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EWM vs. THD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. THD

Last updated Aug 4, 2026
Documentation

EWM (iShares MSCI Malaysia ETF) and THD (iShares MSCI Thailand ETF) are both Asia Pacific Equities funds from iShares - EWM tracks the MSCI Malaysia Index while THD tracks the MSCI Thailand Investable Market Index. Both are passively managed. Over the past 10 years, EWM returned 2.51%/yr vs 2.88%/yr for THD. Their 0.58 correlation means they have sometimes moved together and sometimes differently. EWM charges 0.49%/yr vs 0.59%/yr for THD.

Performance

EWM vs. THD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) and iShares MSCI Thailand ETF (THD). 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 4.87% return, which is significantly lower than THD's 25.13% return. Over the past 10 years, EWM has underperformed THD with an annualized return of 2.51%, while THD has yielded a comparatively higher 2.88% annualized return.

EWM

1D
0.11%
1M
4.23%
6M
-2.14%
YTD
4.87%
1Y
21.56%
3Y*
13.59%
5Y*
6.70%
10Y*
2.51%
ALL TIME*
1.91%

THD

1D
-0.12%
1M
1.86%
6M
18.50%
YTD
25.13%
1Y
34.70%
3Y*
5.85%
5Y*
3.28%
10Y*
2.88%
ALL TIME*
4.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWM

iShares MSCI Malaysia ETF
$7.74M$6.46M$7.58M

THD

iShares MSCI Thailand ETF
$1.98M$2.36M$5.51M

EWM vs. THD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		4.87%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
THD
iShares MSCI Thailand ETF		25.13%2.36%-2.21%-12.63%1.22%1.87%-9.89%8.32%-8.25%31.45%

Correlation

The correlation between EWM and THD is 0.40, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.40

Correlation (3Y)
Balances recent behavior with more history.

0.43

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.47

Correlation (10Y)
Provides a long-term view across more market conditions.

0.52

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2008

0.58

The correlation between EWM and THD shifts across timeframes, from 0.40 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

EWM vs. THD - Sectors Allocation Comparison

Sectors
EWM
THD

Financial Services

51.8%
11.9%

Utilities

10.8%
7.0%

Industrials

9.9%
30.2%

Basic Materials

8.8%
2.8%

Consumer Defensive

7.3%
7.5%

Communication Services

5.3%
9.8%

Healthcare

3.1%
6.4%

Energy

2.9%
13.0%

Consumer Cyclical

1.1%
5.2%

Real Estate

-

5.2%

Technology

-

1.3%

Financial Services

EWM
51.8%
THD
11.9%

Utilities

EWM
10.8%
THD
7.0%

Industrials

EWM
9.9%
THD
30.2%

Basic Materials

EWM
8.8%
THD
2.8%

Consumer Defensive

EWM
7.3%
THD
7.5%

Communication Services

EWM
5.3%
THD
9.8%

Healthcare

EWM
3.1%
THD
6.4%

Energy

EWM
2.9%
THD
13.0%

Consumer Cyclical

EWM
1.1%
THD
5.2%

Real Estate

EWM

-

THD
5.2%

Technology

EWM

-

THD
1.3%

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 Thailand ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD
Often compared with THD:
THD vs. VOOTHD vs. AAXJTHD vs. GQETXTHD vs. GREKTHD vs. SSOTHD vs. BRAZTHD vs. EPU

Return for Risk

EWM vs. THD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWM
EWM Risk / Return Rank: 5757
Overall Rank
EWM Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 6262
Sortino Ratio Rank
EWM Omega Ratio Rank: 5858
Omega Ratio Rank
EWM Calmar Ratio Rank: 5555
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
Martin Ratio Rank
THD
THD Risk / Return Rank: 6464
Overall Rank
THD Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
THD Sortino Ratio Rank: 6363
Sortino Ratio Rank
THD Omega Ratio Rank: 5858
Omega Ratio Rank
THD Calmar Ratio Rank: 7373
Calmar Ratio Rank
THD Martin Ratio Rank: 6161
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWM vs. THD - Risk-Adjusted Trends Comparison

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

EWMTHDDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.57

-0.03

Sortino ratioReturn per unit of downside risk
2.17
2.19

-0.02

Omega ratioGain probability vs. loss probability

1.26

1.27

0.00

Calmar ratioReturn relative to maximum drawdown

2.04

2.66

-0.61

Martin ratioReturn relative to average drawdown

5.39

7.62

-2.23

EWM vs. THD - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.54, which is comparable to the THD Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of EWM and THD, 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. THD - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than THD's maximum drawdown of -64.22%. Use the drawdown chart below to compare losses from any high point for EWM and THD.

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Drawdown Indicators

EWMTHDDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-64.22%

-24.97%

Max Drawdown (1Y)

Largest decline over 1 year

-10.61%

-13.12%

+2.51%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-34.11%

+12.80%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-40.24%

+17.48%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-49.32%

+5.51%

Current Drawdown

Current decline from peak

-7.32%

-8.11%

+0.79%

Average Drawdown

Average peak-to-trough decline

-31.70%

-18.19%

-13.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

4.56%

-0.55%

Volatility

EWM vs. THD - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 3.61%, while iShares MSCI Thailand ETF (THD) has a volatility of 4.28%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than THD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMTHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

4.28%

-0.67%

Volatility (6M)

Calculated over the trailing 6-month period

10.74%

18.21%

-7.47%

Volatility (1Y)

Calculated over the trailing 1-year period

14.14%

22.25%

-8.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.79%

20.01%

-6.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.16%

21.57%

-5.41%

EWM vs. THD - Expense Ratio Comparison

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

Dividends

EWM vs. THD - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.55%, more than THD's 3.46% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.55%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
THD
iShares MSCI Thailand ETF		3.46%3.36%3.15%2.92%2.41%3.16%2.31%2.42%2.57%2.16%2.61%3.58%

Frequently Asked Questions

EWM and THD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

THD has higher volatility (4.28%) compared to EWM (3.61%). In terms of maximum drawdown, EWM dropped -89.19% vs THD's -64.22%.

On 10-year performance, THD leads with 2.88% vs 2.51% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, THD has performed better with a 2.88% return vs 2.51%. 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 THD.

EWM has the higher dividend yield at 3.55%, compared with 3.46% for THD.

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

THD currently has the higher Sharpe Ratio (1.57 vs 1.53), 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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