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EWM vs. EPHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. EPHE

Last updated Jul 14, 2026
Documentation

EWM (iShares MSCI Malaysia ETF) and EPHE (iShares MSCI Philippines ETF) are both Asia Pacific Equities funds from iShares - EWM tracks the MSCI Malaysia Index while EPHE tracks the MSCI Philippines Investable Market Index. Both are passively managed. Over the past 10 years, EWM returned 2.08%/yr vs -3.39%/yr for EPHE. A 0.54 correlation means they provide meaningful diversification when combined. EWM charges 0.49%/yr vs 0.59%/yr for EPHE.

Performance

EWM vs. EPHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) and iShares MSCI Philippines ETF (EPHE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWM achieves a 2.60% return, which is significantly higher than EPHE's 2.00% return. Over the past 10 years, EWM has outperformed EPHE with an annualized return of 2.08%, while EPHE has yielded a comparatively lower -3.39% annualized return.

EWM

1D
0.26%
1M
-0.28%
6M
0.36%
YTD
2.60%
1Y
18.43%
3Y*
13.32%
5Y*
5.92%
10Y*
2.08%

EPHE

1D
-1.35%
1M
1.67%
6M
-3.76%
YTD
2.00%
1Y
-5.56%
3Y*
-0.26%
5Y*
-1.57%
10Y*
-3.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. EPHE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		2.60%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
EPHE
iShares MSCI Philippines ETF		2.00%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%

Correlation

The correlation between EWM and EPHE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

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

0.37

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 Sep 29, 2010

0.54

The correlation between EWM and EPHE shifts across timeframes, from 0.37 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

EWM vs. EPHE - Sectors Allocation Comparison

Sectors
EWM
EPHE

Financial Services

50.5%
20.0%

Industrials

12.2%
30.8%

Utilities

10.9%
13.5%

Basic Materials

9.9%
1.1%

Communication Services

5.5%
4.8%

Consumer Defensive

4.7%
4.5%

Healthcare

3.4%

-

Energy

2.9%
1.3%

Consumer Cyclical

1.1%
12.7%

Real Estate

-

11.2%

Technology

-

-

Financial Services

EWM
50.5%
EPHE
20.0%

Industrials

EWM
12.2%
EPHE
30.8%

Utilities

EWM
10.9%
EPHE
13.5%

Basic Materials

EWM
9.9%
EPHE
1.1%

Communication Services

EWM
5.5%
EPHE
4.8%

Consumer Defensive

EWM
4.7%
EPHE
4.5%

Healthcare

EWM
3.4%
EPHE

-

Energy

EWM
2.9%
EPHE
1.3%

Consumer Cyclical

EWM
1.1%
EPHE
12.7%

Real Estate

EWM

-

EPHE
11.2%

Technology

EWM

-

EPHE

-

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 Malaysia ETF

iShares MSCI Philippines ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD
Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VXUSEPHE vs. GOVTEPHE vs. VTI

Return for Risk

EWM vs. EPHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4646
Sortino Ratio Rank
EWM Omega Ratio Rank: 4444
Omega Ratio Rank
EWM Calmar Ratio Rank: 4343
Calmar Ratio Rank
EWM Martin Ratio Rank: 4040
Martin Ratio Rank
EPHE
EPHE Risk / Return Rank: 66
Overall Rank
EPHE Sharpe Ratio Rank: 77
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 66
Sortino Ratio Rank
EPHE Omega Ratio Rank: 66
Omega Ratio Rank
EPHE Calmar Ratio Rank: 66
Calmar Ratio Rank
EPHE Martin Ratio Rank: 66
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.

EWM vs. EPHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Malaysia ETF (EWM) and iShares MSCI Philippines ETF (EPHE). 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.

EWMEPHEDifference
Sharpe ratioReturn per unit of total volatility
1.31
-0.27

+1.58

Sortino ratioReturn per unit of downside risk
1.88
-0.26

+2.13

Omega ratioGain probability vs. loss probability

1.23

0.97

+0.26

Calmar ratioReturn relative to maximum drawdown

1.74

-0.35

+2.10

Martin ratioReturn relative to average drawdown

4.96

-0.61

+5.57

EWM vs. EPHE - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.31, which is higher than the EPHE Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of EWM and EPHE, 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

EWM vs. EPHE - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than EPHE's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for EWM and EPHE.

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Drawdown Indicators

EWMEPHEDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-53.82%

-35.37%

Max Drawdown (1Y)

Largest decline over 1 year

-10.61%

-15.90%

+5.29%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-21.42%

+0.11%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-32.96%

+10.20%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-51.62%

+7.81%

Current Drawdown

Current decline from peak

-9.33%

-32.56%

+23.23%

Average Drawdown

Average peak-to-trough decline

-31.75%

-21.06%

-10.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.72%

9.13%

-5.41%

Volatility

EWM vs. EPHE - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 4.12%, while iShares MSCI Philippines ETF (EPHE) has a volatility of 9.64%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than EPHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMEPHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.12%

9.64%

-5.52%

Volatility (6M)

Calculated over the trailing 6-month period

11.22%

15.92%

-4.70%

Volatility (1Y)

Calculated over the trailing 1-year period

14.14%

20.62%

-6.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.74%

18.45%

-4.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.15%

22.28%

-6.13%

EWM vs. EPHE - Expense Ratio Comparison

EWM has a 0.49% expense ratio, which is lower than EPHE's 0.59% expense ratio.

Dividends

EWM vs. EPHE - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.63%, more than EPHE's 2.72% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.72%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
EWM
iShares MSCI Malaysia ETF		3.63%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EWM and EPHE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPHE has higher volatility (9.64%) compared to EWM (4.12%). In terms of maximum drawdown, EWM dropped -89.19% vs EPHE's -53.82%.

On 10-year performance, EWM leads with 2.08% vs -3.39% for EPHE. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWM has performed better with a 2.08% return vs -3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.59% for EPHE.

EWM has the higher dividend yield at 3.63%, compared with 2.72% for EPHE.

EWM tracks MSCI Malaysia Index, while EPHE tracks MSCI Philippines Investable Market Index. Their fees differ too: 0.49% for EWM and 0.59% for EPHE.

EWM currently has the higher Sharpe Ratio (1.31 vs -0.27), 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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