TECW.L vs. HTWD.L
TECW.L (SPDR MSCI World Technology UCITS ETF) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF USD (Dist)) are both exchange-traded funds - TECW.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while HTWD.L is a Emerging Markets Equities fund tracking the MSCI Taiwan Capped Index. Both are passively managed. Over the past 10 years, TECW.L returned 19.41%/yr vs 19.95%/yr for HTWD.L. At a 0.46 correlation, their price movements are largely independent. TECW.L charges 0.30%/yr vs 0.50%/yr for HTWD.L.
Performance
TECW.L vs. HTWD.L - Performance Comparison
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Different Trading Currencies
TECW.L is traded in GBP, while HTWD.L is traded in USD. To make them comparable, the HTWD.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, TECW.L achieves a 16.43% return, which is significantly lower than HTWD.L's 52.70% return. Both investments have delivered pretty close results over the past 10 years, with TECW.L having a 19.41% annualized return and HTWD.L not far ahead at 19.95%.
TECW.L
- 1D
- 0.00%
- 1M
- -6.20%
- 6M
- 19.12%
- YTD
- 16.43%
- 1Y
- 28.77%
- 3Y*
- 25.71%
- 5Y*
- 10.91%
- 10Y*
- 19.41%
- ALL TIME*
- 16.22%
HTWD.L
- 1D
- 0.58%
- 1M
- -12.49%
- 6M
- 42.43%
- YTD
- 52.70%
- 1Y
- 74.71%
- 3Y*
- 37.91%
- 5Y*
- 20.39%
- 10Y*
- 19.95%
- ALL TIME*
- 15.15%
TECW.L vs. HTWD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECW.L SPDR MSCI World Technology UCITS ETF | 16.43% | 13.84% | 36.32% | 46.35% | -42.91% | 29.62% | 43.31% | 47.39% | -2.74% | 37.94% |
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 52.80% | 22.83% | 27.59% | 22.54% | -21.01% | 28.99% | 32.61% | 28.48% | -3.30% | 16.17% |
Correlation
The correlation between TECW.L and HTWD.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011 | 0.46 |
Over the past year, TECW.L and HTWD.L have become more correlated (0.71) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
TECW.L vs. HTWD.L — Risk / Return Rank
TECW.L
HTWD.L
TECW.L vs. HTWD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Technology UCITS ETF (TECW.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.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.
| TECW.L | HTWD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.46 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 4.93 | -3.20 |
| Martin ratioReturn relative to average drawdown | 4.18 | 18.07 | -13.89 |
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Drawdowns
TECW.L vs. HTWD.L - Drawdown Comparison
The maximum TECW.L drawdown since its inception was -44.86%, which is greater than HTWD.L's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for TECW.L and HTWD.L.
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Drawdown Indicators
| TECW.L | HTWD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.86% | -32.66% | -12.20% |
Max Drawdown (1Y)Largest decline over 1 year | -16.66% | -15.07% | -1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -28.26% | -29.82% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -44.86% | -30.12% | -14.74% |
Max Drawdown (10Y)Largest decline over 10 years | -44.86% | -30.12% | -14.74% |
Current DrawdownCurrent decline from peak | -8.52% | -14.58% | +6.06% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -7.45% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.90% | 4.12% | +2.78% |
Volatility
TECW.L vs. HTWD.L - Volatility Comparison
The current volatility for SPDR MSCI World Technology UCITS ETF (TECW.L) is 7.76%, while HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) (HTWD.L) has a volatility of 10.92%. This indicates that TECW.L experiences smaller price fluctuations and is considered to be less risky than HTWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECW.L | HTWD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 10.92% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 16.55% | 23.02% | -6.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.54% | 26.48% | -4.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.58% | 22.21% | +2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.45% | 21.12% | +2.33% |
TECW.L vs. HTWD.L - Expense Ratio Comparison
TECW.L has a 0.30% expense ratio, which is lower than HTWD.L's 0.50% expense ratio.
Dividends
TECW.L vs. HTWD.L - Dividend Comparison
TECW.L has not paid dividends to shareholders, while HTWD.L's dividend yield for the trailing twelve months is around 1.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF USD (Dist) | 1.08% | 1.53% | 1.18% | 2.73% | 3.31% | 1.13% | 1.69% | 2.08% | 2.79% | 1.37% | 2.64% | 2.65% |
TECW.L SPDR MSCI World Technology UCITS ETF | 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
TECW.L and HTWD.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TECW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TECW.L is cheaper with a 0.30% expense ratio, compared with 0.50% for HTWD.L.
TECW.L is categorized as Technology Equities, while HTWD.L is Emerging Markets Equities. TECW.L tracks MSCI World/Information Tech NR USD, while HTWD.L tracks MSCI Taiwan Capped Index. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.30% for TECW.L and 0.50% for HTWD.L.
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