MATFX vs. TWN
MATFX (Matthews Asia Innovators Fund) and TWN (The Taiwan Fund Inc.) are both mutual funds - MATFX is a Asia Pacific Equities fund managed by Matthews, while TWN is a Taiwan Equities fund managed by Nomura Asset Management. Over the past 10 years, MATFX returned 15.23%/yr vs 28.37%/yr for TWN. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
MATFX vs. TWN - Performance Comparison
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Returns By Period
In the year-to-date period, MATFX achieves a 54.12% return, which is significantly lower than TWN's 75.91% return. Over the past 10 years, MATFX has underperformed TWN with an annualized return of 15.23%, while TWN has yielded a comparatively higher 28.37% annualized return.
MATFX
- 1D
- -0.57%
- 1M
- -0.88%
- 6M
- 42.54%
- YTD
- 54.12%
- 1Y
- 77.15%
- 3Y*
- 32.52%
- 5Y*
- 10.08%
- 10Y*
- 15.23%
TWN
- 1D
- -1.01%
- 1M
- -0.94%
- 6M
- 72.36%
- YTD
- 75.91%
- 1Y
- 131.30%
- 3Y*
- 55.82%
- 5Y*
- 29.33%
- 10Y*
- 28.37%
MATFX vs. TWN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MATFX Matthews Asia Innovators Fund | 54.12% | 30.22% | 16.47% | -1.77% | -24.66% | -5.90% | 86.75% | 29.60% | -18.59% | 52.78% |
TWN The Taiwan Fund Inc. | 75.91% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
Correlation
The correlation between MATFX and TWN is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 1999 | 0.59 |
The correlation between MATFX and TWN has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.
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Return for Risk
MATFX vs. TWN — Risk / Return Rank
MATFX
TWN
MATFX vs. TWN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Fund (MATFX) 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.
| MATFX | TWN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.66 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 7.06 | 13.93 | -6.87 |
| Martin ratioReturn relative to average drawdown | 17.28 | 38.28 | -20.99 |
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Drawdowns
MATFX vs. TWN - Drawdown Comparison
The maximum MATFX drawdown since its inception was -76.88%, roughly equal to the maximum TWN drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for MATFX and TWN.
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Drawdown Indicators
| MATFX | TWN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.88% | -79.52% | +2.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -9.48% | -1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -18.19% | -29.97% | +11.78% |
Max Drawdown (5Y)Largest decline over 5 years | -42.73% | -51.72% | +8.99% |
Max Drawdown (10Y)Largest decline over 10 years | -52.42% | -51.72% | -0.70% |
Current DrawdownCurrent decline from peak | -10.23% | -7.52% | -2.71% |
Average DrawdownAverage peak-to-trough decline | -28.08% | -37.32% | +9.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.55% | 3.45% | +1.10% |
Volatility
MATFX vs. TWN - Volatility Comparison
Matthews Asia Innovators Fund (MATFX) has a higher volatility of 15.33% compared to The Taiwan Fund Inc. (TWN) at 12.27%. This indicates that MATFX'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
| MATFX | TWN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.33% | 12.27% | +3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 25.71% | 26.31% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.31% | 29.58% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.56% | 24.57% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 22.87% | +0.35% |
Dividends
MATFX vs. TWN - Dividend Comparison
MATFX has not paid dividends to shareholders, while TWN's dividend yield for the trailing twelve months is around 6.60%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MATFX Matthews Asia Innovators Fund | 0.00% | 0.00% | 0.00% | 0.00% | 26.54% | 31.07% | 1.67% | 0.29% | 2.63% | 8.44% | 0.00% | 15.24% |
TWN The Taiwan Fund Inc. | 6.60% | 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
MATFX and TWN have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MATFX has higher volatility (15.33%) compared to TWN (12.27%). In terms of maximum drawdown, MATFX dropped -76.88% vs TWN's -79.52%.
TWN currently has the higher Sharpe Ratio (4.47 vs 2.83), 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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