EWT vs. EWH

Last updated Jun 24, 2026

EWT (iShares MSCI Taiwan ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - EWT tracks the MSCI Taiwan 25/50 Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, EWT returned 20.43%/yr vs 4.69%/yr for EWH. A 0.60 correlation means they provide meaningful diversification when combined. EWT charges 0.59%/yr vs 0.49%/yr for EWH.

Performance

EWT vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) and iShares MSCI Hong Kong ETF (EWH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWT achieves a 65.65% return, which is significantly higher than EWH's 1.00% return. Over the past 10 years, EWT has outperformed EWH with an annualized return of 20.43%, while EWH has yielded a comparatively lower 4.69% annualized return.

EWT

• 1D: -5.64%
• 1M: 8.67%
• YTD: 65.65%
• 6M: 68.38%
• 1Y: 99.48%
• 3Y*: 39.48%
• 5Y*: 19.11%
• 10Y*: 20.43%

EWH

• 1D: -0.98%
• 1M: -8.64%
• YTD: 1.00%
• 6M: -1.14%
• 1Y: 14.36%
• 3Y*: 8.16%
• 5Y*: -1.00%
• 10Y*: 4.69%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWT vs. EWH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	65.65%	28.38%	16.11%	29.00%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
EWH iShares MSCI Hong Kong ETF	1.00%	34.50%	0.00%	-13.87%	-6.81%	-3.49%	4.17%	10.74%	-8.76%	36.46%

Correlation

The correlation between EWT and EWH 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	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 23, 2000	0.60

The correlation between EWT and EWH shifts across timeframes, from 0.45 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

EWT vs. EWH - Sectors Allocation Comparison

Sectors	EWT	EWH
Technology	76.9%	-
Financial Services	12.0%	43.9%
Industrials	3.1%	18.3%
Basic Materials	2.9%	-
Communication Services	1.7%	1.7%
Consumer Cyclical	1.6%	3.9%
Consumer Defensive	1.0%	2.6%
Healthcare	1.0%	-
Energy	-	-
Real Estate	-	18.0%
Utilities	-	11.6%

Return for Risk

EWT vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 90
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 97
EWT Martin Ratio Rank: 95

EWH

EWH Risk / Return Rank: 25
EWH Sharpe Ratio Rank: 25
EWH Sortino Ratio Rank: 24
EWH Omega Ratio Rank: 23
EWH Calmar Ratio Rank: 24
EWH Martin Ratio Rank: 28

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.

EWT vs. EWH - Risk-Adjusted Trends Comparison

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

	EWT	EWH	Difference
Sharpe ratio: Return per unit of total volatility	3.59	0.86	+2.73
Sortino ratio: Return per unit of downside risk	4.02	1.30	+2.72
Omega ratio: Gain probability vs. loss probability	1.58	1.16	+0.42
Calmar ratio: Return relative to maximum drawdown	9.52	1.12	+8.40
Martin ratio: Return relative to average drawdown	27.93	3.61	+24.32

EWT vs. EWH - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 3.59, which is higher than the EWH Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of EWT 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.

Drawdowns

EWT vs. EWH - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, roughly equal to the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for EWT and EWH.

Drawdown Indicators

	EWT	EWH	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-66.44%	+2.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-12.91%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-24.93%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-41.28%	+2.40%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-42.71%	+3.83%
Current Drawdown Current decline from peak	-5.64%	-12.58%	+6.94%
Average Drawdown Average peak-to-trough decline	-19.13%	-19.46%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	3.99%	-0.42%

Volatility

EWT vs. EWH - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 14.88% compared to iShares MSCI Hong Kong ETF (EWH) at 5.32%. This indicates that EWT's price experiences larger fluctuations and is considered to be riskier than EWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWT	EWH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.88%	5.32%	+9.56%
Volatility (6M) Calculated over the trailing 6-month period	23.89%	12.49%	+11.40%
Volatility (1Y) Calculated over the trailing 1-year period	27.85%	16.78%	+11.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.16%	20.11%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	19.54%	+2.26%

EWT vs. EWH - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

EWT vs. EWH - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.68%, less than EWH's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWH iShares MSCI Hong Kong ETF	4.90%	5.20%	4.17%	4.28%	2.91%	2.78%	2.56%	2.71%	2.93%	4.35%	3.08%	2.63%
EWT iShares MSCI Taiwan ETF	2.68%	4.43%	3.32%	12.01%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EWT and EWH in my portfolio?

EWT and EWH 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.

Which is riskier, EWT or EWH?

EWT has higher volatility (14.88%) compared to EWH (5.32%). In terms of maximum drawdown, EWT dropped -64.37% vs EWH's -66.44%.

Which ETF is better, EWT or EWH?

On 10-year performance, EWT leads with 20.43% vs 4.69% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or EWH?

Over the 10-year period, EWT has performed better with a 20.43% return vs 4.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or EWH?

EWH is cheaper with a 0.49% expense ratio, compared with 0.59% for EWT.

Which ETF pays a higher dividend yield, EWT or EWH?

EWH has the higher dividend yield at 4.90%, compared with 2.68% for EWT.

What is the main difference between EWT and EWH?

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

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (3.59 vs 0.86), 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.