KF vs. TWN
KF (The Korea Fund Inc) and TWN (The Taiwan Fund Inc.) are both mutual funds - KF is a Emerging Markets Equities fund managed by Allianz Global Investors, while TWN is a Asia Pacific Equities fund managed by Nomura Asset Management. Over the past 10 years, KF returned 16.63%/yr vs 29.35%/yr for TWN. At a 0.44 correlation, their price movements are largely independent.
Performance
KF vs. TWN - Performance Comparison
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Returns By Period
In the year-to-date period, KF achieves a 94.44% return, which is significantly higher than TWN's 78.55% return. Over the past 10 years, KF has underperformed TWN with an annualized return of 16.63%, while TWN has yielded a comparatively higher 29.35% annualized return.
KF
- 1D
- -11.46%
- 1M
- 6.90%
- YTD
- 94.44%
- 6M
- 99.44%
- 1Y
- 176.02%
- 3Y*
- 46.53%
- 5Y*
- 18.29%
- 10Y*
- 16.63%
TWN
- 1D
- -5.65%
- 1M
- 1.47%
- YTD
- 78.55%
- 6M
- 81.17%
- 1Y
- 150.01%
- 3Y*
- 59.72%
- 5Y*
- 32.06%
- 10Y*
- 29.35%
KF vs. TWN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KF The Korea Fund Inc | 94.44% | 99.36% | -19.29% | 12.34% | -30.02% | 8.44% | 37.14% | 6.83% | -19.26% | 42.50% |
TWN The Taiwan Fund Inc. | 78.55% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
Correlation
The correlation between KF and TWN is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 1989 | 0.44 |
The correlation between KF and TWN shifts across timeframes, from 0.44 (all time) to 0.57 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
KF vs. TWN — Risk / Return Rank
KF
TWN
KF vs. TWN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Korea Fund Inc (KF) and The Taiwan Fund Inc. (TWN). 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.
| KF | TWN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.77 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.97 | 16.25 | -9.28 |
| Martin ratioReturn relative to average drawdown | 24.90 | 49.22 | -24.32 |
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Drawdowns
KF vs. TWN - Drawdown Comparison
The maximum KF drawdown since its inception was -85.25%, which is greater than TWN's maximum drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for KF and TWN.
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Drawdown Indicators
| KF | TWN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.25% | -79.52% | -5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -25.42% | -9.29% | -16.13% |
Max Drawdown (3Y)Largest decline over 3 years | -28.04% | -29.97% | +1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -47.62% | -51.72% | +4.10% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | -51.72% | -1.19% |
Current DrawdownCurrent decline from peak | -11.78% | -6.13% | -5.65% |
Average DrawdownAverage peak-to-trough decline | -37.85% | -37.36% | -0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.10% | 3.06% | +4.04% |
Volatility
KF vs. TWN - Volatility Comparison
The Korea Fund Inc (KF) has a higher volatility of 26.65% compared to The Taiwan Fund Inc. (TWN) at 14.11%. This indicates that KF's price experiences larger fluctuations and is considered to be riskier than TWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KF | TWN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.65% | 14.11% | +12.54% |
Volatility (6M)Calculated over the trailing 6-month period | 42.61% | 25.07% | +17.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.95% | 28.51% | +17.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.23% | 24.33% | +4.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.82% | 22.75% | +4.07% |
Dividends
KF vs. TWN - Dividend Comparison
KF's dividend yield for the trailing twelve months is around 0.62%, less than TWN's 6.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KF The Korea Fund Inc | 0.62% | 1.20% | 2.46% | 0.00% | 15.93% | 26.50% | 1.30% | 0.24% | 18.67% | 9.75% | 1.03% | 13.66% |
TWN The Taiwan Fund Inc. | 6.51% | 11.62% | 19.14% | 1.26% | 0.00% | 7.78% | 12.91% | 8.26% | 11.27% | 3.16% | 0.00% | 0.00% |
Frequently Asked Questions
KF and TWN have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KF has higher volatility (26.65%) compared to TWN (14.11%). In terms of maximum drawdown, KF dropped -85.25% vs TWN's -79.52%.
TWN currently has the higher Sharpe Ratio (5.30 vs 3.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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