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EWH vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. EWM

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and EWM (iShares MSCI Malaysia ETF) are both Asia Pacific Equities funds from iShares - EWH tracks the MSCI Hong Kong Index while EWM tracks the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 2.57%/yr for EWM. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

EWH vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI Malaysia ETF (EWM). 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 EWM's 0.95% return. Over the past 10 years, EWH has outperformed EWM with an annualized return of 4.79%, while EWM has yielded a comparatively lower 2.57% 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%

EWM

1D
-1.67%
1M
-5.54%
YTD
0.95%
6M
0.77%
1Y
19.87%
3Y*
14.64%
5Y*
4.66%
10Y*
2.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. EWM - 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%
EWM
iShares MSCI Malaysia ETF		0.95%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between EWH and EWM is 0.51, 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

0.51

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

0.43

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

0.41

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

0.47

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.46

The correlation between EWH and EWM shifts across timeframes, from 0.41 (5 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

EWH vs. EWM - Sectors Allocation Comparison

Sectors
EWH
EWM

Financial Services

43.9%
50.5%

Industrials

18.3%
12.2%

Real Estate

18.0%

-

Utilities

11.6%
10.9%

Consumer Cyclical

3.9%
1.1%

Consumer Defensive

2.6%
4.7%

Communication Services

1.7%
5.5%

Basic Materials

-

9.9%

Energy

-

2.9%

Healthcare

-

3.4%

Technology

-

-

Financial Services

EWH
43.9%
EWM
50.5%

Industrials

EWH
18.3%
EWM
12.2%

Real Estate

EWH
18.0%
EWM

-

Utilities

EWH
11.6%
EWM
10.9%

Consumer Cyclical

EWH
3.9%
EWM
1.1%

Consumer Defensive

EWH
2.6%
EWM
4.7%

Communication Services

EWH
1.7%
EWM
5.5%

Basic Materials

EWH

-

EWM
9.9%

Energy

EWH

-

EWM
2.9%

Healthcare

EWH

-

EWM
3.4%

Technology

EWH

-

EWM

-

Compare stocks, funds, or ETFs

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iShares MSCI Hong Kong ETF

iShares MSCI Malaysia ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

EWH vs. EWM — 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
EWM
EWM Risk / Return Rank: 4141
Overall Rank
EWM Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4040
Sortino Ratio Rank
EWM Omega Ratio Rank: 3939
Omega Ratio Rank
EWM Calmar Ratio Rank: 4545
Calmar Ratio Rank
EWM Martin Ratio Rank: 4141
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. EWM - Risk-Adjusted Trends Comparison

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

EWHEWMDifference
Sharpe ratioReturn per unit of total volatility
1.06
1.42

-0.35

Sortino ratioReturn per unit of downside risk
1.56
2.00

-0.44

Omega ratioGain probability vs. loss probability

1.19

1.25

-0.06

Calmar ratioReturn relative to maximum drawdown

1.38

2.17

-0.79

Martin ratioReturn relative to average drawdown

4.55

6.53

-1.98

EWH vs. EWM - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is comparable to the EWM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of EWH and EWM, 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. EWM - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EWH and EWM.

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Drawdown Indicators

EWHEWMDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-89.19%

+22.75%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-9.20%

-3.71%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-21.31%

-3.62%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-22.76%

-18.52%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-43.81%

+1.10%

Current Drawdown

Current decline from peak

-11.71%

-10.78%

-0.93%

Average Drawdown

Average peak-to-trough decline

-19.47%

-31.78%

+12.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.05%

+0.86%

Volatility

EWH vs. EWM - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) has a higher volatility of 5.30% compared to iShares MSCI Malaysia ETF (EWM) at 4.10%. This indicates that EWH's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

4.10%

+1.20%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

11.07%

+1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

14.11%

+2.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

13.75%

+6.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

16.27%

+3.32%

EWH vs. EWM - Expense Ratio Comparison

Both EWH and EWM have an expense ratio of 0.49%.

Dividends

EWH vs. EWM - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than EWM's 3.69% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWM
iShares MSCI Malaysia ETF		3.69%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EWH and EWM have a correlation of 0.51, 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 EWM (4.10%). In terms of maximum drawdown, EWH dropped -66.44% vs EWM's -89.19%.

On 10-year performance, EWH leads with 4.79% vs 2.57% for EWM. Both ETFs have the same 0.49% expense ratio. On volatility, EWM has been the lower-risk option at 4.10%. 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 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH and EWM have the same expense ratio: 0.49% per year.

EWH has the higher dividend yield at 4.86%, compared with 3.69% for EWM.

EWH tracks MSCI Hong Kong Index, while EWM tracks MSCI Malaysia Index.

EWM currently has the higher Sharpe Ratio (1.42 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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