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UC48.L vs. ITWN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UC48.L vs. ITWN.L

Last updated Jun 26, 2026

UC48.L (UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc) and ITWN.L (iShares MSCI Taiwan UCITS ETF) are both Asia Pacific Equities funds - UC48.L tracks the MSCI AC Asia Ex Japan NR USD while ITWN.L tracks the MSCI Taiwan NR USD. Both are passively managed. Over the past 10 years, UC48.L returned 7.85%/yr vs 22.42%/yr for ITWN.L. A 0.69 correlation means they provide meaningful diversification when combined. UC48.L charges 0.23%/yr vs 0.74%/yr for ITWN.L.

Performance

UC48.L vs. ITWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc (UC48.L) and iShares MSCI Taiwan UCITS ETF (ITWN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UC48.L achieves a 29.73% return, which is significantly lower than ITWN.L's 69.14% return. Over the past 10 years, UC48.L has underperformed ITWN.L with an annualized return of 7.85%, while ITWN.L has yielded a comparatively higher 22.42% annualized return.

UC48.L

1D
0.30%
1M
2.38%
YTD
29.73%
6M
31.13%
1Y
50.89%
3Y*
23.04%
5Y*
8.43%
10Y*
7.85%

ITWN.L

1D
-0.05%
1M
4.02%
YTD
69.14%
6M
73.32%
1Y
105.82%
3Y*
41.40%
5Y*
22.74%
10Y*
22.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UC48.L vs. ITWN.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UC48.L
UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc		29.73%23.58%13.94%-1.31%-10.09%-4.06%20.65%13.67%-10.64%4.56%
ITWN.L
iShares MSCI Taiwan UCITS ETF		69.14%22.61%25.77%21.84%-21.08%29.84%30.38%29.88%-3.90%16.56%

Correlation

The correlation between UC48.L and ITWN.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.72

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Aug 21, 2012

0.69

The correlation between UC48.L and ITWN.L shifts across timeframes, from 0.69 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

UC48.L vs. ITWN.L - Sectors Allocation Comparison

Sectors
UC48.L
ITWN.L

Technology

48.5%
82.6%

Financial Services

15.9%
10.4%

Consumer Cyclical

9.1%
0.9%

Industrials

7.4%
1.8%

Communication Services

6.0%
1.3%

Basic Materials

3.0%
1.8%

Healthcare

2.6%
0.5%

Energy

2.2%

-

Consumer Defensive

2.1%
0.7%

Utilities

1.6%

-

Real Estate

1.5%

-

Technology

UC48.L
48.5%
ITWN.L
82.6%

Financial Services

UC48.L
15.9%
ITWN.L
10.4%

Consumer Cyclical

UC48.L
9.1%
ITWN.L
0.9%

Industrials

UC48.L
7.4%
ITWN.L
1.8%

Communication Services

UC48.L
6.0%
ITWN.L
1.3%

Basic Materials

UC48.L
3.0%
ITWN.L
1.8%

Healthcare

UC48.L
2.6%
ITWN.L
0.5%

Energy

UC48.L
2.2%
ITWN.L

-

Consumer Defensive

UC48.L
2.1%
ITWN.L
0.7%

Utilities

UC48.L
1.6%
ITWN.L

-

Real Estate

UC48.L
1.5%
ITWN.L

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc

iShares MSCI Taiwan UCITS ETF

Often compared with UC48.L:
UC48.L vs. SPYUC48.L vs. PADV.LUC48.L vs. HKOR.LUC48.L vs. PAXG.LUC48.L vs. UC99.LUC48.L vs. LCAL.LUC48.L vs. UC44.L
Often compared with ITWN.L:
ITWN.L vs. QQQITWN.L vs. SPINXITWN.L vs. TSMITWN.L vs. VTIITWN.L vs. VWCE.DEITWN.L vs. FLXT.DEITWN.L vs. IUIT.L

Return for Risk

UC48.L vs. ITWN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UC48.L
UC48.L Risk / Return Rank: 8787
Overall Rank
UC48.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
UC48.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
UC48.L Omega Ratio Rank: 8989
Omega Ratio Rank
UC48.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
UC48.L Martin Ratio Rank: 8383
Martin Ratio Rank
ITWN.L
ITWN.L Risk / Return Rank: 9797
Overall Rank
ITWN.L Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ITWN.L Sortino Ratio Rank: 9696
Sortino Ratio Rank
ITWN.L Omega Ratio Rank: 9696
Omega Ratio Rank
ITWN.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
ITWN.L Martin Ratio Rank: 9696
Martin Ratio Rank
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.

UC48.L vs. ITWN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc (UC48.L) and iShares MSCI Taiwan UCITS ETF (ITWN.L). 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.

UC48.LITWN.LDifference
Sharpe ratioReturn per unit of total volatility
2.62
4.31

-1.70

Sortino ratioReturn per unit of downside risk
3.32
4.99

-1.68

Omega ratioGain probability vs. loss probability

1.48

1.69

-0.20

Calmar ratioReturn relative to maximum drawdown

4.55

11.24

-6.69

Martin ratioReturn relative to average drawdown

14.74

29.80

-15.06

UC48.L vs. ITWN.L - Sharpe Ratio Comparison

The current UC48.L Sharpe Ratio is 2.62, which is lower than the ITWN.L Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of UC48.L and ITWN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

UC48.L vs. ITWN.L - Drawdown Comparison

The maximum UC48.L drawdown since its inception was -32.18%, smaller than the maximum ITWN.L drawdown of -72.46%. Use the drawdown chart below to compare losses from any high point for UC48.L and ITWN.L.

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Drawdown Indicators

UC48.LITWN.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.18%

-72.46%

+40.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.13%

-9.36%

-1.77%

Max Drawdown (3Y)

Largest decline over 3 years

-17.18%

-29.32%

+12.14%

Max Drawdown (5Y)

Largest decline over 5 years

-27.26%

-30.07%

+2.81%

Max Drawdown (10Y)

Largest decline over 10 years

-32.18%

-30.07%

-2.11%

Current Drawdown

Current decline from peak

-4.49%

-6.00%

+1.51%

Average Drawdown

Average peak-to-trough decline

-12.97%

-21.95%

+8.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.44%

3.54%

-0.10%

Volatility

UC48.L vs. ITWN.L - Volatility Comparison

The current volatility for UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc (UC48.L) is 9.65%, while iShares MSCI Taiwan UCITS ETF (ITWN.L) has a volatility of 10.48%. This indicates that UC48.L experiences smaller price fluctuations and is considered to be less risky than ITWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UC48.LITWN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.65%

10.48%

-0.83%

Volatility (6M)

Calculated over the trailing 6-month period

16.93%

20.41%

-3.48%

Volatility (1Y)

Calculated over the trailing 1-year period

19.35%

24.41%

-5.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.69%

21.14%

-3.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.88%

20.45%

-1.57%

UC48.L vs. ITWN.L - Expense Ratio Comparison

UC48.L has a 0.23% expense ratio, which is lower than ITWN.L's 0.74% expense ratio.

Dividends

UC48.L vs. ITWN.L - Dividend Comparison

UC48.L has not paid dividends to shareholders, while ITWN.L's dividend yield for the trailing twelve months is around 0.89%.

PositionTTM20252024202320222021202020192018201720162015
ITWN.L
iShares MSCI Taiwan UCITS ETF		0.89%1.50%1.37%2.14%3.54%1.33%1.83%2.30%2.72%2.74%2.86%3.21%
UC48.L
UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

UC48.L and ITWN.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UC48.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UC48.L is cheaper with a 0.23% expense ratio, compared with 0.74% for ITWN.L.

UC48.L tracks MSCI AC Asia Ex Japan NR USD, while ITWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: UBS and iShares. Their fees differ too: 0.23% for UC48.L and 0.74% for ITWN.L.

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