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NFTY vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NFTY vs. EWH

Last updated Jun 4, 2026

NFTY (First Trust India NIFTY 50 Equal Weight ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds - NFTY tracks the NIFTY 50 Equal Weight Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, NFTY returned 8.13%/yr vs 4.93%/yr for EWH. At a 0.29 correlation, their price movements are largely independent. NFTY charges 0.80%/yr vs 0.49%/yr for EWH.

Performance

NFTY vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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, NFTY achieves a -9.70% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, NFTY has outperformed EWH with an annualized return of 8.13%, while EWH has yielded a comparatively lower 4.93% annualized return.

NFTY

1D
-1.34%
1M
-1.64%
YTD
-9.70%
6M
-7.99%
1Y
-8.48%
3Y*
5.72%
5Y*
4.62%
10Y*
8.13%

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)

NFTY vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NFTY
First Trust India NIFTY 50 Equal Weight ETF		-9.70%5.47%5.18%24.00%-3.46%26.83%10.04%0.58%-1.51%21.78%
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 NFTY and EWH is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.26

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

0.26

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

0.28

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2012

0.29

The correlation between NFTY and EWH shifts across timeframes, from 0.26 (5 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.

NFTY vs. EWH - Sectors Allocation Comparison

Sectors
NFTY
EWH

Financial Services

21.2%
45.4%

Consumer Cyclical

16.3%
3.7%

Basic Materials

12.5%

-

Healthcare

9.7%

-

Technology

9.2%

-

Energy

8.5%

-

Consumer Defensive

8.3%
2.7%

Industrials

8.3%
16.6%

Utilities

4.0%
11.2%

Communication Services

2.0%
1.7%

Real Estate

-

18.7%

Financial Services

NFTY
21.2%
EWH
45.4%

Consumer Cyclical

NFTY
16.3%
EWH
3.7%

Basic Materials

NFTY
12.5%
EWH

-

Healthcare

NFTY
9.7%
EWH

-

Technology

NFTY
9.2%
EWH

-

Energy

NFTY
8.5%
EWH

-

Consumer Defensive

NFTY
8.3%
EWH
2.7%

Industrials

NFTY
8.3%
EWH
16.6%

Utilities

NFTY
4.0%
EWH
11.2%

Communication Services

NFTY
2.0%
EWH
1.7%

Real Estate

NFTY

-

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.

First Trust India NIFTY 50 Equal Weight ETF

iShares MSCI Hong Kong ETF

Often compared with NFTY:
NFTY vs. SPYNFTY vs. INDYNFTY vs. TCS.NSNFTY vs. FLINNFTY vs. EPINFTY vs. QQQNFTY vs. ^BSE500
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

NFTY vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NFTY
NFTY Risk / Return Rank: 33
Overall Rank
NFTY Sharpe Ratio Rank: 44
Sharpe Ratio Rank
NFTY Sortino Ratio Rank: 44
Sortino Ratio Rank
NFTY Omega Ratio Rank: 44
Omega Ratio Rank
NFTY Calmar Ratio Rank: 44
Calmar Ratio Rank
NFTY Martin Ratio Rank: 22
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.

NFTY vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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.

NFTYEWHDifference
Sharpe ratioReturn per unit of total volatility
-0.58
1.49

-2.07

Sortino ratioReturn per unit of downside risk
-0.78
2.13

-2.91

Omega ratioGain probability vs. loss probability

0.91

1.26

-0.35

Calmar ratioReturn relative to maximum drawdown

-0.53

3.10

-3.63

Martin ratioReturn relative to average drawdown

-1.39

7.81

-9.20

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

NFTY vs. EWH - Sharpe Ratio Comparison

The current NFTY Sharpe Ratio is -0.58, which is lower than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of NFTY 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

NFTYEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.58

1.49

-2.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.27

0.00

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.25

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.18

+0.10

Drawdowns

NFTY vs. EWH - Drawdown Comparison

The maximum NFTY drawdown since its inception was -47.67%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for NFTY and EWH.

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Drawdown Indicators

NFTYEWHDifference

Max Drawdown

Largest peak-to-trough decline

-47.67%

-66.44%

+18.77%

Max Drawdown (1Y)

Largest decline over 1 year

-16.14%

-7.81%

-8.33%

Max Drawdown (3Y)

Largest decline over 3 years

-21.55%

-24.93%

+3.38%

Max Drawdown (5Y)

Largest decline over 5 years

-21.55%

-41.46%

+19.91%

Max Drawdown (10Y)

Largest decline over 10 years

-47.67%

-42.71%

-4.96%

Current Drawdown

Current decline from peak

-17.45%

-7.09%

-10.36%

Average Drawdown

Average peak-to-trough decline

-9.58%

-19.48%

+9.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.12%

3.09%

+3.03%

Volatility

NFTY vs. EWH - Volatility Comparison

The current volatility for First Trust India NIFTY 50 Equal Weight ETF (NFTY) is 4.58%, while iShares MSCI Hong Kong ETF (EWH) has a volatility of 5.00%. This indicates that NFTY experiences smaller price fluctuations and is considered to be less risky 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

NFTYEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

5.00%

-0.42%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

11.71%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

14.72%

16.26%

-1.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

20.00%

-2.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.72%

19.55%

+1.17%

NFTY vs. EWH - Expense Ratio Comparison

NFTY has a 0.80% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

NFTY vs. EWH - Dividend Comparison

NFTY's dividend yield for the trailing twelve months is around 1.96%, 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%
NFTY
First Trust India NIFTY 50 Equal Weight ETF		1.96%1.24%1.61%0.13%5.89%1.53%0.61%0.97%0.00%4.10%3.28%4.39%

Frequently Asked Questions

NFTY and EWH have a correlation of 0.37, 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 NFTY (4.58%). In terms of maximum drawdown, NFTY dropped -47.67% vs EWH's -66.44%.

On 10-year performance, NFTY leads with 8.13% vs 4.93% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, NFTY has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, NFTY has performed better with a 8.13% 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 0.80% for NFTY.

EWH has the higher dividend yield at 4.84%, compared with 1.96% for NFTY.

NFTY tracks NIFTY 50 Equal Weight Index, while EWH tracks MSCI Hong Kong Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for NFTY and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs -0.58), 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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