EWH vs. ^HSI
EWH (iShares MSCI Hong Kong ETF) is Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while ^HSI (Hang Seng Index) is an index. Over the past 10 years, EWH returned 4.69%/yr vs 1.51%/yr for ^HSI. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
EWH vs. ^HSI - Performance Comparison
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Different Trading Currencies
EWH is traded in USD, while ^HSI is traded in HKD. To make them comparable, the ^HSI values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EWH achieves a 1.00% return, which is significantly higher than ^HSI's -7.93% return. Over the past 10 years, EWH has outperformed ^HSI with an annualized return of 4.69%, while ^HSI has yielded a comparatively lower 1.51% annualized return.
EWH
- 1D
- -0.98%
- 1M
- -8.64%
- YTD
- 1.00%
- 6M
- -1.14%
- 1Y
- 14.36%
- 3Y*
- 8.16%
- 5Y*
- -1.00%
- 10Y*
- 4.69%
^HSI
- 1D
- 0.00%
- 1M
- -7.21%
- YTD
- -7.93%
- 6M
- -8.50%
- 1Y
- 0.48%
- 3Y*
- 7.92%
- 5Y*
- -4.01%
- 10Y*
- 1.51%
EWH vs. ^HSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWH iShares MSCI Hong Kong ETF | 1.00% | 34.50% | 0.00% | -13.87% | -6.81% | -3.49% | 4.17% | 10.74% | -8.76% | 36.46% |
^HSI Hang Seng Index | -7.95% | 27.55% | 18.27% | -13.81% | -15.60% | -14.56% | -2.93% | 9.64% | -13.82% | 34.99% |
Correlation
The correlation between EWH and ^HSI is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2007 | 0.51 |
The correlation between EWH and ^HSI shifts across timeframes, from 0.41 (1 year) to 0.56 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWH vs. ^HSI — Risk / Return Rank
EWH
^HSI
EWH vs. ^HSI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and Hang Seng Index (^HSI). 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.
| EWH | ^HSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.02 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 0.03 | +1.08 |
| Martin ratioReturn relative to average drawdown | 3.61 | 0.08 | +3.52 |
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Drawdowns
EWH vs. ^HSI - Drawdown Comparison
The maximum EWH drawdown since its inception was -66.44%, roughly equal to the maximum ^HSI drawdown of -65.19%. Use the drawdown chart below to compare losses from any high point for EWH and ^HSI.
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Drawdown Indicators
| EWH | ^HSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -65.19% | -1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -12.91% | -15.37% | +2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -25.67% | +0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -41.28% | -50.41% | +9.13% |
Max Drawdown (10Y)Largest decline over 10 years | -42.71% | -55.87% | +13.16% |
Current DrawdownCurrent decline from peak | -12.58% | -28.49% | +15.91% |
Average DrawdownAverage peak-to-trough decline | -19.46% | -28.67% | +9.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.99% | 5.94% | -1.95% |
Volatility
EWH vs. ^HSI - Volatility Comparison
iShares MSCI Hong Kong ETF (EWH) and Hang Seng Index (^HSI) have volatilities of 5.32% and 5.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWH | ^HSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 5.31% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 12.49% | 13.95% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 18.54% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 25.47% | -5.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.54% | 22.03% | -2.49% |
Frequently Asked Questions
EWH and ^HSI have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWH has higher volatility (5.32%) compared to ^HSI (5.31%). In terms of maximum drawdown, EWH dropped -66.44% vs ^HSI's -65.19%.
EWH currently has the higher Sharpe Ratio (0.86 vs 0.03), 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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