IHICY vs. TSM

Last updated Jun 4, 2026

IHICY (IHI Corp ADR) and TSM (Taiwan Semiconductor Manufacturing Company Limited) are both stocks. IHICY operates in Specialty Industrial Machinery (Industrials), while TSM operates in Semiconductors (Technology). Over the past 10 years, IHICY returned 16.52%/yr vs 36.20%/yr for TSM. At a 0.06 correlation, their price movements are largely independent.

Performance

IHICY vs. TSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IHI Corp ADR (IHICY) and Taiwan Semiconductor Manufacturing Company Limited (TSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IHICY achieves a -12.33% return, which is significantly lower than TSM's 44.10% return. Over the past 10 years, IHICY has underperformed TSM with an annualized return of 16.52%, while TSM has yielded a comparatively higher 36.20% annualized return.

IHICY

• 1D: 0.07%
• 1M: -15.14%
• YTD: -12.33%
• 6M: -18.43%
• 1Y: 0.26%
• 3Y*: 65.99%
• 5Y*: 32.42%
• 10Y*: 16.52%

TSM

• 1D: -2.24%
• 1M: 8.73%
• YTD: 44.10%
• 6M: 48.60%
• 1Y: 123.66%
• 3Y*: 66.46%
• 5Y*: 31.74%
• 10Y*: 36.20%

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

IHICY vs. TSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHICY IHI Corp ADR	-12.33%	155.30%	157.82%	-35.25%	47.39%	0.22%	-11.08%	-17.04%	-20.64%	26.77%
TSM Taiwan Semiconductor Manufacturing Company Limited	44.10%	55.91%	92.58%	42.33%	-36.75%	12.09%	92.67%	64.85%	-3.50%	41.46%

Correlation

The correlation between IHICY and TSM is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 29, 2013	0.06

Fundamentals

Market Cap IHICY : $16.28B TSM : $2.26T
EPS IHICY : $190.05 TSM : $373.98
PE Ratio IHICY : 0.08 TSM : 1.17
PEG Ratio IHICY : 0.00 TSM : 0.03
PS Ratio IHICY : 0.01 TSM : 0.55
PB Ratio IHICY : 0.02 TSM : 0.38
Total Revenue (TTM) IHICY : $1.67T TSM : $4.13T
Gross Profit (TTM) IHICY : $384.99B TSM : $2.55T
EBITDA (TTM) IHICY : $245.71B TSM : $3.14T

Return for Risk

IHICY vs. TSM — Risk / Return Rank

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

IHICY

IHICY Risk / Return Rank: 41
IHICY Sharpe Ratio Rank: 41
IHICY Sortino Ratio Rank: 43
IHICY Omega Ratio Rank: 42
IHICY Calmar Ratio Rank: 41
IHICY Martin Ratio Rank: 40

TSM

TSM Risk / Return Rank: 95
TSM Sharpe Ratio Rank: 96
TSM Sortino Ratio Rank: 95
TSM Omega Ratio Rank: 92
TSM Calmar Ratio Rank: 94
TSM Martin Ratio Rank: 97

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.

IHICY vs. TSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IHI Corp ADR (IHICY) and Taiwan Semiconductor Manufacturing Company Limited (TSM). 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.

	IHICY	TSM	Difference
Sharpe ratio Return per unit of total volatility	0.00	3.49	-3.49
Sortino ratio Return per unit of downside risk	0.54	4.06	-3.52
Omega ratio Gain probability vs. loss probability	1.06	1.49	-0.43
Calmar ratio Return relative to maximum drawdown	0.01	6.86	-6.85
Martin ratio Return relative to average drawdown	0.01	24.68	-24.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHICY vs. TSM - Sharpe Ratio Comparison

The current IHICY Sharpe Ratio is 0.00, which is lower than the TSM Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of IHICY and TSM, 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

	IHICY	TSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.00	3.49	-3.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.86	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	1.06	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.37	-0.21

Drawdowns

IHICY vs. TSM - Drawdown Comparison

The maximum IHICY drawdown since its inception was -79.56%, smaller than the maximum TSM drawdown of -89.08%. Use the drawdown chart below to compare losses from any high point for IHICY and TSM.

Drawdown Indicators

	IHICY	TSM	Difference
Max Drawdown Largest peak-to-trough decline	-79.56%	-89.08%	+9.52%
Max Drawdown (1Y) Largest decline over 1 year	-47.65%	-18.14%	-29.51%
Max Drawdown (3Y) Largest decline over 3 years	-47.65%	-36.82%	-10.83%
Max Drawdown (5Y) Largest decline over 5 years	-47.65%	-56.47%	+8.82%
Max Drawdown (10Y) Largest decline over 10 years	-73.29%	-56.47%	-16.82%
Current Drawdown Current decline from peak	-47.61%	-2.24%	-45.37%
Average Drawdown Average peak-to-trough decline	-40.42%	-42.89%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.53%	5.03%	+14.50%

Volatility

IHICY vs. TSM - Volatility Comparison

IHI Corp ADR (IHICY) has a higher volatility of 19.84% compared to Taiwan Semiconductor Manufacturing Company Limited (TSM) at 11.64%. This indicates that IHICY's price experiences larger fluctuations and is considered to be riskier than TSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHICY	TSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.84%	11.64%	+8.20%
Volatility (6M) Calculated over the trailing 6-month period	39.37%	27.19%	+12.18%
Volatility (1Y) Calculated over the trailing 1-year period	72.22%	35.61%	+36.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.07%	37.27%	+21.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.37%	34.12%	+18.25%

Dividends

IHICY vs. TSM - Dividend Comparison

IHICY has not paid dividends to shareholders, while TSM's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHICY IHI Corp ADR	0.00%	0.39%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TSM Taiwan Semiconductor Manufacturing Company Limited	0.76%	1.00%	1.18%	1.78%	2.49%	1.57%	1.56%	3.46%	3.64%	2.32%	2.61%	2.54%

Financials

IHICY vs. TSM - Profitability Comparison

The chart below illustrates the profitability comparison between IHI Corp ADR and Taiwan Semiconductor Manufacturing Company Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

IHICY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, IHI Corp ADR reported a gross profit of 120.36B and revenue of 523.51B. Therefore, the gross margin over that period was 23.0%.

TSM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Taiwan Semiconductor Manufacturing Company Limited reported a gross profit of 759.06B and revenue of 1.15T. Therefore, the gross margin over that period was 66.3%.

IHICY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, IHI Corp ADR reported an operating income of 49.01B and revenue of 523.51B, resulting in an operating margin of 9.4%.

TSM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Taiwan Semiconductor Manufacturing Company Limited reported an operating income of 664.08B and revenue of 1.15T, resulting in an operating margin of 58.0%.

IHICY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, IHI Corp ADR reported a net income of 77.37B and revenue of 523.51B, resulting in a net margin of 14.8%.

TSM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Taiwan Semiconductor Manufacturing Company Limited reported a net income of 578.40B and revenue of 1.15T, resulting in a net margin of 50.5%.

Frequently Asked Questions

Can I hold both IHICY and TSM in my portfolio?

IHICY and TSM have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHICY or TSM?

IHICY has higher volatility (19.84%) compared to TSM (11.64%). In terms of maximum drawdown, IHICY dropped -79.56% vs TSM's -89.08%.

Which has better risk-adjusted returns?

TSM currently has the higher Sharpe Ratio (3.49 vs 0.00), 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.