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EWH vs. FLJH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. FLJH

Last updated Aug 2, 2026
Documentation

EWH (iShares MSCI Hong Kong ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong 25-50 Index (USD) (Net), while FLJH is a Japan Equities fund tracking the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, EWH returned 1.39%/yr vs 20.99%/yr for FLJH. Their 0.39 correlation means their historical movements had little consistent relationship. EWH charges 0.50%/yr vs 0.09%/yr for FLJH.

Performance

EWH vs. FLJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and Franklin FTSE Japan Hedged ETF (FLJH). 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 10.37% return, which is significantly lower than FLJH's 17.94% return.

EWH

1D
-0.94%
1M
10.27%
6M
0.31%
YTD
10.37%
1Y
19.07%
3Y*
10.31%
5Y*
1.39%
10Y*
4.58%
ALL TIME*
4.96%

FLJH

1D
-1.21%
1M
-2.57%
6M
12.39%
YTD
17.94%
1Y
38.04%
3Y*
25.03%
5Y*
20.99%
10Y*
—
ALL TIME*
14.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWH

iShares MSCI Hong Kong ETF
$69.57M$66.33M$66.62M

FLJH

Franklin FTSE Japan Hedged ETF
$717.48K$1.02M$1.16M

EWH vs. FLJH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWH
iShares MSCI Hong Kong ETF		10.37%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%4.44%
FLJH
Franklin FTSE Japan Hedged ETF		17.94%25.26%25.89%36.02%-2.75%12.68%10.65%20.34%-14.66%1.26%

Correlation

The correlation between EWH and FLJH is 0.45, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.45

Correlation (3Y)
Balances recent behavior with more history.

0.31

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.35

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.39

The correlation between EWH and FLJH shifts across timeframes, from 0.31 (3 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

EWH vs. FLJH - Sectors Allocation Comparison

Sectors
EWH
FLJH

Financial Services

42.5%
16.2%

Industrials

19.8%
23.5%

Real Estate

17.5%
2.9%

Utilities

12.1%
1.2%

Consumer Cyclical

3.8%
12.1%

Consumer Defensive

2.6%
4.0%

Communication Services

1.8%
7.1%

Basic Materials

-

4.0%

Energy

-

0.8%

Healthcare

-

5.2%

Technology

-

23.1%

Financial Services

EWH
42.5%
FLJH
16.2%

Industrials

EWH
19.8%
FLJH
23.5%

Real Estate

EWH
17.5%
FLJH
2.9%

Utilities

EWH
12.1%
FLJH
1.2%

Consumer Cyclical

EWH
3.8%
FLJH
12.1%

Consumer Defensive

EWH
2.6%
FLJH
4.0%

Communication Services

EWH
1.8%
FLJH
7.1%

Basic Materials

EWH

-

FLJH
4.0%

Energy

EWH

-

FLJH
0.8%

Healthcare

EWH

-

FLJH
5.2%

Technology

EWH

-

FLJH
23.1%

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

Franklin FTSE Japan Hedged ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWYEWH vs. EWSEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with FLJH:
FLJH vs. FLJPFLJH vs. EWJVFLJH vs. HEWJFLJH vs. EWJFLJH vs. DBJPFLJH vs. OARKFLJH vs. SCHD

Return for Risk

EWH vs. FLJH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWH
EWH Risk / Return Rank: 3838
Overall Rank
EWH Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3838
Omega Ratio Rank
EWH Calmar Ratio Rank: 3737
Calmar Ratio Rank
EWH Martin Ratio Rank: 3434
Martin Ratio Rank
FLJH
FLJH Risk / Return Rank: 8383
Overall Rank
FLJH Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
FLJH Sortino Ratio Rank: 7979
Sortino Ratio Rank
FLJH Omega Ratio Rank: 8181
Omega Ratio Rank
FLJH Calmar Ratio Rank: 8686
Calmar Ratio Rank
FLJH Martin Ratio Rank: 8585
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWH vs. FLJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and Franklin FTSE Japan Hedged ETF (FLJH). 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.

EWHFLJHDifference
Sharpe ratioReturn per unit of total volatility
1.02
1.89

-0.87

Sortino ratioReturn per unit of downside risk
1.51
2.55

-1.04

Omega ratioGain probability vs. loss probability

1.18

1.34

-0.16

Calmar ratioReturn relative to maximum drawdown

1.27

3.35

-2.08

Martin ratioReturn relative to average drawdown

3.29

11.93

-8.64

EWH vs. FLJH - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.02, which is lower than the FLJH Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWH and FLJH, 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. FLJH - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for EWH and FLJH.

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Drawdown Indicators

EWHFLJHDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-31.51%

-34.93%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-10.80%

-2.61%

Max Drawdown (3Y)

Largest decline over 3 years

-23.77%

-20.39%

-3.38%

Max Drawdown (5Y)

Largest decline over 5 years

-39.32%

-20.39%

-18.93%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

—

—

Current Drawdown

Current decline from peak

-4.47%

-5.87%

+1.40%

Average Drawdown

Average peak-to-trough decline

-19.43%

-5.27%

-14.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

3.03%

+2.14%

Volatility

EWH vs. FLJH - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 4.14%, while Franklin FTSE Japan Hedged ETF (FLJH) has a volatility of 6.34%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHFLJHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

6.34%

-2.20%

Volatility (6M)

Calculated over the trailing 6-month period

12.01%

15.23%

-3.22%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

19.17%

-2.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.09%

18.75%

+1.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.52%

19.88%

-0.36%

EWH vs. FLJH - Expense Ratio Comparison

EWH has a 0.50% expense ratio, which is higher than FLJH's 0.09% expense ratio.

Dividends

EWH vs. FLJH - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.49%, more than FLJH's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.49%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
FLJH
Franklin FTSE Japan Hedged ETF		2.55%3.90%5.06%25.59%26.67%1.29%0.00%0.00%5.92%0.10%0.00%0.00%

Frequently Asked Questions

EWH and FLJH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLJH has higher volatility (6.34%) compared to EWH (4.14%). In terms of maximum drawdown, EWH dropped -66.44% vs FLJH's -31.51%.

On 5-year performance, FLJH leads with 20.99% vs 1.39% for EWH. On fees, FLJH is cheaper at 0.09% per year. On volatility, EWH has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLJH has performed better with a 20.99% return vs 1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLJH is cheaper with a 0.09% expense ratio, compared with 0.50% for EWH.

EWH has the higher dividend yield at 4.49%, compared with 2.55% for FLJH.

EWH is categorized as Asia Pacific Equities, while FLJH is Japan Equities. EWH tracks MSCI Hong Kong 25-50 Index (USD) (Net), while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.50% for EWH and 0.09% for FLJH.

FLJH currently has the higher Sharpe Ratio (1.89 vs 1.02), 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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