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EWM vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. EWH

Last updated Jun 24, 2026

EWM (iShares MSCI Malaysia ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - EWM tracks the MSCI Malaysia Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, EWM returned 2.46%/yr vs 4.69%/yr for EWH. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

EWM vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) and iShares MSCI Hong Kong ETF (EWH). 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 -0.09% return, which is significantly lower than EWH's 1.00% return. Over the past 10 years, EWM has underperformed EWH with an annualized return of 2.46%, while EWH has yielded a comparatively higher 4.69% annualized return.

EWM

1D
-1.03%
1M
-6.51%
YTD
-0.09%
6M
-0.71%
1Y
18.03%
3Y*
14.25%
5Y*
4.53%
10Y*
2.46%

EWH

1D
-0.98%
1M
-8.64%
YTD
1.00%
6M
-1.14%
1Y
14.36%
3Y*
8.16%
5Y*
-1.00%
10Y*
4.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		-0.09%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
EWH
iShares MSCI Hong Kong ETF		1.00%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between EWM and EWH is 0.52, 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

0.52

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

0.43

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

0.41

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

0.47

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

0.46

The correlation between EWM and EWH shifts across timeframes, from 0.41 (5 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.

EWM vs. EWH - Sectors Allocation Comparison

Sectors
EWM
EWH

Financial Services

50.5%
43.9%

Industrials

12.2%
18.3%

Utilities

10.9%
11.6%

Basic Materials

9.9%

-

Communication Services

5.5%
1.7%

Consumer Defensive

4.7%
2.6%

Healthcare

3.4%

-

Energy

2.9%

-

Consumer Cyclical

1.1%
3.9%

Real Estate

-

18.0%

Technology

-

-

Financial Services

EWM
50.5%
EWH
43.9%

Industrials

EWM
12.2%
EWH
18.3%

Utilities

EWM
10.9%
EWH
11.6%

Basic Materials

EWM
9.9%
EWH

-

Communication Services

EWM
5.5%
EWH
1.7%

Consumer Defensive

EWM
4.7%
EWH
2.6%

Healthcare

EWM
3.4%
EWH

-

Energy

EWM
2.9%
EWH

-

Consumer Cyclical

EWM
1.1%
EWH
3.9%

Real Estate

EWM

-

EWH
18.0%

Technology

EWM

-

EWH

-

Compare stocks, funds, or ETFs

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iShares MSCI Malaysia ETF

iShares MSCI Hong Kong ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

EWM vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWM
EWM Risk / Return Rank: 3737
Overall Rank
EWM Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 3636
Sortino Ratio Rank
EWM Omega Ratio Rank: 3636
Omega Ratio Rank
EWM Calmar Ratio Rank: 3838
Calmar Ratio Rank
EWM Martin Ratio Rank: 3939
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 2525
Overall Rank
EWH Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWH Omega Ratio Rank: 2323
Omega Ratio Rank
EWH Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWH Martin Ratio Rank: 2828
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. EWH - Risk-Adjusted Trends Comparison

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

EWMEWHDifference
Sharpe ratioReturn per unit of total volatility
1.28
0.86

+0.42

Sortino ratioReturn per unit of downside risk
1.83
1.30

+0.53

Omega ratioGain probability vs. loss probability

1.23

1.16

+0.07

Calmar ratioReturn relative to maximum drawdown

1.79

1.12

+0.67

Martin ratioReturn relative to average drawdown

5.80

3.61

+2.19

EWM vs. EWH - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.28, which is higher than the EWH Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of EWM and EWH, 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. EWH - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than EWH's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EWM and EWH.

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Drawdown Indicators

EWMEWHDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-66.44%

-22.75%

Max Drawdown (1Y)

Largest decline over 1 year

-10.14%

-12.91%

+2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-24.93%

+3.62%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-41.28%

+18.52%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-42.71%

-1.10%

Current Drawdown

Current decline from peak

-11.71%

-12.58%

+0.87%

Average Drawdown

Average peak-to-trough decline

-31.78%

-19.46%

-12.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

3.99%

-0.87%

Volatility

EWM vs. EWH - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 4.15%, while iShares MSCI Hong Kong ETF (EWH) has a volatility of 5.32%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than EWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.15%

5.32%

-1.17%

Volatility (6M)

Calculated over the trailing 6-month period

11.08%

12.49%

-1.41%

Volatility (1Y)

Calculated over the trailing 1-year period

14.13%

16.78%

-2.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.76%

20.11%

-6.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.19%

19.54%

-3.35%

EWM vs. EWH - Expense Ratio Comparison

Both EWM and EWH have an expense ratio of 0.49%.

Dividends

EWM vs. EWH - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.72%, less than EWH's 4.90% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.90%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
EWM
iShares MSCI Malaysia ETF		3.72%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 EWH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (5.32%) compared to EWM (4.15%). In terms of maximum drawdown, EWM dropped -89.19% vs EWH's -66.44%.

On 10-year performance, EWH leads with 4.69% vs 2.46% for EWM. Both ETFs have the same 0.49% expense ratio. On volatility, EWM has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWH has performed better with a 4.69% return vs 2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM and EWH have the same expense ratio: 0.49% per year.

EWH has the higher dividend yield at 4.90%, compared with 3.72% for EWM.

EWM tracks MSCI Malaysia Index, while EWH tracks MSCI Hong Kong Index.

EWM currently has the higher Sharpe Ratio (1.28 vs 0.86), 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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