PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EPHE vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPHE vs. EWM

Last updated Aug 2, 2026
Documentation

EPHE (iShares MSCI Philippines ETF) and EWM (iShares MSCI Malaysia ETF) are both Asia Pacific Equities funds from iShares - EPHE tracks the MSCI Philippines Investable Market Index while EWM tracks the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, EPHE returned -2.87%/yr vs 2.61%/yr for EWM. Their 0.54 correlation means they have sometimes moved together and sometimes differently. EPHE charges 0.59%/yr vs 0.49%/yr for EWM.

Performance

EPHE vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Philippines ETF (EPHE) and iShares MSCI Malaysia ETF (EWM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with EPHE having a 4.57% return and EWM slightly higher at 4.76%. Over the past 10 years, EPHE has underperformed EWM with an annualized return of -2.87%, while EWM has yielded a comparatively higher 2.61% annualized return.

EPHE

1D
-0.51%
1M
4.41%
6M
0.35%
YTD
4.57%
1Y
1.90%
3Y*
0.76%
5Y*
0.25%
10Y*
-2.87%
ALL TIME*
1.41%

EWM

1D
-0.64%
1M
4.12%
6M
-1.77%
YTD
4.76%
1Y
21.43%
3Y*
13.17%
5Y*
6.56%
10Y*
2.61%
ALL TIME*
1.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPHE

iShares MSCI Philippines ETF
$3.93M$3.16M$3.33M

EWM

iShares MSCI Malaysia ETF
$7.66M$6.48M$7.51M

EPHE vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPHE
iShares MSCI Philippines ETF		4.57%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%
EWM
iShares MSCI Malaysia ETF		4.76%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between EPHE and EWM is 0.36, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.36

Correlation (3Y)
Balances recent behavior with more history.

0.37

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.40

Correlation (10Y)
Provides a long-term view across more market conditions.

0.47

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

0.54

The correlation between EPHE and EWM shifts across timeframes, from 0.36 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

EPHE vs. EWM - Sectors Allocation Comparison

Sectors
EPHE
EWM

Industrials

33.1%
9.9%

Financial Services

19.9%
51.8%

Utilities

12.6%
10.8%

Consumer Cyclical

12.5%
1.1%

Real Estate

10.8%

-

Consumer Defensive

4.7%
7.3%

Communication Services

4.5%
5.3%

Energy

1.1%
2.9%

Basic Materials

0.8%
8.8%

Healthcare

-

3.1%

Technology

-

-

Industrials

EPHE
33.1%
EWM
9.9%

Financial Services

EPHE
19.9%
EWM
51.8%

Utilities

EPHE
12.6%
EWM
10.8%

Consumer Cyclical

EPHE
12.5%
EWM
1.1%

Real Estate

EPHE
10.8%
EWM

-

Consumer Defensive

EPHE
4.7%
EWM
7.3%

Communication Services

EPHE
4.5%
EWM
5.3%

Energy

EPHE
1.1%
EWM
2.9%

Basic Materials

EPHE
0.8%
EWM
8.8%

Healthcare

EPHE

-

EWM
3.1%

Technology

EPHE

-

EWM

-

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 Philippines ETF

iShares MSCI Malaysia ETF

Often compared with EPHE:
EPHE vs. VOOEPHE vs. EIDOEPHE vs. EWYEPHE vs. VTEPHE vs. VXUSEPHE vs. GOVTEPHE vs. VTI
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD

Return for Risk

EPHE vs. EWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EPHE
EPHE Risk / Return Rank: 1414
Overall Rank
EPHE Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 1414
Sortino Ratio Rank
EPHE Omega Ratio Rank: 1414
Omega Ratio Rank
EPHE Calmar Ratio Rank: 1414
Calmar Ratio Rank
EPHE Martin Ratio Rank: 1414
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 6767
Overall Rank
EWM Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWM Omega Ratio Rank: 6969
Omega Ratio Rank
EWM Calmar Ratio Rank: 6565
Calmar Ratio Rank
EWM Martin Ratio Rank: 5151
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EPHE vs. EWM - Risk-Adjusted Trends Comparison

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

EPHEEWMDifference
Sharpe ratioReturn per unit of total volatility
0.17
1.69

-1.52

Sortino ratioReturn per unit of downside risk
0.39
2.38

-1.99

Omega ratioGain probability vs. loss probability

1.05

1.29

-0.24

Calmar ratioReturn relative to maximum drawdown

0.21

2.27

-2.06

Martin ratioReturn relative to average drawdown

0.39

6.02

-5.63

EPHE vs. EWM - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is 0.17, which is lower than the EWM Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of EPHE and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EPHE vs. EWM - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EPHE and EWM.

Loading charts...

Drawdown Indicators

EPHEEWMDifference

Max Drawdown

Largest peak-to-trough decline

-53.82%

-89.19%

+35.37%

Max Drawdown (1Y)

Largest decline over 1 year

-15.90%

-10.61%

-5.29%

Max Drawdown (3Y)

Largest decline over 3 years

-21.42%

-21.31%

-0.11%

Max Drawdown (5Y)

Largest decline over 5 years

-32.96%

-22.76%

-10.20%

Max Drawdown (10Y)

Largest decline over 10 years

-51.62%

-43.81%

-7.81%

Current Drawdown

Current decline from peak

-30.85%

-7.42%

-23.43%

Average Drawdown

Average peak-to-trough decline

-21.09%

-31.70%

+10.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.66%

3.99%

+4.67%

Volatility

EPHE vs. EWM - Volatility Comparison

iShares MSCI Philippines ETF (EPHE) has a higher volatility of 4.21% compared to iShares MSCI Malaysia ETF (EWM) at 3.73%. This indicates that EPHE's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EPHEEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

3.73%

+0.48%

Volatility (6M)

Calculated over the trailing 6-month period

15.65%

10.74%

+4.91%

Volatility (1Y)

Calculated over the trailing 1-year period

20.34%

14.33%

+6.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.37%

13.79%

+4.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.28%

16.16%

+6.12%

EPHE vs. EWM - Expense Ratio Comparison

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

Dividends

EPHE vs. EWM - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.66%, less than EWM's 3.55% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.66%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
EWM
iShares MSCI Malaysia ETF		3.55%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EPHE and EWM have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPHE has higher volatility (4.21%) compared to EWM (3.73%). In terms of maximum drawdown, EPHE dropped -53.82% vs EWM's -89.19%.

On 10-year performance, EWM leads with 2.61% vs -2.87% for EPHE. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWM has performed better with a 2.61% return vs -2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.59% for EPHE.

EWM has the higher dividend yield at 3.55%, compared with 2.66% for EPHE.

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

EWM currently has the higher Sharpe Ratio (1.69 vs 0.17), 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.

Portfolio Optimizer

Find the right allocation for EPHE and EWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer