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EWH vs. EWA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. EWA

Last updated Jun 9, 2026

EWH (iShares MSCI Hong Kong ETF) and EWA (iShares MSCI-Australia ETF) are both Asia Pacific Equities funds from iShares - EWH tracks the MSCI Hong Kong Index while EWA tracks the MSCI Australia Index. Both are passively managed. Over the past 10 years, EWH returned 4.45%/yr vs 8.12%/yr for EWA. A 0.50 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.50%/yr for EWA.

Performance

EWH vs. EWA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI-Australia ETF (EWA). 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 2.82% return, which is significantly lower than EWA's 7.18% return. Over the past 10 years, EWH has underperformed EWA with an annualized return of 4.45%, while EWA has yielded a comparatively higher 8.12% annualized return.

EWH

1D
0.14%
1M
-10.01%
YTD
2.82%
6M
3.35%
1Y
17.85%
3Y*
7.90%
5Y*
-0.71%
10Y*
4.45%

EWA

1D
0.04%
1M
-4.98%
YTD
7.18%
6M
8.80%
1Y
9.92%
3Y*
11.09%
5Y*
4.93%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. EWA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWH
iShares MSCI Hong Kong ETF		2.82%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%
EWA
iShares MSCI-Australia ETF		7.18%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%

Correlation

The correlation between EWH and EWA 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

0.53

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

0.53

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

0.55

Correlation (All Time)
Calculated using the full available price history since Apr 2, 1996

0.50

The correlation between EWH and EWA has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

EWH vs. EWA - Sectors Allocation Comparison

Sectors
EWH
EWA

Financial Services

45.4%
43.6%

Real Estate

18.7%
5.0%

Industrials

16.6%
4.5%

Utilities

11.2%
1.7%

Consumer Cyclical

3.7%
6.1%

Consumer Defensive

2.7%
3.6%

Communication Services

1.7%
2.0%

Basic Materials

-

23.0%

Energy

-

4.5%

Healthcare

-

4.9%

Technology

-

1.1%

Financial Services

EWH
45.4%
EWA
43.6%

Real Estate

EWH
18.7%
EWA
5.0%

Industrials

EWH
16.6%
EWA
4.5%

Utilities

EWH
11.2%
EWA
1.7%

Consumer Cyclical

EWH
3.7%
EWA
6.1%

Consumer Defensive

EWH
2.7%
EWA
3.6%

Communication Services

EWH
1.7%
EWA
2.0%

Basic Materials

EWH

-

EWA
23.0%

Energy

EWH

-

EWA
4.5%

Healthcare

EWH

-

EWA
4.9%

Technology

EWH

-

EWA
1.1%

Compare stocks, funds, or ETFs

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iShares MSCI Hong Kong ETF

iShares MSCI-Australia ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY

Return for Risk

EWH vs. EWA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWH
EWH Risk / Return Rank: 3434
Overall Rank
EWH Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 3232
Sortino Ratio Rank
EWH Omega Ratio Rank: 3131
Omega Ratio Rank
EWH Calmar Ratio Rank: 3636
Calmar Ratio Rank
EWH Martin Ratio Rank: 3939
Martin Ratio Rank
EWA
EWA Risk / Return Rank: 2121
Overall Rank
EWA Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 1919
Sortino Ratio Rank
EWA Omega Ratio Rank: 1919
Omega Ratio Rank
EWA Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWA Martin Ratio Rank: 2424
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. EWA - Risk-Adjusted Trends Comparison

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

EWHEWADifference
Sharpe ratioReturn per unit of total volatility
1.08
0.58

+0.50

Sortino ratioReturn per unit of downside risk
1.58
0.90

+0.68

Omega ratioGain probability vs. loss probability

1.19

1.11

+0.08

Calmar ratioReturn relative to maximum drawdown

1.61

1.00

+0.62

Martin ratioReturn relative to average drawdown

5.44

2.80

+2.64

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWH vs. EWA - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.08, which is higher than the EWA Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of EWH and EWA, 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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Sharpe Ratios by Period

EWHEWADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.08

0.58

+0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.04

0.25

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.23

0.36

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.29

-0.11

Drawdowns

EWH vs. EWA - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, roughly equal to the maximum EWA drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for EWH and EWA.

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Drawdown Indicators

EWHEWADifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-66.98%

+0.54%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-10.01%

-1.11%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-21.91%

-3.02%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-24.87%

-16.41%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-45.54%

+2.83%

Current Drawdown

Current decline from peak

-11.00%

-7.24%

-3.76%

Average Drawdown

Average peak-to-trough decline

-19.48%

-11.33%

-8.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

3.56%

-0.27%

Volatility

EWH vs. EWA - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 4.69%, while iShares MSCI-Australia ETF (EWA) has a volatility of 4.98%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than EWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHEWADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.69%

4.98%

-0.29%

Volatility (6M)

Calculated over the trailing 6-month period

12.19%

14.39%

-2.20%

Volatility (1Y)

Calculated over the trailing 1-year period

16.63%

17.22%

-0.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.05%

19.77%

+0.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.58%

22.63%

-3.05%

EWH vs. EWA - Expense Ratio Comparison

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

Dividends

EWH vs. EWA - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 5.05%, more than EWA's 3.00% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		3.00%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
EWH
iShares MSCI Hong Kong ETF		5.05%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 EWA 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.

EWA has higher volatility (4.98%) compared to EWH (4.69%). In terms of maximum drawdown, EWH dropped -66.44% vs EWA's -66.98%.

On 10-year performance, EWA leads with 8.12% vs 4.45% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWA has performed better with a 8.12% return vs 4.45%. 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 EWA.

EWH has the higher dividend yield at 5.05%, compared with 3.00% for EWA.

EWH tracks MSCI Hong Kong Index, while EWA tracks MSCI Australia Index. Their fees differ too: 0.49% for EWH and 0.50% for EWA.

EWH currently has the higher Sharpe Ratio (1.08 vs 0.58), 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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