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BBAX vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BBAX vs. EWH

Last updated Jun 4, 2026

BBAX (JPMorgan BetaBuilders Developed Asia ex-Japan ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds - BBAX tracks the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 5 years, BBAX returned 5.02%/yr vs 0.04%/yr for EWH. A 0.74 correlation means they provide meaningful diversification when combined. BBAX charges 0.19%/yr vs 0.49%/yr for EWH.

Performance

BBAX vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) 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, BBAX achieves a 10.52% return, which is significantly higher than EWH's 7.34% return.

BBAX

1D
-1.00%
1M
1.03%
YTD
10.52%
6M
12.09%
1Y
20.17%
3Y*
13.06%
5Y*
5.02%
10Y*
—

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)

BBAX vs. EWH - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		10.52%20.21%2.50%5.60%-4.80%5.53%8.02%18.66%-9.65%
EWH
iShares MSCI Hong Kong ETF		7.34%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-6.90%

Correlation

The correlation between BBAX and EWH is 0.68, 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

0.68

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

0.70

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

0.70

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2018

0.74

The correlation between BBAX and EWH has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

BBAX vs. EWH - Sectors Allocation Comparison

Sectors
BBAX
EWH

Financial Services

45.9%
45.4%

Basic Materials

16.0%

-

Real Estate

8.4%
18.7%

Industrials

7.9%
16.6%

Consumer Cyclical

4.9%
3.7%

Healthcare

4.5%

-

Utilities

3.3%
11.2%

Consumer Defensive

3.1%
2.7%

Energy

2.9%

-

Communication Services

2.8%
1.7%

Technology

0.3%

-

Financial Services

BBAX
45.9%
EWH
45.4%

Basic Materials

BBAX
16.0%
EWH

-

Real Estate

BBAX
8.4%
EWH
18.7%

Industrials

BBAX
7.9%
EWH
16.6%

Consumer Cyclical

BBAX
4.9%
EWH
3.7%

Healthcare

BBAX
4.5%
EWH

-

Utilities

BBAX
3.3%
EWH
11.2%

Consumer Defensive

BBAX
3.1%
EWH
2.7%

Energy

BBAX
2.9%
EWH

-

Communication Services

BBAX
2.8%
EWH
1.7%

Technology

BBAX
0.3%
EWH

-

Compare stocks, funds, or ETFs

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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

iShares MSCI Hong Kong ETF

Often compared with BBAX:
BBAX vs. AAXJBBAX vs. EPPBBAX vs. BBJPBBAX vs. BBEUBBAX vs. GMFBBAX vs. AIABBAX vs. EMMF
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

BBAX vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BBAX
BBAX Risk / Return Rank: 4141
Overall Rank
BBAX Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
BBAX Sortino Ratio Rank: 3838
Sortino Ratio Rank
BBAX Omega Ratio Rank: 3838
Omega Ratio Rank
BBAX Calmar Ratio Rank: 4646
Calmar Ratio Rank
BBAX Martin Ratio Rank: 4545
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.

BBAX vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) 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.

BBAXEWHDifference
Sharpe ratioReturn per unit of total volatility
1.41
1.49

-0.08

Sortino ratioReturn per unit of downside risk
2.00
2.13

-0.13

Omega ratioGain probability vs. loss probability

1.25

1.26

-0.01

Calmar ratioReturn relative to maximum drawdown

2.25

3.10

-0.85

Martin ratioReturn relative to average drawdown

7.46

7.81

-0.35

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

BBAX vs. EWH - Sharpe Ratio Comparison

The current BBAX Sharpe Ratio is 1.41, which is comparable to the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of BBAX 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

BBAXEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.41

1.49

-0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

0.00

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.25

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.18

+0.17

Drawdowns

BBAX vs. EWH - Drawdown Comparison

The maximum BBAX drawdown since its inception was -39.64%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for BBAX and EWH.

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Drawdown Indicators

BBAXEWHDifference

Max Drawdown

Largest peak-to-trough decline

-39.64%

-66.44%

+26.80%

Max Drawdown (1Y)

Largest decline over 1 year

-9.01%

-7.81%

-1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-20.12%

-24.93%

+4.81%

Max Drawdown (5Y)

Largest decline over 5 years

-24.33%

-41.46%

+17.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.71%

—

Current Drawdown

Current decline from peak

-3.16%

-7.09%

+3.93%

Average Drawdown

Average peak-to-trough decline

-7.22%

-19.48%

+12.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

3.09%

-0.38%

Volatility

BBAX vs. EWH - Volatility Comparison

The current volatility for JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) is 4.65%, while iShares MSCI Hong Kong ETF (EWH) has a volatility of 5.00%. This indicates that BBAX experiences smaller price fluctuations and is considered to be less risky 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

BBAXEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.65%

5.00%

-0.35%

Volatility (6M)

Calculated over the trailing 6-month period

11.79%

11.71%

+0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

14.34%

16.26%

-1.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.28%

20.00%

-2.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.68%

19.55%

+0.13%

BBAX vs. EWH - Expense Ratio Comparison

BBAX has a 0.19% expense ratio, which is lower than EWH's 0.49% expense ratio.

Dividends

BBAX vs. EWH - Dividend Comparison

BBAX's dividend yield for the trailing twelve months is around 3.58%, less than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		3.58%3.86%4.13%4.17%5.06%5.47%2.57%4.07%1.36%0.00%0.00%0.00%
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

BBAX and EWH have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (5.00%) compared to BBAX (4.65%). In terms of maximum drawdown, BBAX dropped -39.64% vs EWH's -66.44%.

On 5-year performance, BBAX leads with 5.02% vs 0.04% for EWH. On fees, BBAX is cheaper at 0.19% per year. On volatility, BBAX has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, BBAX has performed better with a 5.02% return vs 0.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBAX is cheaper with a 0.19% expense ratio, compared with 0.49% for EWH.

EWH has the higher dividend yield at 4.84%, compared with 3.58% for BBAX.

BBAX tracks Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index, while EWH tracks MSCI Hong Kong Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.19% for BBAX and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs 1.41), 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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