iShares MSCI Taiwan ETF
ALTAR
Score™		 5.7% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 16.8x P/Sales
ratio		 1.3x
P/BV
ratio		 2.3x Div.
yield		 2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Taiwan Index fund seeks investment results that correspond to the price and yield performance of the MSCI Taiwan Index. The index consists primarily of large cap stocks traded in the Taiwanese market.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Jun 20, 2000
Assets (mns) $5,499
Currency USD
Expense ratio 58 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 89
Wgt avg mkt cap (mns) $215,050
Large cap (>$10bn) 65.2%
Mid cap ($2-10bn) 34.8%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 23.5 %
HON HAI PRECISION INDUSTRY 6.5 %
MEDIATEK INC 4.9 %
QUANTA COMPUTER INC 2.3 %
FUBON FINANCIAL HOLDING CO 2.1 %
DELTA ELECTRONICS INC 2.1 %
CHINATRUST FINANCIAL HOLDING 1.9 %
CATHAY FINANCIAL HOLDING CO 1.7 %
ADVANCED SEMICONDUCTOR ENGR 1.5 %
UNITED MICROELECTRONICS CORP 1.4 %
Total 47.8 %

TOP COUNTRY EXPOSURE
TAIWAN 98.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
12.1% 28.2% 12.8% 9.9% 4.5%

Market Correlations
versus... Beta R-squared
S&P500 0.97 53%
MSCI EAFE 0.98 55%
MSCI Emg. Mkts. 1.16 76%

Technical Indicators
Recent close $53.65
30d moving avg. $54.92
Annualized volatility 23.3%
Short interest (ETF) 8.2%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 2,480
Turnover 2.4%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $4,863

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 184 potential alternatives to the iShares MSCI Taiwan ETF ETF based on the alternatives' overlap in portfolio holdings with EWT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWT Expense: 58 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWT
Ticker Fund
Name		 Overlap1
vs EWT
(%)		 Expense
ratio
(bp)		 Savings
vs EWT
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EWT
(%)
FLTW Franklin FTSE Taiwan ETF 84.0 19 39 5.9 +0.2
AIA iShares Asia 50 ETF 33.3 50 8 6.6 +1.0
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 27.4 24 34 9.2 +3.5
XCEM Columbia EM Core ex-China ETF 25.6 16 42 7.7 +2.0
EMXC iShares MSCI Emerging Markets ex China ETF 25.5 25 33 6.7 +1.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 25.4 15 43 10.2 +4.6
STXE Strive Emerging Markets Ex-China ETF 25.2 32 26 7.0 +1.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 25.0 20 38 6.8 +1.1
XC WisdomTree Emerging Markets Ex-China Fund 24.2 32 26 6.0 +0.3
EEMO Invesco S&P Emerging Markets Momentum ETF 23.7 29 29 5.5 -0.1
XCNY SPDR S&P Emerging Markets ex-China ETF 23.2 15 43 6.3 +0.6
EEMA iShares MSCI Emerging Markets Asia ETF 23.2 49 9 6.5 +0.9
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 22.8 88 -30 7.4 +1.8
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 22.6 18 40 6.8 +1.2
FTHF First Trust Emerging Markets Human Flourishing ETF 21.4 75 -17 8.9 +3.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 21.2 70 -12 6.2 +0.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 21.0 30 28 7.3 +1.6
ESGE iShares ESG Aware MSCI EM ETF 20.1 25 33 7.1 +1.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 20.0 39 19 12.5 +6.8
EMMF WisdomTree Emerging Markets Multifactor Fund 19.7 48 10 8.8 +3.1
NUEM Nuveen ESG Emerging Markets Equity ETF 19.6 36 22 6.5 +0.8
FLAX Franklin FTSE Asia Ex Japan ETF 18.8 19 39 6.9 +1.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 18.7 40 18 8.3 +2.6
SCHE Schwab Emerging Markets Equity ETF 18.6 11 47 7.1 +1.5
EEM iShares MSCI Emerging Markets ETF 18.5 69 -11 6.9 +1.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 18.2 33 25 8.2 +2.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 18.1 32 26 6.2 +0.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 18.1 35 23 12.4 +6.8
PXH Invesco FTSE RAFI Emerging Markets ETF 18.0 49 9 12.2 +6.6
EMGF iShares Emerging Markets Equity Factor ETF 17.8 25 33 8.5 +2.8
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 17.8 45 13 11.0 +5.3
EMXF iShares ESG Advanced MSCI EM ETF 17.8 16 42 6.8 +1.2
FRDM Freedom 100 Emerging Markets ETF 17.7 49 9 7.3 +1.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 17.5 66 -8 10.0 +4.3
JHEM John Hancock Multifactor Emerging Markets ETF 17.5 49 9 8.2 +2.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 17.3 15 43 7.2 +1.6
ECON Columbia Emerging Markets Consumer ETF 17.0 49 9 7.3 +1.7
DEHP Dimensional Emerging Markets High Profitability ETF 17.0 41 17 5.0 -0.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 16.9 36 22 7.8 +2.2
BKEM BNY Mellon Emerging Markets Equity ETF 16.8 11 47 8.4 +2.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 16.8 50 8 13.0 +7.3
SPEM SPDR Portfolio Emerging Markets ETF 16.7 7 51 7.3 +1.7
VWO Vanguard FTSE Emerging Markets ETF 16.5 8 50 6.9 +1.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 16.5 29 29 8.7 +3.1
EMDM First Trust Bloomberg Emerging Market Democracies ETF 16.3 75 -17 8.2 +2.6
DEM WisdomTree Emerging Markets High Dividend Fund 16.0 63 -5 18.9 +13.2
IEMG iShares Core MSCI Emerging Markets ETF 15.8 9 49 7.5 +1.8
MINV Matthews Asia Innovators Active ETF 15.7 79 -21 3.0 -2.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 15.7 30 28 8.1 +2.5
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 15.6 95 -37 10.5 +4.8
PATN Pacer Nasdaq International Patent Leaders ETF 15.5 65 -7 6.5 +0.8
DFAE Dimensional Emerging Core Equity Market ETF 15.5 35 23 7.3 +1.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 14.8 70 -12 9.2 +3.5
GMF SPDR S&P Emerging Asia Pacific ETF 14.7 49 9 6.1 +0.5
LDEM iShares ESG MSCI EM Leaders ETF 14.2 17 41 7.6 +2.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 13.6 32 26 6.9 +1.2
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 13.5 90 -32 6.1 +0.5
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 12.8 41 17 7.4 +1.7
EQLT iShares MSCI Emerging Markets Quality Factor ETF 12.2 35 23 7.4 +1.7
DFEV Dimensional Emerging Markets Value ETF 12.1 43 15 11.1 +5.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 12.1 38 20 7.8 +2.2
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 12.1 25 33 6.6 +1.0
MEM Matthews Emerging Markets Equity Active ETF 11.6 79 -21 5.4 -0.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 11.4 45 13 12.3 +6.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 11.3 59 -1 11.3 +5.6
ROAM Hartford Multifactor Emerging Markets ETF 10.9 44 14 15.8 +10.1
AVES Avantis Emerging Markets Value ETF 10.7 36 22 11.6 +5.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 10.0 44 14 10.6 +5.0
RNEM First Trust Emerging Markets Equity Select ETF 9.6 75 -17 7.6 +1.9
FBOT Fidelity Disruptive Automation ETF 9.5 50 8 3.6 -2.0
KNCT Invesco Next Gen Connectivity ETF 9.4 40 18 5.6 -0.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 9.4 42 16 8.1 +2.4
AIVC Amplify Bloomberg AI Value Chain ETF 9.1 59 -1 5.8 +0.2
IWTR iShares MSCI Water Management Multisector ETF 8.9 47 11 5.0 -0.7
IVES Wedbush ETFMG Global Cloud Technology ETF 8.8 68 -10 5.8 +0.1
EMM Global X Emerging Markets ex-China ETF 8.8 75 -17 4.2 -1.4
AVEM Avantis Emerging Markets Equity ETF 8.5 33 25 8.9 +3.2
FDEM Fidelity Emerging Markets Multifactor ETF 8.4 25 33 12.3 +6.7
EMC Global X Emerging Markets Great Consumer ETF 8.3 75 -17 4.5 -1.2
NXTG First Trust Indxx NextG ETF 8.0 70 -12 6.2 +0.6
CHAT Roundhill Generative AI & Technology ETF 7.3 75 -17 3.8 -1.8
GTEK Goldman Sachs Future Tech Leaders Equity ETF 6.8 75 -17 2.9 -2.8
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 6.6 60 -2 0.5 -5.2
VSGX Vanguard ESG International Stock ETF 6.3 12 46 6.8 +1.1
IQDF FlexShares International Quality Dividend Index Fund 6.3 47 11 12.9 +7.2
IXN iShares Global Tech ETF 6.3 41 17 4.5 -1.2
FEM First Trust Emerging Markets AlphaDEX Fund 6.0 80 -22 13.0 +7.4
ADIV SmartETFs Asia Pacific Dividend Builder ETF 5.8 78 -20 9.0 +3.3
NTZG Nuveen Global Net Zero Transition ETF 5.6 56 2 4.7 -0.9
ACWX iShares MSCI ACWI ex U.S. ETF 5.6 34 24 7.0 +1.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 5.5 47 11 9.4 +3.7
GBUY Goldman Sachs Future Consumer Equity ETF 5.4 75 -17 3.3 -2.3
CLNR IQ Cleaner Transport ETF 5.4 45 13 6.8 +1.2
AGQI First Trust Active Global Quality Income ETF 5.3 85 -27 5.9 +0.2
BTECX Baron Technology 5.3 75 -17 2.4 -3.3
EDIV SPDR S&P Emerging Markets Dividend ETF 5.3 49 9 12.0 +6.3
VEU Vanguard FTSE All-World ex-US Index Fund 5.1 8 50 7.3 +1.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 5.1 18 40 7.0 +1.4
ACWV iShares MSCI Global Min Vol Factor ETF 5.0 20 38 6.3 +0.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 5.0 41 17 7.4 +1.8
IXUS iShares Core MSCI Total International Stock ETF 4.8 7 51 7.2 +1.5
VXUS Vanguard Total International Stock ETF 4.7 7 51 7.2 +1.5
BTEK Future Tech ETF 4.6 88 -30 2.3 -3.4
JIG JPMorgan International Growth ETF 4.4 55 3 4.6 -1.0
RODE Hartford Multifactor Diversified International ETF 4.4 29 29 11.8 +6.1
BDAIX Baron Durable Advantage 4.4 75 -17 3.7 -1.9
DWX SPDR S&P International Dividend ETF 4.2 45 13 6.5 +0.8
IQDE FlexShares International Quality Dividend Defensive Index ET 4.2 47 11 14.8 +9.1
GGME Invesco Next Gen Media and Gaming ETF 4.0 60 -2 3.5 -2.2
VYMI Vanguard International High Dividend Yield ETF 4.0 22 36 9.8 +4.2
QTUM Defiance Quantum ETF 3.9 40 18 3.6 -2.1
BIGFX Baron International Growth Retail 3.7 75 -17 3.1 -2.5
EYLD Cambria Emerging Shareholder Yield ETF 3.6 66 -8 13.2 +7.5
IDAT iShares Future Cloud 5G and Tech ETF 3.6 47 11 4.3 -1.4
SNSR Global X Internet of Things ETF 3.5 68 -10 4.6 -1.0
VIDI Vident International Equity Strategy ETF 3.4 61 -3 10.2 +4.5
ARTY iShares Future AI & Tech ETF 3.4 47 11 3.8 -1.9
JSTC Adasina Social Justice All Cap Global ETF 3.2 89 -31 4.9 -0.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 3.0 30 28 8.0 +2.3
XT iShares Exponential Technologies ETF 2.9 46 12 4.8 -0.9
CGXU Capital Group International Focus Equity ETF 2.6 54 4 4.9 -0.8
WTAI WisdomTree Artificial Intelligence and Innovation Fund 2.6 45 13 3.1 -2.5
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.4 58 0 10.2 +4.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.4 60 -2 9.8 +4.2
DVYE iShares Emerging Markets Dividend ETF 2.3 49 9 18.8 +13.1
MOTG VanEck Morningstar Global Wide Moat ETF 2.3 52 6 5.6 -0.0
ROBO ROBO Global Robotics & Automation Index ETF 2.3 95 -37 3.5 -2.2
KLMT Invesco MSCI Global Climate 500 ETF 2.2 10 48 5.4 -0.2
KDIV KraneShares S&P Pan Asia Dividend Aristocrats Index ETF 2.2 68 -10 8.2 +2.6
EEMD AAM S&P Emerging Markets High Dividend Value ETF 2.2 49 9 16.1 +10.5
CWI SPDR MSCI ACWI ex-US ETF 2.1 30 28 6.9 +1.3
DEW WisdomTree Global High Dividend Fund 2.1 58 0 8.5 +2.9
GSFP Goldman Sachs Future Planet Equity ETF 2.1 75 -17 4.2 -1.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 2.0 20 38 5.2 -0.5
WWJD Inspire International ETF 1.9 80 -22 7.3 +1.6
PBD Invesco Global Clean Energy ETF 1.9 75 -17 -5.3 -10.9
ACWI iShares MSCI ACWI ETF 1.9 32 26 5.3 -0.4
SUPL ProShares Supply Chain Logistics ETF 1.9 58 0 14.2 +8.6
SDG iShares MSCI Global Sustainable Development Goals ETF 1.7 49 9 5.6 -0.0
GLOF iShares Global Equity Factor ETF 1.7 20 38 7.0 +1.3
VT Vanguard Total World Stock ETF 1.6 7 51 5.5 -0.1
JGLO JPMorgan Global Select Equity ETF 1.6 33 25 4.5 -1.2
WRND IQ Global Equity R&D Leaders ETF 1.6 18 40 7.5 +1.8
QINT American Century Quality Diversified International ETF 1.6 39 19 7.7 +2.0
BIOPX Baron Opportunity Retail 1.5 75 -17 1.0 -4.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 1.5 12 46 4.8 -0.9
OCEN IQ Clean Oceans ETF 1.4 45 13 6.1 +0.4
DTCR Global X Data Center & Digital Infrastructure ETF 1.4 50 8 4.7 -1.0
IPAV Global X Infrastructure Development ex-U.S. ETF 1.3 55 3 9.7 +4.0
IHAK iShares Cybersecurity & Tech ETF 1.1 47 11 3.2 -2.4
MOTI VanEck Morningstar International Moat ETF 1.1 58 0 5.9 +0.2
CRUZ Defiance Hotel Airline and Cruise ETF 1.0 45 13 -4.6 -10.2
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 1.0 58 0 4.6 -1.1
BLES Inspire Global Hope ETF 1.0 61 -3 6.4 +0.8
AIQ Global X Artificial Intelligence & Technology ETF 0.9 68 -10 4.0 -1.7
IBAT iShares Energy Storage & Materials ETF 0.9 47 11 3.1 -2.6
IGPT Invesco AI and Next Gen Software ETF 0.9 60 -2 3.8 -1.9
WBAT WisdomTree Battery Value Chain and Innovation Fund 0.9 45 13 -0.6 -6.2
TTAI FCF International Quality ETF 0.9 59 -1 5.6 -0.1
PICK iShares MSCI Global Metals & Mining Producers ETF 0.8 39 19 12.8 +7.2
LOUP Innovator Deepwater Frontier Tech ETF 0.7 70 -12 1.3 -4.4
ISHP First Trust Nasdaq Retail ETF 0.7 60 -2 2.9 -2.8
FPXI First Trust International Equity Opportunities ETF 0.7 70 -12 4.9 -0.8
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.6 65 -7 0.2 -5.4
FID First Trust S&P International Dividend Aristocrats ETF 0.6 60 -2 9.0 +3.3
WDIV SPDR S&P Global Dividend ETF 0.6 40 18 9.4 +3.7
IXG iShares Global Financials ETF 0.6 42 16 6.2 +0.5
IGRO iShares International Dividend Growth ETF 0.6 15 43 7.5 +1.9
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.6 80 -22 12.3 +6.6
SCHY Schwab International Dividend Equity ETF 0.5 14 44 9.3 +3.7
ESPO VanEck Video Gaming and eSports ETF 0.5 56 2 3.5 -2.1
ODDS Pacer BlueStar Digital Entertainment ETF 0.5 60 -2 2.3 -3.4
ETEC iShares Breakthrough Environmental Solutions ETF 0.5 47 11 8.0 +2.3
ARVR First Trust Indxx Metaverse ETF 0.5 70 -12 0.8 -4.9
VIGI Vanguard International Dividend Appreciation ETF 0.5 15 43 6.4 +0.8
HAP VanEck Natural Resources ETF 0.4 50 8 10.0 +4.3
ERTH Invesco MSCI Sustainable Future ETF 0.4 62 -4 3.6 -2.1
HART IQ Healthy Hearts ETF 0.4 45 13 5.0 -0.7
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.4 10 48 7.7 +2.0
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 0.3 45 13 5.7 +0.0
IXP iShares Global Comm Services ETF 0.3 42 16 5.1 -0.6
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.3 12 46 8.3 +2.6
ANEW ProShares MSCI Transformational Changes ETF 0.2 45 13 3.6 -2.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 49 5.4 -0.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2019 2020 2021 2022 2023 2024E 2025E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 iShares MSCI Taiwan ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.2 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.48
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.