TWN vs. FLTW

Last updated Apr 1, 2026

Compare and contrast key facts about The Taiwan Fund Inc. (TWN) and Franklin FTSE Taiwan ETF (FLTW).

TWN is managed by Nomura Asset Management. FLTW is a passively managed fund by Franklin Templeton that tracks the performance of the FTSE Taiwan RIC Capped Index. It was launched on Nov 2, 2017.

Performance

TWN vs. FLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Taiwan Fund Inc. (TWN) and Franklin FTSE Taiwan ETF (FLTW). The values are adjusted to include any dividend payments, if applicable.

TWN vs. FLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWN The Taiwan Fund Inc.	23.15%	54.11%	32.76%	51.73%	-38.54%	58.14%	40.71%	47.00%	-19.15%	-0.82%
FLTW Franklin FTSE Taiwan ETF	11.95%	32.00%	16.68%	30.05%	-27.51%	29.46%	29.77%	31.23%	-9.32%	-1.25%

Returns By Period

In the year-to-date period, TWN achieves a 23.15% return, which is significantly higher than FLTW's 11.95% return.

TWN

• 1D: 1.00%
• 1M: -0.36%
• YTD: 23.15%
• 6M: 35.55%
• 1Y: 120.89%
• 3Y*: 48.50%
• 5Y*: 27.31%
• 10Y*: 24.13%

FLTW

• 1D: 2.71%
• 1M: -7.08%
• YTD: 11.95%
• 6M: 18.87%
• 1Y: 61.71%
• 3Y*: 25.50%
• 5Y*: 13.10%
• 10Y*: —

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

TWN vs. FLTW - Expense Ratio Comparison

FLTW

Franklin FTSE Taiwan ETF

Return for Risk

TWN vs. FLTW — Risk / Return Rank

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

TWN

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

FLTW

FLTW Risk / Return Rank: 94
FLTW Sharpe Ratio Rank: 94
FLTW Sortino Ratio Rank: 94
FLTW Omega Ratio Rank: 92
FLTW Calmar Ratio Rank: 94
FLTW Martin Ratio Rank: 95

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. FLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) and Franklin FTSE Taiwan ETF (FLTW). 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.

	TWN	FLTW	Difference
Sharpe ratio Return per unit of total volatility	4.65	2.25	+2.40
Sortino ratio Return per unit of downside risk	4.97	2.94	+2.03
Omega ratio Gain probability vs. loss probability	1.72	1.40	+0.32
Calmar ratio Return relative to maximum drawdown	6.97	3.80	+3.17
Martin ratio Return relative to average drawdown	32.73	15.55	+17.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TWN vs. FLTW - Sharpe Ratio Comparison

The current TWN Sharpe Ratio is 4.65, which is higher than the FLTW Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TWN and FLTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TWN	FLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.65	2.25	+2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	0.60	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.71	-0.51

Correlation

The correlation between TWN and FLTW is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TWN vs. FLTW - Dividend Comparison

TWN's dividend yield for the trailing twelve months is around 9.43%, more than FLTW's 2.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWN The Taiwan Fund Inc.	9.43%	11.62%	19.14%	1.26%	0.00%	7.78%	12.91%	8.26%	11.27%	3.16%
FLTW Franklin FTSE Taiwan ETF	2.24%	2.51%	1.89%	2.85%	3.16%	2.31%	2.14%	3.00%	1.06%	0.00%

Drawdowns

TWN vs. FLTW - Drawdown Comparison

The maximum TWN drawdown since its inception was -79.52%, which is greater than FLTW's maximum drawdown of -38.00%. Use the drawdown chart below to compare losses from any high point for TWN and FLTW.

Drawdown Indicators

	TWN	FLTW	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-38.00%	-41.52%
Max Drawdown (1Y) Largest decline over 1 year	-16.74%	-15.81%	-0.93%
Max Drawdown (5Y) Largest decline over 5 years	-51.72%	-38.00%	-13.72%
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	—	—
Current Drawdown Current decline from peak	-0.44%	-8.45%	+8.01%
Average Drawdown Average peak-to-trough decline	-37.58%	-8.57%	-29.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.86%	-0.30%

Volatility

TWN vs. FLTW - Volatility Comparison

The Taiwan Fund Inc. (TWN) and Franklin FTSE Taiwan ETF (FLTW) have volatilities of 11.35% and 11.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWN	FLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.35%	11.27%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	17.83%	18.44%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	26.22%	27.55%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.27%	22.06%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.93%	21.31%	+0.62%