TWN vs. FLTW
TWN (The Taiwan Fund Inc.) and FLTW (Franklin FTSE Taiwan ETF) are both Asia Pacific Equities funds. Over the past 5 years, TWN returned 33.66%/yr vs 23.20%/yr for FLTW. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
TWN vs. FLTW - Performance Comparison
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Returns By Period
In the year-to-date period, TWN achieves a 89.25% return, which is significantly higher than FLTW's 79.72% return.
TWN
- 1D
- 0.19%
- 1M
- 7.55%
- YTD
- 89.25%
- 6M
- 91.94%
- 1Y
- 163.62%
- 3Y*
- 62.85%
- 5Y*
- 33.66%
- 10Y*
- 30.11%
FLTW
- 1D
- 1.68%
- 1M
- 15.81%
- YTD
- 79.72%
- 6M
- 83.89%
- 1Y
- 124.51%
- 3Y*
- 44.92%
- 5Y*
- 23.20%
- 10Y*
- —
TWN vs. FLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWN The Taiwan Fund Inc. | 89.25% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | -0.41% |
FLTW Franklin FTSE Taiwan ETF | 79.72% | 32.00% | 16.68% | 30.05% | -27.51% | 29.46% | 29.77% | 31.23% | -9.32% | -1.28% |
Correlation
The correlation between TWN and FLTW is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.71 |
The correlation between TWN and FLTW has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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Return for Risk
TWN vs. FLTW — Risk / Return Rank
TWN
FLTW
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.
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 | FLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 1.68 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 17.73 | 11.52 | +6.21 |
| Martin ratioReturn relative to average drawdown | 54.13 | 34.60 | +19.52 |
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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.
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Drawdown Indicators
| TWN | FLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.52% | -38.00% | -41.52% |
Max Drawdown (1Y)Largest decline over 1 year | -9.29% | -10.87% | +1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -29.97% | -26.45% | -3.52% |
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 DrawdownCurrent decline from peak | -0.50% | 0.00% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -37.36% | -8.41% | -28.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 3.61% | -0.57% |
Volatility
TWN vs. FLTW - Volatility Comparison
The current volatility for The Taiwan Fund Inc. (TWN) is 12.62%, while Franklin FTSE Taiwan ETF (FLTW) has a volatility of 14.69%. This indicates that TWN experiences smaller price fluctuations and is considered to be less risky than FLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWN | FLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.62% | 14.69% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 24.28% | 24.19% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 28.45% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.23% | 23.07% | +1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.70% | 22.11% | +0.59% |
Dividends
TWN vs. FLTW - Dividend Comparison
TWN's dividend yield for the trailing twelve months is around 6.14%, more than FLTW's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLTW Franklin FTSE Taiwan ETF | 1.33% | 2.51% | 1.89% | 2.85% | 3.16% | 2.31% | 2.14% | 3.00% | 1.06% | 0.00% |
TWN The Taiwan Fund Inc. | 6.14% | 11.62% | 19.14% | 1.26% | 0.00% | 7.78% | 12.91% | 8.26% | 11.27% | 3.16% |
Frequently Asked Questions
TWN and FLTW have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLTW has higher volatility (14.69%) compared to TWN (12.62%). In terms of maximum drawdown, TWN dropped -79.52% vs FLTW's -38.00%.
TWN currently has the higher Sharpe Ratio (5.91 vs 4.41), 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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