EWH vs. BIL
EWH (iShares MSCI Hong Kong ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 2.20%/yr for BIL. At a correlation of -0.03, they often move in opposite directions. EWH charges 0.49%/yr vs 0.14%/yr for BIL.
Performance
EWH vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, EWH achieves a 2.00% return, which is significantly higher than BIL's 1.66% return. Over the past 10 years, EWH has outperformed BIL with an annualized return of 4.79%, while BIL has yielded a comparatively lower 2.20% annualized 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%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
EWH vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWH iShares MSCI Hong Kong ETF | 2.00% | 34.50% | 0.00% | -13.87% | -6.81% | -3.49% | 4.17% | 10.74% | -8.76% | 36.46% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between EWH and BIL is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.03 |
The correlation between EWH and BIL shifts across timeframes, from -0.13 (1 year) to -0.00 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWH vs. BIL — Risk / Return Rank
EWH
BIL
EWH vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.31 | ||
| Sortino ratioReturn per unit of downside risk | -171.60 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 87.41 | -86.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 353.28 | -351.90 |
| Martin ratioReturn relative to average drawdown | 4.55 | 2,801.35 | -2,796.80 |
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Drawdowns
EWH vs. BIL - Drawdown Comparison
The maximum EWH drawdown since its inception was -66.44%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for EWH and BIL.
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Drawdown Indicators
| EWH | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -0.78% | -65.66% |
Max Drawdown (1Y)Largest decline over 1 year | -12.91% | -0.01% | -12.90% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -0.01% | -24.92% |
Max Drawdown (5Y)Largest decline over 5 years | -41.28% | -0.09% | -41.19% |
Max Drawdown (10Y)Largest decline over 10 years | -42.71% | -0.21% | -42.50% |
Current DrawdownCurrent decline from peak | -11.71% | 0.00% | -11.71% |
Average DrawdownAverage peak-to-trough decline | -19.47% | -0.26% | -19.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 0.00% | +3.91% |
Volatility
EWH vs. BIL - Volatility Comparison
iShares MSCI Hong Kong ETF (EWH) has a higher volatility of 5.30% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that EWH's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWH | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 0.07% | +5.23% |
Volatility (6M)Calculated over the trailing 6-month period | 12.57% | 0.14% | +12.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 0.20% | +16.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 0.26% | +19.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 0.26% | +19.33% |
EWH vs. BIL - Expense Ratio Comparison
EWH has a 0.49% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
EWH vs. BIL - Dividend Comparison
EWH's dividend yield for the trailing twelve months is around 4.86%, more than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 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
EWH and BIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWH has higher volatility (5.30%) compared to BIL (0.07%). In terms of maximum drawdown, EWH dropped -66.44% vs BIL's -0.78%.
On 10-year performance, EWH leads with 4.79% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWH has performed better with a 4.79% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.49% for EWH.
EWH has the higher dividend yield at 4.86%, compared with 3.85% for BIL.
EWH is categorized as Asia Pacific Equities, while BIL is Government Bonds. EWH tracks MSCI Hong Kong Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for EWH and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 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.
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