XMTW.L vs. ITWN.L

Last updated Jun 5, 2026

XMTW.L (Xtrackers MSCI Taiwan UCITS ETF 1C) and ITWN.L (iShares MSCI Taiwan UCITS ETF) are both Asia Pacific Equities funds tracking the MSCI Taiwan NR USD, from Xtrackers and iShares respectively. Both are passively managed. Over the past 10 years, XMTW.L returned 23.25%/yr vs 23.12%/yr for ITWN.L. Their correlation of 0.85 suggests significant overlap in exposure. XMTW.L charges 0.65%/yr vs 0.74%/yr for ITWN.L.

Performance

XMTW.L vs. ITWN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.L) and iShares MSCI Taiwan UCITS ETF (ITWN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XMTW.L having a 67.90% return and ITWN.L slightly higher at 67.93%. Both investments have delivered pretty close results over the past 10 years, with XMTW.L having a 23.25% annualized return and ITWN.L not far behind at 23.12%.

XMTW.L

• 1D: -1.55%
• 1M: 14.93%
• YTD: 67.90%
• 6M: 73.86%
• 1Y: 118.61%
• 3Y*: 41.00%
• 5Y*: 23.21%
• 10Y*: 23.25%

ITWN.L

• 1D: -1.63%
• 1M: 14.84%
• YTD: 67.93%
• 6M: 73.48%
• 1Y: 117.37%
• 3Y*: 40.47%
• 5Y*: 22.94%
• 10Y*: 23.12%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMTW.L Xtrackers MSCI Taiwan UCITS ETF 1C	67.90%	23.98%	25.99%	21.66%	-21.11%	28.96%	32.40%	29.87%	-3.71%	16.78%
ITWN.L iShares MSCI Taiwan UCITS ETF	67.93%	22.61%	25.77%	21.84%	-21.08%	29.84%	29.40%	30.88%	-3.90%	16.56%

Correlation

The correlation between XMTW.L and ITWN.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 8, 2007	0.85

The correlation between XMTW.L and ITWN.L shifts across timeframes, from 0.85 (all time) to 0.99 (3 years), reflecting how their relationship changes across market environments.

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

Sectors	XMTW.L	ITWN.L
Technology	78.9%	80.7%
Financial Services	11.8%	10.9%
Industrials	2.8%	2.4%
Basic Materials	2.4%	2.0%
Communication Services	1.5%	1.4%
Consumer Cyclical	1.2%	1.2%
Consumer Defensive	0.8%	0.8%
Healthcare	0.6%	0.6%
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

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

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

XMTW.L

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

ITWN.L

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

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

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.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.

	XMTW.L	ITWN.L	Difference
Sharpe ratio: Return per unit of total volatility	5.22	5.10	+0.12
Sortino ratio: Return per unit of downside risk	5.92	5.92	+0.01
Omega ratio: Gain probability vs. loss probability	1.84	1.81	+0.03
Calmar ratio: Return relative to maximum drawdown	13.03	12.46	+0.56
Martin ratio: Return relative to average drawdown	36.03	34.79	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XMTW.L Sharpe Ratio is 5.22, which is comparable to the ITWN.L Sharpe Ratio of 5.10. The chart below compares the historical Sharpe Ratios of XMTW.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.

Sharpe Ratios by Period

	XMTW.L	ITWN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.22	5.10	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	1.10	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.16	1.17	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.64	+0.02

Drawdowns

XMTW.L vs. ITWN.L - Drawdown Comparison

The maximum XMTW.L drawdown since its inception was -47.86%, roughly equal to the maximum ITWN.L drawdown of -48.27%. Use the drawdown chart below to compare losses from any high point for XMTW.L and ITWN.L.

Drawdown Indicators

	XMTW.L	ITWN.L	Difference
Max Drawdown Largest peak-to-trough decline	-47.86%	-48.27%	+0.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-9.36%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-28.76%	-29.32%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	-30.07%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-30.18%	-30.07%	-0.11%
Current Drawdown Current decline from peak	-1.57%	-1.80%	+0.23%
Average Drawdown Average peak-to-trough decline	-8.70%	-9.18%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.36%	-0.08%

Volatility

XMTW.L vs. ITWN.L - Volatility Comparison

Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.L) and iShares MSCI Taiwan UCITS ETF (ITWN.L) have volatilities of 9.41% and 9.68%, 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

	XMTW.L	ITWN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.41%	9.68%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	18.21%	18.60%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	22.88%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	20.77%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	20.55%	-0.49%

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

XMTW.L has a 0.65% expense ratio, which is lower than ITWN.L's 0.74% expense ratio.

Dividends

XMTW.L vs. ITWN.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITWN.L iShares MSCI Taiwan UCITS ETF	0.89%	1.50%	1.37%	2.14%	3.54%	1.33%	1.83%	2.28%	2.72%	2.74%	2.86%	3.23%
XMTW.L Xtrackers MSCI Taiwan UCITS ETF 1C	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 XMTW.L and ITWN.L in my portfolio?

With a correlation of 0.99, XMTW.L and ITWN.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XMTW.L or ITWN.L?

On fees, XMTW.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMTW.L or ITWN.L?

XMTW.L is cheaper with a 0.65% expense ratio, compared with 0.74% for ITWN.L.

What is the main difference between XMTW.L and ITWN.L?

Both ETFs track MSCI Taiwan NR USD. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.65% for XMTW.L and 0.74% for ITWN.L.