ITEC.L vs. HTWD.L
ITEC.L (SPDR® MSCI Europe Technology UCITS ETF) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) are both exchange-traded funds - ITEC.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while HTWD.L is a Emerging Markets Equities fund tracking the MSCI Taiwan Capped Index. Both are passively managed. Over the past 10 years, ITEC.L returned 14.40%/yr vs 19.78%/yr for HTWD.L. A 0.59 correlation means they provide meaningful diversification when combined. ITEC.L charges 0.18%/yr vs 0.50%/yr for HTWD.L.
Performance
ITEC.L vs. HTWD.L - Performance Comparison
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Different Trading Currencies
ITEC.L is traded in EUR, while HTWD.L is traded in USD. To make them comparable, the HTWD.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ITEC.L achieves a 31.11% return, which is significantly lower than HTWD.L's 55.69% return. Over the past 10 years, ITEC.L has underperformed HTWD.L with an annualized return of 14.40%, while HTWD.L has yielded a comparatively higher 19.78% annualized return.
ITEC.L
- 1D
- -2.33%
- 1M
- -11.93%
- 6M
- 16.91%
- YTD
- 31.11%
- 1Y
- 39.25%
- 3Y*
- 18.68%
- 5Y*
- 10.77%
- 10Y*
- 14.40%
HTWD.L
- 1D
- -4.10%
- 1M
- -10.05%
- 6M
- 44.37%
- YTD
- 55.69%
- 1Y
- 76.05%
- 3Y*
- 37.48%
- 5Y*
- 20.08%
- 10Y*
- 19.78%
ITEC.L vs. HTWD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITEC.L SPDR® MSCI Europe Technology UCITS ETF | 31.11% | 9.68% | 8.54% | 34.98% | -28.18% | 35.96% | 14.04% | 36.65% | -7.09% | 19.92% |
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 55.69% | 16.56% | 33.67% | 25.12% | -25.03% | 37.34% | 25.36% | 36.58% | -4.43% | 11.53% |
Correlation
The correlation between ITEC.L and HTWD.L is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014 | 0.59 |
The correlation between ITEC.L and HTWD.L shifts across timeframes, from 0.59 (10 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ITEC.L vs. HTWD.L — Risk / Return Rank
ITEC.L
HTWD.L
ITEC.L vs. HTWD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Technology UCITS ETF (ITEC.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.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.
| ITEC.L | HTWD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.45 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 5.44 | -2.47 |
| Martin ratioReturn relative to average drawdown | 8.32 | 19.85 | -11.53 |
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Drawdowns
ITEC.L vs. HTWD.L - Drawdown Comparison
The maximum ITEC.L drawdown since its inception was -38.49%, which is greater than HTWD.L's maximum drawdown of -34.53%. Use the drawdown chart below to compare losses from any high point for ITEC.L and HTWD.L.
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Drawdown Indicators
| ITEC.L | HTWD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.49% | -34.53% | -3.96% |
Max Drawdown (1Y)Largest decline over 1 year | -13.16% | -13.90% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -26.94% | -30.78% | +3.84% |
Max Drawdown (5Y)Largest decline over 5 years | -38.49% | -32.41% | -6.08% |
Max Drawdown (10Y)Largest decline over 10 years | -38.49% | -32.41% | -6.08% |
Current DrawdownCurrent decline from peak | -13.16% | -13.90% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -9.01% | -7.61% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.65% | 3.82% | +0.83% |
Volatility
ITEC.L vs. HTWD.L - Volatility Comparison
The current volatility for SPDR® MSCI Europe Technology UCITS ETF (ITEC.L) is 10.39%, while HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a volatility of 11.06%. This indicates that ITEC.L experiences smaller price fluctuations and is considered to be less risky than HTWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITEC.L | HTWD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.39% | 11.06% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 22.62% | 23.31% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.73% | 27.12% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.18% | 22.66% | +3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.13% | 21.27% | +2.86% |
ITEC.L vs. HTWD.L - Expense Ratio Comparison
ITEC.L has a 0.18% expense ratio, which is lower than HTWD.L's 0.50% expense ratio.
Dividends
ITEC.L vs. HTWD.L - Dividend Comparison
ITEC.L has not paid dividends to shareholders, while HTWD.L's dividend yield for the trailing twelve months is around 1.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 1.08% | 1.53% | 1.18% | 2.73% | 3.31% | 1.13% | 1.69% | 2.08% | 2.79% | 1.37% | 2.64% | 2.65% |
ITEC.L SPDR® MSCI Europe Technology 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% |
Frequently Asked Questions
ITEC.L and HTWD.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ITEC.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ITEC.L is cheaper with a 0.18% expense ratio, compared with 0.50% for HTWD.L.
ITEC.L is categorized as Technology Equities, while HTWD.L is Emerging Markets Equities. ITEC.L tracks MSCI World/Information Tech NR USD, while HTWD.L tracks MSCI Taiwan Capped Index. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.18% for ITEC.L and 0.50% for HTWD.L.
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