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EWM vs. IPAC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. IPAC

Last updated Jun 24, 2026

EWM (iShares MSCI Malaysia ETF) and IPAC (iShares Core MSCI Pacific ETF) are both Asia Pacific Equities funds from iShares - EWM tracks the MSCI Malaysia Index while IPAC tracks the MSCI Pacific Investable Market Index. Both are passively managed. Over the past 10 years, EWM returned 2.46%/yr vs 9.27%/yr for IPAC. A 0.55 correlation means they provide meaningful diversification when combined. EWM charges 0.49%/yr vs 0.09%/yr for IPAC.

Performance

EWM vs. IPAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) and iShares Core MSCI Pacific ETF (IPAC). 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 IPAC's 12.43% return. Over the past 10 years, EWM has underperformed IPAC with an annualized return of 2.46%, while IPAC has yielded a comparatively higher 9.27% 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%

IPAC

1D
-3.27%
1M
0.51%
YTD
12.43%
6M
11.54%
1Y
27.68%
3Y*
17.02%
5Y*
7.72%
10Y*
9.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWM vs. IPAC - 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%
IPAC
iShares Core MSCI Pacific ETF		12.43%25.16%6.18%14.51%-13.68%3.09%12.39%19.44%-12.78%25.97%

Correlation

The correlation between EWM and IPAC is 0.56, 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

0.56

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

0.46

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

0.50

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

0.53

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.55

The correlation between EWM and IPAC has been stable across timeframes, ranging from 0.46 to 0.56 - a consistent structural relationship.

EWM vs. IPAC - Sectors Allocation Comparison

Sectors
EWM
IPAC

Financial Services

50.5%
22.7%

Industrials

12.2%
19.2%

Utilities

10.9%
1.5%

Basic Materials

9.9%
8.7%

Communication Services

5.5%
4.7%

Consumer Defensive

4.7%
3.5%

Healthcare

3.4%
5.0%

Energy

2.9%
1.6%

Consumer Cyclical

1.1%
9.8%

Real Estate

-

4.5%

Technology

-

17.0%

Financial Services

EWM
50.5%
IPAC
22.7%

Industrials

EWM
12.2%
IPAC
19.2%

Utilities

EWM
10.9%
IPAC
1.5%

Basic Materials

EWM
9.9%
IPAC
8.7%

Communication Services

EWM
5.5%
IPAC
4.7%

Consumer Defensive

EWM
4.7%
IPAC
3.5%

Healthcare

EWM
3.4%
IPAC
5.0%

Energy

EWM
2.9%
IPAC
1.6%

Consumer Cyclical

EWM
1.1%
IPAC
9.8%

Real Estate

EWM

-

IPAC
4.5%

Technology

EWM

-

IPAC
17.0%

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 Malaysia ETF

iShares Core MSCI Pacific ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD
Often compared with IPAC:
IPAC vs. VPLIPAC vs. IVALIPAC vs. FLCHIPAC vs. IEMGIPAC vs. SPYIPAC vs. VEAIPAC vs. ^GSPC

Return for Risk

EWM vs. IPAC — 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
IPAC
IPAC Risk / Return Rank: 5050
Overall Rank
IPAC Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IPAC Sortino Ratio Rank: 4747
Sortino Ratio Rank
IPAC Omega Ratio Rank: 5050
Omega Ratio Rank
IPAC Calmar Ratio Rank: 5252
Calmar Ratio Rank
IPAC Martin Ratio Rank: 5252
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. IPAC - Risk-Adjusted Trends Comparison

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

EWMIPACDifference
Sharpe ratioReturn per unit of total volatility
1.28
1.61

-0.33

Sortino ratioReturn per unit of downside risk
1.83
2.26

-0.43

Omega ratioGain probability vs. loss probability

1.23

1.30

-0.08

Calmar ratioReturn relative to maximum drawdown

1.79

2.42

-0.63

Martin ratioReturn relative to average drawdown

5.80

8.62

-2.82

EWM vs. IPAC - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.28, which is comparable to the IPAC Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of EWM and IPAC, 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. IPAC - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than IPAC's maximum drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for EWM and IPAC.

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Drawdown Indicators

EWMIPACDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-30.99%

-58.20%

Max Drawdown (1Y)

Largest decline over 1 year

-10.14%

-11.49%

+1.35%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-15.45%

-5.86%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-29.64%

+6.88%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-30.99%

-12.82%

Current Drawdown

Current decline from peak

-11.71%

-3.27%

-8.44%

Average Drawdown

Average peak-to-trough decline

-31.78%

-7.46%

-24.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

3.22%

-0.10%

Volatility

EWM vs. IPAC - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 4.15%, while iShares Core MSCI Pacific ETF (IPAC) has a volatility of 6.43%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than IPAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMIPACDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.15%

6.43%

-2.28%

Volatility (6M)

Calculated over the trailing 6-month period

11.08%

14.30%

-3.22%

Volatility (1Y)

Calculated over the trailing 1-year period

14.13%

17.29%

-3.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.76%

16.80%

-3.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.19%

16.60%

-0.41%

EWM vs. IPAC - Expense Ratio Comparison

EWM has a 0.49% expense ratio, which is higher than IPAC's 0.09% expense ratio.

Dividends

EWM vs. IPAC - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.72%, less than IPAC's 3.93% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IPAC
iShares Core MSCI Pacific ETF		3.93%4.32%3.43%3.16%2.76%4.03%1.68%3.37%2.95%2.98%2.66%2.60%

Frequently Asked Questions

EWM and IPAC have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IPAC has higher volatility (6.43%) compared to EWM (4.15%). In terms of maximum drawdown, EWM dropped -89.19% vs IPAC's -30.99%.

On 10-year performance, IPAC leads with 9.27% vs 2.46% for EWM. On fees, IPAC is cheaper at 0.09% per year. 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, IPAC has performed better with a 9.27% return vs 2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IPAC is cheaper with a 0.09% expense ratio, compared with 0.49% for EWM.

IPAC has the higher dividend yield at 3.93%, compared with 3.72% for EWM.

EWM tracks MSCI Malaysia Index, while IPAC tracks MSCI Pacific Investable Market Index. Their fees differ too: 0.49% for EWM and 0.09% for IPAC.

IPAC currently has the higher Sharpe Ratio (1.61 vs 1.28), 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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