EPHE vs. EWT

Last updated Jun 24, 2026

EPHE (iShares MSCI Philippines ETF) and EWT (iShares MSCI Taiwan ETF) are both Asia Pacific Equities funds from iShares - EPHE tracks the MSCI Philippines Investable Market Index while EWT tracks the MSCI Taiwan 25/50 Index. Both are passively managed. Over the past 10 years, EPHE returned -2.80%/yr vs 20.43%/yr for EWT. At a 0.50 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.

Performance

EPHE vs. EWT - Performance Comparison

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

Returns By Period

In the year-to-date period, EPHE achieves a 1.87% return, which is significantly lower than EWT's 65.65% return. Over the past 10 years, EPHE has underperformed EWT with an annualized return of -2.80%, while EWT has yielded a comparatively higher 20.43% annualized return.

EPHE

• 1D: 0.69%
• 1M: 2.70%
• YTD: 1.87%
• 6M: 1.83%
• 1Y: -1.42%
• 3Y*: 1.74%
• 5Y*: -2.44%
• 10Y*: -2.80%

EWT

• 1D: -5.64%
• 1M: 8.67%
• YTD: 65.65%
• 6M: 68.38%
• 1Y: 99.48%
• 3Y*: 39.48%
• 5Y*: 19.11%
• 10Y*: 20.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPHE vs. EWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPHE iShares MSCI Philippines ETF	1.87%	1.56%	-1.41%	1.27%	-15.87%	-2.23%	-3.95%	8.50%	-17.50%	20.20%
EWT iShares MSCI Taiwan ETF	65.65%	28.38%	16.11%	29.00%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%

Correlation

The correlation between EPHE and EWT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.50

The correlation between EPHE and EWT shifts across timeframes, from 0.35 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

EPHE vs. EWT - Sectors Allocation Comparison

Sectors	EPHE	EWT
Industrials	30.8%	3.1%
Financial Services	20.0%	12.0%
Utilities	13.5%	-
Consumer Cyclical	12.7%	1.6%
Real Estate	11.2%	-
Communication Services	4.8%	1.7%
Consumer Defensive	4.5%	1.0%
Energy	1.3%	-
Basic Materials	1.1%	2.9%
Healthcare	-	1.0%
Technology	-	76.9%

Return for Risk

EPHE vs. EWT — Risk / Return Rank

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

EPHE

EPHE Risk / Return Rank: 8
EPHE Sharpe Ratio Rank: 8
EPHE Sortino Ratio Rank: 8
EPHE Omega Ratio Rank: 8
EPHE Calmar Ratio Rank: 8
EPHE Martin Ratio Rank: 8

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 90
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 97
EWT Martin Ratio Rank: 95

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. EWT - Risk-Adjusted Trends Comparison

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

	EPHE	EWT	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	3.59	-3.66
Sortino ratio: Return per unit of downside risk	0.05	4.02	-3.97
Omega ratio: Gain probability vs. loss probability	1.01	1.58	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.09	9.52	-9.61
Martin ratio: Return relative to average drawdown	-0.16	27.93	-28.09

EPHE vs. EWT - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.07, which is lower than the EWT Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of EPHE 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.

Drawdowns

EPHE vs. EWT - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum EWT drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for EPHE and EWT.

Drawdown Indicators

	EPHE	EWT	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-64.37%	+10.55%
Max Drawdown (1Y) Largest decline over 1 year	-15.90%	-10.51%	-5.39%
Max Drawdown (3Y) Largest decline over 3 years	-21.42%	-25.66%	+4.24%
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	-38.88%	+5.92%
Max Drawdown (10Y) Largest decline over 10 years	-51.62%	-38.88%	-12.74%
Current Drawdown Current decline from peak	-32.64%	-5.64%	-27.00%
Average Drawdown Average peak-to-trough decline	-21.02%	-19.13%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.76%	3.57%	+5.19%

Volatility

EPHE vs. EWT - Volatility Comparison

The current volatility for iShares MSCI Philippines ETF (EPHE) is 9.46%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 14.88%. This indicates that EPHE 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.

Volatility by Period

	EPHE	EWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	14.88%	-5.42%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	23.89%	-8.26%
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	27.85%	-7.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	23.16%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.29%	21.80%	+0.49%

EPHE vs. EWT - Expense Ratio Comparison

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

Dividends

EPHE vs. EWT - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.73%, more than EWT's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPHE iShares MSCI Philippines ETF	2.73%	2.11%	2.32%	2.01%	1.73%	1.05%	0.72%	0.78%	0.45%	0.36%	0.71%	1.03%
EWT iShares MSCI Taiwan ETF	2.68%	4.43%	3.32%	12.01%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EPHE and EWT in my portfolio?

EPHE and EWT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPHE or EWT?

EWT has higher volatility (14.88%) compared to EPHE (9.46%). In terms of maximum drawdown, EPHE dropped -53.82% vs EWT's -64.37%.

Which ETF is better, EPHE or EWT?

On 10-year performance, EWT leads with 20.43% vs -2.80% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, EPHE has been the lower-risk option at 9.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPHE or EWT?

Over the 10-year period, EWT has performed better with a 20.43% return vs -2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPHE or EWT?

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

Which ETF pays a higher dividend yield, EPHE or EWT?

EPHE has the higher dividend yield at 2.73%, compared with 2.68% for EWT.

What is the main difference between EPHE and EWT?

EPHE tracks MSCI Philippines Investable Market Index, while EWT tracks MSCI Taiwan 25/50 Index.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (3.59 vs -0.07), 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.