TWN vs. FSELX

Last updated Jun 3, 2026

TWN (The Taiwan Fund Inc.) and FSELX (Fidelity Select Semiconductors Portfolio) are both mutual funds - TWN is a Asia Pacific Equities fund managed by Nomura Asset Management, while FSELX is a Semiconductors fund managed by Fidelity. Over the past 10 years, TWN returned 30.17%/yr vs 38.36%/yr for FSELX. At a 0.40 correlation, their price movements are largely independent.

Performance

TWN vs. FSELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Taiwan Fund Inc. (TWN) and Fidelity Select Semiconductors Portfolio (FSELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWN achieves a 90.00% return, which is significantly higher than FSELX's 74.49% return. Over the past 10 years, TWN has underperformed FSELX with an annualized return of 30.17%, while FSELX has yielded a comparatively higher 38.36% annualized return.

TWN

• 1D: -0.11%
• 1M: 8.54%
• YTD: 90.00%
• 6M: 99.81%
• 1Y: 195.95%
• 3Y*: 66.17%
• 5Y*: 35.51%
• 10Y*: 30.17%

FSELX

• 1D: 2.15%
• 1M: 18.98%
• YTD: 74.49%
• 6M: 75.66%
• 1Y: 157.66%
• 3Y*: 65.42%
• 5Y*: 44.76%
• 10Y*: 38.36%

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

TWN vs. FSELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWN The Taiwan Fund Inc.	90.00%	54.11%	32.76%	51.73%	-38.54%	58.14%	40.71%	47.00%	-19.15%	33.80%
FSELX Fidelity Select Semiconductors Portfolio	74.49%	52.17%	49.68%	78.49%	-35.27%	59.16%	44.33%	64.50%	-12.01%	34.51%

Correlation

The correlation between TWN and FSELX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jul 3, 1989	0.40

The correlation between TWN and FSELX shifts across timeframes, from 0.40 (all time) to 0.54 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TWN vs. FSELX — 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: 100
TWN Martin Ratio Rank: 99

FSELX

FSELX Risk / Return Rank: 97
FSELX Sharpe Ratio Rank: 99
FSELX Sortino Ratio Rank: 95
FSELX Omega Ratio Rank: 92
FSELX Calmar Ratio Rank: 99
FSELX Martin Ratio Rank: 99

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. FSELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) and Fidelity Select Semiconductors Portfolio (FSELX). 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	FSELX	Difference
Sharpe ratio Return per unit of total volatility	7.36	5.05	+2.31
Sortino ratio Return per unit of downside risk	7.40	4.99	+2.41
Omega ratio Gain probability vs. loss probability	2.02	1.68	+0.34
Calmar ratio Return relative to maximum drawdown	21.97	10.79	+11.17
Martin ratio Return relative to average drawdown	72.01	41.52	+30.49
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. FSELX - Sharpe Ratio Comparison

The current TWN Sharpe Ratio is 7.36, which is higher than the FSELX Sharpe Ratio of 5.05. The chart below compares the historical Sharpe Ratios of TWN and FSELX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TWN	FSELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.36	5.05	+2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	1.16	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.34	1.10	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.54	-0.30

Drawdowns

TWN vs. FSELX - Drawdown Comparison

The maximum TWN drawdown since its inception was -79.52%, roughly equal to the maximum FSELX drawdown of -82.54%. Use the drawdown chart below to compare losses from any high point for TWN and FSELX.

Drawdown Indicators

	TWN	FSELX	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-82.54%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-14.38%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	-29.97%	-36.31%	+6.34%
Max Drawdown (5Y) Largest decline over 5 years	-51.72%	-46.37%	-5.35%
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	-46.37%	-5.35%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-37.41%	-28.70%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.74%	-0.97%

Volatility

TWN vs. FSELX - Volatility Comparison

The Taiwan Fund Inc. (TWN) has a higher volatility of 11.85% compared to Fidelity Select Semiconductors Portfolio (FSELX) at 10.80%. This indicates that TWN's price experiences larger fluctuations and is considered to be riskier than FSELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWN	FSELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.85%	10.80%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	22.86%	24.78%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	26.81%	32.26%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.87%	38.87%	-15.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.52%	35.01%	-12.49%

Dividends

TWN vs. FSELX - Dividend Comparison

TWN's dividend yield for the trailing twelve months is around 6.11%, less than FSELX's 9.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	9.39%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
TWN The Taiwan Fund Inc.	6.11%	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 FSELX in my portfolio?

TWN and FSELX have a correlation of 0.50, 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 FSELX?

TWN has higher volatility (11.85%) compared to FSELX (10.80%). In terms of maximum drawdown, TWN dropped -79.52% vs FSELX's -82.54%.

Which has better risk-adjusted returns?

TWN currently has the higher Sharpe Ratio (7.36 vs 5.05), 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.