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EWG vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWG vs. EWH

Last updated Jun 4, 2026

EWG (iShares MSCI Germany ETF) and EWH (iShares MSCI Hong Kong ETF) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany Index, while EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, EWG returned 7.59%/yr vs 4.93%/yr for EWH. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

EWG vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Germany ETF (EWG) 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, EWG achieves a 0.64% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, EWG has outperformed EWH with an annualized return of 7.59%, while EWH has yielded a comparatively lower 4.93% annualized return.

EWG

1D
-1.84%
1M
3.11%
YTD
0.64%
6M
4.44%
1Y
3.23%
3Y*
16.95%
5Y*
5.94%
10Y*
7.59%

EWH

1D
-1.55%
1M
-2.69%
YTD
7.34%
6M
5.91%
1Y
24.11%
3Y*
9.92%
5Y*
0.04%
10Y*
4.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWG vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWG
iShares MSCI Germany ETF		0.64%35.79%9.79%23.35%-22.27%5.84%10.09%19.15%-21.40%27.42%
EWH
iShares MSCI Hong Kong ETF		7.34%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between EWG and EWH is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.48

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

0.48

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

0.52

Correlation (All Time)
Calculated using the full available price history since Apr 2, 1996

0.52

The correlation between EWG and EWH has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

EWG vs. EWH - Sectors Allocation Comparison

Sectors
EWG
EWH

Industrials

30.3%
16.6%

Financial Services

21.6%
45.4%

Technology

13.8%

-

Consumer Cyclical

8.2%
3.7%

Communication Services

6.6%
1.7%

Healthcare

6.1%

-

Basic Materials

5.8%

-

Utilities

4.9%
11.2%

Consumer Defensive

1.4%
2.7%

Real Estate

1.3%
18.7%

Energy

-

-

Industrials

EWG
30.3%
EWH
16.6%

Financial Services

EWG
21.6%
EWH
45.4%

Technology

EWG
13.8%
EWH

-

Consumer Cyclical

EWG
8.2%
EWH
3.7%

Communication Services

EWG
6.6%
EWH
1.7%

Healthcare

EWG
6.1%
EWH

-

Basic Materials

EWG
5.8%
EWH

-

Utilities

EWG
4.9%
EWH
11.2%

Consumer Defensive

EWG
1.4%
EWH
2.7%

Real Estate

EWG
1.3%
EWH
18.7%

Energy

EWG

-

EWH

-

Compare stocks, funds, or ETFs

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iShares MSCI Germany ETF

iShares MSCI Hong Kong ETF

Often compared with EWG:
EWG vs. EWQEWG vs. EWPEWG vs. SPYEWG vs. IEUREWG vs. FLGREWG vs. EFAEWG vs. VOO
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

EWG vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWG
EWG Risk / Return Rank: 1111
Overall Rank
EWG Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EWG Sortino Ratio Rank: 1111
Sortino Ratio Rank
EWG Omega Ratio Rank: 1111
Omega Ratio Rank
EWG Calmar Ratio Rank: 1111
Calmar Ratio Rank
EWG Martin Ratio Rank: 1212
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 4646
Overall Rank
EWH Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3939
Omega Ratio Rank
EWH Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWH Martin Ratio Rank: 4747
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.

EWG vs. EWH - Risk-Adjusted Trends Comparison

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

EWGEWHDifference
Sharpe ratioReturn per unit of total volatility
0.19
1.49

-1.30

Sortino ratioReturn per unit of downside risk
0.38
2.13

-1.75

Omega ratioGain probability vs. loss probability

1.05

1.26

-0.21

Calmar ratioReturn relative to maximum drawdown

0.22

3.10

-2.88

Martin ratioReturn relative to average drawdown

0.66

7.81

-7.15

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

EWG vs. EWH - Sharpe Ratio Comparison

The current EWG Sharpe Ratio is 0.19, which is lower than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of EWG 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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Sharpe Ratios by Period

EWGEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.19

1.49

-1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

0.00

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.25

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.18

+0.07

Drawdowns

EWG vs. EWH - Drawdown Comparison

The maximum EWG drawdown since its inception was -67.57%, roughly equal to the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EWG and EWH.

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Drawdown Indicators

EWGEWHDifference

Max Drawdown

Largest peak-to-trough decline

-67.57%

-66.44%

-1.13%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-7.81%

-6.73%

Max Drawdown (3Y)

Largest decline over 3 years

-15.81%

-24.93%

+9.12%

Max Drawdown (5Y)

Largest decline over 5 years

-43.44%

-41.46%

-1.98%

Max Drawdown (10Y)

Largest decline over 10 years

-46.80%

-42.71%

-4.09%

Current Drawdown

Current decline from peak

-4.02%

-7.09%

+3.07%

Average Drawdown

Average peak-to-trough decline

-19.20%

-19.48%

+0.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.89%

3.09%

+1.80%

Volatility

EWG vs. EWH - Volatility Comparison

iShares MSCI Germany ETF (EWG) has a higher volatility of 6.49% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that EWG's price experiences larger fluctuations and is considered to be riskier 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

EWGEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.49%

5.00%

+1.49%

Volatility (6M)

Calculated over the trailing 6-month period

14.18%

11.71%

+2.47%

Volatility (1Y)

Calculated over the trailing 1-year period

17.28%

16.26%

+1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.48%

20.00%

+0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.11%

19.55%

+1.56%

EWG vs. EWH - Expense Ratio Comparison

Both EWG and EWH have an expense ratio of 0.49%.

Dividends

EWG vs. EWH - Dividend Comparison

EWG's dividend yield for the trailing twelve months is around 1.59%, less than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
EWG
iShares MSCI Germany ETF		1.59%1.60%2.38%2.56%3.24%2.70%1.67%2.51%2.93%2.06%2.35%1.93%
EWH
iShares MSCI Hong Kong ETF		4.84%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

EWG and EWH have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWG has higher volatility (6.49%) compared to EWH (5.00%). In terms of maximum drawdown, EWG dropped -67.57% vs EWH's -66.44%.

On 10-year performance, EWG leads with 7.59% vs 4.93% for EWH. Both ETFs have the same 0.49% expense ratio. On volatility, EWH has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWG has performed better with a 7.59% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWG and EWH have the same expense ratio: 0.49% per year.

EWH has the higher dividend yield at 4.84%, compared with 1.59% for EWG.

EWG is categorized as Europe Equities, while EWH is Asia Pacific Equities. EWG tracks MSCI Germany Index, while EWH tracks MSCI Hong Kong Index.

EWH currently has the higher Sharpe Ratio (1.49 vs 0.19), 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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