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EWH vs. EPHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. EPHE

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and EPHE (iShares MSCI Philippines ETF) are both Asia Pacific Equities funds from iShares - EWH tracks the MSCI Hong Kong Index while EPHE tracks the MSCI Philippines Investable Market Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs -2.87%/yr for EPHE. At a 0.45 correlation, their price movements are largely independent. EWH charges 0.49%/yr vs 0.59%/yr for EPHE.

Performance

EWH vs. EPHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI Philippines ETF (EPHE). 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 2.00% return, which is significantly higher than EPHE's 1.18% return. Over the past 10 years, EWH has outperformed EPHE with an annualized return of 4.79%, while EPHE has yielded a comparatively lower -2.87% 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%

EPHE

1D
-3.02%
1M
2.00%
YTD
1.18%
6M
1.02%
1Y
-4.09%
3Y*
1.51%
5Y*
-2.61%
10Y*
-2.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. EPHE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EPHE
iShares MSCI Philippines ETF		1.18%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%

Correlation

The correlation between EWH and EPHE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.28

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

0.35

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

0.34

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

0.39

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.45

The correlation between EWH and EPHE shifts across timeframes, from 0.28 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

EWH vs. EPHE - Sectors Allocation Comparison

Sectors
EWH
EPHE

Financial Services

43.9%
20.0%

Industrials

18.3%
30.8%

Real Estate

18.0%
11.2%

Utilities

11.6%
13.5%

Consumer Cyclical

3.9%
12.7%

Consumer Defensive

2.6%
4.5%

Communication Services

1.7%
4.8%

Basic Materials

-

1.1%

Energy

-

1.3%

Healthcare

-

-

Technology

-

-

Financial Services

EWH
43.9%
EPHE
20.0%

Industrials

EWH
18.3%
EPHE
30.8%

Real Estate

EWH
18.0%
EPHE
11.2%

Utilities

EWH
11.6%
EPHE
13.5%

Consumer Cyclical

EWH
3.9%
EPHE
12.7%

Consumer Defensive

EWH
2.6%
EPHE
4.5%

Communication Services

EWH
1.7%
EPHE
4.8%

Basic Materials

EWH

-

EPHE
1.1%

Energy

EWH

-

EPHE
1.3%

Healthcare

EWH

-

EPHE

-

Technology

EWH

-

EPHE

-

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 Philippines ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VXUSEPHE vs. GOVTEPHE vs. VTI

Return for Risk

EWH vs. EPHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWH
EWH Risk / Return Rank: 3030
Overall Rank
EWH Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 2929
Sortino Ratio Rank
EWH Omega Ratio Rank: 2828
Omega Ratio Rank
EWH Calmar Ratio Rank: 2929
Calmar Ratio Rank
EWH Martin Ratio Rank: 3232
Martin Ratio Rank
EPHE
EPHE Risk / Return Rank: 77
Overall Rank
EPHE Sharpe Ratio Rank: 77
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 66
Sortino Ratio Rank
EPHE Omega Ratio Rank: 66
Omega Ratio Rank
EPHE Calmar Ratio Rank: 66
Calmar Ratio Rank
EPHE Martin Ratio Rank: 77
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. EPHE - Risk-Adjusted Trends Comparison

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

EWHEPHEDifference
Sharpe ratioReturn per unit of total volatility
1.06
-0.20

+1.26

Sortino ratioReturn per unit of downside risk
1.56
-0.15

+1.71

Omega ratioGain probability vs. loss probability

1.19

0.98

+0.21

Calmar ratioReturn relative to maximum drawdown

1.38

-0.26

+1.64

Martin ratioReturn relative to average drawdown

4.55

-0.47

+5.02

EWH vs. EPHE - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is higher than the EPHE Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of EWH and EPHE, 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. EPHE - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than EPHE's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for EWH and EPHE.

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Drawdown Indicators

EWHEPHEDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-53.82%

-12.62%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-15.90%

+2.99%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-21.42%

-3.51%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-32.96%

-8.32%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-51.62%

+8.91%

Current Drawdown

Current decline from peak

-11.71%

-33.10%

+21.39%

Average Drawdown

Average peak-to-trough decline

-19.47%

-21.02%

+1.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

8.73%

-4.82%

Volatility

EWH vs. EPHE - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 5.30%, while iShares MSCI Philippines ETF (EPHE) has a volatility of 9.45%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than EPHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHEPHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

9.45%

-4.15%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

15.62%

-3.05%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

20.53%

-3.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

18.42%

+1.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

22.35%

-2.76%

EWH vs. EPHE - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is lower than EPHE's 0.59% expense ratio.

Dividends

EWH vs. EPHE - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than EPHE's 2.75% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.75%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
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 EPHE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPHE has higher volatility (9.45%) compared to EWH (5.30%). In terms of maximum drawdown, EWH dropped -66.44% vs EPHE's -53.82%.

On 10-year performance, EWH leads with 4.79% vs -2.87% for EPHE. 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, EWH has performed better with a 4.79% return vs -2.87%. 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 0.59% for EPHE.

EWH has the higher dividend yield at 4.86%, compared with 2.75% for EPHE.

EWH tracks MSCI Hong Kong Index, while EPHE tracks MSCI Philippines Investable Market Index. Their fees differ too: 0.49% for EWH and 0.59% for EPHE.

EWH currently has the higher Sharpe Ratio (1.06 vs -0.20), 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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