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EWS vs. BBAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWS vs. BBAX

Last updated Jun 24, 2026

EWS (iShares MSCI Singapore ETF) and BBAX (JPMorgan BetaBuilders Developed Asia ex-Japan ETF) are both Asia Pacific Equities funds - EWS tracks the MSCI Singapore Index while BBAX tracks the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, EWS returned 10.27%/yr vs 4.79%/yr for BBAX. A 0.75 correlation means they provide meaningful diversification when combined. EWS charges 0.50%/yr vs 0.19%/yr for BBAX.

Performance

EWS vs. BBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWS achieves a 9.65% return, which is significantly higher than BBAX's 7.03% return.

EWS

1D
-0.54%
1M
2.36%
YTD
9.65%
6M
9.41%
1Y
22.70%
3Y*
22.62%
5Y*
10.27%
10Y*
8.34%

BBAX

1D
-2.11%
1M
-2.67%
YTD
7.03%
6M
5.44%
1Y
15.68%
3Y*
12.30%
5Y*
4.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWS vs. BBAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EWS
iShares MSCI Singapore ETF		9.65%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-7.99%
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		7.03%20.21%2.50%5.60%-4.80%5.53%8.02%18.66%-9.65%

Correlation

The correlation between EWS and BBAX is 0.66, 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

0.66

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

0.72

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

0.74

Correlation (All Time)
Calculated using the full available price history since Aug 8, 2018

0.75

The correlation between EWS and BBAX has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

EWS vs. BBAX - Sectors Allocation Comparison

Sectors
EWS
BBAX

Financial Services

51.6%
45.0%

Industrials

18.1%
8.0%

Real Estate

8.9%
8.4%

Consumer Cyclical

4.6%
5.2%

Technology

4.5%
0.2%

Utilities

4.3%
3.2%

Consumer Defensive

4.1%
3.1%

Communication Services

3.9%
2.7%

Basic Materials

-

17.5%

Energy

-

2.7%

Healthcare

-

4.1%

Financial Services

EWS
51.6%
BBAX
45.0%

Industrials

EWS
18.1%
BBAX
8.0%

Real Estate

EWS
8.9%
BBAX
8.4%

Consumer Cyclical

EWS
4.6%
BBAX
5.2%

Technology

EWS
4.5%
BBAX
0.2%

Utilities

EWS
4.3%
BBAX
3.2%

Consumer Defensive

EWS
4.1%
BBAX
3.1%

Communication Services

EWS
3.9%
BBAX
2.7%

Basic Materials

EWS

-

BBAX
17.5%

Energy

EWS

-

BBAX
2.7%

Healthcare

EWS

-

BBAX
4.1%

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 Singapore ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. EIDOEWS vs. SMINEWS vs. FLGR
Often compared with BBAX:
BBAX vs. AAXJBBAX vs. EPPBBAX vs. BBJPBBAX vs. BBEUBBAX vs. GMFBBAX vs. AIABBAX vs. EMMF

Return for Risk

EWS vs. BBAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWS
EWS Risk / Return Rank: 4848
Overall Rank
EWS Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWS Omega Ratio Rank: 4343
Omega Ratio Rank
EWS Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWS Martin Ratio Rank: 4545
Martin Ratio Rank
BBAX
BBAX Risk / Return Rank: 3232
Overall Rank
BBAX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
BBAX Sortino Ratio Rank: 2929
Sortino Ratio Rank
BBAX Omega Ratio Rank: 2929
Omega Ratio Rank
BBAX Calmar Ratio Rank: 3737
Calmar Ratio Rank
BBAX Martin Ratio Rank: 3737
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.

EWS vs. BBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX). 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.

EWSBBAXDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.05

+0.44

Sortino ratioReturn per unit of downside risk
2.14
1.51

+0.63

Omega ratioGain probability vs. loss probability

1.27

1.19

+0.08

Calmar ratioReturn relative to maximum drawdown

2.92

1.75

+1.17

Martin ratioReturn relative to average drawdown

7.04

5.35

+1.70

EWS vs. BBAX - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.49, which is higher than the BBAX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of EWS and BBAX, 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

EWS vs. BBAX - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than BBAX's maximum drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for EWS and BBAX.

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Drawdown Indicators

EWSBBAXDifference

Max Drawdown

Largest peak-to-trough decline

-75.13%

-39.64%

-35.49%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-9.01%

+1.19%

Max Drawdown (3Y)

Largest decline over 3 years

-16.34%

-20.12%

+3.78%

Max Drawdown (5Y)

Largest decline over 5 years

-29.06%

-23.21%

-5.85%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

—

—

Current Drawdown

Current decline from peak

-0.54%

-6.22%

+5.68%

Average Drawdown

Average peak-to-trough decline

-21.96%

-7.20%

-14.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

2.94%

+0.29%

Volatility

EWS vs. BBAX - Volatility Comparison

The current volatility for iShares MSCI Singapore ETF (EWS) is 5.13%, while JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) has a volatility of 5.61%. This indicates that EWS experiences smaller price fluctuations and is considered to be less risky than BBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWSBBAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.13%

5.61%

-0.48%

Volatility (6M)

Calculated over the trailing 6-month period

12.17%

12.74%

-0.57%

Volatility (1Y)

Calculated over the trailing 1-year period

15.28%

15.05%

+0.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.32%

17.40%

-0.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.98%

19.70%

-1.72%

EWS vs. BBAX - Expense Ratio Comparison

EWS has a 0.50% expense ratio, which is higher than BBAX's 0.19% expense ratio.

Dividends

EWS vs. BBAX - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 4.00%, more than BBAX's 3.70% yield.

PositionTTM20252024202320222021202020192018201720162015
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		3.70%3.86%4.13%4.17%5.06%5.47%2.57%4.07%1.36%0.00%0.00%0.00%
EWS
iShares MSCI Singapore ETF		4.00%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%

Frequently Asked Questions

EWS and BBAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBAX has higher volatility (5.61%) compared to EWS (5.13%). In terms of maximum drawdown, EWS dropped -75.13% vs BBAX's -39.64%.

On 5-year performance, EWS leads with 10.27% vs 4.79% for BBAX. On fees, BBAX is cheaper at 0.19% per year. On volatility, EWS has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWS has performed better with a 10.27% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBAX is cheaper with a 0.19% expense ratio, compared with 0.50% for EWS.

EWS has the higher dividend yield at 4.00%, compared with 3.70% for BBAX.

EWS tracks MSCI Singapore Index, while BBAX tracks Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.50% for EWS and 0.19% for BBAX.

EWS currently has the higher Sharpe Ratio (1.49 vs 1.05), 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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