TWN vs. DFRSX
TWN (The Taiwan Fund Inc.) and DFRSX (DFA Asia Pacific Small Company) are both Asia Pacific Equities funds. Over the past 10 years, TWN returned 29.35%/yr vs 6.94%/yr for DFRSX. At a 0.46 correlation, their price movements are largely independent.
Performance
TWN vs. DFRSX - Performance Comparison
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Returns By Period
In the year-to-date period, TWN achieves a 78.55% return, which is significantly higher than DFRSX's 3.91% return. Over the past 10 years, TWN has outperformed DFRSX with an annualized return of 29.35%, while DFRSX has yielded a comparatively lower 6.94% annualized return.
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%
DFRSX
- 1D
- 0.04%
- 1M
- 1.23%
- YTD
- 3.91%
- 6M
- 2.29%
- 1Y
- 28.91%
- 3Y*
- 14.62%
- 5Y*
- 4.17%
- 10Y*
- 6.94%
TWN vs. DFRSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DFRSX DFA Asia Pacific Small Company | 3.91% | 34.73% | 0.27% | 3.99% | -16.96% | 12.59% | 14.24% | 13.30% | -15.48% | 25.17% |
Correlation
The correlation between TWN and DFRSX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.46 |
The correlation between TWN and DFRSX shifts across timeframes, from 0.36 (1 year) to 0.51 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
TWN vs. DFRSX — Risk / Return Rank
TWN
DFRSX
TWN vs. DFRSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) and DFA Asia Pacific Small Company (DFRSX). 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.
| TWN | DFRSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.77 | 1.34 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 16.25 | 2.09 | +14.16 |
| Martin ratioReturn relative to average drawdown | 49.22 | 6.06 | +43.16 |
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Drawdowns
TWN vs. DFRSX - Drawdown Comparison
The maximum TWN drawdown since its inception was -79.52%, which is greater than DFRSX's maximum drawdown of -69.06%. Use the drawdown chart below to compare losses from any high point for TWN and DFRSX.
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Drawdown Indicators
| TWN | DFRSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.52% | -69.06% | -10.46% |
Max Drawdown (1Y)Largest decline over 1 year | -9.29% | -14.20% | +4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -29.97% | -21.29% | -8.68% |
Max Drawdown (5Y)Largest decline over 5 years | -51.72% | -30.18% | -21.54% |
Max Drawdown (10Y)Largest decline over 10 years | -51.72% | -46.25% | -5.47% |
Current DrawdownCurrent decline from peak | -6.13% | -6.54% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -37.36% | -17.20% | -20.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 4.88% | -1.82% |
Volatility
TWN vs. DFRSX - Volatility Comparison
The Taiwan Fund Inc. (TWN) has a higher volatility of 14.11% compared to DFA Asia Pacific Small Company (DFRSX) at 5.18%. This indicates that TWN's price experiences larger fluctuations and is considered to be riskier than DFRSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWN | DFRSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.11% | 5.18% | +8.93% |
Volatility (6M)Calculated over the trailing 6-month period | 25.07% | 13.33% | +11.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.51% | 16.09% | +12.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.33% | 17.36% | +6.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.75% | 17.07% | +5.68% |
Dividends
TWN vs. DFRSX - Dividend Comparison
TWN's dividend yield for the trailing twelve months is around 6.51%, more than DFRSX's 4.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFRSX DFA Asia Pacific Small Company | 4.73% | 4.92% | 4.66% | 4.70% | 9.99% | 12.82% | 2.91% | 4.56% | 3.48% | 4.01% | 3.79% | 3.96% |
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
TWN and DFRSX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWN has higher volatility (14.11%) compared to DFRSX (5.18%). In terms of maximum drawdown, TWN dropped -79.52% vs DFRSX's -69.06%.
TWN currently has the higher Sharpe Ratio (5.30 vs 1.85), 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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