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EPHE vs. EWW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPHE vs. EWW

Last updated Jul 14, 2026
Documentation

EPHE (iShares MSCI Philippines ETF) and EWW (iShares MSCI Mexico ETF) are both exchange-traded funds - EPHE is a Asia Pacific Equities fund tracking the MSCI Philippines Investable Market Index, while EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index. Both are passively managed. Over the past 10 years, EPHE returned -3.39%/yr vs 6.65%/yr for EWW. At a 0.48 correlation, their price movements are largely independent. EPHE charges 0.59%/yr vs 0.50%/yr for EWW.

Performance

EPHE vs. EWW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Philippines ETF (EPHE) and iShares MSCI Mexico ETF (EWW). 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 2.00% return, which is significantly lower than EWW's 8.53% return. Over the past 10 years, EPHE has underperformed EWW with an annualized return of -3.39%, while EWW has yielded a comparatively higher 6.65% annualized return.

EPHE

1D
-1.35%
1M
1.67%
6M
-3.76%
YTD
2.00%
1Y
-5.56%
3Y*
-0.26%
5Y*
-1.57%
10Y*
-3.39%

EWW

1D
-0.95%
1M
-4.11%
6M
4.41%
YTD
8.53%
1Y
27.53%
3Y*
8.86%
5Y*
12.75%
10Y*
6.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EPHE vs. EWW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPHE
iShares MSCI Philippines ETF		2.00%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%
EWW
iShares MSCI Mexico ETF		8.53%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%

Correlation

The correlation between EPHE and EWW 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

0.31

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

0.36

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

0.41

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

0.48

The correlation between EPHE and EWW shifts across timeframes, from 0.28 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

EPHE vs. EWW - Sectors Allocation Comparison

Sectors
EPHE
EWW

Industrials

30.8%
12.7%

Financial Services

20.0%
17.8%

Utilities

13.5%

-

Consumer Cyclical

12.7%
1.4%

Real Estate

11.2%
7.7%

Communication Services

4.8%
9.8%

Consumer Defensive

4.5%
23.9%

Energy

1.3%

-

Basic Materials

1.1%
26.2%

Healthcare

-

0.5%

Technology

-

-

Industrials

EPHE
30.8%
EWW
12.7%

Financial Services

EPHE
20.0%
EWW
17.8%

Utilities

EPHE
13.5%
EWW

-

Consumer Cyclical

EPHE
12.7%
EWW
1.4%

Real Estate

EPHE
11.2%
EWW
7.7%

Communication Services

EPHE
4.8%
EWW
9.8%

Consumer Defensive

EPHE
4.5%
EWW
23.9%

Energy

EPHE
1.3%
EWW

-

Basic Materials

EPHE
1.1%
EWW
26.2%

Healthcare

EPHE

-

EWW
0.5%

Technology

EPHE

-

EWW

-

Compare stocks, funds, or ETFs

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iShares MSCI Philippines ETF

iShares MSCI Mexico ETF

Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VXUSEPHE vs. GOVTEPHE vs. VTI
Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH

Return for Risk

EPHE vs. EWW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPHE
EPHE Risk / Return Rank: 66
Overall Rank
EPHE Sharpe Ratio Rank: 77
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 66
Sortino Ratio Rank
EPHE Omega Ratio Rank: 66
Omega Ratio Rank
EPHE Calmar Ratio Rank: 66
Calmar Ratio Rank
EPHE Martin Ratio Rank: 66
Martin Ratio Rank
EWW
EWW Risk / Return Rank: 4646
Overall Rank
EWW Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4343
Omega Ratio Rank
EWW Calmar Ratio Rank: 4949
Calmar Ratio Rank
EWW Martin Ratio Rank: 5050
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. EWW - Risk-Adjusted Trends Comparison

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

EPHEEWWDifference
Sharpe ratioReturn per unit of total volatility
-0.27
1.26

-1.53

Sortino ratioReturn per unit of downside risk
-0.26
1.84

-2.10

Omega ratioGain probability vs. loss probability

0.97

1.23

-0.26

Calmar ratioReturn relative to maximum drawdown

-0.35

1.98

-2.33

Martin ratioReturn relative to average drawdown

-0.61

6.68

-7.29

EPHE vs. EWW - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.27, which is lower than the EWW Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of EPHE and EWW, 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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Drawdowns

EPHE vs. EWW - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum EWW drawdown of -64.94%. Use the drawdown chart below to compare losses from any high point for EPHE and EWW.

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Drawdown Indicators

EPHEEWWDifference

Max Drawdown

Largest peak-to-trough decline

-53.82%

-64.94%

+11.12%

Max Drawdown (1Y)

Largest decline over 1 year

-15.90%

-13.98%

-1.92%

Max Drawdown (3Y)

Largest decline over 3 years

-21.42%

-31.17%

+9.75%

Max Drawdown (5Y)

Largest decline over 5 years

-32.96%

-31.17%

-1.79%

Max Drawdown (10Y)

Largest decline over 10 years

-51.62%

-53.62%

+2.00%

Current Drawdown

Current decline from peak

-32.56%

-7.37%

-25.19%

Average Drawdown

Average peak-to-trough decline

-21.06%

-18.47%

-2.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.13%

4.14%

+4.99%

Volatility

EPHE vs. EWW - Volatility Comparison

iShares MSCI Philippines ETF (EPHE) has a higher volatility of 9.64% compared to iShares MSCI Mexico ETF (EWW) at 6.52%. This indicates that EPHE's price experiences larger fluctuations and is considered to be riskier than EWW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EPHEEWWDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.64%

6.52%

+3.12%

Volatility (6M)

Calculated over the trailing 6-month period

15.92%

18.41%

-2.49%

Volatility (1Y)

Calculated over the trailing 1-year period

20.62%

22.00%

-1.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.45%

22.60%

-4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.28%

25.24%

-2.96%

EPHE vs. EWW - Expense Ratio Comparison

EPHE has a 0.59% expense ratio, which is higher than EWW's 0.50% expense ratio.

Dividends

EPHE vs. EWW - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.72%, less than EWW's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.72%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
EWW
iShares MSCI Mexico ETF		3.32%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%

Frequently Asked Questions

EPHE and EWW 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 (9.64%) compared to EWW (6.52%). In terms of maximum drawdown, EPHE dropped -53.82% vs EWW's -64.94%.

On 10-year performance, EWW leads with 6.65% vs -3.39% for EPHE. On fees, EWW is cheaper at 0.50% per year. On volatility, EWW has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWW has performed better with a 6.65% return vs -3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.50% expense ratio, compared with 0.59% for EPHE.

EWW has the higher dividend yield at 3.32%, compared with 2.72% for EPHE.

EPHE is categorized as Asia Pacific Equities, while EWW is Latin America Equities. EPHE tracks MSCI Philippines Investable Market Index, while EWW tracks MSCI Mexico IMI 25/50 Index. Their fees differ too: 0.59% for EPHE and 0.50% for EWW.

EWW currently has the higher Sharpe Ratio (1.26 vs -0.27), 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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