PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWH vs. FXI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. FXI

Last updated Aug 2, 2026
Documentation

EWH (iShares MSCI Hong Kong ETF) and FXI (iShares China Large-Cap ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong 25-50 Index (USD) (Net), while FXI is a China Equities fund tracking the FTSE China 50 Index. Both are passively managed. Over the past 10 years, EWH returned 4.58%/yr vs 2.81%/yr for FXI. Their correlation of 0.81 means they have usually moved in the same direction. EWH charges 0.50%/yr vs 0.74%/yr for FXI.

Performance

EWH vs. FXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares China Large-Cap ETF (FXI). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWH achieves a 10.37% return, which is significantly higher than FXI's -3.96% return. Over the past 10 years, EWH has outperformed FXI with an annualized return of 4.58%, while FXI has yielded a comparatively lower 2.81% annualized 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%

FXI

1D
-0.05%
1M
14.38%
6M
-7.16%
YTD
-3.96%
1Y
0.93%
3Y*
9.88%
5Y*
0.26%
10Y*
2.81%
ALL TIME*
5.58%
*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

FXI

iShares China Large-Cap ETF
$773.89M$798.32M$975.73M

EWH vs. FXI - 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%36.46%
FXI
iShares China Large-Cap ETF		-3.96%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%

Correlation

The correlation between EWH and FXI is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.65

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

0.76

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

0.75

Correlation (10Y)
Provides a long-term view across more market conditions.

0.77

Correlation (All Time)
Calculated using the full available price history since Oct 8, 2004

0.81

The correlation between EWH and FXI shifts across timeframes, from 0.65 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

EWH vs. FXI - Sectors Allocation Comparison

Sectors
EWH
FXI

Financial Services

42.5%
35.2%

Industrials

19.8%
2.8%

Real Estate

17.5%
1.0%

Utilities

12.1%
0.3%

Consumer Cyclical

3.8%
25.3%

Consumer Defensive

2.6%
0.8%

Communication Services

1.8%
17.8%

Basic Materials

-

3.4%

Energy

-

4.8%

Healthcare

-

2.6%

Technology

-

5.9%

Financial Services

EWH
42.5%
FXI
35.2%

Industrials

EWH
19.8%
FXI
2.8%

Real Estate

EWH
17.5%
FXI
1.0%

Utilities

EWH
12.1%
FXI
0.3%

Consumer Cyclical

EWH
3.8%
FXI
25.3%

Consumer Defensive

EWH
2.6%
FXI
0.8%

Communication Services

EWH
1.8%
FXI
17.8%

Basic Materials

EWH

-

FXI
3.4%

Energy

EWH

-

FXI
4.8%

Healthcare

EWH

-

FXI
2.6%

Technology

EWH

-

FXI
5.9%

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 China Large-Cap ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. EWYEWH vs. EWSEWH vs. EWTEWH vs. EWJEWH vs. EPPEWH vs. SPY
Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EEMFXI vs. GXCFXI vs. EWY

Return for Risk

EWH vs. FXI — 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
FXI
FXI Risk / Return Rank: 1010
Overall Rank
FXI Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 1010
Sortino Ratio Rank
FXI Omega Ratio Rank: 1010
Omega Ratio Rank
FXI Calmar Ratio Rank: 1010
Calmar Ratio Rank
FXI Martin Ratio Rank: 1010
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. FXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and iShares China Large-Cap ETF (FXI). 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.

EWHFXIDifference
Sharpe ratioReturn per unit of total volatility
1.02
-0.04

+1.06

Sortino ratioReturn per unit of downside risk
1.51
0.09

+1.42

Omega ratioGain probability vs. loss probability

1.18

1.01

+0.17

Calmar ratioReturn relative to maximum drawdown

1.27

-0.03

+1.30

Martin ratioReturn relative to average drawdown

3.29

-0.07

+3.36

EWH vs. FXI - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.02, which is higher than the FXI Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of EWH and FXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWH vs. FXI - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, smaller than the maximum FXI drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for EWH and FXI.

Loading charts...

Drawdown Indicators

EWHFXIDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-72.68%

+6.24%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-22.94%

+9.53%

Max Drawdown (3Y)

Largest decline over 3 years

-23.77%

-26.62%

+2.85%

Max Drawdown (5Y)

Largest decline over 5 years

-39.37%

-49.88%

+10.51%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-60.81%

+18.10%

Current Drawdown

Current decline from peak

-4.47%

-24.37%

+19.90%

Average Drawdown

Average peak-to-trough decline

-19.43%

-31.21%

+11.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

10.00%

-4.83%

Volatility

EWH vs. FXI - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 4.14%, while iShares China Large-Cap ETF (FXI) has a volatility of 5.14%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWHFXIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

5.14%

-1.00%

Volatility (6M)

Calculated over the trailing 6-month period

12.01%

14.61%

-2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

20.32%

-3.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.09%

31.44%

-11.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.52%

27.60%

-8.08%

EWH vs. FXI - Expense Ratio Comparison

EWH has a 0.50% expense ratio, which is lower than FXI's 0.74% expense ratio.

Dividends

EWH vs. FXI - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.49%, more than FXI's 1.86% 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%
FXI
iShares China Large-Cap ETF		1.86%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%

Frequently Asked Questions

EWH and FXI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXI has higher volatility (5.14%) compared to EWH (4.14%). In terms of maximum drawdown, EWH dropped -66.44% vs FXI's -72.68%.

On 10-year performance, EWH leads with 4.58% vs 2.81% for FXI. On fees, EWH is cheaper at 0.50% 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 10-year period, EWH has performed better with a 4.58% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.50% expense ratio, compared with 0.74% for FXI.

EWH has the higher dividend yield at 4.49%, compared with 1.86% for FXI.

EWH is categorized as Asia Pacific Equities, while FXI is China Equities. EWH tracks MSCI Hong Kong 25-50 Index (USD) (Net), while FXI tracks FTSE China 50 Index. Their fees differ too: 0.50% for EWH and 0.74% for FXI.

EWH currently has the higher Sharpe Ratio (1.02 vs -0.04), 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

Find the right allocation for EWH and FXI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer