EWH vs. SLV
EWH (iShares MSCI Hong Kong ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 13.31%/yr for SLV. At a 0.23 correlation, their price movements are largely independent. EWH charges 0.49%/yr vs 0.50%/yr for SLV.
Performance
EWH vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, EWH achieves a 2.00% return, which is significantly higher than SLV's -8.55% return. Over the past 10 years, EWH has underperformed SLV with an annualized return of 4.79%, while SLV has yielded a comparatively higher 13.31% 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%
SLV
- 1D
- -1.01%
- 1M
- -13.82%
- YTD
- -8.55%
- 6M
- -5.70%
- 1Y
- 80.04%
- 3Y*
- 41.99%
- 5Y*
- 19.74%
- 10Y*
- 13.31%
EWH vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SLV iShares Silver Trust | -8.55% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between EWH and SLV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2006 | 0.23 |
Over the past year, EWH and SLV have become more correlated (0.47) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
EWH vs. SLV — Risk / Return Rank
EWH
SLV
EWH vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and iShares Silver Trust (SLV). 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.
| EWH | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.77 | -0.39 |
| Martin ratioReturn relative to average drawdown | 4.55 | 3.70 | +0.85 |
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Drawdowns
EWH vs. SLV - Drawdown Comparison
The maximum EWH drawdown since its inception was -66.44%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for EWH and SLV.
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Drawdown Indicators
| EWH | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -76.28% | +9.84% |
Max Drawdown (1Y)Largest decline over 1 year | -12.91% | -45.40% | +32.49% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -45.40% | +20.47% |
Max Drawdown (5Y)Largest decline over 5 years | -41.28% | -45.40% | +4.12% |
Max Drawdown (10Y)Largest decline over 10 years | -42.71% | -45.40% | +2.69% |
Current DrawdownCurrent decline from peak | -11.71% | -44.21% | +32.50% |
Average DrawdownAverage peak-to-trough decline | -19.47% | -44.65% | +25.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 21.70% | -17.79% |
Volatility
EWH vs. SLV - Volatility Comparison
The current volatility for iShares MSCI Hong Kong ETF (EWH) is 5.30%, while iShares Silver Trust (SLV) has a volatility of 13.67%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWH | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 13.67% | -8.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.57% | 59.03% | -46.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 60.18% | -43.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 36.51% | -16.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 32.05% | -12.46% |
EWH vs. SLV - Expense Ratio Comparison
EWH has a 0.49% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
EWH vs. SLV - Dividend Comparison
EWH's dividend yield for the trailing twelve months is around 4.86%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWH and SLV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (13.67%) compared to EWH (5.30%). In terms of maximum drawdown, EWH dropped -66.44% vs SLV's -76.28%.
On 10-year performance, SLV leads with 13.31% vs 4.79% for EWH. On fees, EWH is cheaper at 0.49% 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, SLV has performed better with a 13.31% return vs 4.79%. 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 0.50% for SLV.
EWH has the higher dividend yield at 4.86%, compared with 0.00% for SLV.
EWH is categorized as Asia Pacific Equities, while SLV is Silver. EWH tracks MSCI Hong Kong Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.49% for EWH and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (1.34 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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