EEMA vs. EWS

Last updated Jun 23, 2026

EEMA (iShares MSCI Emerging Markets Asia ETF) and EWS (iShares MSCI Singapore ETF) are both Asia Pacific Equities funds from iShares - EEMA tracks the MSCI Emerging Markets Asia Index while EWS tracks the MSCI Singapore Index. Both are passively managed. Over the past 10 years, EEMA returned 11.30%/yr vs 8.40%/yr for EWS. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EEMA vs. EWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Asia ETF (EEMA) 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, EEMA achieves a 29.62% return, which is significantly higher than EWS's 10.24% return. Over the past 10 years, EEMA has outperformed EWS with an annualized return of 11.30%, while EWS has yielded a comparatively lower 8.40% annualized return.

EEMA

• 1D: 0.76%
• 1M: 7.84%
• YTD: 29.62%
• 6M: 31.87%
• 1Y: 55.09%
• 3Y*: 25.38%
• 5Y*: 7.89%
• 10Y*: 11.30%

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)

EEMA vs. EWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMA iShares MSCI Emerging Markets Asia ETF	29.62%	33.27%	10.23%	6.57%	-21.49%	-4.22%	25.17%	18.60%	-15.76%	43.41%
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 EEMA and EWS is 0.58, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.69

The correlation between EEMA and EWS shifts across timeframes, from 0.58 (1 year) to 0.69 (10 years), reflecting how their relationship changes across market environments.

EEMA vs. EWS - Sectors Allocation Comparison

Sectors	EEMA	EWS
Technology	43.4%	4.5%
Financial Services	15.3%	51.6%
Consumer Cyclical	10.4%	4.6%
Industrials	8.4%	18.1%
Communication Services	6.6%	3.9%
Basic Materials	4.4%	-
Healthcare	3.5%	-
Energy	2.8%	-
Consumer Defensive	2.6%	4.1%
Utilities	1.7%	4.3%
Real Estate	0.9%	8.9%

Return for Risk

EEMA vs. EWS — Risk / Return Rank

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

EEMA

EEMA Risk / Return Rank: 79
EEMA Sharpe Ratio Rank: 82
EEMA Sortino Ratio Rank: 76
EEMA Omega Ratio Rank: 81
EEMA Calmar Ratio Rank: 78
EEMA Martin Ratio Rank: 76

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.

EEMA vs. EWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) 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.

	EEMA	EWS	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.57	+0.95
Sortino ratio: Return per unit of downside risk	3.22	2.23	+0.99
Omega ratio: Gain probability vs. loss probability	1.46	1.28	+0.18
Calmar ratio: Return relative to maximum drawdown	3.87	3.06	+0.81
Martin ratio: Return relative to average drawdown	14.07	7.38	+6.69

EEMA vs. EWS - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 2.52, which is higher than the EWS Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of EEMA 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

EEMA vs. EWS - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, smaller than the maximum EWS drawdown of -75.13%. Use the drawdown chart below to compare losses from any high point for EEMA and EWS.

Drawdown Indicators

	EEMA	EWS	Difference
Max Drawdown Largest peak-to-trough decline	-44.18%	-75.13%	+30.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-7.82%	-6.48%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	-16.34%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	-40.46%	-29.06%	-11.40%
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	-40.84%	-3.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.94%	-21.97%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	3.23%	+0.70%

Volatility

EEMA vs. EWS - Volatility Comparison

iShares MSCI Emerging Markets Asia ETF (EEMA) has a higher volatility of 10.29% compared to iShares MSCI Singapore ETF (EWS) at 5.10%. This indicates that EEMA's price experiences larger fluctuations and is considered to be riskier than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMA	EWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	5.10%	+5.19%
Volatility (6M) Calculated over the trailing 6-month period	19.37%	12.16%	+7.21%
Volatility (1Y) Calculated over the trailing 1-year period	22.05%	15.30%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	17.32%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	18.05%	+2.98%

EEMA vs. EWS - Expense Ratio Comparison

Both EEMA and EWS have an expense ratio of 0.50%.

Dividends

EEMA vs. EWS - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.27%, less than EWS's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMA iShares MSCI Emerging Markets Asia ETF	1.27%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%
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 EEMA and EWS in my portfolio?

EEMA and EWS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMA or EWS?

EEMA has higher volatility (10.29%) compared to EWS (5.10%). In terms of maximum drawdown, EEMA dropped -44.18% vs EWS's -75.13%.

Which ETF is better, EEMA or EWS?

On 10-year performance, EEMA leads with 11.30% vs 8.40% for EWS. Both ETFs have the same 0.50% expense ratio. On volatility, EWS has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMA or EWS?

Over the 10-year period, EEMA has performed better with a 11.30% return vs 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMA or EWS?

EEMA and EWS have the same expense ratio: 0.50% per year.

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

EWS has the higher dividend yield at 3.98%, compared with 1.27% for EEMA.

What is the main difference between EEMA and EWS?

EEMA tracks MSCI Emerging Markets Asia Index, while EWS tracks MSCI Singapore Index.

Which has better risk-adjusted returns?

EEMA currently has the higher Sharpe Ratio (2.52 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.