ITWN.L vs. KRWL.L

Last updated Jun 5, 2026

ITWN.L (iShares MSCI Taiwan UCITS ETF) and KRWL.L (Lyxor MSCI Korea UCITS ETF - Acc) are both Asia Pacific Equities funds - ITWN.L tracks the MSCI Taiwan NR USD while KRWL.L tracks the MSCI Korea NR USD. Both are passively managed. Over the past 5 years, ITWN.L returned 22.94%/yr vs 19.95%/yr for KRWL.L. A 0.65 correlation means they provide meaningful diversification when combined. ITWN.L charges 0.74%/yr vs 0.45%/yr for KRWL.L.

Performance

ITWN.L vs. KRWL.L - Performance Comparison

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

Returns By Period

In the year-to-date period, ITWN.L achieves a 67.93% return, which is significantly lower than KRWL.L's 106.66% 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%

KRWL.L

• 1D: -4.89%
• 1M: 16.79%
• YTD: 106.66%
• 6M: 125.77%
• 1Y: 237.10%
• 3Y*: 45.48%
• 5Y*: 19.95%
• 10Y*: —

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

ITWN.L vs. KRWL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ITWN.L iShares MSCI Taiwan UCITS ETF	67.93%	22.61%	25.77%	21.84%	-21.08%	29.84%	29.40%	30.88%	-3.57%
KRWL.L Lyxor MSCI Korea UCITS ETF - Acc	106.66%	86.86%	-21.27%	13.04%	-19.64%	-7.54%	38.43%	7.15%	-12.12%

Correlation

The correlation between ITWN.L and KRWL.L is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 20, 2018	0.65

The correlation between ITWN.L and KRWL.L shifts across timeframes, from 0.55 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

ITWN.L vs. KRWL.L - Sectors Allocation Comparison

Sectors	ITWN.L	KRWL.L
Technology	80.7%	42.8%
Financial Services	10.9%	1.8%
Industrials	2.4%	4.1%
Basic Materials	2.0%	0.4%
Communication Services	1.4%	11.7%
Consumer Cyclical	1.2%	10.8%
Consumer Defensive	0.8%	10.1%
Healthcare	0.6%	12.8%
Energy	-	1.2%
Real Estate	-	2.0%
Utilities	-	2.1%

Return for Risk

ITWN.L vs. KRWL.L — 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: 97
ITWN.L Sharpe Ratio Rank: 98
ITWN.L Sortino Ratio Rank: 97
ITWN.L Omega Ratio Rank: 96
ITWN.L Calmar Ratio Rank: 97
ITWN.L Martin Ratio Rank: 96

KRWL.L

KRWL.L Risk / Return Rank: 97
KRWL.L Sharpe Ratio Rank: 99
KRWL.L Sortino Ratio Rank: 96
KRWL.L Omega Ratio Rank: 96
KRWL.L Calmar Ratio Rank: 97
KRWL.L Martin Ratio Rank: 96

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. KRWL.L - Risk-Adjusted Trends Comparison

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

	ITWN.L	KRWL.L	Difference
Sharpe ratio: Return per unit of total volatility	5.10	6.22	-1.12
Sortino ratio: Return per unit of downside risk	5.92	5.50	+0.41
Omega ratio: Gain probability vs. loss probability	1.81	1.80	+0.01
Calmar ratio: Return relative to maximum drawdown	12.46	10.93	+1.54
Martin ratio: Return relative to average drawdown	34.79	38.59	-3.81
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. KRWL.L - Sharpe Ratio Comparison

The current ITWN.L Sharpe Ratio is 5.10, which is comparable to the KRWL.L Sharpe Ratio of 6.22. The chart below compares the historical Sharpe Ratios of ITWN.L and KRWL.L, 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

	ITWN.L	KRWL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.10	6.22	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	0.78	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.61	+0.03

Drawdowns

ITWN.L vs. KRWL.L - Drawdown Comparison

The maximum ITWN.L drawdown since its inception was -48.27%, which is greater than KRWL.L's maximum drawdown of -44.10%. Use the drawdown chart below to compare losses from any high point for ITWN.L and KRWL.L.

Drawdown Indicators

	ITWN.L	KRWL.L	Difference
Max Drawdown Largest peak-to-trough decline	-48.27%	-44.10%	-4.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-21.55%	+12.19%
Max Drawdown (3Y) Largest decline over 3 years	-29.32%	-28.42%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-40.54%	+10.47%
Max Drawdown (10Y) Largest decline over 10 years	-30.07%	—	—
Current Drawdown Current decline from peak	-1.80%	-5.36%	+3.56%
Average Drawdown Average peak-to-trough decline	-9.18%	-19.40%	+10.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	6.11%	-2.75%

Volatility

ITWN.L vs. KRWL.L - Volatility Comparison

The current volatility for iShares MSCI Taiwan UCITS ETF (ITWN.L) is 9.68%, while Lyxor MSCI Korea UCITS ETF - Acc (KRWL.L) has a volatility of 17.51%. This indicates that ITWN.L experiences smaller price fluctuations and is considered to be less risky than KRWL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITWN.L	KRWL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	17.51%	-7.83%
Volatility (6M) Calculated over the trailing 6-month period	18.60%	32.27%	-13.67%
Volatility (1Y) Calculated over the trailing 1-year period	22.88%	37.87%	-14.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	25.51%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	25.79%	-5.24%

ITWN.L vs. KRWL.L - Expense Ratio Comparison

ITWN.L has a 0.74% expense ratio, which is higher than KRWL.L's 0.45% expense ratio.

Dividends

ITWN.L vs. KRWL.L - Dividend Comparison

ITWN.L's dividend yield for the trailing twelve months is around 0.89%, while KRWL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
KRWL.L Lyxor MSCI Korea UCITS ETF - 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%

Frequently Asked Questions

Can I hold both ITWN.L and KRWL.L in my portfolio?

ITWN.L and KRWL.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ITWN.L or KRWL.L?

On fees, KRWL.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ITWN.L or KRWL.L?

KRWL.L is cheaper with a 0.45% expense ratio, compared with 0.74% for ITWN.L.

What is the main difference between ITWN.L and KRWL.L?

ITWN.L tracks MSCI Taiwan NR USD, while KRWL.L tracks MSCI Korea NR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.74% for ITWN.L and 0.45% for KRWL.L.