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EWH vs. ENZL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. ENZL

Last updated Jul 14, 2026
Documentation

EWH (iShares MSCI Hong Kong ETF) and ENZL (iShares MSCI New Zealand ETF) are both Asia Pacific Equities funds from iShares - EWH tracks the MSCI Hong Kong Index while ENZL tracks the MSCI New Zealand Investable Market Index. Both are passively managed. Over the past 10 years, EWH returned 4.02%/yr vs 3.27%/yr for ENZL. At a 0.41 correlation, their price movements are largely independent. EWH charges 0.49%/yr vs 0.50%/yr for ENZL.

Performance

EWH vs. ENZL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI New Zealand ETF (ENZL). 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 1.86% return, which is significantly lower than ENZL's 2.52% return. Over the past 10 years, EWH has outperformed ENZL with an annualized return of 4.02%, while ENZL has yielded a comparatively lower 3.27% annualized return.

EWH

1D
-0.93%
1M
-1.62%
6M
-3.93%
YTD
1.86%
1Y
11.20%
3Y*
7.89%
5Y*
-0.65%
10Y*
4.02%

ENZL

1D
-0.86%
1M
0.89%
6M
0.67%
YTD
2.52%
1Y
2.71%
3Y*
-0.96%
5Y*
-3.60%
10Y*
3.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. ENZL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWH
iShares MSCI Hong Kong ETF		1.86%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%
ENZL
iShares MSCI New Zealand ETF		2.52%2.47%-4.86%2.95%-16.18%-11.39%20.04%30.09%0.35%24.04%

Correlation

The correlation between EWH and ENZL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.39

Correlation (10Y)
Calculated over the trailing 10-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Sep 2, 2010

0.41

EWH vs. ENZL - Sectors Allocation Comparison

Sectors
EWH
ENZL

Financial Services

43.9%
1.4%

Industrials

18.3%
31.4%

Real Estate

18.0%
12.9%

Utilities

11.6%
12.9%

Consumer Cyclical

3.9%
1.0%

Consumer Defensive

2.6%
1.3%

Communication Services

1.7%
4.0%

Basic Materials

-

3.8%

Energy

-

1.9%

Healthcare

-

29.3%

Technology

-

0.5%

Financial Services

EWH
43.9%
ENZL
1.4%

Industrials

EWH
18.3%
ENZL
31.4%

Real Estate

EWH
18.0%
ENZL
12.9%

Utilities

EWH
11.6%
ENZL
12.9%

Consumer Cyclical

EWH
3.9%
ENZL
1.0%

Consumer Defensive

EWH
2.6%
ENZL
1.3%

Communication Services

EWH
1.7%
ENZL
4.0%

Basic Materials

EWH

-

ENZL
3.8%

Energy

EWH

-

ENZL
1.9%

Healthcare

EWH

-

ENZL
29.3%

Technology

EWH

-

ENZL
0.5%

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

iShares MSCI New Zealand ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with ENZL:
ENZL vs. EIRLENZL vs. EDENENZL vs. MNROENZL vs. IBC6.DEENZL vs. VTIENZL vs. EWAENZL vs. EWQ

Return for Risk

EWH vs. ENZL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWH
EWH Risk / Return Rank: 2323
Overall Rank
EWH Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 2323
Sortino Ratio Rank
EWH Omega Ratio Rank: 2222
Omega Ratio Rank
EWH Calmar Ratio Rank: 2222
Calmar Ratio Rank
EWH Martin Ratio Rank: 2323
Martin Ratio Rank
ENZL
ENZL Risk / Return Rank: 1212
Overall Rank
ENZL Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ENZL Sortino Ratio Rank: 1111
Sortino Ratio Rank
ENZL Omega Ratio Rank: 1111
Omega Ratio Rank
ENZL Calmar Ratio Rank: 1212
Calmar Ratio Rank
ENZL Martin Ratio Rank: 1212
Martin Ratio Rank
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. ENZL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and iShares MSCI New Zealand ETF (ENZL). 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.

EWHENZLDifference
Sharpe ratioReturn per unit of total volatility
0.68
0.17

+0.51

Sortino ratioReturn per unit of downside risk
1.06
0.35

+0.70

Omega ratioGain probability vs. loss probability

1.13

1.04

+0.08

Calmar ratioReturn relative to maximum drawdown

0.84

0.21

+0.63

Martin ratioReturn relative to average drawdown

2.29

0.56

+1.73

EWH vs. ENZL - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 0.68, which is higher than the ENZL Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of EWH and ENZL, 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. ENZL - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than ENZL's maximum drawdown of -42.44%. Use the drawdown chart below to compare losses from any high point for EWH and ENZL.

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Drawdown Indicators

EWHENZLDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-42.44%

-24.00%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-12.90%

-0.51%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-20.67%

-4.26%

Max Drawdown (5Y)

Largest decline over 5 years

-41.12%

-36.86%

-4.26%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-42.44%

-0.27%

Current Drawdown

Current decline from peak

-11.84%

-27.44%

+15.60%

Average Drawdown

Average peak-to-trough decline

-19.45%

-12.88%

-6.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.90%

4.85%

+0.05%

Volatility

EWH vs. ENZL - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) and iShares MSCI New Zealand ETF (ENZL) have volatilities of 4.39% and 4.56%, 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

EWHENZLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.39%

4.56%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

12.04%

13.70%

-1.66%

Volatility (1Y)

Calculated over the trailing 1-year period

16.52%

15.97%

+0.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.12%

18.63%

+1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.51%

20.38%

-0.87%

EWH vs. ENZL - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is lower than ENZL's 0.50% expense ratio.

Dividends

EWH vs. ENZL - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than ENZL's 2.20% yield.

PositionTTM20252024202320222021202020192018201720162015
ENZL
iShares MSCI New Zealand ETF		2.20%2.23%2.13%3.00%1.62%2.46%1.66%3.35%3.60%3.69%4.79%4.29%
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 ENZL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ENZL has higher volatility (4.56%) compared to EWH (4.39%). In terms of maximum drawdown, EWH dropped -66.44% vs ENZL's -42.44%.

On 10-year performance, EWH leads with 4.02% vs 3.27% for ENZL. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 4.39%. 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 4.02% return vs 3.27%. 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 0.50% for ENZL.

EWH has the higher dividend yield at 4.86%, compared with 2.20% for ENZL.

EWH tracks MSCI Hong Kong Index, while ENZL tracks MSCI New Zealand Investable Market Index. Their fees differ too: 0.49% for EWH and 0.50% for ENZL.

EWH currently has the higher Sharpe Ratio (0.68 vs 0.17), 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.

Portfolio Optimizer

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