwan UCITS ETF USD (Dist) | 0.99% | 1.51% | 1.43% | 2.09% | 3.39% | 1.35% | 1.73% | 2.15% | 2.78% | 2.70% | 3.10% | 3.33% |
Frequently Asked Questions
IDTW.L and EMSD.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMSD.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMSD.L is cheaper with a 0.55% expense ratio, compared with 0.74% for IDTW.L.
IDTW.L is categorized as Technology Equities, while EMSD.L is Emerging Markets Equities. IDTW.L tracks MSCI Taiwan 20/35 Index (Net) (USD), while EMSD.L tracks MSCI Emerging Markets Small Cap Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.74% for IDTW.L and 0.55% for EMSD.L.
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