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ECNS vs. EWT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ECNS vs. EWT

Last updated Jun 23, 2026

ECNS (iShares MSCI China Small-Cap ETF) and EWT (iShares MSCI Taiwan ETF) are both Asia Pacific Equities funds from iShares - ECNS tracks the MSCI China Small Cap Index while EWT tracks the MSCI Taiwan 25/50 Index. Both are passively managed. Over the past 10 years, ECNS returned 1.74%/yr vs 20.65%/yr for EWT. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

ECNS vs. EWT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) and iShares MSCI Taiwan ETF (EWT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ECNS achieves a -8.11% return, which is significantly lower than EWT's 75.55% return. Over the past 10 years, ECNS has underperformed EWT with an annualized return of 1.74%, while EWT has yielded a comparatively higher 20.65% annualized return.

ECNS

1D
0.38%
1M
-4.88%
YTD
-8.11%
6M
-9.36%
1Y
5.33%
3Y*
7.60%
5Y*
-7.59%
10Y*
1.74%

EWT

1D
1.40%
1M
15.17%
YTD
75.55%
6M
79.95%
1Y
112.72%
3Y*
40.33%
5Y*
19.78%
10Y*
20.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ECNS vs. EWT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ECNS
iShares MSCI China Small-Cap ETF		-8.11%36.49%5.64%-23.05%-24.58%2.11%25.42%7.84%-18.27%27.55%
EWT
iShares MSCI Taiwan ETF		75.55%28.38%16.11%23.97%-28.90%26.18%31.50%33.36%-9.90%26.81%

Correlation

The correlation between ECNS and EWT is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

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

0.43

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

0.47

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

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.52

The correlation between ECNS and EWT has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

ECNS vs. EWT - Sectors Allocation Comparison

Sectors
ECNS
EWT

Healthcare

19.9%
1.0%

Industrials

18.0%
3.1%

Technology

12.6%
76.9%

Consumer Cyclical

9.3%
1.6%

Real Estate

8.7%

-

Basic Materials

8.4%
2.9%

Communication Services

6.5%
1.7%

Financial Services

4.6%
12.0%

Consumer Defensive

4.2%
1.0%

Energy

3.2%

-

Utilities

2.4%

-

Healthcare

ECNS
19.9%
EWT
1.0%

Industrials

ECNS
18.0%
EWT
3.1%

Technology

ECNS
12.6%
EWT
76.9%

Consumer Cyclical

ECNS
9.3%
EWT
1.6%

Real Estate

ECNS
8.7%
EWT

-

Basic Materials

ECNS
8.4%
EWT
2.9%

Communication Services

ECNS
6.5%
EWT
1.7%

Financial Services

ECNS
4.6%
EWT
12.0%

Consumer Defensive

ECNS
4.2%
EWT
1.0%

Energy

ECNS
3.2%
EWT

-

Utilities

ECNS
2.4%
EWT

-

Compare stocks, funds, or ETFs

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iShares MSCI China Small-Cap ETF

iShares MSCI Taiwan ETF

Often compared with ECNS:
ECNS vs. ASHSECNS vs. MCHIECNS vs. CNXTECNS vs. DFAEECNS vs. CQQQECNS vs. FLCHECNS vs. SCHF
Often compared with EWT:
EWT vs. EWYEWT vs. FLTWEWT vs. VTEWT vs. QQQEWT vs. EWHEWT vs. EWSEWT vs. EWX

Return for Risk

ECNS vs. EWT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ECNS
ECNS Risk / Return Rank: 1111
Overall Rank
ECNS Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ECNS Sortino Ratio Rank: 1111
Sortino Ratio Rank
ECNS Omega Ratio Rank: 1212
Omega Ratio Rank
ECNS Calmar Ratio Rank: 1111
Calmar Ratio Rank
ECNS Martin Ratio Rank: 1111
Martin Ratio Rank
EWT
EWT Risk / Return Rank: 9696
Overall Rank
EWT Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWT Sortino Ratio Rank: 9494
Sortino Ratio Rank
EWT Omega Ratio Rank: 9494
Omega Ratio Rank
EWT Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWT Martin Ratio Rank: 9696
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.

ECNS vs. EWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) and iShares MSCI Taiwan ETF (EWT). 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.

ECNSEWTDifference
Sharpe ratioReturn per unit of total volatility
0.26
4.17

-3.91

Sortino ratioReturn per unit of downside risk
0.48
4.59

-4.10

Omega ratioGain probability vs. loss probability

1.06

1.66

-0.60

Calmar ratioReturn relative to maximum drawdown

0.25

10.78

-10.54

Martin ratioReturn relative to average drawdown

0.53

31.81

-31.28

ECNS vs. EWT - Sharpe Ratio Comparison

The current ECNS Sharpe Ratio is 0.26, which is lower than the EWT Sharpe Ratio of 4.17. The chart below compares the historical Sharpe Ratios of ECNS and EWT, 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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Drawdowns

ECNS vs. EWT - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, roughly equal to the maximum EWT drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for ECNS and EWT.

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Drawdown Indicators

ECNSEWTDifference

Max Drawdown

Largest peak-to-trough decline

-63.43%

-64.37%

+0.94%

Max Drawdown (1Y)

Largest decline over 1 year

-21.48%

-10.51%

-10.97%

Max Drawdown (3Y)

Largest decline over 3 years

-31.72%

-25.66%

-6.06%

Max Drawdown (5Y)

Largest decline over 5 years

-59.61%

-38.88%

-20.73%

Max Drawdown (10Y)

Largest decline over 10 years

-63.43%

-38.88%

-24.55%

Current Drawdown

Current decline from peak

-40.85%

0.00%

-40.85%

Average Drawdown

Average peak-to-trough decline

-29.41%

-19.20%

-10.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.14%

3.56%

+6.58%

Volatility

ECNS vs. EWT - Volatility Comparison

The current volatility for iShares MSCI China Small-Cap ETF (ECNS) is 5.50%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 13.45%. This indicates that ECNS experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ECNSEWTDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.50%

13.45%

-7.95%

Volatility (6M)

Calculated over the trailing 6-month period

13.46%

23.07%

-9.61%

Volatility (1Y)

Calculated over the trailing 1-year period

20.63%

27.26%

-6.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.43%

23.14%

+6.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.91%

21.86%

+4.05%

ECNS vs. EWT - Expense Ratio Comparison

Both ECNS and EWT have an expense ratio of 0.59%.

Dividends

ECNS vs. EWT - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.40%, more than EWT's 2.53% yield.

PositionTTM20252024202320222021202020192018201720162015
ECNS
iShares MSCI China Small-Cap ETF		6.40%6.20%5.98%4.89%3.54%4.87%3.59%3.23%6.16%3.18%4.29%3.58%
EWT
iShares MSCI Taiwan ETF		2.53%4.43%3.32%8.12%18.82%0.55%1.83%2.49%3.16%2.81%2.39%3.12%

Frequently Asked Questions

ECNS and EWT have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWT has higher volatility (13.45%) compared to ECNS (5.50%). In terms of maximum drawdown, ECNS dropped -63.43% vs EWT's -64.37%.

On 10-year performance, EWT leads with 20.65% vs 1.74% for ECNS. Both ETFs have the same 0.59% expense ratio. On volatility, ECNS has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWT has performed better with a 20.65% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ECNS and EWT have the same expense ratio: 0.59% per year.

ECNS has the higher dividend yield at 6.40%, compared with 2.53% for EWT.

ECNS tracks MSCI China Small Cap Index, while EWT tracks MSCI Taiwan 25/50 Index.

EWT currently has the higher Sharpe Ratio (4.17 vs 0.26), 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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