ICHKX vs. EWH
ICHKX (Guinness Atkinson China And Hong Kong Fund) and EWH (iShares MSCI Hong Kong ETF) are both funds - ICHKX is a China Equities fund managed by Guinness Atkinson, while EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index. Over the past 10 years, ICHKX returned 4.30%/yr vs 4.93%/yr for EWH. A 0.64 correlation means they provide meaningful diversification when combined. ICHKX charges 1.71%/yr vs 0.49%/yr for EWH.
Performance
ICHKX vs. EWH - Performance Comparison
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Returns By Period
In the year-to-date period, ICHKX achieves a 0.74% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, ICHKX has underperformed EWH with an annualized return of 4.30%, while EWH has yielded a comparatively higher 4.93% annualized return.
ICHKX
- 1D
- 1.68%
- 1M
- -1.68%
- YTD
- 0.74%
- 6M
- 0.81%
- 1Y
- 18.91%
- 3Y*
- 6.41%
- 5Y*
- -6.01%
- 10Y*
- 4.30%
EWH
- 1D
- -1.55%
- 1M
- -2.69%
- YTD
- 7.34%
- 6M
- 5.91%
- 1Y
- 24.11%
- 3Y*
- 9.92%
- 5Y*
- 0.04%
- 10Y*
- 4.93%
ICHKX vs. EWH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICHKX Guinness Atkinson China And Hong Kong Fund | 0.74% | 28.97% | 0.05% | -14.52% | -23.67% | -6.90% | 14.58% | 30.08% | -20.50% | 49.07% |
EWH iShares MSCI Hong Kong ETF | 7.34% | 34.50% | 0.00% | -13.87% | -6.81% | -3.49% | 4.17% | 10.74% | -8.76% | 36.46% |
Correlation
The correlation between ICHKX and EWH is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 1996 | 0.64 |
The correlation between ICHKX and EWH shifts across timeframes, from 0.61 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICHKX vs. EWH — Risk / Return Rank
ICHKX
EWH
ICHKX vs. EWH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson China And Hong Kong Fund (ICHKX) 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.
| ICHKX | EWH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 3.10 | -1.16 |
| Martin ratioReturn relative to average drawdown | 5.34 | 7.81 | -2.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICHKX | EWH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.49 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.25 | 0.00 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.25 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.18 | +0.02 |
Drawdowns
ICHKX vs. EWH - Drawdown Comparison
The maximum ICHKX drawdown since its inception was -70.67%, which is greater than EWH's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for ICHKX and EWH.
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Drawdown Indicators
| ICHKX | EWH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.67% | -66.44% | -4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -7.81% | -2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -28.10% | -24.93% | -3.17% |
Max Drawdown (5Y)Largest decline over 5 years | -52.70% | -41.46% | -11.24% |
Max Drawdown (10Y)Largest decline over 10 years | -58.39% | -42.71% | -15.68% |
Current DrawdownCurrent decline from peak | -35.90% | -7.09% | -28.81% |
Average DrawdownAverage peak-to-trough decline | -27.21% | -19.48% | -7.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.69% | 3.09% | +0.60% |
Volatility
ICHKX vs. EWH - Volatility Comparison
Guinness Atkinson China And Hong Kong Fund (ICHKX) has a higher volatility of 5.56% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that ICHKX'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
| ICHKX | EWH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 5.00% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 11.71% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.86% | 16.26% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.68% | 20.00% | +3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 19.55% | +2.88% |
ICHKX vs. EWH - Expense Ratio Comparison
ICHKX has a 1.71% expense ratio, which is higher than EWH's 0.49% expense ratio.
Dividends
ICHKX vs. EWH - Dividend Comparison
ICHKX's dividend yield for the trailing twelve months is around 1.05%, less than EWH's 4.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWH iShares MSCI Hong Kong ETF | 4.84% | 5.20% | 4.17% | 4.28% | 2.91% | 2.78% | 2.56% | 2.71% | 2.93% | 4.35% | 3.08% | 2.63% |
ICHKX Guinness Atkinson China And Hong Kong Fund | 1.05% | 1.06% | 1.11% | 0.74% | 0.86% | 20.44% | 3.57% | 4.37% | 12.53% | 6.76% | 5.31% | 12.25% |
Frequently Asked Questions
ICHKX and EWH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICHKX has higher volatility (5.56%) compared to EWH (5.00%). In terms of maximum drawdown, ICHKX dropped -70.67% vs EWH's -66.44%.
EWH currently has the higher Sharpe Ratio (1.49 vs 1.25), 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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