EWT vs. EWM

Last updated Jun 4, 2026

EWT (iShares MSCI Taiwan ETF) and EWM (iShares MSCI Malaysia ETF) are both Asia Pacific Equities funds from iShares - EWT tracks the MSCI Taiwan Index while EWM tracks the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, EWT returned 19.90%/yr vs 2.59%/yr for EWM. A 0.52 correlation means they provide meaningful diversification when combined. EWT charges 0.59%/yr vs 0.49%/yr for EWM.

Performance

EWT vs. EWM - Performance Comparison

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

Returns By Period

In the year-to-date period, EWT achieves a 68.27% return, which is significantly higher than EWM's 2.45% return. Over the past 10 years, EWT has outperformed EWM with an annualized return of 19.90%, while EWM has yielded a comparatively lower 2.59% annualized return.

EWT

• 1D: -0.20%
• 1M: 18.24%
• YTD: 68.27%
• 6M: 72.42%
• 1Y: 110.37%
• 3Y*: 38.34%
• 5Y*: 18.33%
• 10Y*: 19.90%

EWM

• 1D: -2.37%
• 1M: -5.11%
• YTD: 2.45%
• 6M: 6.54%
• 1Y: 20.74%
• 3Y*: 14.49%
• 5Y*: 4.53%
• 10Y*: 2.59%

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

EWT vs. EWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	68.27%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
EWM iShares MSCI Malaysia ETF	2.45%	15.74%	19.46%	-3.61%	-6.00%	-7.40%	3.12%	-1.41%	-6.28%	24.25%

Correlation

The correlation between EWT and EWM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 26, 2000	0.52

The correlation between EWT and EWM has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.

EWT vs. EWM - Sectors Allocation Comparison

Sectors	EWT	EWM
Technology	72.9%	-
Financial Services	13.0%	46.6%
Industrials	4.9%	11.1%
Basic Materials	3.5%	8.9%
Consumer Cyclical	1.9%	1.1%
Communication Services	1.9%	6.6%
Consumer Defensive	1.1%	7.3%
Healthcare	0.8%	3.8%
Energy	-	3.9%
Real Estate	-	-
Utilities	-	10.8%

Return for Risk

EWT vs. EWM — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 95
EWT Sharpe Ratio Rank: 96
EWT Sortino Ratio Rank: 94
EWT Omega Ratio Rank: 94
EWT Calmar Ratio Rank: 97
EWT Martin Ratio Rank: 95

EWM

EWM Risk / Return Rank: 45
EWM Sharpe Ratio Rank: 42
EWM Sortino Ratio Rank: 41
EWM Omega Ratio Rank: 40
EWM Calmar Ratio Rank: 54
EWM Martin Ratio Rank: 49

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. EWM - Risk-Adjusted Trends Comparison

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

	EWT	EWM	Difference
Sharpe ratio Return per unit of total volatility	4.42	1.49	+2.93
Sortino ratio Return per unit of downside risk	5.00	2.09	+2.92
Omega ratio Gain probability vs. loss probability	1.69	1.26	+0.43
Calmar ratio Return relative to maximum drawdown	10.56	2.65	+7.91
Martin ratio Return relative to average drawdown	32.40	8.22	+24.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWT vs. EWM - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 4.42, which is higher than the EWM Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of EWT and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWT	EWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	1.49	+2.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.33	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.16	+0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.07	+0.19

Drawdowns

EWT vs. EWM - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EWT and EWM.

Drawdown Indicators

	EWT	EWM	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-89.19%	+24.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-7.86%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-21.31%	-4.35%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-22.76%	-16.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-43.81%	+4.93%
Current Drawdown Current decline from peak	-0.20%	-9.46%	+9.26%
Average Drawdown Average peak-to-trough decline	-19.23%	-31.82%	+12.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.53%	+0.89%

Volatility

EWT vs. EWM - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 10.43% compared to iShares MSCI Malaysia ETF (EWM) at 4.15%. This indicates that EWT's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWT	EWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	4.15%	+6.28%
Volatility (6M) Calculated over the trailing 6-month period	20.52%	10.86%	+9.66%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	13.99%	+11.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	13.70%	+8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	16.29%	+5.31%

EWT vs. EWM - Expense Ratio Comparison

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

Dividends

EWT vs. EWM - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.63%, less than EWM's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWM iShares MSCI Malaysia ETF	3.33%	3.41%	3.32%	3.47%	3.00%	6.48%	1.89%	2.91%	3.84%	5.58%	5.97%	37.54%
EWT iShares MSCI Taiwan ETF	2.63%	4.43%	3.32%	8.12%	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 EWM in my portfolio?

EWT and EWM have a correlation of 0.49, 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 EWM?

EWT has higher volatility (10.43%) compared to EWM (4.15%). In terms of maximum drawdown, EWT dropped -64.37% vs EWM's -89.19%.

Which ETF is better, EWT or EWM?

On 10-year performance, EWT leads with 19.90% vs 2.59% for EWM. On fees, EWM is cheaper at 0.49% 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.

Which ETF has performed better, EWT or EWM?

Over the 10-year period, EWT has performed better with a 19.90% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or EWM?

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

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

EWM has the higher dividend yield at 3.33%, compared with 2.63% for EWT.

What is the main difference between EWT and EWM?

EWT tracks MSCI Taiwan Index, while EWM tracks MSCI Malaysia Index. Their fees differ too: 0.59% for EWT and 0.49% for EWM.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (4.42 vs 1.49), 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.