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EWS vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWS vs. EWH

Last updated Aug 2, 2026
Documentation

EWS (iShares MSCI Singapore ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - EWS tracks the MSCI Singapore 25/50 Index while EWH tracks the MSCI Hong Kong 25-50 Index (USD) (Net). Both are passively managed. Over the past 10 years, EWS returned 8.70%/yr vs 4.58%/yr for EWH. Their 0.60 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

EWS vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) 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, EWS achieves a 19.46% return, which is significantly higher than EWH's 10.37% return. Over the past 10 years, EWS has outperformed EWH with an annualized return of 8.70%, while EWH has yielded a comparatively lower 4.58% annualized return.

EWS

1D
-0.40%
1M
7.03%
6M
16.49%
YTD
19.46%
1Y
26.92%
3Y*
22.85%
5Y*
11.82%
10Y*
8.70%
ALL TIME*
4.24%

EWH

1D
-0.94%
1M
10.27%
6M
0.31%
YTD
10.37%
1Y
19.07%
3Y*
10.31%
5Y*
1.39%
10Y*
4.58%
ALL TIME*
4.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWH

iShares MSCI Hong Kong ETF
$69.57M$66.33M$66.62M

EWS

iShares MSCI Singapore ETF
$34.51M$34.58M$29.31M

EWS vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWS
iShares MSCI Singapore ETF		19.46%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%
EWH
iShares MSCI Hong Kong ETF		10.37%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between EWS and EWH is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.54

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

0.50

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

0.53

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

0.58

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

0.60

The correlation between EWS and EWH has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.

EWS vs. EWH - Sectors Allocation Comparison

Sectors
EWS
EWH

Financial Services

52.5%
42.5%

Industrials

17.4%
19.8%

Real Estate

8.7%
17.5%

Consumer Cyclical

4.8%
3.8%

Technology

4.7%

-

Utilities

4.1%
12.1%

Consumer Defensive

4.0%
2.6%

Communication Services

3.8%
1.8%

Basic Materials

-

-

Energy

-

-

Healthcare

-

-

Financial Services

EWS
52.5%
EWH
42.5%

Industrials

EWS
17.4%
EWH
19.8%

Real Estate

EWS
8.7%
EWH
17.5%

Consumer Cyclical

EWS
4.8%
EWH
3.8%

Technology

EWS
4.7%
EWH

-

Utilities

EWS
4.1%
EWH
12.1%

Consumer Defensive

EWS
4.0%
EWH
2.6%

Communication Services

EWS
3.8%
EWH
1.8%

Basic Materials

EWS

-

EWH

-

Energy

EWS

-

EWH

-

Healthcare

EWS

-

EWH

-

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

iShares MSCI Hong Kong ETF

Often compared with EWS:
EWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. EIDOEWS vs. FLGREWS vs. SMINEWS vs. VOO
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPPEWH vs. SPY

Return for Risk

EWS vs. EWH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWS
EWS Risk / Return Rank: 7777
Overall Rank
EWS Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWS Omega Ratio Rank: 7575
Omega Ratio Rank
EWS Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWS Martin Ratio Rank: 7070
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 3838
Overall Rank
EWH Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3838
Omega Ratio Rank
EWH Calmar Ratio Rank: 3737
Calmar Ratio Rank
EWH Martin Ratio Rank: 3434
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.

EWS vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) 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.

EWSEWHDifference
Sharpe ratioReturn per unit of total volatility
1.76
1.02

+0.74

Sortino ratioReturn per unit of downside risk
2.47
1.51

+0.96

Omega ratioGain probability vs. loss probability

1.31

1.18

+0.13

Calmar ratioReturn relative to maximum drawdown

3.50

1.27

+2.23

Martin ratioReturn relative to average drawdown

8.50

3.29

+5.22

EWS vs. EWH - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.76, which is higher than the EWH Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of EWS 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

EWS vs. EWH - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than EWH's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EWS and EWH.

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Drawdown Indicators

EWSEWHDifference

Max Drawdown

Largest peak-to-trough decline

-75.13%

-66.44%

-8.69%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-13.41%

+5.59%

Max Drawdown (3Y)

Largest decline over 3 years

-16.34%

-23.77%

+7.43%

Max Drawdown (5Y)

Largest decline over 5 years

-29.06%

-39.37%

+10.31%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-42.71%

+1.87%

Current Drawdown

Current decline from peak

-0.40%

-4.47%

+4.07%

Average Drawdown

Average peak-to-trough decline

-21.89%

-19.43%

-2.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

5.17%

-1.96%

Volatility

EWS vs. EWH - Volatility Comparison

iShares MSCI Singapore ETF (EWS) and iShares MSCI Hong Kong ETF (EWH) have volatilities of 4.19% and 4.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWSEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.19%

4.14%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

12.01%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

15.57%

16.70%

-1.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.27%

20.09%

-2.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.94%

19.52%

-1.58%

EWS vs. EWH - Expense Ratio Comparison

Both EWS and EWH have an expense ratio of 0.50%.

Dividends

EWS vs. EWH - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.67%, less than EWH's 4.49% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.49%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
EWS
iShares MSCI Singapore ETF		3.67%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 EWH have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWS has higher volatility (4.19%) compared to EWH (4.14%). In terms of maximum drawdown, EWS dropped -75.13% vs EWH's -66.44%.

On 10-year performance, EWS leads with 8.70% vs 4.58% for EWH. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWS has performed better with a 8.70% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWS and EWH have the same expense ratio: 0.50% per year.

EWH has the higher dividend yield at 4.49%, compared with 3.67% for EWS.

EWS tracks MSCI Singapore 25/50 Index, while EWH tracks MSCI Hong Kong 25-50 Index (USD) (Net).

EWS currently has the higher Sharpe Ratio (1.76 vs 1.02), 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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