TWN vs. MASGX
TWN (The Taiwan Fund Inc.) and MASGX (Matthews Asia ESG Fund) are both mutual funds - TWN is a Taiwan Equities fund managed by Nomura Asset Management, while MASGX is a Asia Pacific Equities fund managed by Matthews. Over the past 10 years, TWN returned 28.37%/yr vs 12.21%/yr for MASGX. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
TWN vs. MASGX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TWN achieves a 75.91% return, which is significantly higher than MASGX's 42.67% return. Over the past 10 years, TWN has outperformed MASGX with an annualized return of 28.37%, while MASGX has yielded a comparatively lower 12.21% annualized return.
TWN
- 1D
- -1.01%
- 1M
- -0.94%
- 6M
- 72.36%
- YTD
- 75.91%
- 1Y
- 131.30%
- 3Y*
- 55.82%
- 5Y*
- 29.33%
- 10Y*
- 28.37%
MASGX
- 1D
- 1.28%
- 1M
- -1.50%
- 6M
- 32.89%
- YTD
- 42.67%
- 1Y
- 58.51%
- 3Y*
- 19.11%
- 5Y*
- 7.95%
- 10Y*
- 12.21%
TWN vs. MASGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWN The Taiwan Fund Inc. | 75.91% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
MASGX Matthews Asia ESG Fund | 42.67% | 22.83% | -2.51% | 7.99% | -14.37% | 5.33% | 42.90% | 12.56% | -9.70% | 33.75% |
Correlation
The correlation between TWN and MASGX is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.57 |
The correlation between TWN and MASGX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TWN vs. MASGX — Risk / Return Rank
TWN
MASGX
TWN vs. MASGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) and Matthews Asia ESG Fund (MASGX). 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 | MASGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.42 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 13.93 | 4.21 | +9.71 |
| Martin ratioReturn relative to average drawdown | 38.28 | 13.87 | +24.41 |
Loading charts...
Drawdowns
TWN vs. MASGX - Drawdown Comparison
The maximum TWN drawdown since its inception was -79.52%, which is greater than MASGX's maximum drawdown of -36.34%. Use the drawdown chart below to compare losses from any high point for TWN and MASGX.
Loading charts...
Drawdown Indicators
| TWN | MASGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.52% | -36.34% | -43.18% |
Max Drawdown (1Y)Largest decline over 1 year | -9.48% | -14.20% | +4.72% |
Max Drawdown (3Y)Largest decline over 3 years | -29.97% | -24.94% | -5.03% |
Max Drawdown (5Y)Largest decline over 5 years | -51.72% | -36.34% | -15.38% |
Max Drawdown (10Y)Largest decline over 10 years | -51.72% | -36.34% | -15.38% |
Current DrawdownCurrent decline from peak | -7.52% | -7.49% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -37.32% | -11.17% | -26.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 4.25% | -0.80% |
Volatility
TWN vs. MASGX - Volatility Comparison
The Taiwan Fund Inc. (TWN) and Matthews Asia ESG Fund (MASGX) have volatilities of 12.27% and 12.82%, 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.
Loading charts...
Volatility by Period
| TWN | MASGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.27% | 12.82% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 26.31% | 23.56% | +2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.58% | 25.92% | +3.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.57% | 21.76% | +2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.87% | 19.19% | +3.68% |
Dividends
TWN vs. MASGX - Dividend Comparison
TWN's dividend yield for the trailing twelve months is around 6.60%, more than MASGX's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MASGX Matthews Asia ESG Fund | 3.91% | 5.58% | 2.58% | 7.52% | 5.39% | 2.60% | 5.66% | 1.36% | 4.52% | 3.70% | 1.47% |
TWN The Taiwan Fund Inc. | 6.60% | 11.62% | 19.14% | 1.26% | 0.00% | 7.78% | 12.91% | 8.26% | 11.27% | 3.16% | 0.00% |
Frequently Asked Questions
TWN and MASGX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MASGX has higher volatility (12.82%) compared to TWN (12.27%). In terms of maximum drawdown, TWN dropped -79.52% vs MASGX's -36.34%.
TWN currently has the higher Sharpe Ratio (4.47 vs 2.31), 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.
Find the right allocation for TWN and MASGX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer