JRAE.L vs. ITWN.L

Last updated Jun 5, 2026

JRAE.L (JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) and ITWN.L (iShares MSCI Taiwan UCITS ETF) are both Asia Pacific Equities funds - JRAE.L tracks the MSCI AC Asia Pac Ex JPN NR USD while ITWN.L tracks the MSCI Taiwan NR USD. Both are passively managed. Over the past 3 years, JRAE.L returned 20.15%/yr vs 40.47%/yr for ITWN.L. A 0.71 correlation means they provide meaningful diversification when combined. JRAE.L charges 0.30%/yr vs 0.74%/yr for ITWN.L.

Performance

JRAE.L vs. ITWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L) and iShares MSCI Taiwan UCITS ETF (ITWN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRAE.L achieves a 28.94% return, which is significantly lower than ITWN.L's 67.93% return.

JRAE.L

• 1D: -1.76%
• 1M: 6.60%
• YTD: 28.94%
• 6M: 31.22%
• 1Y: 54.30%
• 3Y*: 20.15%
• 5Y*: —
• 10Y*: —

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%

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

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

	2026 (YTD)	2025	2024	2023	2022
JRAE.L JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	28.94%	20.80%	10.58%	-1.23%	-1.04%
ITWN.L iShares MSCI Taiwan UCITS ETF	67.93%	22.61%	25.77%	21.84%	-12.66%

Correlation

The correlation between JRAE.L and ITWN.L is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 9, 2022	0.71

The correlation between JRAE.L and ITWN.L has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

Return for Risk

JRAE.L vs. ITWN.L — Risk / Return Rank

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

JRAE.L

JRAE.L Risk / Return Rank: 91
JRAE.L Sharpe Ratio Rank: 93
JRAE.L Sortino Ratio Rank: 92
JRAE.L Omega Ratio Rank: 93
JRAE.L Calmar Ratio Rank: 90
JRAE.L Martin Ratio Rank: 88

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L) and iShares MSCI Taiwan UCITS ETF (ITWN.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.

	JRAE.L	ITWN.L	Difference
Sharpe ratio: Return per unit of total volatility	3.37	5.10	-1.73
Sortino ratio: Return per unit of downside risk	4.34	5.92	-1.57
Omega ratio: Gain probability vs. loss probability	1.62	1.81	-0.19
Calmar ratio: Return relative to maximum drawdown	5.62	12.46	-6.84
Martin ratio: Return relative to average drawdown	19.32	34.79	-15.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current JRAE.L Sharpe Ratio is 3.37, which is lower than the ITWN.L Sharpe Ratio of 5.10. The chart below compares the historical Sharpe Ratios of JRAE.L and ITWN.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

	JRAE.L	ITWN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	5.10	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.64	+0.25

Drawdowns

JRAE.L vs. ITWN.L - Drawdown Comparison

The maximum JRAE.L drawdown since its inception was -16.72%, smaller than the maximum ITWN.L drawdown of -48.27%. Use the drawdown chart below to compare losses from any high point for JRAE.L and ITWN.L.

Drawdown Indicators

	JRAE.L	ITWN.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.72%	-48.27%	+31.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-9.36%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-16.72%	-29.32%	+12.60%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.07%	—
Current Drawdown Current decline from peak	-2.58%	-1.80%	-0.78%
Average Drawdown Average peak-to-trough decline	-5.61%	-9.18%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.36%	-0.56%

Volatility

JRAE.L vs. ITWN.L - Volatility Comparison

The current volatility for JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L) is 7.21%, while iShares MSCI Taiwan UCITS ETF (ITWN.L) has a volatility of 9.68%. This indicates that JRAE.L experiences smaller price fluctuations and is considered to be less risky than ITWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JRAE.L	ITWN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.21%	9.68%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	18.60%	-5.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.06%	22.88%	-6.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	20.77%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	20.55%	-4.72%

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

JRAE.L has a 0.30% expense ratio, which is lower than ITWN.L's 0.74% expense ratio.

Dividends

JRAE.L vs. ITWN.L - Dividend Comparison

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

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%
JRAE.L JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (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 JRAE.L and ITWN.L in my portfolio?

JRAE.L and ITWN.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, JRAE.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

JRAE.L is cheaper with a 0.30% expense ratio, compared with 0.74% for ITWN.L.

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

JRAE.L tracks MSCI AC Asia Pac Ex JPN NR USD, while ITWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.30% for JRAE.L and 0.74% for ITWN.L.