VAPX.L vs. HTWN.L

Last updated Jun 25, 2026

VAPX.L (Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing) and HTWN.L (HSBC MSCI Taiwan Capped UCITS ETF USD) are both Asia Pacific Equities funds - VAPX.L tracks the MSCI AC Asia Pac Ex JPN NR USD while HTWN.L tracks the MSCI Taiwan NR USD. Both are passively managed. Over the past 10 years, VAPX.L returned 12.84%/yr vs 22.91%/yr for HTWN.L. A 0.73 correlation means they provide meaningful diversification when combined. VAPX.L charges 0.15%/yr vs 0.50%/yr for HTWN.L.

Performance

VAPX.L vs. HTWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VAPX.L is traded in GBP, while HTWN.L is traded in GBp. To make them comparable, the HTWN.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VAPX.L achieves a 49.68% return, which is significantly lower than HTWN.L's 69.57% return. Over the past 10 years, VAPX.L has underperformed HTWN.L with an annualized return of 12.84%, while HTWN.L has yielded a comparatively higher 22.91% annualized return.

VAPX.L

• 1D: 1.35%
• 1M: 6.32%
• YTD: 49.68%
• 6M: 51.93%
• 1Y: 79.09%
• 3Y*: 26.72%
• 5Y*: 12.97%
• 10Y*: 12.84%

HTWN.L

• 1D: -0.80%
• 1M: 9.73%
• YTD: 69.57%
• 6M: 73.85%
• 1Y: 109.21%
• 3Y*: 42.62%
• 5Y*: 23.32%
• 10Y*: 22.91%

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

VAPX.L vs. HTWN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAPX.L Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing	49.68%	31.34%	-3.50%	3.89%	-1.65%	1.83%	15.31%	12.85%	-9.57%	20.38%
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	69.57%	23.15%	27.50%	21.97%	-21.03%	29.44%	32.11%	29.37%	-3.48%	16.39%

Correlation

The correlation between VAPX.L and HTWN.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 21, 2013	0.73

The correlation between VAPX.L and HTWN.L has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

VAPX.L vs. HTWN.L - Sectors Allocation Comparison

Sectors	VAPX.L	HTWN.L
Technology	39.9%	83.0%
Financial Services	21.4%	10.1%
Industrials	10.4%	1.7%
Basic Materials	8.9%	1.8%
Consumer Cyclical	5.2%	0.9%
Real Estate	4.2%	-
Healthcare	2.6%	0.5%
Consumer Defensive	2.1%	0.7%
Communication Services	2.0%	1.3%
Energy	1.8%	-
Utilities	1.6%	-

Return for Risk

VAPX.L vs. HTWN.L — Risk / Return Rank

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

VAPX.L

VAPX.L Risk / Return Rank: 93
VAPX.L Sharpe Ratio Rank: 95
VAPX.L Sortino Ratio Rank: 92
VAPX.L Omega Ratio Rank: 94
VAPX.L Calmar Ratio Rank: 93
VAPX.L Martin Ratio Rank: 92

HTWN.L

HTWN.L Risk / Return Rank: 97
HTWN.L Sharpe Ratio Rank: 97
HTWN.L Sortino Ratio Rank: 96
HTWN.L Omega Ratio Rank: 96
HTWN.L Calmar Ratio Rank: 98
HTWN.L Martin Ratio Rank: 96

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.

VAPX.L vs. HTWN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) and HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.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.

	VAPX.L	HTWN.L	Difference
Sharpe ratio: Return per unit of total volatility	3.41	4.47	-1.06
Sortino ratio: Return per unit of downside risk	3.94	5.15	-1.21
Omega ratio: Gain probability vs. loss probability	1.63	1.71	-0.08
Calmar ratio: Return relative to maximum drawdown	5.87	12.26	-6.39
Martin ratio: Return relative to average drawdown	20.46	32.16	-11.70

VAPX.L vs. HTWN.L - Sharpe Ratio Comparison

The current VAPX.L Sharpe Ratio is 3.41, which is comparable to the HTWN.L Sharpe Ratio of 4.47. The chart below compares the historical Sharpe Ratios of VAPX.L and HTWN.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

VAPX.L vs. HTWN.L - Drawdown Comparison

The maximum VAPX.L drawdown since its inception was -30.88%, smaller than the maximum HTWN.L drawdown of -32.63%. Use the drawdown chart below to compare losses from any high point for VAPX.L and HTWN.L.

Drawdown Indicators

	VAPX.L	HTWN.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.88%	-32.63%	+1.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-8.86%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	-29.76%	+12.95%
Max Drawdown (5Y) Largest decline over 5 years	-17.55%	-29.98%	+12.43%
Max Drawdown (10Y) Largest decline over 10 years	-30.88%	-29.98%	-0.90%
Current Drawdown Current decline from peak	-5.87%	-6.14%	+0.27%
Average Drawdown Average peak-to-trough decline	-6.30%	-7.43%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	3.38%	+0.47%

Volatility

VAPX.L vs. HTWN.L - Volatility Comparison

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) has a higher volatility of 12.74% compared to HSBC MSCI Taiwan Capped UCITS ETF USD (HTWN.L) at 10.98%. This indicates that VAPX.L's price experiences larger fluctuations and is considered to be riskier than HTWN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAPX.L	HTWN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.74%	10.98%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	21.18%	20.27%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	23.12%	24.37%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	21.12%	-4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	20.36%	-2.66%

VAPX.L vs. HTWN.L - Expense Ratio Comparison

VAPX.L has a 0.15% expense ratio, which is lower than HTWN.L's 0.50% expense ratio.

Dividends

VAPX.L vs. HTWN.L - Dividend Comparison

VAPX.L's dividend yield for the trailing twelve months is around 1.85%, more than HTWN.L's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HTWN.L HSBC MSCI Taiwan Capped UCITS ETF USD	0.96%	1.61%	1.17%	2.79%	3.06%	1.11%	1.79%	2.13%	2.56%	2.03%	2.32%	2.59%
VAPX.L Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing	1.85%	2.70%	3.47%	3.53%	4.32%	3.51%	2.08%	3.39%	3.52%	3.10%	2.71%	3.49%

Frequently Asked Questions

Can I hold both VAPX.L and HTWN.L in my portfolio?

VAPX.L and HTWN.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VAPX.L or HTWN.L?

On fees, VAPX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VAPX.L or HTWN.L?

VAPX.L is cheaper with a 0.15% expense ratio, compared with 0.50% for HTWN.L.

What is the main difference between VAPX.L and HTWN.L?

VAPX.L tracks MSCI AC Asia Pac Ex JPN NR USD, while HTWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: Vanguard and HSBC. Their fees differ too: 0.15% for VAPX.L and 0.50% for HTWN.L.