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EPP vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPP vs. EWH

Last updated Aug 2, 2026
Documentation

EPP (iShares MSCI Pacific ex Japan ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - EPP tracks the MSCI Pacific ex-Japan Index while EWH tracks the MSCI Hong Kong 25-50 Index (USD) (Net). Both are passively managed. Over the past 10 years, EPP returned 7.34%/yr vs 4.58%/yr for EWH. Their 0.73 correlation means they have sometimes moved together and sometimes differently. EPP charges 0.48%/yr vs 0.50%/yr for EWH.

Performance

EPP vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Pacific ex Japan ETF (EPP) 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, EPP achieves a 13.66% return, which is significantly higher than EWH's 10.37% return. Over the past 10 years, EPP has outperformed EWH with an annualized return of 7.34%, while EWH has yielded a comparatively lower 4.58% annualized return.

EPP

1D
-1.26%
1M
5.83%
6M
7.04%
YTD
13.66%
1Y
19.08%
3Y*
13.55%
5Y*
6.35%
10Y*
7.34%
ALL TIME*
9.07%

EWH

1D
-0.94%
1M
10.27%
6M
0.31%
YTD
10.37%
1Y
19.07%
3Y*
10.31%
5Y*
1.39%
10Y*
4.58%
ALL TIME*
4.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EPP

iShares MSCI Pacific ex Japan ETF
$14.47M$15.53M$19.44M

EWH

iShares MSCI Hong Kong ETF
$69.57M$66.33M$66.62M

EPP vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPP
iShares MSCI Pacific ex Japan ETF		13.66%19.70%4.76%5.76%-6.59%4.26%6.04%18.30%-10.78%26.05%
EWH
iShares MSCI Hong Kong ETF		10.37%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between EPP and EWH is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.70

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

0.70

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

0.71

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

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2001

0.73

The correlation between EPP and EWH has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

EPP vs. EWH - Sectors Allocation Comparison

Sectors
EPP
EWH

Financial Services

45.0%
42.5%

Basic Materials

15.8%

-

Industrials

8.7%
19.8%

Real Estate

7.2%
17.5%

Consumer Cyclical

6.9%
3.8%

Healthcare

3.8%

-

Utilities

3.5%
12.1%

Consumer Defensive

3.2%
2.6%

Communication Services

2.6%
1.8%

Energy

2.5%

-

Technology

1.0%

-

Financial Services

EPP
45.0%
EWH
42.5%

Basic Materials

EPP
15.8%
EWH

-

Industrials

EPP
8.7%
EWH
19.8%

Real Estate

EPP
7.2%
EWH
17.5%

Consumer Cyclical

EPP
6.9%
EWH
3.8%

Healthcare

EPP
3.8%
EWH

-

Utilities

EPP
3.5%
EWH
12.1%

Consumer Defensive

EPP
3.2%
EWH
2.6%

Communication Services

EPP
2.6%
EWH
1.8%

Energy

EPP
2.5%
EWH

-

Technology

EPP
1.0%
EWH

-

Compare stocks, funds, or ETFs

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iShares MSCI Pacific ex Japan ETF

iShares MSCI Hong Kong ETF

Often compared with EPP:
EPP vs. AAXJEPP vs. EWTEPP vs. BBAXEPP vs. AIAEPP vs. EWYEPP vs. VPLEPP vs. EWJ
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWYEWH vs. EWSEWH vs. EWTEWH vs. EWJEWH vs. SPY

Return for Risk

EPP vs. EWH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EPP
EPP Risk / Return Rank: 5252
Overall Rank
EPP Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 5050
Sortino Ratio Rank
EPP Omega Ratio Rank: 5050
Omega Ratio Rank
EPP Calmar Ratio Rank: 6161
Calmar Ratio Rank
EPP Martin Ratio Rank: 5151
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 3838
Overall Rank
EWH Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3838
Omega Ratio Rank
EWH Calmar Ratio Rank: 3737
Calmar Ratio Rank
EWH Martin Ratio Rank: 3434
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.

EPP vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex Japan ETF (EPP) 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.

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.

EPPEWHDifference
Sharpe ratioReturn per unit of total volatility
1.23
1.02

+0.21

Sortino ratioReturn per unit of downside risk
1.77
1.51

+0.25

Omega ratioGain probability vs. loss probability

1.22

1.18

+0.04

Calmar ratioReturn relative to maximum drawdown

2.13

1.27

+0.87

Martin ratioReturn relative to average drawdown

5.94

3.29

+2.65

EPP vs. EWH - Sharpe Ratio Comparison

The current EPP Sharpe Ratio is 1.23, which is comparable to the EWH Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of EPP 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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Drawdowns

EPP vs. EWH - Drawdown Comparison

The maximum EPP drawdown since its inception was -66.01%, roughly equal to the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EPP and EWH.

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Drawdown Indicators

EPPEWHDifference

Max Drawdown

Largest peak-to-trough decline

-66.01%

-66.44%

+0.43%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-13.41%

+4.62%

Max Drawdown (3Y)

Largest decline over 3 years

-19.29%

-23.77%

+4.48%

Max Drawdown (5Y)

Largest decline over 5 years

-24.55%

-39.37%

+14.82%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-42.71%

+3.41%

Current Drawdown

Current decline from peak

-1.26%

-4.47%

+3.21%

Average Drawdown

Average peak-to-trough decline

-10.57%

-19.43%

+8.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

5.17%

-2.02%

Volatility

EPP vs. EWH - Volatility Comparison

The current volatility for iShares MSCI Pacific ex Japan ETF (EPP) is 3.89%, while iShares MSCI Hong Kong ETF (EWH) has a volatility of 4.14%. This indicates that EPP experiences smaller price fluctuations and is considered to be less risky 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

EPPEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.89%

4.14%

-0.25%

Volatility (6M)

Calculated over the trailing 6-month period

12.79%

12.01%

+0.78%

Volatility (1Y)

Calculated over the trailing 1-year period

15.30%

16.70%

-1.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.52%

20.09%

-2.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.01%

19.52%

-0.51%

EPP vs. EWH - Expense Ratio Comparison

EPP has a 0.48% expense ratio, which is lower than EWH's 0.50% expense ratio.

Dividends

EPP vs. EWH - Dividend Comparison

EPP's dividend yield for the trailing twelve months is around 3.31%, less than EWH's 4.49% yield.

PositionTTM20252024202320222021202020192018201720162015
EPP
iShares MSCI Pacific ex Japan ETF		3.31%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%
EWH
iShares MSCI Hong Kong ETF		4.49%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

EPP and EWH have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (4.14%) compared to EPP (3.89%). In terms of maximum drawdown, EPP dropped -66.01% vs EWH's -66.44%.

On 10-year performance, EPP leads with 7.34% vs 4.58% for EWH. On fees, EPP is cheaper at 0.48% per year. On volatility, EPP has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EPP has performed better with a 7.34% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPP is cheaper with a 0.48% expense ratio, compared with 0.50% for EWH.

EWH has the higher dividend yield at 4.49%, compared with 3.31% for EPP.

EPP tracks MSCI Pacific ex-Japan Index, while EWH tracks MSCI Hong Kong 25-50 Index (USD) (Net). Their fees differ too: 0.48% for EPP and 0.50% for EWH.

EPP currently has the higher Sharpe Ratio (1.23 vs 1.02), 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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