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FXI vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXI vs. EWH

Last updated Jun 18, 2026

FXI (iShares China Large-Cap ETF) and EWH (iShares MSCI Hong Kong ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, FXI returned 2.78%/yr vs 4.74%/yr for EWH. Their correlation of 0.81 suggests significant overlap in exposure. FXI charges 0.74%/yr vs 0.49%/yr for EWH.

Performance

FXI vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) 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, FXI achieves a -11.46% return, which is significantly lower than EWH's 2.05% return. Over the past 10 years, FXI has underperformed EWH with an annualized return of 2.78%, while EWH has yielded a comparatively higher 4.74% annualized return.

FXI

1D
-2.63%
1M
-6.24%
YTD
-11.46%
6M
-10.43%
1Y
-5.43%
3Y*
7.88%
5Y*
-3.64%
10Y*
2.78%

EWH

1D
-1.79%
1M
-9.53%
YTD
2.05%
6M
2.92%
1Y
15.43%
3Y*
6.99%
5Y*
-0.67%
10Y*
4.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXI vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXI
iShares China Large-Cap ETF		-11.46%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%
EWH
iShares MSCI Hong Kong ETF		2.05%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between FXI and EWH is 0.64, 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

0.64

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

0.78

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

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Oct 8, 2004

0.81

The correlation between FXI and EWH shifts across timeframes, from 0.64 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

FXI vs. EWH - Sectors Allocation Comparison

Sectors
FXI
EWH

Financial Services

34.8%
43.9%

Consumer Cyclical

26.4%
3.9%

Communication Services

16.3%
1.7%

Technology

5.4%

-

Energy

5.3%

-

Basic Materials

3.9%

-

Industrials

3.2%
18.3%

Healthcare

2.3%

-

Real Estate

1.1%
18.0%

Consumer Defensive

0.9%
2.6%

Utilities

0.4%
11.6%

Financial Services

FXI
34.8%
EWH
43.9%

Consumer Cyclical

FXI
26.4%
EWH
3.9%

Communication Services

FXI
16.3%
EWH
1.7%

Technology

FXI
5.4%
EWH

-

Energy

FXI
5.3%
EWH

-

Basic Materials

FXI
3.9%
EWH

-

Industrials

FXI
3.2%
EWH
18.3%

Healthcare

FXI
2.3%
EWH

-

Real Estate

FXI
1.1%
EWH
18.0%

Consumer Defensive

FXI
0.9%
EWH
2.6%

Utilities

FXI
0.4%
EWH
11.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares China Large-Cap ETF

iShares MSCI Hong Kong ETF

Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EEMFXI vs. GXCFXI vs. EWY
Often compared with EWH:
EWH vs. MCHIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPPEWH vs. SPY

Return for Risk

FXI vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXI
FXI Risk / Return Rank: 66
Overall Rank
FXI Sharpe Ratio Rank: 66
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 66
Sortino Ratio Rank
FXI Omega Ratio Rank: 66
Omega Ratio Rank
FXI Calmar Ratio Rank: 66
Calmar Ratio Rank
FXI Martin Ratio Rank: 66
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 2626
Overall Rank
EWH Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWH Omega Ratio Rank: 2525
Omega Ratio Rank
EWH Calmar Ratio Rank: 2525
Calmar Ratio Rank
EWH Martin Ratio Rank: 3030
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.

FXI vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.

FXIEWHDifference
Sharpe ratioReturn per unit of total volatility
-0.27
0.92

-1.19

Sortino ratioReturn per unit of downside risk
-0.26
1.38

-1.63

Omega ratioGain probability vs. loss probability

0.97

1.17

-0.19

Calmar ratioReturn relative to maximum drawdown

-0.30

1.20

-1.50

Martin ratioReturn relative to average drawdown

-0.69

4.11

-4.80

FXI vs. EWH - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.27, which is lower than the EWH Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FXI 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

FXI vs. EWH - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, which is greater than EWH's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for FXI and EWH.

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Drawdown Indicators

FXIEWHDifference

Max Drawdown

Largest peak-to-trough decline

-72.68%

-66.44%

-6.24%

Max Drawdown (1Y)

Largest decline over 1 year

-17.91%

-12.91%

-5.00%

Max Drawdown (3Y)

Largest decline over 3 years

-28.72%

-24.93%

-3.79%

Max Drawdown (5Y)

Largest decline over 5 years

-54.94%

-41.28%

-13.66%

Max Drawdown (10Y)

Largest decline over 10 years

-60.81%

-42.71%

-18.10%

Current Drawdown

Current decline from peak

-30.27%

-11.67%

-18.60%

Average Drawdown

Average peak-to-trough decline

-31.21%

-19.47%

-11.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.86%

3.77%

+4.09%

Volatility

FXI vs. EWH - Volatility Comparison

iShares China Large-Cap ETF (FXI) has a higher volatility of 5.82% compared to iShares MSCI Hong Kong ETF (EWH) at 5.53%. This indicates that FXI'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.

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Volatility by Period

FXIEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

5.53%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

14.58%

12.60%

+1.98%

Volatility (1Y)

Calculated over the trailing 1-year period

19.97%

16.86%

+3.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.70%

20.10%

+11.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.67%

19.60%

+8.07%

FXI vs. EWH - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

FXI vs. EWH - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.02%, less than EWH's 4.85% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.85%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
FXI
iShares China Large-Cap ETF		2.02%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%

Frequently Asked Questions

FXI and EWH have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXI has higher volatility (5.82%) compared to EWH (5.53%). In terms of maximum drawdown, FXI dropped -72.68% vs EWH's -66.44%.

On 10-year performance, EWH leads with 4.74% vs 2.78% for FXI. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWH has performed better with a 4.74% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.49% expense ratio, compared with 0.74% for FXI.

EWH has the higher dividend yield at 4.85%, compared with 2.02% for FXI.

FXI is categorized as China Equities, while EWH is Asia Pacific Equities. FXI tracks FTSE China 50 Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.74% for FXI and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (0.92 vs -0.27), 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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