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AIA vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AIA vs. EWH

Last updated Jun 4, 2026

AIA (iShares Asia 50 ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - AIA tracks the S&P Asia 50 while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, AIA returned 15.48%/yr vs 4.93%/yr for EWH. A 0.80 correlation means they provide meaningful diversification when combined. AIA charges 0.50%/yr vs 0.49%/yr for EWH.

Performance

AIA vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Asia 50 ETF (AIA) and iShares MSCI Hong Kong ETF (EWH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AIA achieves a 52.67% return, which is significantly higher than EWH's 7.34% return. Over the past 10 years, AIA has outperformed EWH with an annualized return of 15.48%, while EWH has yielded a comparatively lower 4.93% annualized return.

AIA

1D
-1.19%
1M
18.04%
YTD
52.67%
6M
57.46%
1Y
100.69%
3Y*
38.58%
5Y*
12.42%
10Y*
15.48%

EWH

1D
-1.55%
1M
-2.69%
YTD
7.34%
6M
5.91%
1Y
24.11%
3Y*
9.92%
5Y*
0.04%
10Y*
4.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AIA vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AIA
iShares Asia 50 ETF		52.67%47.79%20.26%4.32%-24.08%-10.91%33.73%22.21%-14.22%45.00%
EWH
iShares MSCI Hong Kong ETF		7.34%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between AIA and EWH is 0.62, 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

0.62

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2007

0.80

The correlation between AIA and EWH shifts across timeframes, from 0.62 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

AIA vs. EWH - Sectors Allocation Comparison

Sectors
AIA
EWH

Technology

56.8%

-

Financial Services

19.3%
45.4%

Consumer Cyclical

10.1%
3.7%

Communication Services

8.9%
1.7%

Industrials

2.6%
16.6%

Healthcare

0.9%

-

Energy

0.7%

-

Real Estate

0.6%
18.7%

Basic Materials

-

-

Consumer Defensive

-

2.7%

Utilities

-

11.2%

Technology

AIA
56.8%
EWH

-

Financial Services

AIA
19.3%
EWH
45.4%

Consumer Cyclical

AIA
10.1%
EWH
3.7%

Communication Services

AIA
8.9%
EWH
1.7%

Industrials

AIA
2.6%
EWH
16.6%

Healthcare

AIA
0.9%
EWH

-

Energy

AIA
0.7%
EWH

-

Real Estate

AIA
0.6%
EWH
18.7%

Basic Materials

AIA

-

EWH

-

Consumer Defensive

AIA

-

EWH
2.7%

Utilities

AIA

-

EWH
11.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Asia 50 ETF

iShares MSCI Hong Kong ETF

Often compared with AIA:
AIA vs. EEMAAIA vs. SPYAIA vs. VPLAIA vs. IOOAIA vs. VWOAIA vs. GMFAIA vs. IEMG
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

AIA vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AIA
AIA Risk / Return Rank: 9393
Overall Rank
AIA Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
AIA Sortino Ratio Rank: 9292
Sortino Ratio Rank
AIA Omega Ratio Rank: 9292
Omega Ratio Rank
AIA Calmar Ratio Rank: 9494
Calmar Ratio Rank
AIA Martin Ratio Rank: 9494
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 4646
Overall Rank
EWH Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3939
Omega Ratio Rank
EWH Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWH Martin Ratio Rank: 4747
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.

AIA vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) and iShares MSCI Hong Kong ETF (EWH). 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.

AIAEWHDifference
Sharpe ratioReturn per unit of total volatility
3.94
1.49

+2.45

Sortino ratioReturn per unit of downside risk
4.57
2.13

+2.44

Omega ratioGain probability vs. loss probability

1.64

1.26

+0.38

Calmar ratioReturn relative to maximum drawdown

7.16

3.10

+4.06

Martin ratioReturn relative to average drawdown

26.55

7.81

+18.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIA vs. EWH - Sharpe Ratio Comparison

The current AIA Sharpe Ratio is 3.94, which is higher than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of AIA and EWH, 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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Sharpe Ratios by Period

AIAEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.94

1.49

+2.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.00

+0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.25

+0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.18

+0.15

Drawdowns

AIA vs. EWH - Drawdown Comparison

The maximum AIA drawdown since its inception was -60.89%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for AIA and EWH.

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Drawdown Indicators

AIAEWHDifference

Max Drawdown

Largest peak-to-trough decline

-60.89%

-66.44%

+5.55%

Max Drawdown (1Y)

Largest decline over 1 year

-14.15%

-7.81%

-6.34%

Max Drawdown (3Y)

Largest decline over 3 years

-21.64%

-24.93%

+3.29%

Max Drawdown (5Y)

Largest decline over 5 years

-50.17%

-41.46%

-8.71%

Max Drawdown (10Y)

Largest decline over 10 years

-54.64%

-42.71%

-11.93%

Current Drawdown

Current decline from peak

-1.19%

-7.09%

+5.90%

Average Drawdown

Average peak-to-trough decline

-16.68%

-19.48%

+2.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

3.09%

+0.72%

Volatility

AIA vs. EWH - Volatility Comparison

iShares Asia 50 ETF (AIA) has a higher volatility of 11.22% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that AIA's price experiences larger fluctuations and is considered to be riskier than EWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AIAEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.22%

5.00%

+6.22%

Volatility (6M)

Calculated over the trailing 6-month period

21.71%

11.71%

+10.00%

Volatility (1Y)

Calculated over the trailing 1-year period

25.70%

16.26%

+9.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.51%

20.00%

+5.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.55%

19.55%

+4.00%

AIA vs. EWH - Expense Ratio Comparison

AIA has a 0.50% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

AIA vs. EWH - Dividend Comparison

AIA's dividend yield for the trailing twelve months is around 1.64%, less than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
AIA
iShares Asia 50 ETF		1.64%2.50%2.78%2.07%2.59%1.54%1.11%2.24%2.49%1.45%2.29%2.88%
EWH
iShares MSCI Hong Kong ETF		4.84%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%

Frequently Asked Questions

AIA and EWH have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AIA has higher volatility (11.22%) compared to EWH (5.00%). In terms of maximum drawdown, AIA dropped -60.89% vs EWH's -66.44%.

On 10-year performance, AIA leads with 15.48% vs 4.93% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AIA has performed better with a 15.48% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.49% expense ratio, compared with 0.50% for AIA.

EWH has the higher dividend yield at 4.84%, compared with 1.64% for AIA.

AIA tracks S&P Asia 50, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.50% for AIA and 0.49% for EWH.

AIA currently has the higher Sharpe Ratio (3.94 vs 1.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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