TWN vs. FERIX

Last updated Jun 24, 2026

TWN (The Taiwan Fund Inc.) and FERIX (Fidelity Advisor Emerging Asia Fund Class I) are both Asia Pacific Equities funds. Over the past 10 years, TWN returned 29.35%/yr vs 16.75%/yr for FERIX. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

TWN vs. FERIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Taiwan Fund Inc. (TWN) and Fidelity Advisor Emerging Asia Fund Class I (FERIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWN achieves a 78.55% return, which is significantly higher than FERIX's 41.61% return. Over the past 10 years, TWN has outperformed FERIX with an annualized return of 29.35%, while FERIX has yielded a comparatively lower 16.75% 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%

FERIX

• 1D: 0.81%
• 1M: 9.42%
• YTD: 41.61%
• 6M: 43.46%
• 1Y: 71.88%
• 3Y*: 35.88%
• 5Y*: 8.77%
• 10Y*: 16.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TWN vs. FERIX - 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%
FERIX Fidelity Advisor Emerging Asia Fund Class I	41.61%	37.04%	20.95%	13.84%	-30.60%	-14.83%	72.97%	31.02%	-14.87%	45.94%

Correlation

The correlation between TWN and FERIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Mar 31, 1994	0.53

The correlation between TWN and FERIX has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.

Return for Risk

TWN vs. FERIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TWN

TWN Risk / Return Rank: 98
TWN Sharpe Ratio Rank: 100
TWN Sortino Ratio Rank: 97
TWN Omega Ratio Rank: 96
TWN Calmar Ratio Rank: 99
TWN Martin Ratio Rank: 99

FERIX

FERIX Risk / Return Rank: 92
FERIX Sharpe Ratio Rank: 96
FERIX Sortino Ratio Rank: 85
FERIX Omega Ratio Rank: 89
FERIX Calmar Ratio Rank: 95
FERIX Martin Ratio Rank: 94

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.

TWN vs. FERIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) and Fidelity Advisor Emerging Asia Fund Class I (FERIX). 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	FERIX	Difference
Sharpe ratio: Return per unit of total volatility	5.30	3.25	+2.04
Sortino ratio: Return per unit of downside risk	5.48	3.77	+1.71
Omega ratio: Gain probability vs. loss probability	1.77	1.59	+0.18
Calmar ratio: Return relative to maximum drawdown	16.25	5.46	+10.79
Martin ratio: Return relative to average drawdown	49.22	18.68	+30.54

TWN vs. FERIX - Sharpe Ratio Comparison

The current TWN Sharpe Ratio is 5.30, which is higher than the FERIX Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of TWN and FERIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TWN vs. FERIX - Drawdown Comparison

The maximum TWN drawdown since its inception was -79.52%, which is greater than FERIX's maximum drawdown of -60.82%. Use the drawdown chart below to compare losses from any high point for TWN and FERIX.

Drawdown Indicators

	TWN	FERIX	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-60.82%	-18.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.29%	-13.53%	+4.24%
Max Drawdown (3Y) Largest decline over 3 years	-29.97%	-17.21%	-12.76%
Max Drawdown (5Y) Largest decline over 5 years	-51.72%	-53.29%	+1.57%
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	-57.71%	+5.99%
Current Drawdown Current decline from peak	-6.13%	0.00%	-6.13%
Average Drawdown Average peak-to-trough decline	-37.36%	-18.11%	-19.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	3.94%	-0.88%

Volatility

TWN vs. FERIX - Volatility Comparison

The Taiwan Fund Inc. (TWN) has a higher volatility of 14.11% compared to Fidelity Advisor Emerging Asia Fund Class I (FERIX) at 12.85%. This indicates that TWN's price experiences larger fluctuations and is considered to be riskier than FERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWN	FERIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.11%	12.85%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	25.07%	20.17%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	28.51%	22.74%	+5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.33%	23.45%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	21.26%	+1.49%

Dividends

TWN vs. FERIX - Dividend Comparison

TWN's dividend yield for the trailing twelve months is around 6.51%, while FERIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FERIX Fidelity Advisor Emerging Asia Fund Class I	0.00%	0.00%	0.00%	0.00%	0.01%	12.49%	6.58%	5.30%	6.70%	0.03%	1.29%	0.82%
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

Can I hold both TWN and FERIX in my portfolio?

TWN and FERIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWN or FERIX?

TWN has higher volatility (14.11%) compared to FERIX (12.85%). In terms of maximum drawdown, TWN dropped -79.52% vs FERIX's -60.82%.

Which has better risk-adjusted returns?

TWN currently has the higher Sharpe Ratio (5.30 vs 3.25), 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.