USPY.L vs. HTWD.L

Last updated Jul 16, 2026

USPY.L (L&G Cyber Security UCITS ETF) and HTWD.L (HSBC MSCI Taiwan Capped UCITS ETF) are both Technology Equities funds - USPY.L tracks the L&G Cyber Security UCITS ETF while HTWD.L tracks the HSBC MSCI Taiwan Capped UCITS ETF. Both are passively managed. Over the past 10 years, USPY.L returned 17.27%/yr vs 20.62%/yr for HTWD.L. At a 0.50 correlation, their price movements are largely independent. USPY.L charges 0.69%/yr vs 0.50%/yr for HTWD.L.

Performance

USPY.L vs. HTWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Cyber Security UCITS ETF (USPY.L) and HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USPY.L achieves a 47.19% return, which is significantly lower than HTWD.L's 57.53% return. Over the past 10 years, USPY.L has underperformed HTWD.L with an annualized return of 17.27%, while HTWD.L has yielded a comparatively higher 20.62% annualized return.

USPY.L

• 1D: -0.15%
• 1M: 11.40%
• 6M: 50.30%
• YTD: 47.19%
• 1Y: 45.45%
• 3Y*: 29.54%
• 5Y*: 12.61%
• 10Y*: 17.27%

HTWD.L

• 1D: -1.68%
• 1M: -6.47%
• 6M: 50.40%
• YTD: 57.53%
• 1Y: 84.50%
• 3Y*: 40.11%
• 5Y*: 20.24%
• 10Y*: 20.62%

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

USPY.L vs. HTWD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPY.L L&G Cyber Security UCITS ETF	47.19%	7.58%	17.82%	42.25%	-32.63%	7.68%	42.21%	29.64%	8.27%	24.08%
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF	57.53%	32.26%	25.40%	28.98%	-29.41%	27.78%	36.62%	33.56%	-8.71%	27.16%

Correlation

The correlation between USPY.L and HTWD.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 23, 2015	0.50

The correlation between USPY.L and HTWD.L shifts across timeframes, from 0.35 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USPY.L vs. HTWD.L — Risk / Return Rank

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

USPY.L

USPY.L Risk / Return Rank: 59
USPY.L Sharpe Ratio Rank: 61
USPY.L Sortino Ratio Rank: 59
USPY.L Omega Ratio Rank: 62
USPY.L Calmar Ratio Rank: 64
USPY.L Martin Ratio Rank: 49

HTWD.L

HTWD.L Risk / Return Rank: 94
HTWD.L Sharpe Ratio Rank: 95
HTWD.L Sortino Ratio Rank: 92
HTWD.L Omega Ratio Rank: 92
HTWD.L Calmar Ratio Rank: 96
HTWD.L Martin Ratio Rank: 94

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.

USPY.L vs. HTWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (USPY.L) and HSBC MSCI Taiwan Capped UCITS ETF (HTWD.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.

	USPY.L	HTWD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.65	3.04	-1.39
Sortino ratio: Return per unit of downside risk	2.27	3.68	-1.41
Omega ratio: Gain probability vs. loss probability	1.30	1.49	-0.19
Calmar ratio: Return relative to maximum drawdown	2.57	7.40	-4.83
Martin ratio: Return relative to average drawdown	6.67	20.03	-13.36

USPY.L vs. HTWD.L - Sharpe Ratio Comparison

The current USPY.L Sharpe Ratio is 1.65, which is lower than the HTWD.L Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of USPY.L and HTWD.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.

Drawdowns

USPY.L vs. HTWD.L - Drawdown Comparison

The maximum USPY.L drawdown since its inception was -39.35%, roughly equal to the maximum HTWD.L drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for USPY.L and HTWD.L.

Drawdown Indicators

	USPY.L	HTWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.35%	-41.06%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	-18.08%	-11.22%	-6.86%
Max Drawdown (3Y) Largest decline over 3 years	-27.03%	-28.22%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-39.35%	-41.06%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-39.35%	-41.06%	+1.71%
Current Drawdown Current decline from peak	-2.42%	-10.43%	+8.01%
Average Drawdown Average peak-to-trough decline	-9.82%	-9.65%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.98%	4.16%	+2.82%

Volatility

USPY.L vs. HTWD.L - Volatility Comparison

L&G Cyber Security UCITS ETF (USPY.L) and HSBC MSCI Taiwan Capped UCITS ETF (HTWD.L) have volatilities of 11.34% and 10.99%, 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

	USPY.L	HTWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	10.99%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	25.24%	23.75%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	28.22%	27.32%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.09%	23.58%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	21.64%	+1.92%

USPY.L vs. HTWD.L - Expense Ratio Comparison

USPY.L has a 0.69% expense ratio, which is higher than HTWD.L's 0.50% expense ratio.

Dividends

USPY.L vs. HTWD.L - Dividend Comparison

USPY.L has not paid dividends to shareholders, while HTWD.L's dividend yield for the trailing twelve months is around 1.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HTWD.L HSBC MSCI Taiwan Capped UCITS ETF	1.04%	1.53%	1.18%	2.73%	3.31%	1.13%	1.69%	2.08%	2.79%	1.37%	2.64%	2.65%
USPY.L L&G Cyber Security UCITS ETF	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

Can I hold both USPY.L and HTWD.L in my portfolio?

USPY.L and HTWD.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USPY.L or HTWD.L?

On fees, HTWD.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USPY.L or HTWD.L?

HTWD.L is cheaper with a 0.50% expense ratio, compared with 0.69% for USPY.L.

What is the main difference between USPY.L and HTWD.L?

USPY.L tracks L&G Cyber Security UCITS ETF, while HTWD.L tracks HSBC MSCI Taiwan Capped UCITS ETF. They also come from different issuers: L&G and HSBC. Their fees differ too: 0.69% for USPY.L and 0.50% for HTWD.L.