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EWH vs. INDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. INDA

Last updated Jun 24, 2026

EWH (iShares MSCI Hong Kong ETF) and INDA (iShares MSCI India ETF) are both Asia Pacific Equities funds from iShares - EWH tracks the MSCI Hong Kong Index while INDA tracks the MSCI India Index. Both are passively managed. Over the past 10 years, EWH returned 4.69%/yr vs 7.42%/yr for INDA. At a 0.45 correlation, their price movements are largely independent. EWH charges 0.49%/yr vs 0.69%/yr for INDA.

Performance

EWH vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI India ETF (INDA). 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 1.00% return, which is significantly higher than INDA's -9.21% return. Over the past 10 years, EWH has underperformed INDA with an annualized return of 4.69%, while INDA has yielded a comparatively higher 7.42% annualized return.

EWH

1D
-0.98%
1M
-8.64%
YTD
1.00%
6M
-1.14%
1Y
14.36%
3Y*
8.16%
5Y*
-1.00%
10Y*
4.69%

INDA

1D
-1.70%
1M
1.41%
YTD
-9.21%
6M
-9.91%
1Y
-9.65%
3Y*
5.09%
5Y*
3.46%
10Y*
7.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. INDA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWH
iShares MSCI Hong Kong ETF		1.00%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%
INDA
iShares MSCI India ETF		-9.21%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%

Correlation

The correlation between EWH and INDA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.28

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

0.30

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

0.41

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

0.45

The correlation between EWH and INDA shifts across timeframes, from 0.28 (3 years) to 0.45 (all time), reflecting how their relationship changes across market environments.

EWH vs. INDA - Sectors Allocation Comparison

Sectors
EWH
INDA

Financial Services

43.9%
28.9%

Industrials

18.3%
10.6%

Real Estate

18.0%
1.3%

Utilities

11.6%
4.4%

Consumer Cyclical

3.9%
12.0%

Consumer Defensive

2.6%
5.8%

Communication Services

1.7%
5.1%

Basic Materials

-

8.6%

Energy

-

9.1%

Healthcare

-

6.1%

Technology

-

8.0%

Financial Services

EWH
43.9%
INDA
28.9%

Industrials

EWH
18.3%
INDA
10.6%

Real Estate

EWH
18.0%
INDA
1.3%

Utilities

EWH
11.6%
INDA
4.4%

Consumer Cyclical

EWH
3.9%
INDA
12.0%

Consumer Defensive

EWH
2.6%
INDA
5.8%

Communication Services

EWH
1.7%
INDA
5.1%

Basic Materials

EWH

-

INDA
8.6%

Energy

EWH

-

INDA
9.1%

Healthcare

EWH

-

INDA
6.1%

Technology

EWH

-

INDA
8.0%

Compare stocks, funds, or ETFs

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iShares MSCI Hong Kong ETF

iShares MSCI India ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM

Return for Risk

EWH vs. INDA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWH
EWH Risk / Return Rank: 2525
Overall Rank
EWH Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWH Omega Ratio Rank: 2323
Omega Ratio Rank
EWH Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWH Martin Ratio Rank: 2828
Martin Ratio Rank
INDA
INDA Risk / Return Rank: 44
Overall Rank
INDA Sharpe Ratio Rank: 44
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 44
Sortino Ratio Rank
INDA Omega Ratio Rank: 44
Omega Ratio Rank
INDA Calmar Ratio Rank: 44
Calmar Ratio Rank
INDA Martin Ratio Rank: 33
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. INDA - Risk-Adjusted Trends Comparison

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

EWHINDADifference
Sharpe ratioReturn per unit of total volatility
0.86
-0.65

+1.52

Sortino ratioReturn per unit of downside risk
1.30
-0.86

+2.16

Omega ratioGain probability vs. loss probability

1.16

0.90

+0.25

Calmar ratioReturn relative to maximum drawdown

1.12

-0.52

+1.63

Martin ratioReturn relative to average drawdown

3.61

-1.17

+4.77

EWH vs. INDA - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 0.86, which is higher than the INDA Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of EWH and INDA, 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. INDA - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for EWH and INDA.

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Drawdown Indicators

EWHINDADifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-45.07%

-21.37%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-18.69%

+5.78%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-22.72%

-2.21%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-22.72%

-18.56%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-45.07%

+2.36%

Current Drawdown

Current decline from peak

-12.58%

-16.51%

+3.93%

Average Drawdown

Average peak-to-trough decline

-19.46%

-9.60%

-9.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.99%

8.28%

-4.29%

Volatility

EWH vs. INDA - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) has a higher volatility of 5.32% compared to iShares MSCI India ETF (INDA) at 4.56%. This indicates that EWH's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHINDADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.32%

4.56%

+0.76%

Volatility (6M)

Calculated over the trailing 6-month period

12.49%

13.07%

-0.58%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

14.91%

+1.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

15.44%

+4.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.54%

21.08%

-1.54%

EWH vs. INDA - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is lower than INDA's 0.69% expense ratio.

Dividends

EWH vs. INDA - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.90%, while INDA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.90%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
INDA
iShares MSCI India ETF		0.00%0.00%0.76%0.16%0.00%6.44%0.27%0.99%0.94%1.09%0.90%1.19%

Frequently Asked Questions

EWH and INDA have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (5.32%) compared to INDA (4.56%). In terms of maximum drawdown, EWH dropped -66.44% vs INDA's -45.07%.

On 10-year performance, INDA leads with 7.42% vs 4.69% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, INDA has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDA has performed better with a 7.42% return vs 4.69%. 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 0.69% for INDA.

EWH has the higher dividend yield at 4.90%, compared with 0.00% for INDA.

EWH tracks MSCI Hong Kong Index, while INDA tracks MSCI India Index. Their fees differ too: 0.49% for EWH and 0.69% for INDA.

EWH currently has the higher Sharpe Ratio (0.86 vs -0.65), 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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