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MCHI vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCHI vs. EWM

Last updated Jun 9, 2026

MCHI (iShares MSCI China ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, MCHI returned 4.43%/yr vs 2.62%/yr for EWM. A 0.54 correlation means they provide meaningful diversification when combined. MCHI charges 0.59%/yr vs 0.49%/yr for EWM.

Performance

MCHI vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) 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, MCHI achieves a -10.22% return, which is significantly lower than EWM's 1.72% return. Over the past 10 years, MCHI has outperformed EWM with an annualized return of 4.43%, while EWM has yielded a comparatively lower 2.62% annualized return.

MCHI

1D
-0.94%
1M
-7.53%
YTD
-10.22%
6M
-12.26%
1Y
0.38%
3Y*
8.32%
5Y*
-6.07%
10Y*
4.43%

EWM

1D
-0.29%
1M
-8.18%
YTD
1.72%
6M
7.42%
1Y
19.09%
3Y*
14.69%
5Y*
4.38%
10Y*
2.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCHI vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MCHI
iShares MSCI China ETF		-10.22%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%
EWM
iShares MSCI Malaysia ETF		1.72%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between MCHI and EWM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.40

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

0.39

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

0.49

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

0.54

The correlation between MCHI and EWM shifts across timeframes, from 0.39 (5 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

MCHI vs. EWM - Sectors Allocation Comparison

Sectors
MCHI
EWM

Consumer Cyclical

26.4%
1.1%

Financial Services

19.1%
46.6%

Communication Services

18.8%
6.6%

Technology

9.6%

-

Basic Materials

5.5%
8.9%

Healthcare

5.4%
3.8%

Industrials

5.0%
11.1%

Energy

3.7%
3.9%

Consumer Defensive

3.2%
7.3%

Utilities

1.7%
10.8%

Real Estate

1.5%

-

Consumer Cyclical

MCHI
26.4%
EWM
1.1%

Financial Services

MCHI
19.1%
EWM
46.6%

Communication Services

MCHI
18.8%
EWM
6.6%

Technology

MCHI
9.6%
EWM

-

Basic Materials

MCHI
5.5%
EWM
8.9%

Healthcare

MCHI
5.4%
EWM
3.8%

Industrials

MCHI
5.0%
EWM
11.1%

Energy

MCHI
3.7%
EWM
3.9%

Consumer Defensive

MCHI
3.2%
EWM
7.3%

Utilities

MCHI
1.7%
EWM
10.8%

Real Estate

MCHI
1.5%
EWM

-

Compare stocks, funds, or ETFs

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iShares MSCI China ETF

iShares MSCI Malaysia ETF

Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. SCHDEWM vs. VOO

Return for Risk

MCHI vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCHI
MCHI Risk / Return Rank: 99
Overall Rank
MCHI Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 99
Sortino Ratio Rank
MCHI Omega Ratio Rank: 99
Omega Ratio Rank
MCHI Calmar Ratio Rank: 99
Calmar Ratio Rank
MCHI Martin Ratio Rank: 99
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4545
Overall Rank
EWM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4242
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWM 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. EWM - Risk-Adjusted Trends Comparison

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

MCHIEWMDifference
Sharpe ratioReturn per unit of total volatility
0.02
1.37

-1.35

Sortino ratioReturn per unit of downside risk
0.17
1.93

-1.76

Omega ratioGain probability vs. loss probability

1.02

1.24

-0.22

Calmar ratioReturn relative to maximum drawdown

0.02

2.25

-2.23

Martin ratioReturn relative to average drawdown

0.04

7.15

-7.11

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. EWM - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.02, which is lower than the EWM Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of MCHI 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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Sharpe Ratios by Period

MCHIEWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.02

1.37

-1.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.20

0.32

-0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.16

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.07

+0.02

Drawdowns

MCHI vs. EWM - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for MCHI and EWM.

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Drawdown Indicators

MCHIEWMDifference

Max Drawdown

Largest peak-to-trough decline

-62.95%

-89.19%

+26.24%

Max Drawdown (1Y)

Largest decline over 1 year

-18.51%

-8.51%

-10.00%

Max Drawdown (3Y)

Largest decline over 3 years

-25.85%

-21.31%

-4.54%

Max Drawdown (5Y)

Largest decline over 5 years

-56.98%

-22.76%

-34.22%

Max Drawdown (10Y)

Largest decline over 10 years

-62.95%

-43.81%

-19.14%

Current Drawdown

Current decline from peak

-38.78%

-10.11%

-28.67%

Average Drawdown

Average peak-to-trough decline

-24.53%

-31.82%

+7.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.52%

2.68%

+5.84%

Volatility

MCHI vs. EWM - Volatility Comparison

iShares MSCI China ETF (MCHI) has a higher volatility of 7.03% compared to iShares MSCI Malaysia ETF (EWM) at 3.44%. This indicates that MCHI'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

MCHIEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.03%

3.44%

+3.59%

Volatility (6M)

Calculated over the trailing 6-month period

14.70%

10.91%

+3.79%

Volatility (1Y)

Calculated over the trailing 1-year period

20.26%

14.05%

+6.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.73%

13.71%

+17.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.41%

16.28%

+11.13%

MCHI vs. EWM - Expense Ratio Comparison

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

Dividends

MCHI vs. EWM - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.36%, less than EWM's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.35%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
MCHI
iShares MSCI China ETF		2.36%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 EWM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MCHI has higher volatility (7.03%) compared to EWM (3.44%). In terms of maximum drawdown, MCHI dropped -62.95% vs EWM's -89.19%.

On 10-year performance, MCHI leads with 4.43% vs 2.62% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MCHI has performed better with a 4.43% return vs 2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.59% for MCHI.

EWM has the higher dividend yield at 3.35%, compared with 2.36% for MCHI.

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

EWM currently has the higher Sharpe Ratio (1.37 vs 0.02), 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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