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SPXJ.L vs. HTWN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXJ.L vs. HTWN.L

Last updated Jun 4, 2026

SPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF (Dist)) and HTWN.L (HSBC MSCI Taiwan Capped UCITS ETF USD) are both Asia Pacific Equities funds - SPXJ.L tracks the MSCI Pacific Ex Japan NR USD while HTWN.L tracks the MSCI Taiwan NR USD. Both are passively managed. Over the past 10 years, SPXJ.L returned 8.50%/yr vs 24.32%/yr for HTWN.L. At a 0.36 correlation, their price movements are largely independent. SPXJ.L charges 0.60%/yr vs 0.50%/yr for HTWN.L.

Performance

SPXJ.L vs. HTWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXJ.L achieves a 9.57% return, which is significantly lower than HTWN.L's 71.35% return. Over the past 10 years, SPXJ.L has underperformed HTWN.L with an annualized return of 8.50%, while HTWN.L has yielded a comparatively higher 24.32% annualized return.

SPXJ.L

1D
-0.55%
1M
1.17%
YTD
9.57%
6M
10.59%
1Y
18.32%
3Y*
10.45%
5Y*
5.76%
10Y*
8.50%

HTWN.L

1D
0.78%
1M
20.41%
YTD
71.35%
6M
76.45%
1Y
124.97%
3Y*
42.23%
5Y*
23.93%
10Y*
24.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXJ.L vs. HTWN.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXJ.L
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)		9.57%11.54%7.16%-1.01%4.28%5.67%1.82%15.19%-5.97%13.88%
HTWN.L
HSBC MSCI Taiwan Capped UCITS ETF USD		71.35%23.15%27.50%21.28%-20.57%29.44%31.41%29.56%-2.68%15.90%

Correlation

The correlation between SPXJ.L and HTWN.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Apr 5, 2011

0.36

The correlation between SPXJ.L and HTWN.L shifts across timeframes, from 0.36 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

SPXJ.L vs. HTWN.L - Sectors Allocation Comparison

Sectors
SPXJ.L
HTWN.L

Financial Services

46.1%
10.4%

Basic Materials

14.6%
1.9%

Industrials

8.5%
2.3%

Real Estate

7.8%

-

Consumer Cyclical

6.0%
1.1%

Healthcare

3.7%
0.6%

Utilities

3.6%

-

Consumer Defensive

3.0%
0.7%

Energy

2.9%

-

Communication Services

2.7%
1.3%

Technology

1.1%
81.7%

Financial Services

SPXJ.L
46.1%
HTWN.L
10.4%

Basic Materials

SPXJ.L
14.6%
HTWN.L
1.9%

Industrials

SPXJ.L
8.5%
HTWN.L
2.3%

Real Estate

SPXJ.L
7.8%
HTWN.L

-

Consumer Cyclical

SPXJ.L
6.0%
HTWN.L
1.1%

Healthcare

SPXJ.L
3.7%
HTWN.L
0.6%

Utilities

SPXJ.L
3.6%
HTWN.L

-

Consumer Defensive

SPXJ.L
3.0%
HTWN.L
0.7%

Energy

SPXJ.L
2.9%
HTWN.L

-

Communication Services

SPXJ.L
2.7%
HTWN.L
1.3%

Technology

SPXJ.L
1.1%
HTWN.L
81.7%

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iShares MSCI Pacific ex-Japan UCITS ETF (Dist)

HSBC MSCI Taiwan Capped UCITS ETF USD

Often compared with SPXJ.L:
SPXJ.L vs. SPYSPXJ.L vs. XDEQ.LSPXJ.L vs. SWDA.LSPXJ.L vs. HKOR.LSPXJ.L vs. CPJ1.LSPXJ.L vs. HMXJ.LSPXJ.L vs. CNDX.L
Often compared with HTWN.L:
HTWN.L vs. HKOR.LHTWN.L vs. PSRF.LHTWN.L vs. SCHGHTWN.L vs. FRIN.LHTWN.L vs. GLDHTWN.L vs. HSPX.LHTWN.L vs. HUKX.L

Return for Risk

SPXJ.L vs. HTWN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXJ.L
SPXJ.L Risk / Return Rank: 4949
Overall Rank
SPXJ.L Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
SPXJ.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
SPXJ.L Omega Ratio Rank: 4949
Omega Ratio Rank
SPXJ.L Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPXJ.L Martin Ratio Rank: 4646
Martin Ratio Rank
HTWN.L
HTWN.L Risk / Return Rank: 9797
Overall Rank
HTWN.L Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
HTWN.L Sortino Ratio Rank: 9797
Sortino Ratio Rank
HTWN.L Omega Ratio Rank: 9797
Omega Ratio Rank
HTWN.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
HTWN.L Martin Ratio Rank: 9696
Martin Ratio Rank
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.

SPXJ.L vs. HTWN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.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.

SPXJ.LHTWN.LDifference
Sharpe ratioReturn per unit of total volatility
1.68
5.49

-3.81

Sortino ratioReturn per unit of downside risk
2.45
6.35

-3.89

Omega ratioGain probability vs. loss probability

1.30

1.87

-0.57

Calmar ratioReturn relative to maximum drawdown

2.54

14.03

-11.49

Martin ratioReturn relative to average drawdown

7.58

38.67

-31.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXJ.L vs. HTWN.L - Sharpe Ratio Comparison

The current SPXJ.L Sharpe Ratio is 1.68, which is lower than the HTWN.L Sharpe Ratio of 5.49. The chart below compares the historical Sharpe Ratios of SPXJ.L and HTWN.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.

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Sharpe Ratios by Period

SPXJ.LHTWN.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.68

5.49

-3.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

1.17

-0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

1.49

-0.90

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

1.13

-0.57

Drawdowns

SPXJ.L vs. HTWN.L - Drawdown Comparison

The maximum SPXJ.L drawdown since its inception was -32.61%, roughly equal to the maximum HTWN.L drawdown of -31.84%. Use the drawdown chart below to compare losses from any high point for SPXJ.L and HTWN.L.

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Drawdown Indicators

SPXJ.LHTWN.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.61%

-31.84%

-0.77%

Max Drawdown (1Y)

Largest decline over 1 year

-7.39%

-8.86%

+1.47%

Max Drawdown (3Y)

Largest decline over 3 years

-17.62%

-29.76%

+12.14%

Max Drawdown (5Y)

Largest decline over 5 years

-17.62%

-29.97%

+12.35%

Max Drawdown (10Y)

Largest decline over 10 years

-32.61%

-29.97%

-2.64%

Current Drawdown

Current decline from peak

-2.38%

0.00%

-2.38%

Average Drawdown

Average peak-to-trough decline

-6.57%

-7.18%

+0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

3.22%

-0.78%

Volatility

SPXJ.L vs. HTWN.L - Volatility Comparison

The current volatility for iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) is 3.70%, while HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) has a volatility of 9.55%. This indicates that SPXJ.L experiences smaller price fluctuations and is considered to be less risky than HTWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXJ.LHTWN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

9.55%

-5.85%

Volatility (6M)

Calculated over the trailing 6-month period

8.54%

18.18%

-9.64%

Volatility (1Y)

Calculated over the trailing 1-year period

11.15%

22.65%

-11.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.92%

20.85%

-5.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.40%

23.41%

-6.01%

SPXJ.L vs. HTWN.L - Expense Ratio Comparison

SPXJ.L has a 0.60% expense ratio, which is higher than HTWN.L's 0.50% expense ratio.

Dividends

SPXJ.L vs. HTWN.L - Dividend Comparison

SPXJ.L's dividend yield for the trailing twelve months is around 2.77%, more than HTWN.L's 0.95% yield.

PositionTTM20252024202320222021202020192018201720162015
HTWN.L
HSBC MSCI Taiwan Capped UCITS ETF USD		0.95%1.61%1.17%2.79%3.04%1.11%1.79%2.12%2.55%2.04%2.32%2.61%
SPXJ.L
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)		2.77%2.93%3.42%3.60%3.75%2.84%2.63%3.63%3.71%3.36%3.20%3.30%

Frequently Asked Questions

SPXJ.L and HTWN.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HTWN.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HTWN.L is cheaper with a 0.50% expense ratio, compared with 0.60% for SPXJ.L.

SPXJ.L tracks MSCI Pacific Ex Japan NR USD, while HTWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.60% for SPXJ.L and 0.50% for HTWN.L.

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