THD vs. ECNS

Last updated Jun 4, 2026

THD (iShares MSCI Thailand ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both Asia Pacific Equities funds from iShares - THD tracks the MSCI Thailand Investable Market Index while ECNS tracks the MSCI China Small Cap Index. Both are passively managed. Over the past 10 years, THD returned 3.47%/yr vs 1.88%/yr for ECNS. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.

Performance

THD vs. ECNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) and iShares MSCI China Small-Cap ETF (ECNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THD achieves a 24.17% return, which is significantly higher than ECNS's -4.50% return. Over the past 10 years, THD has outperformed ECNS with an annualized return of 3.47%, while ECNS has yielded a comparatively lower 1.88% annualized return.

THD

• 1D: -0.75%
• 1M: 5.54%
• YTD: 24.17%
• 6M: 25.06%
• 1Y: 42.49%
• 3Y*: 5.77%
• 5Y*: 0.86%
• 10Y*: 3.47%

ECNS

• 1D: -2.25%
• 1M: -6.37%
• YTD: -4.50%
• 6M: -7.48%
• 1Y: 13.77%
• 3Y*: 7.43%
• 5Y*: -6.97%
• 10Y*: 1.88%

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

THD vs. ECNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THD iShares MSCI Thailand ETF	24.17%	2.36%	-2.21%	-12.63%	1.22%	1.87%	-9.89%	8.32%	-8.25%	31.45%
ECNS iShares MSCI China Small-Cap ETF	-4.50%	36.49%	5.64%	-23.05%	-24.58%	2.11%	25.42%	7.84%	-18.27%	27.55%

Correlation

The correlation between THD and ECNS is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.45

THD vs. ECNS - Sectors Allocation Comparison

Sectors	THD	ECNS
Industrials	29.3%	16.2%
Energy	14.3%	3.4%
Financial Services	11.2%	4.4%
Communication Services	10.3%	4.5%
Consumer Defensive	7.8%	4.0%
Utilities	6.7%	2.6%
Healthcare	6.4%	19.8%
Real Estate	5.1%	8.8%
Consumer Cyclical	4.6%	8.8%
Basic Materials	3.5%	7.8%
Technology	0.9%	16.9%

Return for Risk

THD vs. ECNS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

THD

THD Risk / Return Rank: 55
THD Sharpe Ratio Rank: 55
THD Sortino Ratio Rank: 53
THD Omega Ratio Rank: 50
THD Calmar Ratio Rank: 65
THD Martin Ratio Rank: 54

ECNS

ECNS Risk / Return Rank: 19
ECNS Sharpe Ratio Rank: 20
ECNS Sortino Ratio Rank: 19
ECNS Omega Ratio Rank: 20
ECNS Calmar Ratio Rank: 19
ECNS Martin Ratio Rank: 16

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.

THD vs. ECNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) and iShares MSCI China Small-Cap ETF (ECNS). 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.

	THD	ECNS	Difference
Sharpe ratio: Return per unit of total volatility	1.88	0.66	+1.22
Sortino ratio: Return per unit of downside risk	2.60	1.00	+1.59
Omega ratio: Gain probability vs. loss probability	1.32	1.13	+0.18
Calmar ratio: Return relative to maximum drawdown	3.25	0.76	+2.49
Martin ratio: Return relative to average drawdown	9.35	1.51	+7.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THD vs. ECNS - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.88, which is higher than the ECNS Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of THD and ECNS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	THD	ECNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	0.66	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	-0.24	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.07	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.02	+0.16

Drawdowns

THD vs. ECNS - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, roughly equal to the maximum ECNS drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for THD and ECNS.

Drawdown Indicators

	THD	ECNS	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-63.43%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-18.08%	+4.96%
Max Drawdown (3Y) Largest decline over 3 years	-34.11%	-31.72%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	-59.61%	+19.37%
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	-63.43%	+14.11%
Current Drawdown Current decline from peak	-8.82%	-38.52%	+29.70%
Average Drawdown Average peak-to-trough decline	-18.28%	-29.39%	+11.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	9.14%	-4.56%

Volatility

THD vs. ECNS - Volatility Comparison

iShares MSCI Thailand ETF (THD) has a higher volatility of 6.41% compared to iShares MSCI China Small-Cap ETF (ECNS) at 5.64%. This indicates that THD's price experiences larger fluctuations and is considered to be riskier than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THD	ECNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	5.64%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	12.87%	+5.41%
Volatility (1Y) Calculated over the trailing 1-year period	22.67%	20.92%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	29.44%	-9.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	25.90%	-4.32%

THD vs. ECNS - Expense Ratio Comparison

Both THD and ECNS have an expense ratio of 0.59%.

Dividends

THD vs. ECNS - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 2.71%, less than ECNS's 6.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECNS iShares MSCI China Small-Cap ETF	6.49%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%
THD iShares MSCI Thailand ETF	2.71%	3.36%	3.15%	2.92%	2.41%	3.16%	2.31%	2.42%	2.57%	2.16%	2.61%	3.58%

Frequently Asked Questions

Can I hold both THD and ECNS in my portfolio?

THD and ECNS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THD or ECNS?

THD has higher volatility (6.41%) compared to ECNS (5.64%). In terms of maximum drawdown, THD dropped -64.22% vs ECNS's -63.43%.

Which ETF is better, THD or ECNS?

On 10-year performance, THD leads with 3.47% vs 1.88% for ECNS. Both ETFs have the same 0.59% expense ratio. On volatility, ECNS has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THD or ECNS?

Over the 10-year period, THD has performed better with a 3.47% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THD or ECNS?

THD and ECNS have the same expense ratio: 0.59% per year.

Which ETF pays a higher dividend yield, THD or ECNS?

ECNS has the higher dividend yield at 6.49%, compared with 2.71% for THD.

What is the main difference between THD and ECNS?

THD tracks MSCI Thailand Investable Market Index, while ECNS tracks MSCI China Small Cap Index.

Which has better risk-adjusted returns?

THD currently has the higher Sharpe Ratio (1.88 vs 0.66), 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.