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EWH vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. QQQ

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 22.48%/yr for QQQ. A 0.54 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.18%/yr for QQQ.

Performance

EWH vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and Invesco QQQ ETF (QQQ). 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 QQQ's 20.41% return. Over the past 10 years, EWH has underperformed QQQ with an annualized return of 4.79%, while QQQ has yielded a comparatively higher 22.48% 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%

QQQ

1D
-0.25%
1M
2.96%
YTD
20.41%
6M
19.46%
1Y
40.91%
3Y*
27.47%
5Y*
16.94%
10Y*
22.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. QQQ - 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%
QQQ
Invesco QQQ ETF		20.41%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between EWH and QQQ is 0.51, 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

0.51

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

0.41

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

0.40

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

0.47

Correlation (All Time)
Calculated using the full available price history since Mar 10, 1999

0.54

The correlation between EWH and QQQ shifts across timeframes, from 0.40 (5 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

EWH vs. QQQ - Sectors Allocation Comparison

Sectors
EWH
QQQ

Financial Services

43.9%
0.2%

Industrials

18.3%
2.6%

Real Estate

18.0%
0.1%

Utilities

11.6%
1.2%

Consumer Cyclical

3.9%
11.4%

Consumer Defensive

2.6%
6.4%

Communication Services

1.7%
14.3%

Basic Materials

-

1.0%

Energy

-

0.5%

Healthcare

-

3.7%

Technology

-

58.7%

Financial Services

EWH
43.9%
QQQ
0.2%

Industrials

EWH
18.3%
QQQ
2.6%

Real Estate

EWH
18.0%
QQQ
0.1%

Utilities

EWH
11.6%
QQQ
1.2%

Consumer Cyclical

EWH
3.9%
QQQ
11.4%

Consumer Defensive

EWH
2.6%
QQQ
6.4%

Communication Services

EWH
1.7%
QQQ
14.3%

Basic Materials

EWH

-

QQQ
1.0%

Energy

EWH

-

QQQ
0.5%

Healthcare

EWH

-

QQQ
3.7%

Technology

EWH

-

QQQ
58.7%

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

Invesco QQQ ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

EWH vs. QQQ — 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
QQQ
QQQ Risk / Return Rank: 7272
Overall Rank
QQQ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7272
Omega Ratio Rank
QQQ Calmar Ratio Rank: 7070
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7171
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. QQQ - Risk-Adjusted Trends Comparison

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

EWHQQQDifference
Sharpe ratioReturn per unit of total volatility
1.06
2.33

-1.27

Sortino ratioReturn per unit of downside risk
1.56
3.03

-1.47

Omega ratioGain probability vs. loss probability

1.19

1.41

-0.22

Calmar ratioReturn relative to maximum drawdown

1.38

3.44

-2.05

Martin ratioReturn relative to average drawdown

4.55

12.79

-8.24

EWH vs. QQQ - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is lower than the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of EWH and QQQ, 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. QQQ - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for EWH and QQQ.

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Drawdown Indicators

EWHQQQDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-82.97%

+16.53%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-11.96%

-0.95%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-22.77%

-2.16%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-35.12%

-6.16%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-35.12%

-7.59%

Current Drawdown

Current decline from peak

-11.71%

-0.99%

-10.72%

Average Drawdown

Average peak-to-trough decline

-19.47%

-32.73%

+13.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.21%

+0.70%

Volatility

EWH vs. QQQ - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 5.30%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

8.47%

-3.17%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

14.20%

-1.63%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

17.67%

-0.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

22.64%

-2.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

22.43%

-2.84%

EWH vs. QQQ - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

EWH vs. QQQ - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than QQQ's 0.49% 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%
QQQ
Invesco QQQ ETF		0.41%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

EWH and QQQ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (8.47%) compared to EWH (5.30%). In terms of maximum drawdown, EWH dropped -66.44% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 22.48% vs 4.79% for EWH. On fees, QQQ is cheaper at 0.18% per year. On volatility, EWH has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 22.48% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.49% for EWH.

EWH has the higher dividend yield at 4.86%, compared with 0.49% for QQQ.

EWH is categorized as Asia Pacific Equities, while QQQ is Nasdaq-100. EWH tracks MSCI Hong Kong Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for EWH and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (2.33 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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