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INDY vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDY vs. EWH

Last updated Jun 4, 2026

INDY (iShares India 50 ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - INDY tracks the S&P CNX Nifty Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, INDY returned 6.14%/yr vs 4.93%/yr for EWH. A 0.50 correlation means they provide meaningful diversification when combined. INDY charges 0.94%/yr vs 0.49%/yr for EWH.

Performance

INDY vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) 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, INDY achieves a -15.38% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, INDY has outperformed EWH with an annualized return of 6.14%, while EWH has yielded a comparatively lower 4.93% annualized return.

INDY

1D
-1.35%
1M
-3.23%
YTD
-15.38%
6M
-14.03%
1Y
-14.69%
3Y*
1.39%
5Y*
1.15%
10Y*
6.14%

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

INDY vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDY
iShares India 50 ETF		-15.38%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%
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 INDY and EWH is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.27

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

0.30

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

0.42

Correlation (All Time)
Calculated using the full available price history since Nov 23, 2009

0.50

The correlation between INDY and EWH shifts across timeframes, from 0.27 (3 years) to 0.50 (all time), reflecting how their relationship changes across market environments.

INDY vs. EWH - Sectors Allocation Comparison

Sectors
INDY
EWH

Financial Services

35.3%
45.4%

Energy

11.4%

-

Consumer Cyclical

10.7%
3.7%

Technology

8.6%

-

Industrials

7.7%
16.6%

Basic Materials

7.3%

-

Consumer Defensive

6.2%
2.7%

Communication Services

5.3%
1.7%

Healthcare

4.5%

-

Utilities

3.0%
11.2%

Real Estate

-

18.7%

Financial Services

INDY
35.3%
EWH
45.4%

Energy

INDY
11.4%
EWH

-

Consumer Cyclical

INDY
10.7%
EWH
3.7%

Technology

INDY
8.6%
EWH

-

Industrials

INDY
7.7%
EWH
16.6%

Basic Materials

INDY
7.3%
EWH

-

Consumer Defensive

INDY
6.2%
EWH
2.7%

Communication Services

INDY
5.3%
EWH
1.7%

Healthcare

INDY
4.5%
EWH

-

Utilities

INDY
3.0%
EWH
11.2%

Real Estate

INDY

-

EWH
18.7%

Compare stocks, funds, or ETFs

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

iShares India 50 ETF

iShares MSCI Hong Kong ETF

Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

INDY vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDY
INDY Risk / Return Rank: 11
Overall Rank
INDY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 11
Sortino Ratio Rank
INDY Omega Ratio Rank: 22
Omega Ratio Rank
INDY Calmar Ratio Rank: 22
Calmar Ratio Rank
INDY Martin Ratio Rank: 00
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 4646
Overall Rank
EWH Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3939
Omega Ratio Rank
EWH Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWH Martin Ratio Rank: 4747
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.

INDY vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.

INDYEWHDifference
Sharpe ratioReturn per unit of total volatility
-1.04
1.49

-2.53

Sortino ratioReturn per unit of downside risk
-1.49
2.13

-3.62

Omega ratioGain probability vs. loss probability

0.83

1.26

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.78

3.10

-3.88

Martin ratioReturn relative to average drawdown

-1.78

7.81

-9.59

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDY vs. EWH - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -1.04, which is lower than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of INDY 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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Sharpe Ratios by Period

INDYEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.04

1.49

-2.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

0.00

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

0.25

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.18

+0.03

Drawdowns

INDY vs. EWH - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for INDY and EWH.

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Drawdown Indicators

INDYEWHDifference

Max Drawdown

Largest peak-to-trough decline

-44.74%

-66.44%

+21.70%

Max Drawdown (1Y)

Largest decline over 1 year

-18.95%

-7.81%

-11.14%

Max Drawdown (3Y)

Largest decline over 3 years

-22.40%

-24.93%

+2.53%

Max Drawdown (5Y)

Largest decline over 5 years

-22.40%

-41.46%

+19.06%

Max Drawdown (10Y)

Largest decline over 10 years

-43.50%

-42.71%

-0.79%

Current Drawdown

Current decline from peak

-21.00%

-7.09%

-13.91%

Average Drawdown

Average peak-to-trough decline

-12.22%

-19.48%

+7.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.25%

3.09%

+5.16%

Volatility

INDY vs. EWH - Volatility Comparison

iShares India 50 ETF (INDY) and iShares MSCI Hong Kong ETF (EWH) have volatilities of 4.79% and 5.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDYEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

5.00%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

12.25%

11.71%

+0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

14.18%

16.26%

-2.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.94%

20.00%

-5.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.58%

19.55%

+0.03%

INDY vs. EWH - Expense Ratio Comparison

INDY has a 0.94% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

INDY vs. EWH - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.58%, more than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
INDY
iShares India 50 ETF		9.58%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%

Frequently Asked Questions

INDY and EWH have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (5.00%) compared to INDY (4.79%). In terms of maximum drawdown, INDY dropped -44.74% vs EWH's -66.44%.

On 10-year performance, INDY leads with 6.14% vs 4.93% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, INDY has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDY has performed better with a 6.14% return vs 4.93%. 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 0.94% for INDY.

INDY has the higher dividend yield at 9.58%, compared with 4.84% for EWH.

INDY tracks S&P CNX Nifty Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.94% for INDY and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs -1.04), 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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