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ENZL vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENZL vs. EWH

Last updated Jun 4, 2026

ENZL (iShares MSCI New Zealand ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - ENZL tracks the MSCI New Zealand Investable Market Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, ENZL returned 3.34%/yr vs 4.93%/yr for EWH. At a 0.42 correlation, their price movements are largely independent. ENZL charges 0.50%/yr vs 0.49%/yr for EWH.

Performance

ENZL vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI New Zealand ETF (ENZL) 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, ENZL achieves a -0.60% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, ENZL has underperformed EWH with an annualized return of 3.34%, while EWH has yielded a comparatively higher 4.93% annualized return.

ENZL

1D
-1.64%
1M
0.88%
YTD
-0.60%
6M
-1.29%
1Y
3.15%
3Y*
-0.29%
5Y*
-4.24%
10Y*
3.34%

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)

ENZL vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ENZL
iShares MSCI New Zealand ETF		-0.60%2.47%-4.86%2.95%-16.18%-11.39%20.04%30.09%0.35%24.04%
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 ENZL and EWH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.40

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

0.39

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

0.39

Correlation (All Time)
Calculated using the full available price history since Sep 3, 2010

0.42

ENZL vs. EWH - Sectors Allocation Comparison

Sectors
ENZL
EWH

Utilities

29.0%
11.2%

Healthcare

26.1%

-

Industrials

19.0%
16.6%

Real Estate

12.6%
18.7%

Basic Materials

3.8%

-

Communication Services

3.7%
1.7%

Energy

2.0%

-

Financial Services

1.4%
45.4%

Consumer Cyclical

0.9%
3.7%

Consumer Defensive

0.8%
2.7%

Technology

0.6%

-

Utilities

ENZL
29.0%
EWH
11.2%

Healthcare

ENZL
26.1%
EWH

-

Industrials

ENZL
19.0%
EWH
16.6%

Real Estate

ENZL
12.6%
EWH
18.7%

Basic Materials

ENZL
3.8%
EWH

-

Communication Services

ENZL
3.7%
EWH
1.7%

Energy

ENZL
2.0%
EWH

-

Financial Services

ENZL
1.4%
EWH
45.4%

Consumer Cyclical

ENZL
0.9%
EWH
3.7%

Consumer Defensive

ENZL
0.8%
EWH
2.7%

Technology

ENZL
0.6%
EWH

-

Compare stocks, funds, or ETFs

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

iShares MSCI New Zealand ETF

iShares MSCI Hong Kong ETF

Often compared with ENZL:
ENZL vs. EIRLENZL vs. EDENENZL vs. MNROENZL vs. IBC6.DEENZL vs. VTIENZL vs. EWQENZL vs. EWA
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

ENZL vs. EWH — Risk / Return Rank

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

ENZL vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) 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.

ENZLEWHDifference
Sharpe ratioReturn per unit of total volatility
0.20
1.49

-1.29

Sortino ratioReturn per unit of downside risk
0.39
2.13

-1.74

Omega ratioGain probability vs. loss probability

1.05

1.26

-0.21

Calmar ratioReturn relative to maximum drawdown

0.25

3.10

-2.86

Martin ratioReturn relative to average drawdown

0.70

7.81

-7.12

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

ENZL vs. EWH - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.20, which is lower than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of ENZL 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

ENZLEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

1.49

-1.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.23

0.00

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.25

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.18

+0.19

Drawdowns

ENZL vs. EWH - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for ENZL and EWH.

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Drawdown Indicators

ENZLEWHDifference

Max Drawdown

Largest peak-to-trough decline

-42.44%

-66.44%

+24.00%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

-7.81%

-5.09%

Max Drawdown (3Y)

Largest decline over 3 years

-20.67%

-24.93%

+4.26%

Max Drawdown (5Y)

Largest decline over 5 years

-36.86%

-41.46%

+4.60%

Max Drawdown (10Y)

Largest decline over 10 years

-42.44%

-42.71%

+0.27%

Current Drawdown

Current decline from peak

-29.65%

-7.09%

-22.56%

Average Drawdown

Average peak-to-trough decline

-12.78%

-19.48%

+6.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.54%

3.09%

+1.45%

Volatility

ENZL vs. EWH - Volatility Comparison

iShares MSCI New Zealand ETF (ENZL) has a higher volatility of 6.01% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that ENZL'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

ENZLEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.01%

5.00%

+1.01%

Volatility (6M)

Calculated over the trailing 6-month period

13.02%

11.71%

+1.31%

Volatility (1Y)

Calculated over the trailing 1-year period

15.97%

16.26%

-0.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.59%

20.00%

-1.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.44%

19.55%

+0.89%

ENZL vs. EWH - Expense Ratio Comparison

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

Dividends

ENZL vs. EWH - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.25%, less than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
ENZL
iShares MSCI New Zealand ETF		2.25%2.23%2.13%3.00%1.62%2.46%1.66%3.35%3.60%3.69%4.79%4.29%
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

ENZL and EWH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ENZL has higher volatility (6.01%) compared to EWH (5.00%). In terms of maximum drawdown, ENZL dropped -42.44% vs EWH's -66.44%.

On 10-year performance, EWH leads with 4.93% vs 3.34% for ENZL. 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, EWH has performed better with a 4.93% return vs 3.34%. 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 ENZL.

EWH has the higher dividend yield at 4.84%, compared with 2.25% for ENZL.

ENZL tracks MSCI New Zealand Investable Market Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.50% for ENZL and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs 0.20), 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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