ITWN.L vs. XMTW.L

Last updated Jun 25, 2026

ITWN.L (iShares MSCI Taiwan UCITS ETF) and XMTW.L (Xtrackers MSCI Taiwan UCITS ETF 1C) are both Asia Pacific Equities funds tracking the MSCI Taiwan NR USD, from iShares and Xtrackers respectively. Both are passively managed. Over the past 10 years, ITWN.L returned 22.53%/yr vs 22.84%/yr for XMTW.L. Their correlation of 0.91 suggests significant overlap in exposure. ITWN.L charges 0.74%/yr vs 0.65%/yr for XMTW.L.

Performance

ITWN.L vs. XMTW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Taiwan UCITS ETF (ITWN.L) and Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ITWN.L having a 69.22% return and XMTW.L slightly higher at 69.61%. Both investments have delivered pretty close results over the past 10 years, with ITWN.L having a 22.53% annualized return and XMTW.L not far ahead at 22.84%.

ITWN.L

• 1D: -1.19%
• 1M: 9.11%
• YTD: 69.22%
• 6M: 73.41%
• 1Y: 108.23%
• 3Y*: 41.73%
• 5Y*: 22.75%
• 10Y*: 22.53%

XMTW.L

• 1D: -0.80%
• 1M: 9.80%
• YTD: 69.61%
• 6M: 73.58%
• 1Y: 109.68%
• 3Y*: 42.41%
• 5Y*: 23.09%
• 10Y*: 22.84%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITWN.L iShares MSCI Taiwan UCITS ETF	69.22%	22.61%	25.77%	21.84%	-21.08%	29.84%	30.38%	29.88%	-3.90%	16.56%
XMTW.L Xtrackers MSCI Taiwan UCITS ETF 1C	69.61%	23.98%	25.99%	21.66%	-21.11%	28.96%	32.40%	29.87%	-3.20%	16.17%

Correlation

The correlation between ITWN.L and XMTW.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.91

The correlation between ITWN.L and XMTW.L has been stable across timeframes, ranging from 0.91 to 0.99 - a consistent structural relationship.

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

Sectors	ITWN.L	XMTW.L
Technology	82.6%	78.9%
Financial Services	10.4%	11.8%
Basic Materials	1.8%	2.4%
Industrials	1.8%	2.8%
Communication Services	1.3%	1.5%
Consumer Cyclical	0.9%	1.2%
Consumer Defensive	0.7%	0.8%
Healthcare	0.5%	0.6%
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ITWN.L vs. XMTW.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: 97
ITWN.L Sortino Ratio Rank: 96
ITWN.L Omega Ratio Rank: 96
ITWN.L Calmar Ratio Rank: 98
ITWN.L Martin Ratio Rank: 96

XMTW.L

XMTW.L Risk / Return Rank: 97
XMTW.L Sharpe Ratio Rank: 98
XMTW.L Sortino Ratio Rank: 96
XMTW.L Omega Ratio Rank: 96
XMTW.L Calmar Ratio Rank: 98
XMTW.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. XMTW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan UCITS ETF (ITWN.L) and Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.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.

	ITWN.L	XMTW.L	Difference
Sharpe ratio: Return per unit of total volatility	4.41	4.51	-0.10
Sortino ratio: Return per unit of downside risk	5.07	5.06	0.00
Omega ratio: Gain probability vs. loss probability	1.70	1.72	-0.03
Calmar ratio: Return relative to maximum drawdown	11.49	12.05	-0.55
Martin ratio: Return relative to average drawdown	30.65	31.90	-1.24

ITWN.L vs. XMTW.L - Sharpe Ratio Comparison

The current ITWN.L Sharpe Ratio is 4.41, which is comparable to the XMTW.L Sharpe Ratio of 4.51. The chart below compares the historical Sharpe Ratios of ITWN.L and XMTW.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.

Drawdowns

ITWN.L vs. XMTW.L - Drawdown Comparison

The maximum ITWN.L drawdown since its inception was -72.46%, smaller than the maximum XMTW.L drawdown of -99.22%. Use the drawdown chart below to compare losses from any high point for ITWN.L and XMTW.L.

Drawdown Indicators

	ITWN.L	XMTW.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.46%	-99.22%	+26.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-9.05%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-29.32%	-28.76%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-30.18%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-30.07%	-30.18%	+0.11%
Current Drawdown Current decline from peak	-5.95%	-5.86%	-0.09%
Average Drawdown Average peak-to-trough decline	-21.94%	-22.20%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	3.43%	+0.09%

Volatility

ITWN.L vs. XMTW.L - Volatility Comparison

iShares MSCI Taiwan UCITS ETF (ITWN.L) and Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.L) have volatilities of 10.60% and 10.63%, 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.

Volatility by Period

	ITWN.L	XMTW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.60%	10.63%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	20.41%	20.19%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	24.48%	24.25%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.14%	24.89%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.46%	22.35%	-1.89%

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

ITWN.L has a 0.74% expense ratio, which is higher than XMTW.L's 0.65% expense ratio.

Dividends

ITWN.L vs. XMTW.L - Dividend Comparison

ITWN.L's dividend yield for the trailing twelve months is around 0.89%, while XMTW.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%	2.30%	2.72%	2.74%	2.86%	3.21%
XMTW.L Xtrackers MSCI Taiwan UCITS ETF 1C	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 XMTW.L in my portfolio?

With a correlation of 0.99, ITWN.L and XMTW.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, XMTW.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XMTW.L is cheaper with a 0.65% expense ratio, compared with 0.74% for ITWN.L.

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

Both ETFs track MSCI Taiwan NR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.74% for ITWN.L and 0.65% for XMTW.L.