XMTW.L vs. JRAE.L

Last updated Jun 25, 2026

XMTW.L (Xtrackers MSCI Taiwan UCITS ETF 1C) and JRAE.L (JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) are both Asia Pacific Equities funds - XMTW.L tracks the MSCI Taiwan NR USD while JRAE.L tracks the MSCI AC Asia Pac Ex JPN NR USD. Both are passively managed. Over the past 3 years, XMTW.L returned 42.41%/yr vs 21.39%/yr for JRAE.L. A 0.72 correlation means they provide meaningful diversification when combined. XMTW.L charges 0.65%/yr vs 0.30%/yr for JRAE.L.

Performance

XMTW.L vs. JRAE.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 JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMTW.L achieves a 69.61% return, which is significantly higher than JRAE.L's 29.20% return.

XMTW.L

• 1D: -0.80%
• 1M: 9.80%
• YTD: 69.61%
• 6M: 73.58%
• 1Y: 109.68%
• 3Y*: 42.41%
• 5Y*: 23.09%
• 10Y*: 22.84%

JRAE.L

• 1D: 0.00%
• 1M: 4.05%
• YTD: 29.20%
• 6M: 30.49%
• 1Y: 49.98%
• 3Y*: 21.39%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
XMTW.L Xtrackers MSCI Taiwan UCITS ETF 1C	69.61%	23.98%	25.99%	21.66%	-18.79%
JRAE.L JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	29.20%	20.80%	10.58%	-1.23%	-30.25%

Correlation

The correlation between XMTW.L and JRAE.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	0.73
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022	0.72

The correlation between XMTW.L and JRAE.L has been stable across timeframes, ranging from 0.72 to 0.82 - a consistent structural relationship.

Return for Risk

XMTW.L vs. JRAE.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: 96
XMTW.L Omega Ratio Rank: 96
XMTW.L Calmar Ratio Rank: 98
XMTW.L Martin Ratio Rank: 96

JRAE.L

JRAE.L Risk / Return Rank: 91
JRAE.L Sharpe Ratio Rank: 92
JRAE.L Sortino Ratio Rank: 89
JRAE.L Omega Ratio Rank: 92
JRAE.L Calmar Ratio Rank: 92
JRAE.L Martin Ratio Rank: 89

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. JRAE.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 JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.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.

	XMTW.L	JRAE.L	Difference
Sharpe ratio: Return per unit of total volatility	4.51	2.82	+1.70
Sortino ratio: Return per unit of downside risk	5.06	3.54	+1.53
Omega ratio: Gain probability vs. loss probability	1.72	1.53	+0.19
Calmar ratio: Return relative to maximum drawdown	12.05	5.23	+6.82
Martin ratio: Return relative to average drawdown	31.90	17.00	+14.90

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

The current XMTW.L Sharpe Ratio is 4.51, which is higher than the JRAE.L Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of XMTW.L and JRAE.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

XMTW.L vs. JRAE.L - Drawdown Comparison

The maximum XMTW.L drawdown since its inception was -99.22%, which is greater than JRAE.L's maximum drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for XMTW.L and JRAE.L.

Drawdown Indicators

	XMTW.L	JRAE.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.22%	-39.22%	-60.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-9.61%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-28.76%	-16.72%	-12.04%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.18%	—	—
Current Drawdown Current decline from peak	-5.86%	-4.77%	-1.09%
Average Drawdown Average peak-to-trough decline	-22.20%	-24.84%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.95%	+0.48%

Volatility

XMTW.L vs. JRAE.L - Volatility Comparison

Xtrackers MSCI Taiwan UCITS ETF 1C (XMTW.L) has a higher volatility of 10.63% compared to JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRAE.L) at 8.90%. This indicates that XMTW.L's price experiences larger fluctuations and is considered to be riskier than JRAE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMTW.L	JRAE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.63%	8.90%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	20.19%	15.53%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	24.25%	17.91%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.89%	21.81%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	21.81%	+0.54%

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

XMTW.L has a 0.65% expense ratio, which is higher than JRAE.L's 0.30% expense ratio.

Dividends

XMTW.L vs. JRAE.L - Dividend Comparison

Neither XMTW.L nor JRAE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XMTW.L and JRAE.L in my portfolio?

XMTW.L and JRAE.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.

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

On fees, JRAE.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

JRAE.L is cheaper with a 0.30% expense ratio, compared with 0.65% for XMTW.L.

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

XMTW.L tracks MSCI Taiwan NR USD, while JRAE.L tracks MSCI AC Asia Pac Ex JPN NR USD. They also come from different issuers: Xtrackers and JPMorgan. Their fees differ too: 0.65% for XMTW.L and 0.30% for JRAE.L.