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ITWN.L vs. EWT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITWN.L vs. EWT

Last updated Jun 5, 2026

ITWN.L (iShares MSCI Taiwan UCITS ETF) and EWT (iShares MSCI Taiwan ETF) are both Asia Pacific Equities funds from iShares - ITWN.L tracks the MSCI Taiwan NR USD while EWT tracks the MSCI Taiwan Index. Both are passively managed. Over the past 10 years, ITWN.L returned 23.12%/yr vs 20.61%/yr for EWT. A 0.77 correlation means they provide meaningful diversification when combined. ITWN.L charges 0.74%/yr vs 0.59%/yr for EWT.

Performance

ITWN.L vs. EWT - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Taiwan UCITS ETF (ITWN.L) and iShares MSCI Taiwan ETF (EWT). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ITWN.L is traded in GBp, while EWT is traded in USD. To make them comparable, the EWT 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 ITWN.L having a 67.93% return and EWT slightly lower at 67.13%. Over the past 10 years, ITWN.L has outperformed EWT with an annualized return of 23.12%, while EWT has yielded a comparatively lower 20.61% annualized return.

ITWN.L

1D
-1.63%
1M
14.84%
YTD
67.93%
6M
73.48%
1Y
117.37%
3Y*
40.47%
5Y*
22.94%
10Y*
23.12%

EWT

1D
-1.08%
1M
15.04%
YTD
67.13%
6M
70.27%
1Y
106.97%
3Y*
34.53%
5Y*
19.35%
10Y*
20.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ITWN.L vs. EWT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITWN.L
iShares MSCI Taiwan UCITS ETF		67.93%22.61%25.77%21.84%-21.08%29.84%29.40%30.88%-3.90%16.56%
EWT
iShares MSCI Taiwan ETF		67.13%19.23%18.14%17.77%-20.44%27.38%27.64%28.29%-4.56%15.85%

Correlation

The correlation between ITWN.L and EWT is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.80

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Jul 3, 2007

0.77

The correlation between ITWN.L and EWT has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

ITWN.L vs. EWT - Sectors Allocation Comparison

Sectors
ITWN.L
EWT

Technology

80.7%
72.9%

Financial Services

10.9%
13.0%

Industrials

2.4%
4.9%

Basic Materials

2.0%
3.5%

Communication Services

1.4%
1.9%

Consumer Cyclical

1.2%
1.9%

Consumer Defensive

0.8%
1.1%

Healthcare

0.6%
0.8%

Energy

-

-

Real Estate

-

-

Utilities

-

-

Technology

ITWN.L
80.7%
EWT
72.9%

Financial Services

ITWN.L
10.9%
EWT
13.0%

Industrials

ITWN.L
2.4%
EWT
4.9%

Basic Materials

ITWN.L
2.0%
EWT
3.5%

Communication Services

ITWN.L
1.4%
EWT
1.9%

Consumer Cyclical

ITWN.L
1.2%
EWT
1.9%

Consumer Defensive

ITWN.L
0.8%
EWT
1.1%

Healthcare

ITWN.L
0.6%
EWT
0.8%

Energy

ITWN.L

-

EWT

-

Real Estate

ITWN.L

-

EWT

-

Utilities

ITWN.L

-

EWT

-

Compare stocks, funds, or ETFs

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iShares MSCI Taiwan UCITS ETF

iShares MSCI Taiwan ETF

Often compared with ITWN.L:
ITWN.L vs. QQQITWN.L vs. SPINXITWN.L vs. TSMITWN.L vs. VTIITWN.L vs. VWCE.DEITWN.L vs. FLXT.DEITWN.L vs. FLIN
Often compared with EWT:
EWT vs. EWYEWT vs. FLTWEWT vs. VTEWT vs. QQQEWT vs. EWHEWT vs. EWSEWT vs. EWX

Return for Risk

ITWN.L vs. EWT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITWN.L
ITWN.L Risk / Return Rank: 9797
Overall Rank
ITWN.L Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ITWN.L Sortino Ratio Rank: 9797
Sortino Ratio Rank
ITWN.L Omega Ratio Rank: 9696
Omega Ratio Rank
ITWN.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
ITWN.L Martin Ratio Rank: 9696
Martin Ratio Rank
EWT
EWT Risk / Return Rank: 9595
Overall Rank
EWT Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
EWT Sortino Ratio Rank: 9494
Sortino Ratio Rank
EWT Omega Ratio Rank: 9494
Omega Ratio Rank
EWT Calmar Ratio Rank: 9696
Calmar Ratio Rank
EWT Martin Ratio Rank: 9595
Martin Ratio Rank
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.

ITWN.L vs. EWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan UCITS ETF (ITWN.L) and iShares MSCI Taiwan ETF (EWT). 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.

ITWN.LEWTDifference
Sharpe ratioReturn per unit of total volatility
5.10
4.66

+0.44

Sortino ratioReturn per unit of downside risk
5.92
5.30

+0.62

Omega ratioGain probability vs. loss probability

1.81

1.78

+0.03

Calmar ratioReturn relative to maximum drawdown

12.46

12.23

+0.24

Martin ratioReturn relative to average drawdown

34.79

35.29

-0.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITWN.L vs. EWT - Sharpe Ratio Comparison

The current ITWN.L Sharpe Ratio is 5.10, which is comparable to the EWT Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of ITWN.L and EWT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ITWN.LEWTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.10

4.66

+0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

0.95

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.17

1.00

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.54

+0.11

Drawdowns

ITWN.L vs. EWT - Drawdown Comparison

The maximum ITWN.L drawdown since its inception was -48.27%, roughly equal to the maximum EWT drawdown of -49.31%. Use the drawdown chart below to compare losses from any high point for ITWN.L and EWT.

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Drawdown Indicators

ITWN.LEWTDifference

Max Drawdown

Largest peak-to-trough decline

-48.27%

-49.31%

+1.04%

Max Drawdown (1Y)

Largest decline over 1 year

-9.36%

-8.80%

-0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-29.32%

-26.08%

-3.24%

Max Drawdown (5Y)

Largest decline over 5 years

-30.07%

-28.99%

-1.08%

Max Drawdown (10Y)

Largest decline over 10 years

-30.07%

-28.99%

-1.08%

Current Drawdown

Current decline from peak

-1.80%

-1.08%

-0.72%

Average Drawdown

Average peak-to-trough decline

-9.18%

-9.17%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

3.04%

+0.32%

Volatility

ITWN.L vs. EWT - Volatility Comparison

iShares MSCI Taiwan UCITS ETF (ITWN.L) and iShares MSCI Taiwan ETF (EWT) have volatilities of 9.68% and 9.72%, 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.

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Volatility by Period

ITWN.LEWTDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.68%

9.72%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

18.60%

18.58%

+0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

22.88%

23.11%

-0.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.77%

20.52%

+0.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.55%

20.59%

-0.04%

ITWN.L vs. EWT - Expense Ratio Comparison

ITWN.L has a 0.74% expense ratio, which is higher than EWT's 0.59% expense ratio.

Dividends

ITWN.L vs. EWT - Dividend Comparison

ITWN.L's dividend yield for the trailing twelve months is around 0.89%, less than EWT's 2.66% yield.

PositionTTM20252024202320222021202020192018201720162015
EWT
iShares MSCI Taiwan ETF		2.66%4.43%3.32%8.12%18.82%0.55%1.83%2.49%3.16%2.81%2.39%3.12%
ITWN.L
iShares MSCI Taiwan UCITS ETF		0.89%1.50%1.37%2.14%3.54%1.33%1.83%2.28%2.72%2.74%2.86%3.23%

Frequently Asked Questions

ITWN.L and EWT have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EWT is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EWT is cheaper with a 0.59% expense ratio, compared with 0.74% for ITWN.L.

ITWN.L tracks MSCI Taiwan NR USD, while EWT tracks MSCI Taiwan Index. Their fees differ too: 0.74% for ITWN.L and 0.59% for EWT.

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