ASEA vs. EWS

Last updated Jun 23, 2026

ASEA (Global X FTSE Southeast Asia ETF) and EWS (iShares MSCI Singapore ETF) are both Asia Pacific Equities funds - ASEA tracks the FTSE/ASEAN 40 Index while EWS tracks the MSCI Singapore Index. Both are passively managed. Over the past 10 years, ASEA returned 7.90%/yr vs 8.40%/yr for EWS. A 0.74 correlation means they provide meaningful diversification when combined. ASEA charges 0.65%/yr vs 0.50%/yr for EWS.

Performance

ASEA vs. EWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X FTSE Southeast Asia ETF (ASEA) and iShares MSCI Singapore ETF (EWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASEA achieves a 11.13% return, which is significantly higher than EWS's 10.24% return. Over the past 10 years, ASEA has underperformed EWS with an annualized return of 7.90%, while EWS has yielded a comparatively higher 8.40% annualized return.

ASEA

• 1D: -0.35%
• 1M: 2.26%
• YTD: 11.13%
• 6M: 10.54%
• 1Y: 30.97%
• 3Y*: 15.76%
• 5Y*: 10.83%
• 10Y*: 7.90%

EWS

• 1D: 0.00%
• 1M: 2.91%
• YTD: 10.24%
• 6M: 10.76%
• 1Y: 23.81%
• 3Y*: 22.84%
• 5Y*: 10.58%
• 10Y*: 8.40%

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

ASEA vs. EWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASEA Global X FTSE Southeast Asia ETF	11.13%	19.80%	9.82%	4.88%	5.24%	4.66%	-7.88%	8.34%	-7.58%	35.06%
EWS iShares MSCI Singapore ETF	10.24%	31.35%	22.10%	6.15%	-9.80%	5.47%	-8.47%	14.54%	-11.34%	34.78%

Correlation

The correlation between ASEA and EWS is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 17, 2011	0.74

The correlation between ASEA and EWS has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

ASEA vs. EWS - Sectors Allocation Comparison

Sectors	ASEA	EWS
Financial Services	11.3%	51.6%
Industrials	6.3%	18.1%
Communication Services	4.0%	3.9%
Energy	3.2%	-
Real Estate	2.8%	8.9%
Utilities	1.5%	4.3%
Consumer Defensive	1.3%	4.1%
Healthcare	1.0%	-
Consumer Cyclical	0.9%	4.6%
Basic Materials	0.5%	-
Technology	-	4.5%

Return for Risk

ASEA vs. EWS — Risk / Return Rank

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

ASEA

ASEA Risk / Return Rank: 69
ASEA Sharpe Ratio Rank: 70
ASEA Sortino Ratio Rank: 72
ASEA Omega Ratio Rank: 68
ASEA Calmar Ratio Rank: 76
ASEA Martin Ratio Rank: 59

EWS

EWS Risk / Return Rank: 49
EWS Sharpe Ratio Rank: 47
EWS Sortino Ratio Rank: 46
EWS Omega Ratio Rank: 45
EWS Calmar Ratio Rank: 64
EWS Martin Ratio Rank: 46

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.

ASEA vs. EWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X FTSE Southeast Asia ETF (ASEA) and iShares MSCI Singapore ETF (EWS). 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.

	ASEA	EWS	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.57	+0.61
Sortino ratio: Return per unit of downside risk	3.13	2.23	+0.90
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	3.76	3.06	+0.70
Martin ratio: Return relative to average drawdown	10.11	7.38	+2.73

ASEA vs. EWS - Sharpe Ratio Comparison

The current ASEA Sharpe Ratio is 2.18, which is higher than the EWS Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ASEA and EWS, 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

ASEA vs. EWS - Drawdown Comparison

The maximum ASEA drawdown since its inception was -44.16%, smaller than the maximum EWS drawdown of -75.13%. Use the drawdown chart below to compare losses from any high point for ASEA and EWS.

Drawdown Indicators

	ASEA	EWS	Difference
Max Drawdown Largest peak-to-trough decline	-44.16%	-75.13%	+30.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.28%	-7.82%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-16.34%	-5.86%
Max Drawdown (5Y) Largest decline over 5 years	-22.20%	-29.06%	+6.86%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-40.84%	-3.32%
Current Drawdown Current decline from peak	-1.36%	0.00%	-1.36%
Average Drawdown Average peak-to-trough decline	-10.63%	-21.97%	+11.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.23%	-0.16%

Volatility

ASEA vs. EWS - Volatility Comparison

The current volatility for Global X FTSE Southeast Asia ETF (ASEA) is 4.22%, while iShares MSCI Singapore ETF (EWS) has a volatility of 5.10%. This indicates that ASEA experiences smaller price fluctuations and is considered to be less risky than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASEA	EWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	5.10%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	12.16%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	15.30%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	17.32%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.58%	18.05%	-0.47%

ASEA vs. EWS - Expense Ratio Comparison

ASEA has a 0.65% expense ratio, which is higher than EWS's 0.50% expense ratio.

Dividends

ASEA vs. EWS - Dividend Comparison

ASEA's dividend yield for the trailing twelve months is around 3.55%, less than EWS's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASEA Global X FTSE Southeast Asia ETF	3.55%	3.95%	3.61%	3.76%	2.23%	4.19%	2.27%	2.51%	3.08%	1.59%	2.78%	3.64%
EWS iShares MSCI Singapore ETF	3.98%	4.10%	4.28%	6.50%	2.56%	6.00%	2.68%	4.70%	4.21%	3.46%	3.96%	4.20%

Frequently Asked Questions

Can I hold both ASEA and EWS in my portfolio?

ASEA and EWS have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASEA or EWS?

EWS has higher volatility (5.10%) compared to ASEA (4.22%). In terms of maximum drawdown, ASEA dropped -44.16% vs EWS's -75.13%.

Which ETF is better, ASEA or EWS?

On 10-year performance, EWS leads with 8.40% vs 7.90% for ASEA. On fees, EWS is cheaper at 0.50% per year. On volatility, ASEA has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASEA or EWS?

Over the 10-year period, EWS has performed better with a 8.40% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASEA or EWS?

EWS is cheaper with a 0.50% expense ratio, compared with 0.65% for ASEA.

Which ETF pays a higher dividend yield, ASEA or EWS?

EWS has the higher dividend yield at 3.98%, compared with 3.55% for ASEA.

What is the main difference between ASEA and EWS?

ASEA tracks FTSE/ASEAN 40 Index, while EWS tracks MSCI Singapore Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for ASEA and 0.50% for EWS.

Which has better risk-adjusted returns?

ASEA currently has the higher Sharpe Ratio (2.18 vs 1.57), 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.