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EWH vs. VPL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. VPL

Last updated Jun 23, 2026

EWH (iShares MSCI Hong Kong ETF) and VPL (Vanguard FTSE Pacific ETF) are both Asia Pacific Equities funds - EWH tracks the MSCI Hong Kong Index while VPL tracks the FTSE Developed Asia Pacific Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 11.43%/yr for VPL. A 0.68 correlation means they provide meaningful diversification when combined. EWH charges 0.49%/yr vs 0.08%/yr for VPL.

Performance

EWH vs. VPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and Vanguard FTSE Pacific ETF (VPL). 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 VPL's 33.55% return. Over the past 10 years, EWH has underperformed VPL with an annualized return of 4.79%, while VPL has yielded a comparatively higher 11.43% 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%

VPL

1D
0.32%
1M
7.88%
YTD
33.55%
6M
35.00%
1Y
58.07%
3Y*
24.51%
5Y*
11.40%
10Y*
11.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. VPL - 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%
VPL
Vanguard FTSE Pacific ETF		33.55%32.66%1.68%15.58%-15.20%1.10%16.65%18.16%-14.40%28.85%

Correlation

The correlation between EWH and VPL is 0.57, 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

0.57

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

0.54

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

0.56

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

0.62

Correlation (All Time)
Calculated using the full available price history since Mar 10, 2005

0.68

The correlation between EWH and VPL shifts across timeframes, from 0.54 (3 years) to 0.68 (all time), reflecting how their relationship changes across market environments.

EWH vs. VPL - Sectors Allocation Comparison

Sectors
EWH
VPL

Financial Services

43.9%
19.3%

Industrials

18.3%
20.5%

Real Estate

18.0%
4.3%

Utilities

11.6%
1.6%

Consumer Cyclical

3.9%
9.6%

Consumer Defensive

2.6%
3.5%

Communication Services

1.7%
4.8%

Basic Materials

-

7.3%

Energy

-

1.6%

Healthcare

-

5.0%

Technology

-

22.6%

Financial Services

EWH
43.9%
VPL
19.3%

Industrials

EWH
18.3%
VPL
20.5%

Real Estate

EWH
18.0%
VPL
4.3%

Utilities

EWH
11.6%
VPL
1.6%

Consumer Cyclical

EWH
3.9%
VPL
9.6%

Consumer Defensive

EWH
2.6%
VPL
3.5%

Communication Services

EWH
1.7%
VPL
4.8%

Basic Materials

EWH

-

VPL
7.3%

Energy

EWH

-

VPL
1.6%

Healthcare

EWH

-

VPL
5.0%

Technology

EWH

-

VPL
22.6%

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

Vanguard FTSE Pacific ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with VPL:
VPL vs. AAXJVPL vs. VEAVPL vs. VWOVPL vs. VXUSVPL vs. IPACVPL vs. VGKVPL vs. VEU

Return for Risk

EWH vs. VPL — 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
VPL
VPL Risk / Return Rank: 8484
Overall Rank
VPL Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
VPL Sortino Ratio Rank: 8181
Sortino Ratio Rank
VPL Omega Ratio Rank: 8585
Omega Ratio Rank
VPL Calmar Ratio Rank: 8484
Calmar Ratio Rank
VPL Martin Ratio Rank: 8484
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. VPL - Risk-Adjusted Trends Comparison

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

EWHVPLDifference
Sharpe ratioReturn per unit of total volatility
1.06
2.73

-1.66

Sortino ratioReturn per unit of downside risk
1.56
3.46

-1.89

Omega ratioGain probability vs. loss probability

1.19

1.50

-0.31

Calmar ratioReturn relative to maximum drawdown

1.38

4.38

-3.00

Martin ratioReturn relative to average drawdown

4.55

16.73

-12.19

EWH vs. VPL - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 1.06, which is lower than the VPL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of EWH and VPL, 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. VPL - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than VPL's maximum drawdown of -55.49%. Use the drawdown chart below to compare losses from any high point for EWH and VPL.

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Drawdown Indicators

EWHVPLDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-55.49%

-10.95%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-13.33%

+0.42%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-16.35%

-8.58%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-31.09%

-10.19%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-33.90%

-8.81%

Current Drawdown

Current decline from peak

-11.71%

0.00%

-11.71%

Average Drawdown

Average peak-to-trough decline

-19.47%

-11.61%

-7.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.48%

+0.43%

Volatility

EWH vs. VPL - Volatility Comparison

The current volatility for iShares MSCI Hong Kong ETF (EWH) is 5.30%, while Vanguard FTSE Pacific ETF (VPL) has a volatility of 10.07%. This indicates that EWH experiences smaller price fluctuations and is considered to be less risky than VPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHVPLDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

10.07%

-4.77%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

18.94%

-6.37%

Volatility (1Y)

Calculated over the trailing 1-year period

16.78%

21.45%

-4.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.11%

17.74%

+2.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

17.49%

+2.10%

EWH vs. VPL - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is higher than VPL's 0.08% expense ratio.

Dividends

EWH vs. VPL - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 4.86%, more than VPL's 2.51% 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%
VPL
Vanguard FTSE Pacific ETF		2.51%4.01%3.15%3.12%2.75%3.19%1.81%2.84%3.06%2.57%2.65%2.43%

Frequently Asked Questions

EWH and VPL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VPL has higher volatility (10.07%) compared to EWH (5.30%). In terms of maximum drawdown, EWH dropped -66.44% vs VPL's -55.49%.

On 10-year performance, VPL leads with 11.43% vs 4.79% for EWH. On fees, VPL is cheaper at 0.08% 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, VPL has performed better with a 11.43% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VPL is cheaper with a 0.08% expense ratio, compared with 0.49% for EWH.

EWH has the higher dividend yield at 4.86%, compared with 2.51% for VPL.

EWH tracks MSCI Hong Kong Index, while VPL tracks FTSE Developed Asia Pacific Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.49% for EWH and 0.08% for VPL.

VPL currently has the higher Sharpe Ratio (2.73 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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