EWH vs. ADIV

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both Asia Pacific Equities funds. EWH is passively managed, while ADIV is actively managed. Over the past 5 years, EWH returned -0.71%/yr vs 6.94%/yr for ADIV. A 0.70 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.78%/yr for ADIV.

Performance

EWH vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWH achieves a 2.00% return, which is significantly lower than ADIV's 8.01% return.

EWH

• 1D: 0.23%
• 1M: -7.73%
• YTD: 2.00%
• 6M: 0.16%
• 1Y: 17.74%
• 3Y*: 8.52%
• 5Y*: -0.71%
• 10Y*: 4.79%

ADIV

• 1D: 0.21%
• 1M: 2.00%
• YTD: 8.01%
• 6M: 7.98%
• 1Y: 17.51%
• 3Y*: 18.18%
• 5Y*: 6.94%
• 10Y*: —

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

EWH vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWH iShares MSCI Hong Kong ETF	2.00%	34.50%	0.00%	-13.87%	-6.81%	-11.24%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.01%	21.86%	14.47%	12.28%	-18.00%	1.41%

Correlation

The correlation between EWH and ADIV is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 29, 2021	0.70

The correlation between EWH and ADIV has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

EWH vs. ADIV - Sectors Allocation Comparison

Sectors	EWH	ADIV
Financial Services	43.9%	31.8%
Industrials	18.3%	2.3%
Real Estate	18.0%	8.3%
Utilities	11.6%	2.4%
Consumer Cyclical	3.9%	15.4%
Consumer Defensive	2.6%	5.1%
Communication Services	1.7%	3.2%
Basic Materials	-	-
Energy	-	-
Healthcare	-	5.0%
Technology	-	26.6%

Return for Risk

EWH vs. ADIV — Risk / Return Rank

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

EWH

EWH Risk / Return Rank: 30
EWH Sharpe Ratio Rank: 30
EWH Sortino Ratio Rank: 29
EWH Omega Ratio Rank: 28
EWH Calmar Ratio Rank: 29
EWH Martin Ratio Rank: 32

ADIV

ADIV Risk / Return Rank: 36
ADIV Sharpe Ratio Rank: 37
ADIV Sortino Ratio Rank: 36
ADIV Omega Ratio Rank: 36
ADIV Calmar Ratio Rank: 35
ADIV Martin Ratio Rank: 37

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.

EWH vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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	ADIV	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.28	-0.21
Sortino ratio: Return per unit of downside risk	1.56	1.82	-0.25
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.38	1.73	-0.35
Martin ratio: Return relative to average drawdown	4.55	5.62	-1.07

EWH vs. ADIV - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is comparable to the ADIV Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of EWH and ADIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWH vs. ADIV - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for EWH and ADIV.

Drawdown Indicators

	EWH	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-31.55%	-34.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.91%	-10.15%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-18.53%	-6.40%
Max Drawdown (5Y) Largest decline over 5 years	-41.28%	-31.55%	-9.73%
Max Drawdown (10Y) Largest decline over 10 years	-42.71%	—	—
Current Drawdown Current decline from peak	-11.71%	-1.19%	-10.52%
Average Drawdown Average peak-to-trough decline	-19.47%	-8.39%	-11.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	3.12%	+0.79%

Volatility

EWH vs. ADIV - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV) have volatilities of 5.30% and 5.10%, 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.

Volatility by Period

	EWH	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	5.10%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	11.08%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	13.80%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.11%	16.56%	+3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	16.38%	+3.21%

EWH vs. ADIV - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

EWH vs. ADIV - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than ADIV's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	3.59%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWH iShares MSCI Hong Kong ETF	4.86%	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

Can I hold both EWH and ADIV in my portfolio?

EWH and ADIV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWH or ADIV?

EWH has higher volatility (5.30%) compared to ADIV (5.10%). In terms of maximum drawdown, EWH dropped -66.44% vs ADIV's -31.55%.

Which ETF is better, EWH or ADIV?

On 5-year performance, ADIV leads with 6.94% vs -0.71% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, ADIV has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWH or ADIV?

Over the 5-year period, ADIV has performed better with a 6.94% return vs -0.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWH or ADIV?

EWH is cheaper with a 0.49% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, EWH or ADIV?

EWH has the higher dividend yield at 4.86%, compared with 3.59% for ADIV.

What is the main difference between EWH and ADIV?

They also come from different issuers: iShares and Guinness Atkinson Asset Management. Their fees differ too: 0.49% for EWH and 0.78% for ADIV.

Which has better risk-adjusted returns?

ADIV currently has the higher Sharpe Ratio (1.28 vs 1.06), 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.