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IHI vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHI vs. EWM

Last updated Jul 21, 2026
Documentation

IHI (iShares U.S. Medical Devices ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, IHI returned 8.42%/yr vs 2.51%/yr for EWM. At a 0.45 correlation, their price movements are largely independent. IHI charges 0.38%/yr vs 0.49%/yr for EWM.

Performance

IHI vs. EWM - Performance Comparison

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

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Returns By Period

In the year-to-date period, IHI achieves a -18.43% return, which is significantly lower than EWM's 4.13% return. Over the past 10 years, IHI has outperformed EWM with an annualized return of 8.42%, while EWM has yielded a comparatively lower 2.51% annualized return.

IHI

1D
0.14%
1M
3.08%
6M
-18.01%
YTD
-18.43%
1Y
-15.42%
3Y*
-3.77%
5Y*
-3.32%
10Y*
8.42%
ALL TIME*
9.83%

EWM

1D
-0.96%
1M
1.42%
6M
1.13%
YTD
4.13%
1Y
20.95%
3Y*
14.15%
5Y*
6.17%
10Y*
2.51%
ALL TIME*
1.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHI vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHI
iShares U.S. Medical Devices ETF		-18.43%6.88%8.62%3.24%-19.80%21.03%24.17%32.75%15.45%30.81%
EWM
iShares MSCI Malaysia ETF		4.13%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between IHI and EWM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

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

0.28

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

0.32

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

0.36

Correlation (All Time)
Calculated using the full available price history since May 5, 2006

0.45

Over the past year, the correlation between IHI and EWM has dropped to 0.22 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

IHI vs. EWM - Sectors Allocation Comparison

Sectors
IHI
EWM

Healthcare

100.0%
3.2%

Technology

0.3%

-

Industrials

0.2%
12.6%

Basic Materials

-

8.3%

Communication Services

-

5.2%

Consumer Cyclical

-

1.1%

Consumer Defensive

-

4.9%

Energy

-

3.0%

Financial Services

-

52.0%

Real Estate

-

-

Utilities

-

10.9%

Healthcare

IHI
100.0%
EWM
3.2%

Technology

IHI
0.3%
EWM

-

Industrials

IHI
0.2%
EWM
12.6%

Basic Materials

IHI

-

EWM
8.3%

Communication Services

IHI

-

EWM
5.2%

Consumer Cyclical

IHI

-

EWM
1.1%

Consumer Defensive

IHI

-

EWM
4.9%

Energy

IHI

-

EWM
3.0%

Financial Services

IHI

-

EWM
52.0%

Real Estate

IHI

-

EWM

-

Utilities

IHI

-

EWM
10.9%

Compare stocks, funds, or ETFs

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

iShares U.S. Medical Devices ETF

iShares MSCI Malaysia ETF

Often compared with IHI:
IHI vs. XLVIHI vs. VHTIHI vs. XHEIHI vs. SPYIHI vs. FHLCIHI vs. IHFIHI vs. IXJ
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD

Return for Risk

IHI vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHI
IHI Risk / Return Rank: 44
Overall Rank
IHI Sharpe Ratio Rank: 33
Sharpe Ratio Rank
IHI Sortino Ratio Rank: 33
Sortino Ratio Rank
IHI Omega Ratio Rank: 44
Omega Ratio Rank
IHI Calmar Ratio Rank: 55
Calmar Ratio Rank
IHI Martin Ratio Rank: 33
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 5454
Overall Rank
EWM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWM Omega Ratio Rank: 5454
Omega Ratio Rank
EWM Calmar Ratio Rank: 5252
Calmar Ratio Rank
EWM Martin Ratio Rank: 4545
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.

IHI vs. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) 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.

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.

IHIEWMDifference
Sharpe ratioReturn per unit of total volatility
-0.79
1.47

-2.27

Sortino ratioReturn per unit of downside risk
-1.05
2.10

-3.14

Omega ratioGain probability vs. loss probability

0.88

1.25

-0.37

Calmar ratioReturn relative to maximum drawdown

-0.59

1.98

-2.58

Martin ratioReturn relative to average drawdown

-1.22

5.50

-6.72

IHI vs. EWM - Sharpe Ratio Comparison

The current IHI Sharpe Ratio is -0.79, which is lower than the EWM Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of IHI 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.

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Drawdowns

IHI vs. EWM - Drawdown Comparison

The maximum IHI drawdown since its inception was -49.65%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for IHI and EWM.

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Drawdown Indicators

IHIEWMDifference

Max Drawdown

Largest peak-to-trough decline

-49.65%

-89.19%

+39.54%

Max Drawdown (1Y)

Largest decline over 1 year

-26.11%

-10.61%

-15.50%

Max Drawdown (3Y)

Largest decline over 3 years

-26.64%

-21.31%

-5.33%

Max Drawdown (5Y)

Largest decline over 5 years

-33.12%

-22.76%

-10.36%

Max Drawdown (10Y)

Largest decline over 10 years

-33.25%

-43.81%

+10.56%

Current Drawdown

Current decline from peak

-22.98%

-7.98%

-15.00%

Average Drawdown

Average peak-to-trough decline

-8.41%

-31.73%

+23.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.70%

3.82%

+8.88%

Volatility

IHI vs. EWM - Volatility Comparison

iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 9.63% compared to iShares MSCI Malaysia ETF (EWM) at 4.42%. This indicates that IHI'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.

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Volatility by Period

IHIEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.63%

4.42%

+5.21%

Volatility (6M)

Calculated over the trailing 6-month period

16.15%

11.40%

+4.75%

Volatility (1Y)

Calculated over the trailing 1-year period

19.55%

14.30%

+5.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.48%

13.77%

+5.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.98%

16.15%

+3.83%

IHI vs. EWM - Expense Ratio Comparison

IHI has a 0.38% expense ratio, which is lower than EWM's 0.49% expense ratio.

Dividends

IHI vs. EWM - Dividend Comparison

IHI's dividend yield for the trailing twelve months is around 0.48%, less than EWM's 3.57% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.57%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
IHI
iShares U.S. Medical Devices ETF		0.48%0.34%0.46%0.53%0.45%0.25%0.25%0.33%0.26%0.37%0.55%1.28%

Frequently Asked Questions

IHI and EWM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHI has higher volatility (9.63%) compared to EWM (4.42%). In terms of maximum drawdown, IHI dropped -49.65% vs EWM's -89.19%.

On 10-year performance, IHI leads with 8.42% vs 2.51% for EWM. On fees, IHI is cheaper at 0.38% per year. On volatility, EWM has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IHI has performed better with a 8.42% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IHI is cheaper with a 0.38% expense ratio, compared with 0.49% for EWM.

EWM has the higher dividend yield at 3.57%, compared with 0.48% for IHI.

IHI is categorized as Health & Biotech Equities, while EWM is Asia Pacific Equities. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while EWM tracks MSCI Malaysia Index. Their fees differ too: 0.38% for IHI and 0.49% for EWM.

EWM currently has the higher Sharpe Ratio (1.47 vs -0.79), 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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