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EWH vs. MCHI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. MCHI

Last updated Aug 2, 2026
Documentation

EWH (iShares MSCI Hong Kong ETF) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong 25-50 Index (USD) (Net), while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, EWH returned 4.58%/yr vs 4.22%/yr for MCHI. Their 0.78 correlation means they have sometimes moved together and sometimes differently. EWH charges 0.50%/yr vs 0.59%/yr for MCHI.

Performance

EWH vs. MCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI China ETF (MCHI). 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 higher than MCHI's -6.49% return. Over the past 10 years, EWH has outperformed MCHI with an annualized return of 4.58%, while MCHI has yielded a comparatively lower 4.22% 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%

MCHI

1D
0.54%
1M
9.61%
6M
-9.98%
YTD
-6.49%
1Y
0.60%
3Y*
7.33%
5Y*
-2.80%
10Y*
4.22%
ALL TIME*
2.49%
*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

MCHI

iShares MSCI China ETF
$148.99M$159.51M$173.67M

EWH vs. MCHI - 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%
MCHI
iShares MSCI China ETF		-6.49%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%

Correlation

The correlation between EWH and MCHI 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.

0.75

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2011

0.78

The correlation between EWH and MCHI shifts across timeframes, from 0.65 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

EWH vs. MCHI - Sectors Allocation Comparison

Sectors
EWH
MCHI

Financial Services

42.5%
19.2%

Industrials

19.8%
5.4%

Real Estate

17.5%
1.5%

Utilities

12.1%
1.6%

Consumer Cyclical

3.8%
22.4%

Consumer Defensive

2.6%
2.9%

Communication Services

1.8%
19.3%

Basic Materials

-

5.1%

Energy

-

3.4%

Healthcare

-

5.3%

Technology

-

13.9%

Financial Services

EWH
42.5%
MCHI
19.2%

Industrials

EWH
19.8%
MCHI
5.4%

Real Estate

EWH
17.5%
MCHI
1.5%

Utilities

EWH
12.1%
MCHI
1.6%

Consumer Cyclical

EWH
3.8%
MCHI
22.4%

Consumer Defensive

EWH
2.6%
MCHI
2.9%

Communication Services

EWH
1.8%
MCHI
19.3%

Basic Materials

EWH

-

MCHI
5.1%

Energy

EWH

-

MCHI
3.4%

Healthcare

EWH

-

MCHI
5.3%

Technology

EWH

-

MCHI
13.9%

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 MSCI China ETF

Often compared with EWH:
EWH vs. FXIEWH vs. EWYEWH vs. EWSEWH vs. EWTEWH vs. EWJEWH vs. EPPEWH vs. SPY
Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA

Return for Risk

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

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

EWHMCHIDifference
Sharpe ratioReturn per unit of total volatility
1.02
-0.05

+1.07

Sortino ratioReturn per unit of downside risk
1.51
0.08

+1.44

Omega ratioGain probability vs. loss probability

1.18

1.01

+0.17

Calmar ratioReturn relative to maximum drawdown

1.27

-0.04

+1.31

Martin ratioReturn relative to average drawdown

3.29

-0.09

+3.38

EWH vs. MCHI - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.02, which is higher than the MCHI Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of EWH and MCHI, 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. MCHI - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for EWH and MCHI.

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Drawdown Indicators

EWHMCHIDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-62.95%

-3.49%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-23.22%

+9.81%

Max Drawdown (3Y)

Largest decline over 3 years

-23.77%

-25.35%

+1.58%

Max Drawdown (5Y)

Largest decline over 5 years

-39.37%

-51.41%

+12.04%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-62.95%

+20.24%

Current Drawdown

Current decline from peak

-4.47%

-36.24%

+31.77%

Average Drawdown

Average peak-to-trough decline

-19.43%

-24.67%

+5.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

11.26%

-6.09%

Volatility

EWH vs. MCHI - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 4.14%, while iShares MSCI China ETF (MCHI) has a volatility of 5.57%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHMCHIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

5.57%

-1.43%

Volatility (6M)

Calculated over the trailing 6-month period

12.01%

14.73%

-2.72%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

20.62%

-3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.09%

30.41%

-10.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.52%

27.35%

-7.83%

EWH vs. MCHI - Expense Ratio Comparison

EWH has a 0.50% expense ratio, which is lower than MCHI's 0.59% expense ratio.

Dividends

EWH vs. MCHI - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.49%, more than MCHI's 1.96% 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%
MCHI
iShares MSCI China ETF		1.96%2.12%2.31%2.66%1.78%1.04%1.04%1.45%1.60%1.56%1.66%2.76%

Frequently Asked Questions

EWH and MCHI 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.

MCHI has higher volatility (5.57%) compared to EWH (4.14%). In terms of maximum drawdown, EWH dropped -66.44% vs MCHI's -62.95%.

On 10-year performance, EWH leads with 4.58% vs 4.22% for MCHI. 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 4.22%. 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 0.59% for MCHI.

EWH has the higher dividend yield at 4.49%, compared with 1.96% for MCHI.

EWH is categorized as Asia Pacific Equities, while MCHI is China Equities. EWH tracks MSCI Hong Kong 25-50 Index (USD) (Net), while MCHI tracks MSCI China Index. Their fees differ too: 0.50% for EWH and 0.59% for MCHI.

EWH currently has the higher Sharpe Ratio (1.02 vs -0.05), 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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