EWH vs. CHIQ
EWH (iShares MSCI Hong Kong ETF) and CHIQ (Global X MSCI China Consumer Discretionary ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while CHIQ is a China Equities fund tracking the MSCI China Consumer Discretionary 10/50 Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 6.22%/yr for CHIQ. A 0.72 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.65%/yr for CHIQ.
Performance
EWH vs. CHIQ - 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 CHIQ's -21.70% return. Over the past 10 years, EWH has underperformed CHIQ with an annualized return of 4.79%, while CHIQ has yielded a comparatively higher 6.22% 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%
CHIQ
- 1D
- -1.30%
- 1M
- -10.24%
- YTD
- -21.70%
- 6M
- -23.30%
- 1Y
- -17.82%
- 3Y*
- -0.10%
- 5Y*
- -12.20%
- 10Y*
- 6.22%
EWH vs. CHIQ - 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% |
CHIQ Global X MSCI China Consumer Discretionary ETF | -21.70% | 13.69% | 10.74% | -10.70% | -22.01% | -27.07% | 92.61% | 44.19% | -28.65% | 67.74% |
Correlation
The correlation between EWH and CHIQ is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2009 | 0.72 |
The correlation between EWH and CHIQ shifts across timeframes, from 0.54 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.
EWH vs. CHIQ - Sectors Allocation Comparison
Sectors
EWH
CHIQ
Financial Services
-
Industrials
Real Estate
Utilities
-
Consumer Cyclical
Consumer Defensive
Communication Services
-
Basic Materials
-
-
Energy
-
-
Healthcare
-
-
Technology
-
Financial Services
EWH
CHIQ
-
Industrials
EWH
CHIQ
Real Estate
EWH
CHIQ
Utilities
EWH
CHIQ
-
Consumer Cyclical
EWH
CHIQ
Consumer Defensive
EWH
CHIQ
Communication Services
EWH
CHIQ
-
Basic Materials
EWH
-
CHIQ
-
Energy
EWH
-
CHIQ
-
Healthcare
EWH
-
CHIQ
-
Technology
EWH
-
CHIQ
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Return for Risk
EWH vs. CHIQ — Risk / Return Rank
EWH
CHIQ
EWH vs. CHIQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and Global X MSCI China Consumer Discretionary ETF (CHIQ). 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 | CHIQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.88 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.56 | +1.94 |
| Martin ratioReturn relative to average drawdown | 4.55 | -1.32 | +5.87 |
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Drawdowns
EWH vs. CHIQ - Drawdown Comparison
The maximum EWH drawdown since its inception was -66.44%, roughly equal to the maximum CHIQ drawdown of -67.04%. Use the drawdown chart below to compare losses from any high point for EWH and CHIQ.
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Drawdown Indicators
| EWH | CHIQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -67.04% | +0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -12.91% | -31.72% | +18.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -31.72% | +6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -41.28% | -59.95% | +18.67% |
Max Drawdown (10Y)Largest decline over 10 years | -42.71% | -67.04% | +24.33% |
Current DrawdownCurrent decline from peak | -11.71% | -58.92% | +47.21% |
Average DrawdownAverage peak-to-trough decline | -19.47% | -30.68% | +11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 13.52% | -9.61% |
Volatility
EWH vs. CHIQ - Volatility Comparison
The current volatility for iShares MSCI Hong Kong ETF (EWH) is 5.30%, while Global X MSCI China Consumer Discretionary ETF (CHIQ) has a volatility of 6.51%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than CHIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWH | CHIQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 6.51% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.57% | 16.16% | -3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 22.44% | -5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 37.74% | -17.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 32.46% | -12.87% |
EWH vs. CHIQ - Expense Ratio Comparison
EWH has a 0.49% expense ratio, which is lower than CHIQ's 0.65% expense ratio.
Dividends
EWH vs. CHIQ - Dividend Comparison
EWH's dividend yield for the trailing twelve months is around 4.86%, more than CHIQ's 1.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHIQ Global X MSCI China Consumer Discretionary ETF | 1.89% | 1.48% | 2.65% | 2.26% | 0.38% | 0.00% | 0.11% | 1.05% | 2.71% | 0.62% | 1.51% | 4.86% |
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 CHIQ have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHIQ has higher volatility (6.51%) compared to EWH (5.30%). In terms of maximum drawdown, EWH dropped -66.44% vs CHIQ's -67.04%.
On 10-year performance, CHIQ leads with 6.22% vs 4.79% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CHIQ has performed better with a 6.22% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWH is cheaper with a 0.49% expense ratio, compared with 0.65% for CHIQ.
EWH has the higher dividend yield at 4.86%, compared with 1.89% for CHIQ.
EWH is categorized as Asia Pacific Equities, while CHIQ is China Equities. EWH tracks MSCI Hong Kong Index, while CHIQ tracks MSCI China Consumer Discretionary 10/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.49% for EWH and 0.65% for CHIQ.
EWH currently has the higher Sharpe Ratio (1.06 vs -0.80), 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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