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EWH vs. ADIV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. ADIV

Last updated Aug 2, 2026
Documentation

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 1.39%/yr vs 7.69%/yr for ADIV. Their 0.70 correlation means they have sometimes moved together and sometimes differently. EWH charges 0.50%/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.

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Returns By Period

In the year-to-date period, EWH achieves a 10.37% return, which is significantly higher than ADIV's 9.55% return.

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%

ADIV

1D
-0.96%
1M
6.05%
6M
6.89%
YTD
9.55%
1Y
14.46%
3Y*
16.03%
5Y*
7.69%
10Y*
—
ALL TIME*
6.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

ADIV

SmartETFs Asia Pacific Dividend Builder ETF
$158.48K$98.50K$105.95K

EWH

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

EWH vs. ADIV - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EWH
iShares MSCI Hong Kong ETF		10.37%34.50%0.00%-13.87%-6.81%-11.24%
ADIV
SmartETFs Asia Pacific Dividend Builder ETF		9.55%21.86%14.47%12.28%-18.00%1.41%

Correlation

The correlation between EWH and ADIV is 0.62, 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.

0.62

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

0.68

Correlation (5Y)
Shows whether the relationship held over a longer 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 0.62 to 0.71 - a consistent structural relationship.

EWH vs. ADIV - Sectors Allocation Comparison

Sectors
EWH
ADIV

Financial Services

42.5%
32.2%

Industrials

19.8%
2.5%

Real Estate

17.5%
8.1%

Utilities

12.1%
2.0%

Consumer Cyclical

3.8%
15.9%

Consumer Defensive

2.6%
4.8%

Communication Services

1.8%
3.5%

Basic Materials

-

-

Energy

-

-

Healthcare

-

5.2%

Technology

-

25.8%

Financial Services

EWH
42.5%
ADIV
32.2%

Industrials

EWH
19.8%
ADIV
2.5%

Real Estate

EWH
17.5%
ADIV
8.1%

Utilities

EWH
12.1%
ADIV
2.0%

Consumer Cyclical

EWH
3.8%
ADIV
15.9%

Consumer Defensive

EWH
2.6%
ADIV
4.8%

Communication Services

EWH
1.8%
ADIV
3.5%

Basic Materials

EWH

-

ADIV

-

Energy

EWH

-

ADIV

-

Healthcare

EWH

-

ADIV
5.2%

Technology

EWH

-

ADIV
25.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Hong Kong ETF

SmartETFs Asia Pacific Dividend Builder ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWYEWH vs. EWSEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with ADIV:
ADIV vs. CNADIV vs. CEA1.LADIV vs. IEURADIV vs. EWSADIV vs. EUFNADIV vs. FPAADIV vs. VFV.TO

Return for Risk

EWH vs. ADIV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
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
ADIV
ADIV Risk / Return Rank: 3939
Overall Rank
ADIV Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
ADIV Sortino Ratio Rank: 3838
Sortino Ratio Rank
ADIV Omega Ratio Rank: 3838
Omega Ratio Rank
ADIV Calmar Ratio Rank: 3939
Calmar Ratio Rank
ADIV Martin Ratio Rank: 4040
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.

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.

EWHADIVDifference
Sharpe ratioReturn per unit of total volatility
1.02
0.98

+0.04

Sortino ratioReturn per unit of downside risk
1.51
1.44

+0.08

Omega ratioGain probability vs. loss probability

1.18

1.18

0.00

Calmar ratioReturn relative to maximum drawdown

1.27

1.37

-0.10

Martin ratioReturn relative to average drawdown

3.29

4.24

-0.95

EWH vs. ADIV - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.02, which is comparable to the ADIV Sharpe Ratio of 0.98. 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.

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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.

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Drawdown Indicators

EWHADIVDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-31.55%

-34.89%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-10.15%

-3.26%

Max Drawdown (3Y)

Largest decline over 3 years

-23.77%

-18.53%

-5.24%

Max Drawdown (5Y)

Largest decline over 5 years

-39.32%

-31.55%

-7.77%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

—

—

Current Drawdown

Current decline from peak

-4.47%

-0.96%

-3.51%

Average Drawdown

Average peak-to-trough decline

-19.43%

-8.27%

-11.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

3.27%

+1.90%

Volatility

EWH vs. ADIV - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) has a higher volatility of 4.14% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 3.87%. This indicates that EWH's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHADIVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

3.87%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

12.01%

11.67%

+0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

14.23%

+2.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.09%

16.61%

+3.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.52%

16.35%

+3.17%

EWH vs. ADIV - Expense Ratio Comparison

EWH has a 0.50% 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 4.49%, more than ADIV's 2.87% yield.

PositionTTM20252024202320222021202020192018201720162015
ADIV
SmartETFs Asia Pacific Dividend Builder ETF		2.87%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		4.49%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

EWH and ADIV have a correlation of 0.62, 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 ADIV (3.87%). In terms of maximum drawdown, EWH dropped -66.44% vs ADIV's -31.55%.

On 5-year performance, ADIV leads with 7.69% vs 1.39% for EWH. On fees, EWH is cheaper at 0.50% per year. On volatility, ADIV has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ADIV has performed better with a 7.69% return vs 1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.50% expense ratio, compared with 0.78% for ADIV.

EWH has the higher dividend yield at 4.49%, compared with 2.87% for ADIV.

They also come from different issuers: iShares and Guinness Atkinson. Their fees differ too: 0.50% for EWH and 0.78% for ADIV.

EWH currently has the higher Sharpe Ratio (1.02 vs 0.98), 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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