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EWH vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. SPY

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 15.70%/yr for SPY. A 0.57 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.09%/yr for SPY.

Performance

EWH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 9.74% return. Over the past 10 years, EWH has underperformed SPY with an annualized return of 4.79%, while SPY has yielded a comparatively higher 15.70% 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%

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. SPY - 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%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between EWH and SPY is 0.55, 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

0.55

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

0.45

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

0.43

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

0.51

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.57

The correlation between EWH and SPY shifts across timeframes, from 0.43 (5 years) to 0.57 (all time), reflecting how their relationship changes across market environments.

EWH vs. SPY - Sectors Allocation Comparison

Sectors
EWH
SPY

Financial Services

43.9%
11.1%

Industrials

18.3%
7.8%

Real Estate

18.0%
1.8%

Utilities

11.6%
2.1%

Consumer Cyclical

3.9%
9.9%

Consumer Defensive

2.6%
4.5%

Communication Services

1.7%
10.6%

Basic Materials

-

1.7%

Energy

-

3.1%

Healthcare

-

8.3%

Technology

-

39.0%

Financial Services

EWH
43.9%
SPY
11.1%

Industrials

EWH
18.3%
SPY
7.8%

Real Estate

EWH
18.0%
SPY
1.8%

Utilities

EWH
11.6%
SPY
2.1%

Consumer Cyclical

EWH
3.9%
SPY
9.9%

Consumer Defensive

EWH
2.6%
SPY
4.5%

Communication Services

EWH
1.7%
SPY
10.6%

Basic Materials

EWH

-

SPY
1.7%

Energy

EWH

-

SPY
3.1%

Healthcare

EWH

-

SPY
8.3%

Technology

EWH

-

SPY
39.0%

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

State Street SPDR S&P 500 ETF

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Return for Risk

EWH vs. SPY — 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
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and State Street SPDR S&P 500 ETF (SPY). 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.

EWHSPYDifference
Sharpe ratioReturn per unit of total volatility
1.06
2.16

-1.09

Sortino ratioReturn per unit of downside risk
1.56
2.91

-1.35

Omega ratioGain probability vs. loss probability

1.19

1.39

-0.20

Calmar ratioReturn relative to maximum drawdown

1.38

3.01

-1.63

Martin ratioReturn relative to average drawdown

4.55

13.54

-8.99

EWH vs. SPY - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EWH and SPY, 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. SPY - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EWH and SPY.

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Drawdown Indicators

EWHSPYDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-55.19%

-11.25%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-8.88%

-4.03%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-18.76%

-6.17%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-24.50%

-16.78%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-33.72%

-8.99%

Current Drawdown

Current decline from peak

-11.71%

-1.75%

-9.96%

Average Drawdown

Average peak-to-trough decline

-19.47%

-9.04%

-10.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

1.97%

+1.94%

Volatility

EWH vs. SPY - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) has a higher volatility of 5.30% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that EWH's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

4.64%

+0.66%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

9.75%

+2.82%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

12.43%

+4.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

17.14%

+2.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

17.99%

+1.60%

EWH vs. SPY - Expense Ratio Comparison

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

Dividends

EWH vs. SPY - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than SPY's 1.01% 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%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

EWH and SPY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (5.30%) compared to SPY (4.64%). In terms of maximum drawdown, EWH dropped -66.44% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.70% vs 4.79% for EWH. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.70% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY 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 1.01% for SPY.

EWH is categorized as Asia Pacific Equities, while SPY is S&P 500. EWH tracks MSCI Hong Kong Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for EWH and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 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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