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EPP vs. EWS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPP vs. EWS

Last updated Jun 4, 2026

EPP (iShares MSCI Pacific ex Japan ETF) and EWS (iShares MSCI Singapore ETF) are both Asia Pacific Equities funds from iShares - EPP tracks the MSCI Pacific ex-Japan Index while EWS tracks the MSCI Singapore Index. Both are passively managed. Over the past 10 years, EPP returned 7.60%/yr vs 7.91%/yr for EWS. A 0.74 correlation means they provide meaningful diversification when combined. EPP charges 0.48%/yr vs 0.50%/yr for EWS.

Performance

EPP vs. EWS - 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 Singapore ETF (EWS). 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 9.57% return, which is significantly higher than EWS's 8.22% return. Both investments have delivered pretty close results over the past 10 years, with EPP having a 7.60% annualized return and EWS not far ahead at 7.91%.

EPP

1D
-1.07%
1M
1.12%
YTD
9.57%
6M
10.96%
1Y
17.40%
3Y*
13.26%
5Y*
4.65%
10Y*
7.60%

EWS

1D
-0.70%
1M
4.60%
YTD
8.22%
6M
8.37%
1Y
19.41%
3Y*
21.86%
5Y*
9.39%
10Y*
7.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EPP vs. EWS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPP
iShares MSCI Pacific ex Japan ETF		9.57%19.70%4.76%5.76%-6.59%4.26%6.04%18.30%-10.78%26.05%
EWS
iShares MSCI Singapore ETF		8.22%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%

Correlation

The correlation between EPP and EWS is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

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

0.75

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

0.76

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2001

0.74

The correlation between EPP and EWS has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

EPP vs. EWS - Sectors Allocation Comparison

Sectors
EPP
EWS

Financial Services

46.0%
52.2%

Basic Materials

14.6%

-

Industrials

8.6%
18.1%

Real Estate

7.8%
8.6%

Consumer Cyclical

6.0%
3.5%

Healthcare

3.7%

-

Utilities

3.6%
4.7%

Consumer Defensive

3.0%
4.6%

Energy

2.9%

-

Communication Services

2.7%
4.2%

Technology

1.1%
4.0%

Financial Services

EPP
46.0%
EWS
52.2%

Basic Materials

EPP
14.6%
EWS

-

Industrials

EPP
8.6%
EWS
18.1%

Real Estate

EPP
7.8%
EWS
8.6%

Consumer Cyclical

EPP
6.0%
EWS
3.5%

Healthcare

EPP
3.7%
EWS

-

Utilities

EPP
3.6%
EWS
4.7%

Consumer Defensive

EPP
3.0%
EWS
4.6%

Energy

EPP
2.9%
EWS

-

Communication Services

EPP
2.7%
EWS
4.2%

Technology

EPP
1.1%
EWS
4.0%

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iShares MSCI Pacific ex Japan ETF

iShares MSCI Singapore ETF

Often compared with EPP:
EPP vs. EWTEPP vs. AAXJEPP vs. BBAXEPP vs. EWHEPP vs. AIAEPP vs. EWYEPP vs. VPL
Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. SMINEWS vs. FLGREWS vs. VOO

Return for Risk

EPP vs. EWS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPP
EPP Risk / Return Rank: 3535
Overall Rank
EPP Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 3232
Sortino Ratio Rank
EPP Omega Ratio Rank: 3232
Omega Ratio Rank
EPP Calmar Ratio Rank: 4040
Calmar Ratio Rank
EPP Martin Ratio Rank: 3939
Martin Ratio Rank
EWS
EWS Risk / Return Rank: 3939
Overall Rank
EWS Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 3737
Sortino Ratio Rank
EWS Omega Ratio Rank: 3535
Omega Ratio Rank
EWS Calmar Ratio Rank: 5050
Calmar Ratio Rank
EWS Martin Ratio Rank: 3838
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.

EPP vs. EWS - 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 Singapore ETF (EWS). 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.

EPPEWSDifference
Sharpe ratioReturn per unit of total volatility
1.20
1.32

-0.12

Sortino ratioReturn per unit of downside risk
1.74
1.96

-0.22

Omega ratioGain probability vs. loss probability

1.22

1.24

-0.02

Calmar ratioReturn relative to maximum drawdown

1.99

2.49

-0.51

Martin ratioReturn relative to average drawdown

6.27

6.08

+0.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPP vs. EWS - Sharpe Ratio Comparison

The current EPP Sharpe Ratio is 1.20, which is comparable to the EWS Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of EPP and EWS, 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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Sharpe Ratios by Period

EPPEWSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.20

1.32

-0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.27

0.55

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.44

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.15

+0.24

Drawdowns

EPP vs. EWS - Drawdown Comparison

The maximum EPP drawdown since its inception was -66.01%, smaller than the maximum EWS drawdown of -75.00%. Use the drawdown chart below to compare losses from any high point for EPP and EWS.

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Drawdown Indicators

EPPEWSDifference

Max Drawdown

Largest peak-to-trough decline

-66.01%

-75.00%

+8.99%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-7.82%

-0.97%

Max Drawdown (3Y)

Largest decline over 3 years

-19.29%

-16.34%

-2.95%

Max Drawdown (5Y)

Largest decline over 5 years

-26.31%

-29.06%

+2.75%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-40.84%

+1.54%

Current Drawdown

Current decline from peak

-2.79%

-0.70%

-2.09%

Average Drawdown

Average peak-to-trough decline

-10.62%

-21.88%

+11.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.78%

3.20%

-0.42%

Volatility

EPP vs. EWS - Volatility Comparison

iShares MSCI Pacific ex Japan ETF (EPP) has a higher volatility of 4.65% compared to iShares MSCI Singapore ETF (EWS) at 3.68%. This indicates that EPP's price experiences larger fluctuations and is considered to be riskier than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EPPEWSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.65%

3.68%

+0.97%

Volatility (6M)

Calculated over the trailing 6-month period

11.94%

11.45%

+0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

14.51%

14.73%

-0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.41%

17.25%

+0.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.11%

18.03%

+1.08%

EPP vs. EWS - Expense Ratio Comparison

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

Dividends

EPP vs. EWS - Dividend Comparison

EPP's dividend yield for the trailing twelve months is around 3.44%, less than EWS's 3.79% yield.

PositionTTM20252024202320222021202020192018201720162015
EPP
iShares MSCI Pacific ex Japan ETF		3.44%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%
EWS
iShares MSCI Singapore ETF		3.79%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%

Frequently Asked Questions

EPP and EWS 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.

EPP has higher volatility (4.65%) compared to EWS (3.68%). In terms of maximum drawdown, EPP dropped -66.01% vs EWS's -75.00%.

On 10-year performance, EWS leads with 7.91% vs 7.60% for EPP. On fees, EPP is cheaper at 0.48% per year. On volatility, EWS has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWS has performed better with a 7.91% return vs 7.60%. 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 EWS.

EWS has the higher dividend yield at 3.79%, compared with 3.44% for EPP.

EPP tracks MSCI Pacific ex-Japan Index, while EWS tracks MSCI Singapore Index. Their fees differ too: 0.48% for EPP and 0.50% for EWS.

EWS currently has the higher Sharpe Ratio (1.32 vs 1.20), 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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