EPHE vs. THD

Last updated Jun 4, 2026

EPHE (iShares MSCI Philippines ETF) and THD (iShares MSCI Thailand ETF) are both Asia Pacific Equities funds from iShares - EPHE tracks the MSCI Philippines Investable Market Index while THD tracks the MSCI Thailand Investable Market Index. Both are passively managed. Over the past 10 years, EPHE returned -3.20%/yr vs 3.47%/yr for THD. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EPHE vs. THD - Performance Comparison

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

Returns By Period

In the year-to-date period, EPHE achieves a -1.12% return, which is significantly lower than THD's 24.17% return. Over the past 10 years, EPHE has underperformed THD with an annualized return of -3.20%, while THD has yielded a comparatively higher 3.47% 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%

THD

• 1D: -0.75%
• 1M: 5.54%
• YTD: 24.17%
• 6M: 25.06%
• 1Y: 42.49%
• 3Y*: 5.77%
• 5Y*: 0.86%
• 10Y*: 3.47%

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

EPHE vs. THD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
THD iShares MSCI Thailand ETF	24.17%	2.36%	-2.21%	-12.63%	1.22%	1.87%	-9.89%	8.32%	-8.25%	31.45%

Correlation

The correlation between EPHE and THD 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	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.51

The correlation between EPHE and THD shifts across timeframes, from 0.35 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

EPHE vs. THD - Sectors Allocation Comparison

Sectors	EPHE	THD
Industrials	32.0%	29.3%
Financial Services	17.3%	11.2%
Utilities	14.3%	6.7%
Consumer Cyclical	13.6%	4.6%
Real Estate	10.7%	5.1%
Communication Services	5.3%	10.3%
Consumer Defensive	4.6%	7.8%
Energy	1.3%	14.3%
Basic Materials	1.0%	3.5%
Healthcare	-	6.4%
Technology	-	0.9%

Return for Risk

EPHE vs. THD — Risk / Return Rank

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

EPHE

EPHE Risk / Return Rank: 4
EPHE Sharpe Ratio Rank: 4
EPHE Sortino Ratio Rank: 4
EPHE Omega Ratio Rank: 4
EPHE Calmar Ratio Rank: 4
EPHE Martin Ratio Rank: 4

THD

THD Risk / Return Rank: 55
THD Sharpe Ratio Rank: 55
THD Sortino Ratio Rank: 53
THD Omega Ratio Rank: 50
THD Calmar Ratio Rank: 65
THD Martin Ratio Rank: 54

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. THD - Risk-Adjusted Trends Comparison

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

	EPHE	THD	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.88	-2.39
Sortino ratio: Return per unit of downside risk	-0.62	2.60	-3.22
Omega ratio: Gain probability vs. loss probability	0.93	1.32	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.59	3.25	-3.84
Martin ratio: Return relative to average drawdown	-1.05	9.35	-10.40
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. THD - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.51, which is lower than the THD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of EPHE and THD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPHE	THD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	1.88	-2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	0.04	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.14	0.16	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.18	-0.14

Drawdowns

EPHE vs. THD - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum THD drawdown of -64.22%. Use the drawdown chart below to compare losses from any high point for EPHE and THD.

Drawdown Indicators

	EPHE	THD	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-64.22%	+10.40%
Max Drawdown (1Y) Largest decline over 1 year	-16.22%	-13.12%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-21.42%	-34.11%	+12.69%
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	-40.24%	+7.28%
Max Drawdown (10Y) Largest decline over 10 years	-51.62%	-49.32%	-2.30%
Current Drawdown Current decline from peak	-34.62%	-8.82%	-25.80%
Average Drawdown Average peak-to-trough decline	-20.98%	-18.28%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	4.58%	+4.50%

Volatility

EPHE vs. THD - Volatility Comparison

The current volatility for iShares MSCI Philippines ETF (EPHE) is 5.60%, while iShares MSCI Thailand ETF (THD) has a volatility of 6.41%. This indicates that EPHE experiences smaller price fluctuations and is considered to be less risky than THD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPHE	THD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	6.41%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	13.77%	18.28%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	22.67%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	19.79%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	21.58%	+0.66%

EPHE vs. THD - Expense Ratio Comparison

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

Dividends

EPHE vs. THD - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.13%, less than THD's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
THD iShares MSCI Thailand ETF	2.71%	3.36%	3.15%	2.92%	2.41%	3.16%	2.31%	2.42%	2.57%	2.16%	2.61%	3.58%

Frequently Asked Questions

Can I hold both EPHE and THD in my portfolio?

EPHE and THD 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 THD?

THD has higher volatility (6.41%) compared to EPHE (5.60%). In terms of maximum drawdown, EPHE dropped -53.82% vs THD's -64.22%.

Which ETF is better, EPHE or THD?

On 10-year performance, THD leads with 3.47% vs -3.20% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, EPHE has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPHE or THD?

Over the 10-year period, THD has performed better with a 3.47% return vs -3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPHE or THD?

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

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

THD has the higher dividend yield at 2.71%, compared with 2.13% for EPHE.

What is the main difference between EPHE and THD?

EPHE tracks MSCI Philippines Investable Market Index, while THD tracks MSCI Thailand Investable Market Index.

Which has better risk-adjusted returns?

THD currently has the higher Sharpe Ratio (1.88 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.