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EWM vs. EWT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. EWT

Last updated Jun 23, 2026

EWM (iShares MSCI Malaysia ETF) and EWT (iShares MSCI Taiwan ETF) are both Asia Pacific Equities funds from iShares - EWM tracks the MSCI Malaysia Index while EWT tracks the MSCI Taiwan 25/50 Index. Both are passively managed. Over the past 10 years, EWM returned 2.57%/yr vs 20.65%/yr for EWT. A 0.51 correlation means they provide meaningful diversification when combined. EWM charges 0.49%/yr vs 0.59%/yr for EWT.

Performance

EWM vs. EWT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) and iShares MSCI Taiwan ETF (EWT). 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 0.95% return, which is significantly lower than EWT's 75.55% return. Over the past 10 years, EWM has underperformed EWT with an annualized return of 2.57%, while EWT has yielded a comparatively higher 20.65% annualized return.

EWM

1D
-1.67%
1M
-5.54%
YTD
0.95%
6M
0.77%
1Y
19.87%
3Y*
14.64%
5Y*
4.66%
10Y*
2.57%

EWT

1D
1.40%
1M
15.17%
YTD
75.55%
6M
79.95%
1Y
112.72%
3Y*
40.33%
5Y*
19.78%
10Y*
20.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. EWT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		0.95%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
EWT
iShares MSCI Taiwan ETF		75.55%28.38%16.11%23.97%-28.90%26.18%31.50%33.36%-9.90%26.81%

Correlation

The correlation between EWM and EWT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.44

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

0.45

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

0.54

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2000

0.51

The correlation between EWM and EWT has been stable across timeframes, ranging from 0.44 to 0.54 - a consistent structural relationship.

EWM vs. EWT - Sectors Allocation Comparison

Sectors
EWM
EWT

Financial Services

50.5%
12.0%

Industrials

12.2%
3.1%

Utilities

10.9%

-

Basic Materials

9.9%
2.9%

Communication Services

5.5%
1.7%

Consumer Defensive

4.7%
1.0%

Healthcare

3.4%
1.0%

Energy

2.9%

-

Consumer Cyclical

1.1%
1.6%

Real Estate

-

-

Technology

-

76.9%

Financial Services

EWM
50.5%
EWT
12.0%

Industrials

EWM
12.2%
EWT
3.1%

Utilities

EWM
10.9%
EWT

-

Basic Materials

EWM
9.9%
EWT
2.9%

Communication Services

EWM
5.5%
EWT
1.7%

Consumer Defensive

EWM
4.7%
EWT
1.0%

Healthcare

EWM
3.4%
EWT
1.0%

Energy

EWM
2.9%
EWT

-

Consumer Cyclical

EWM
1.1%
EWT
1.6%

Real Estate

EWM

-

EWT

-

Technology

EWM

-

EWT
76.9%

Compare stocks, funds, or ETFs

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iShares MSCI Malaysia ETF

iShares MSCI Taiwan ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHDEWM vs. QQQ
Often compared with EWT:
EWT vs. EWYEWT vs. FLTWEWT vs. VTEWT vs. QQQEWT vs. EWHEWT vs. EWSEWT vs. EWX

Return for Risk

EWM vs. EWT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWM
EWM Risk / Return Rank: 4141
Overall Rank
EWM Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4040
Sortino Ratio Rank
EWM Omega Ratio Rank: 3939
Omega Ratio Rank
EWM Calmar Ratio Rank: 4545
Calmar Ratio Rank
EWM Martin Ratio Rank: 4141
Martin Ratio Rank
EWT
EWT Risk / Return Rank: 9696
Overall Rank
EWT Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWT Sortino Ratio Rank: 9494
Sortino Ratio Rank
EWT Omega Ratio Rank: 9494
Omega Ratio Rank
EWT Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWT Martin Ratio Rank: 9696
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. EWT - Risk-Adjusted Trends Comparison

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

EWMEWTDifference
Sharpe ratioReturn per unit of total volatility
1.42
4.17

-2.75

Sortino ratioReturn per unit of downside risk
2.00
4.59

-2.59

Omega ratioGain probability vs. loss probability

1.25

1.66

-0.41

Calmar ratioReturn relative to maximum drawdown

2.17

10.78

-8.62

Martin ratioReturn relative to average drawdown

6.53

31.81

-25.28

EWM vs. EWT - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.42, which is lower than the EWT Sharpe Ratio of 4.17. The chart below compares the historical Sharpe Ratios of EWM and EWT, 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. EWT - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than EWT's maximum drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for EWM and EWT.

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Drawdown Indicators

EWMEWTDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-64.37%

-24.82%

Max Drawdown (1Y)

Largest decline over 1 year

-9.20%

-10.51%

+1.31%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-25.66%

+4.35%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-38.88%

+16.12%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-38.88%

-4.93%

Current Drawdown

Current decline from peak

-10.78%

0.00%

-10.78%

Average Drawdown

Average peak-to-trough decline

-31.78%

-19.20%

-12.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.05%

3.56%

-0.51%

Volatility

EWM vs. EWT - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 4.10%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 13.45%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMEWTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.10%

13.45%

-9.35%

Volatility (6M)

Calculated over the trailing 6-month period

11.07%

23.07%

-12.00%

Volatility (1Y)

Calculated over the trailing 1-year period

14.11%

27.26%

-13.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.75%

23.14%

-9.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

21.86%

-5.59%

EWM vs. EWT - Expense Ratio Comparison

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

Dividends

EWM vs. EWT - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.69%, more than EWT's 2.53% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.69%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
EWT
iShares MSCI Taiwan ETF		2.53%4.43%3.32%8.12%18.82%0.55%1.83%2.49%3.16%2.81%2.39%3.12%

Frequently Asked Questions

EWM and EWT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWT has higher volatility (13.45%) compared to EWM (4.10%). In terms of maximum drawdown, EWM dropped -89.19% vs EWT's -64.37%.

On 10-year performance, EWT leads with 20.65% vs 2.57% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWT has performed better with a 20.65% return vs 2.57%. 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 EWT.

EWM has the higher dividend yield at 3.69%, compared with 2.53% for EWT.

EWM tracks MSCI Malaysia Index, while EWT tracks MSCI Taiwan 25/50 Index. Their fees differ too: 0.49% for EWM and 0.59% for EWT.

EWT currently has the higher Sharpe Ratio (4.17 vs 1.42), 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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