PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
MCHI vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCHI vs. EWH

Last updated Jun 4, 2026

MCHI (iShares MSCI China ETF) and EWH (iShares MSCI Hong Kong ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, MCHI returned 4.68%/yr vs 4.93%/yr for EWH. A 0.78 correlation means they provide meaningful diversification when combined. MCHI charges 0.59%/yr vs 0.49%/yr for EWH.

Performance

MCHI vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) and iShares MSCI Hong Kong ETF (EWH). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, MCHI achieves a -6.81% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, MCHI has underperformed EWH with an annualized return of 4.68%, while EWH has yielded a comparatively higher 4.93% annualized return.

MCHI

1D
-2.12%
1M
-2.30%
YTD
-6.81%
6M
-8.43%
1Y
6.44%
3Y*
9.73%
5Y*
-5.67%
10Y*
4.68%

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)

MCHI vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MCHI
iShares MSCI China ETF		-6.81%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%
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 MCHI and EWH is 0.65, 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

0.65

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

0.77

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

0.75

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

0.76

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2011

0.78

The correlation between MCHI and EWH shifts across timeframes, from 0.65 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

MCHI vs. EWH - Sectors Allocation Comparison

Sectors
MCHI
EWH

Consumer Cyclical

26.4%
3.7%

Financial Services

19.1%
45.4%

Communication Services

18.8%
1.7%

Technology

9.6%

-

Basic Materials

5.5%

-

Healthcare

5.4%

-

Industrials

5.0%
16.6%

Energy

3.7%

-

Consumer Defensive

3.2%
2.7%

Utilities

1.7%
11.2%

Real Estate

1.5%
18.7%

Consumer Cyclical

MCHI
26.4%
EWH
3.7%

Financial Services

MCHI
19.1%
EWH
45.4%

Communication Services

MCHI
18.8%
EWH
1.7%

Technology

MCHI
9.6%
EWH

-

Basic Materials

MCHI
5.5%
EWH

-

Healthcare

MCHI
5.4%
EWH

-

Industrials

MCHI
5.0%
EWH
16.6%

Energy

MCHI
3.7%
EWH

-

Consumer Defensive

MCHI
3.2%
EWH
2.7%

Utilities

MCHI
1.7%
EWH
11.2%

Real Estate

MCHI
1.5%
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 MSCI China ETF

iShares MSCI Hong Kong ETF

Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA
Often compared with EWH:
EWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPPEWH vs. SPY

Return for Risk

MCHI vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCHI
MCHI Risk / Return Rank: 1313
Overall Rank
MCHI Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1313
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1313
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1313
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1212
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.

MCHI vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.

MCHIEWHDifference
Sharpe ratioReturn per unit of total volatility
0.32
1.49

-1.17

Sortino ratioReturn per unit of downside risk
0.59
2.13

-1.54

Omega ratioGain probability vs. loss probability

1.07

1.26

-0.19

Calmar ratioReturn relative to maximum drawdown

0.38

3.10

-2.73

Martin ratioReturn relative to average drawdown

0.78

7.81

-7.03

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

MCHI vs. EWH - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.32, which is lower than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MCHI 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.

Loading charts...

Sharpe Ratios by Period

MCHIEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.32

1.49

-1.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

0.00

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

0.25

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.18

-0.09

Drawdowns

MCHI vs. EWH - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for MCHI and EWH.

Loading charts...

Drawdown Indicators

MCHIEWHDifference

Max Drawdown

Largest peak-to-trough decline

-62.95%

-66.44%

+3.49%

Max Drawdown (1Y)

Largest decline over 1 year

-17.17%

-7.81%

-9.36%

Max Drawdown (3Y)

Largest decline over 3 years

-25.85%

-24.93%

-0.92%

Max Drawdown (5Y)

Largest decline over 5 years

-56.98%

-41.46%

-15.52%

Max Drawdown (10Y)

Largest decline over 10 years

-62.95%

-42.71%

-20.24%

Current Drawdown

Current decline from peak

-36.45%

-7.09%

-29.36%

Average Drawdown

Average peak-to-trough decline

-24.52%

-19.48%

-5.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.30%

3.09%

+5.21%

Volatility

MCHI vs. EWH - Volatility Comparison

iShares MSCI China ETF (MCHI) has a higher volatility of 7.26% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that MCHI'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.

Loading charts...

Volatility by Period

MCHIEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.26%

5.00%

+2.26%

Volatility (6M)

Calculated over the trailing 6-month period

14.51%

11.71%

+2.80%

Volatility (1Y)

Calculated over the trailing 1-year period

20.17%

16.26%

+3.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.71%

20.00%

+10.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.39%

19.55%

+7.84%

MCHI vs. EWH - Expense Ratio Comparison

MCHI has a 0.59% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

MCHI vs. EWH - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.27%, less 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%
MCHI
iShares MSCI China ETF		2.27%2.12%2.31%2.66%1.78%1.04%1.04%1.45%1.60%1.56%1.66%2.76%

Frequently Asked Questions

MCHI and EWH have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MCHI has higher volatility (7.26%) compared to EWH (5.00%). In terms of maximum drawdown, MCHI dropped -62.95% vs EWH's -66.44%.

On 10-year performance, EWH leads with 4.93% vs 4.68% for MCHI. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.00%. 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 4.93% return vs 4.68%. 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 0.59% for MCHI.

EWH has the higher dividend yield at 4.84%, compared with 2.27% for MCHI.

MCHI is categorized as China Equities, while EWH is Asia Pacific Equities. MCHI tracks MSCI China Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.59% for MCHI and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs 0.32), 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.

Portfolio Optimizer

Find the right allocation for MCHI and EWH

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer