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EPHE vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPHE vs. EWH

Last updated Jun 4, 2026

EPHE (iShares MSCI Philippines ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - EPHE tracks the MSCI Philippines Investable Market Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, EPHE returned -3.20%/yr vs 4.93%/yr for EWH. At a 0.45 correlation, their price movements are largely independent. EPHE charges 0.59%/yr vs 0.49%/yr for EWH.

Performance

EPHE vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Philippines ETF (EPHE) 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, EPHE achieves a -1.12% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, EPHE has underperformed EWH with an annualized return of -3.20%, while EWH has yielded a comparatively higher 4.93% annualized return.

EPHE

1D
0.24%
1M
1.36%
YTD
-1.12%
6M
0.64%
1Y
-9.52%
3Y*
0.24%
5Y*
-3.12%
10Y*
-3.20%

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)

EPHE vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPHE
iShares MSCI Philippines ETF		-1.12%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%
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 EPHE and EWH is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.28

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

0.35

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

0.34

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

0.39

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2010

0.45

The correlation between EPHE and EWH shifts across timeframes, from 0.28 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

EPHE vs. EWH - Sectors Allocation Comparison

Sectors
EPHE
EWH

Industrials

32.0%
16.6%

Financial Services

17.3%
45.4%

Utilities

14.3%
11.2%

Consumer Cyclical

13.6%
3.7%

Real Estate

10.7%
18.7%

Communication Services

5.3%
1.7%

Consumer Defensive

4.6%
2.7%

Energy

1.3%

-

Basic Materials

1.0%

-

Healthcare

-

-

Technology

-

-

Industrials

EPHE
32.0%
EWH
16.6%

Financial Services

EPHE
17.3%
EWH
45.4%

Utilities

EPHE
14.3%
EWH
11.2%

Consumer Cyclical

EPHE
13.6%
EWH
3.7%

Real Estate

EPHE
10.7%
EWH
18.7%

Communication Services

EPHE
5.3%
EWH
1.7%

Consumer Defensive

EPHE
4.6%
EWH
2.7%

Energy

EPHE
1.3%
EWH

-

Basic Materials

EPHE
1.0%
EWH

-

Healthcare

EPHE

-

EWH

-

Technology

EPHE

-

EWH

-

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iShares MSCI Philippines ETF

iShares MSCI Hong Kong ETF

Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VXUSEPHE vs. VTIEPHE vs. GOVT
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

EPHE vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPHE
EPHE Risk / Return Rank: 44
Overall Rank
EPHE Sharpe Ratio Rank: 44
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 44
Sortino Ratio Rank
EPHE Omega Ratio Rank: 44
Omega Ratio Rank
EPHE Calmar Ratio Rank: 44
Calmar Ratio Rank
EPHE Martin Ratio Rank: 44
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.

EPHE vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Philippines ETF (EPHE) 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.

EPHEEWHDifference
Sharpe ratioReturn per unit of total volatility
-0.51
1.49

-2.00

Sortino ratioReturn per unit of downside risk
-0.62
2.13

-2.75

Omega ratioGain probability vs. loss probability

0.93

1.26

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.59

3.10

-3.69

Martin ratioReturn relative to average drawdown

-1.05

7.81

-8.86

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

EPHE vs. EWH - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.51, which is lower than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of EPHE 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

EPHEEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.51

1.49

-2.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.17

0.00

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.14

0.25

-0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.18

-0.13

Drawdowns

EPHE vs. EWH - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EPHE and EWH.

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Drawdown Indicators

EPHEEWHDifference

Max Drawdown

Largest peak-to-trough decline

-53.82%

-66.44%

+12.62%

Max Drawdown (1Y)

Largest decline over 1 year

-16.22%

-7.81%

-8.41%

Max Drawdown (3Y)

Largest decline over 3 years

-21.42%

-24.93%

+3.51%

Max Drawdown (5Y)

Largest decline over 5 years

-32.96%

-41.46%

+8.50%

Max Drawdown (10Y)

Largest decline over 10 years

-51.62%

-42.71%

-8.91%

Current Drawdown

Current decline from peak

-34.62%

-7.09%

-27.53%

Average Drawdown

Average peak-to-trough decline

-20.98%

-19.48%

-1.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.08%

3.09%

+5.99%

Volatility

EPHE vs. EWH - Volatility Comparison

iShares MSCI Philippines ETF (EPHE) has a higher volatility of 5.60% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that EPHE'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

EPHEEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

5.00%

+0.60%

Volatility (6M)

Calculated over the trailing 6-month period

13.77%

11.71%

+2.06%

Volatility (1Y)

Calculated over the trailing 1-year period

18.87%

16.26%

+2.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.05%

20.00%

-1.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.24%

19.55%

+2.69%

EPHE vs. EWH - Expense Ratio Comparison

EPHE has a 0.59% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

EPHE vs. EWH - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.13%, less than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.13%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
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

EPHE and EWH have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPHE has higher volatility (5.60%) compared to EWH (5.00%). In terms of maximum drawdown, EPHE dropped -53.82% vs EWH's -66.44%.

On 10-year performance, EWH leads with 4.93% vs -3.20% for EPHE. 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 -3.20%. 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 0.59% for EPHE.

EWH has the higher dividend yield at 4.84%, compared with 2.13% for EPHE.

EPHE tracks MSCI Philippines Investable Market Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.59% for EPHE and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs -0.51), 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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