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

VAPX.L vs. ITWN.L

Last updated Jun 25, 2026

VAPX.L (Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing) and ITWN.L (iShares MSCI Taiwan UCITS ETF) are both Asia Pacific Equities funds - VAPX.L tracks the MSCI AC Asia Pac Ex JPN NR USD while ITWN.L tracks the MSCI Taiwan NR USD. Both are passively managed. Over the past 10 years, VAPX.L returned 12.84%/yr vs 22.53%/yr for ITWN.L. A 0.73 correlation means they provide meaningful diversification when combined. VAPX.L charges 0.15%/yr vs 0.74%/yr for ITWN.L.

Performance

VAPX.L vs. ITWN.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 iShares MSCI Taiwan UCITS ETF (ITWN.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VAPX.L is traded in GBP, while ITWN.L is traded in GBp. To make them comparable, the ITWN.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 ITWN.L's 69.22% return. Over the past 10 years, VAPX.L has underperformed ITWN.L with an annualized return of 12.84%, while ITWN.L has yielded a comparatively higher 22.53% 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%

ITWN.L

1D
-1.19%
1M
9.11%
YTD
69.22%
6M
73.41%
1Y
108.23%
3Y*
41.73%
5Y*
22.75%
10Y*
22.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
ITWN.L
iShares MSCI Taiwan UCITS ETF		69.22%22.61%25.77%21.84%-21.08%29.84%30.38%29.88%-3.90%16.56%

Correlation

The correlation between VAPX.L and ITWN.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

0.64

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 ITWN.L has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

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

Sectors
VAPX.L
ITWN.L

Technology

39.9%
82.6%

Financial Services

21.4%
10.4%

Industrials

10.4%
1.8%

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%

-

Technology

VAPX.L
39.9%
ITWN.L
82.6%

Financial Services

VAPX.L
21.4%
ITWN.L
10.4%

Industrials

VAPX.L
10.4%
ITWN.L
1.8%

Basic Materials

VAPX.L
8.9%
ITWN.L
1.8%

Consumer Cyclical

VAPX.L
5.2%
ITWN.L
0.9%

Real Estate

VAPX.L
4.2%
ITWN.L

-

Healthcare

VAPX.L
2.6%
ITWN.L
0.5%

Consumer Defensive

VAPX.L
2.1%
ITWN.L
0.7%

Communication Services

VAPX.L
2.0%
ITWN.L
1.3%

Energy

VAPX.L
1.8%
ITWN.L

-

Utilities

VAPX.L
1.6%
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.

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing

iShares MSCI Taiwan UCITS ETF

Often compared with VAPX.L:
VAPX.L vs. HMXJ.LVAPX.L vs. VFEG.LVAPX.L vs. V3PA.DEVAPX.L vs. EIXVAPX.L vs. INAA.LVAPX.L vs. VTVAPX.L vs. SPHD
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

VAPX.L vs. ITWN.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: 9393
Overall Rank
VAPX.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
VAPX.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
VAPX.L Omega Ratio Rank: 9494
Omega Ratio Rank
VAPX.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
VAPX.L Martin Ratio Rank: 9292
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.

VAPX.L vs. ITWN.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 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.

VAPX.LITWN.LDifference
Sharpe ratioReturn per unit of total volatility
3.41
4.41

-1.00

Sortino ratioReturn per unit of downside risk
3.94
5.07

-1.13

Omega ratioGain probability vs. loss probability

1.63

1.70

-0.07

Calmar ratioReturn relative to maximum drawdown

5.87

11.49

-5.63

Martin ratioReturn relative to average drawdown

20.46

30.65

-10.19

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

The current VAPX.L Sharpe Ratio is 3.41, which is comparable to the ITWN.L Sharpe Ratio of 4.41. The chart below compares the historical Sharpe Ratios of VAPX.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

VAPX.L vs. ITWN.L - Drawdown Comparison

The maximum VAPX.L drawdown since its inception was -30.88%, smaller than the maximum ITWN.L drawdown of -72.46%. Use the drawdown chart below to compare losses from any high point for VAPX.L and ITWN.L.

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Drawdown Indicators

VAPX.LITWN.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.88%

-72.46%

+41.58%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-9.36%

-4.05%

Max Drawdown (3Y)

Largest decline over 3 years

-16.81%

-29.32%

+12.51%

Max Drawdown (5Y)

Largest decline over 5 years

-17.55%

-30.07%

+12.52%

Max Drawdown (10Y)

Largest decline over 10 years

-30.88%

-30.07%

-0.81%

Current Drawdown

Current decline from peak

-5.87%

-5.95%

+0.08%

Average Drawdown

Average peak-to-trough decline

-6.30%

-21.94%

+15.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.85%

3.52%

+0.33%

Volatility

VAPX.L vs. ITWN.L - Volatility Comparison

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Distributing (VAPX.L) has a higher volatility of 12.74% compared to iShares MSCI Taiwan UCITS ETF (ITWN.L) at 10.60%. This indicates that VAPX.L's price experiences larger fluctuations and is considered to be riskier 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

VAPX.LITWN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.74%

10.60%

+2.14%

Volatility (6M)

Calculated over the trailing 6-month period

21.18%

20.41%

+0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

23.12%

24.48%

-1.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.78%

21.14%

-4.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.70%

20.46%

-2.76%

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

VAPX.L has a 0.15% expense ratio, which is lower than ITWN.L's 0.74% expense ratio.

Dividends

VAPX.L vs. ITWN.L - Dividend Comparison

VAPX.L's dividend yield for the trailing twelve months is around 1.85%, more than ITWN.L's 0.89% yield.

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%
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

VAPX.L and ITWN.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.

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.

VAPX.L is cheaper with a 0.15% expense ratio, compared with 0.74% for ITWN.L.

VAPX.L tracks MSCI AC Asia Pac Ex JPN NR USD, while ITWN.L tracks MSCI Taiwan NR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VAPX.L and 0.74% for ITWN.L.

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