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EWH vs. IPAC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. IPAC

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and IPAC (iShares Core MSCI Pacific ETF) are both Asia Pacific Equities funds from iShares - EWH tracks the MSCI Hong Kong Index while IPAC tracks the MSCI Pacific Investable Market Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 9.63%/yr for IPAC. A 0.62 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.09%/yr for IPAC.

Performance

EWH vs. IPAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares Core MSCI Pacific ETF (IPAC). 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 lower than IPAC's 16.23% return. Over the past 10 years, EWH has underperformed IPAC with an annualized return of 4.79%, while IPAC has yielded a comparatively higher 9.63% 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%

IPAC

1D
0.37%
1M
3.91%
YTD
16.23%
6M
16.46%
1Y
33.01%
3Y*
18.33%
5Y*
8.61%
10Y*
9.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. IPAC - 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%
IPAC
iShares Core MSCI Pacific ETF		16.23%25.16%6.18%14.51%-13.68%3.09%12.39%19.44%-12.78%25.97%

Correlation

The correlation between EWH and IPAC is 0.56, 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

0.56

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

0.53

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

0.54

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

0.60

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.62

The correlation between EWH and IPAC has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

EWH vs. IPAC - Sectors Allocation Comparison

Sectors
EWH
IPAC

Financial Services

43.9%
22.7%

Industrials

18.3%
19.2%

Real Estate

18.0%
4.5%

Utilities

11.6%
1.5%

Consumer Cyclical

3.9%
9.8%

Consumer Defensive

2.6%
3.5%

Communication Services

1.7%
4.7%

Basic Materials

-

8.7%

Energy

-

1.6%

Healthcare

-

5.0%

Technology

-

17.0%

Financial Services

EWH
43.9%
IPAC
22.7%

Industrials

EWH
18.3%
IPAC
19.2%

Real Estate

EWH
18.0%
IPAC
4.5%

Utilities

EWH
11.6%
IPAC
1.5%

Consumer Cyclical

EWH
3.9%
IPAC
9.8%

Consumer Defensive

EWH
2.6%
IPAC
3.5%

Communication Services

EWH
1.7%
IPAC
4.7%

Basic Materials

EWH

-

IPAC
8.7%

Energy

EWH

-

IPAC
1.6%

Healthcare

EWH

-

IPAC
5.0%

Technology

EWH

-

IPAC
17.0%

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 Core MSCI Pacific ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with IPAC:
IPAC vs. VPLIPAC vs. IVALIPAC vs. FLCHIPAC vs. IEMGIPAC vs. SPYIPAC vs. VEAIPAC vs. ^GSPC

Return for Risk

EWH vs. IPAC — 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
IPAC
IPAC Risk / Return Rank: 6060
Overall Rank
IPAC Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
IPAC Sortino Ratio Rank: 5959
Sortino Ratio Rank
IPAC Omega Ratio Rank: 6262
Omega Ratio Rank
IPAC Calmar Ratio Rank: 6060
Calmar Ratio Rank
IPAC Martin Ratio Rank: 6060
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. IPAC - Risk-Adjusted Trends Comparison

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

EWHIPACDifference
Sharpe ratioReturn per unit of total volatility
1.06
1.96

-0.89

Sortino ratioReturn per unit of downside risk
1.56
2.72

-1.16

Omega ratioGain probability vs. loss probability

1.19

1.36

-0.17

Calmar ratioReturn relative to maximum drawdown

1.38

2.89

-1.51

Martin ratioReturn relative to average drawdown

4.55

10.30

-5.76

EWH vs. IPAC - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is lower than the IPAC Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of EWH and IPAC, 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. IPAC - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than IPAC's maximum drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for EWH and IPAC.

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Drawdown Indicators

EWHIPACDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-30.99%

-35.45%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-11.49%

-1.42%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-15.45%

-9.48%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-29.64%

-11.64%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-30.99%

-11.72%

Current Drawdown

Current decline from peak

-11.71%

0.00%

-11.71%

Average Drawdown

Average peak-to-trough decline

-19.47%

-7.46%

-12.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.21%

+0.70%

Volatility

EWH vs. IPAC - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) and iShares Core MSCI Pacific ETF (IPAC) have volatilities of 5.30% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHIPACDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

5.39%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

13.89%

-1.32%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

16.99%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

16.74%

+3.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

16.61%

+2.98%

EWH vs. IPAC - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is higher than IPAC's 0.09% expense ratio.

Dividends

EWH vs. IPAC - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than IPAC's 3.80% 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%
IPAC
iShares Core MSCI Pacific ETF		3.80%4.32%3.43%3.16%2.76%4.03%1.68%3.37%2.95%2.98%2.66%2.60%

Frequently Asked Questions

EWH and IPAC have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IPAC has higher volatility (5.39%) compared to EWH (5.30%). In terms of maximum drawdown, EWH dropped -66.44% vs IPAC's -30.99%.

On 10-year performance, IPAC leads with 9.63% vs 4.79% for EWH. On fees, IPAC is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IPAC has performed better with a 9.63% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IPAC is cheaper with a 0.09% expense ratio, compared with 0.49% for EWH.

EWH has the higher dividend yield at 4.86%, compared with 3.80% for IPAC.

EWH tracks MSCI Hong Kong Index, while IPAC tracks MSCI Pacific Investable Market Index. Their fees differ too: 0.49% for EWH and 0.09% for IPAC.

IPAC currently has the higher Sharpe Ratio (1.96 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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