THD vs. EPHE

Last updated Jun 24, 2026

THD (iShares MSCI Thailand ETF) and EPHE (iShares MSCI Philippines ETF) are both Asia Pacific Equities funds from iShares - THD tracks the MSCI Thailand Investable Market Index while EPHE tracks the MSCI Philippines Investable Market Index. Both are passively managed. Over the past 10 years, THD returned 3.39%/yr vs -2.80%/yr for EPHE. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

THD vs. EPHE - Performance Comparison

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

Returns By Period

In the year-to-date period, THD achieves a 18.84% return, which is significantly higher than EPHE's 1.87% return. Over the past 10 years, THD has outperformed EPHE with an annualized return of 3.39%, while EPHE has yielded a comparatively lower -2.80% annualized return.

THD

• 1D: -3.05%
• 1M: -2.31%
• YTD: 18.84%
• 6M: 16.38%
• 1Y: 47.78%
• 3Y*: 5.36%
• 5Y*: 0.72%
• 10Y*: 3.39%

EPHE

• 1D: 0.69%
• 1M: 2.70%
• YTD: 1.87%
• 6M: 1.83%
• 1Y: -1.42%
• 3Y*: 1.74%
• 5Y*: -2.44%
• 10Y*: -2.80%

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

THD vs. EPHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THD iShares MSCI Thailand ETF	18.84%	2.36%	-2.21%	-12.63%	1.22%	1.87%	-9.89%	8.32%	-8.25%	31.45%
EPHE iShares MSCI Philippines ETF	1.87%	1.56%	-1.41%	1.27%	-15.87%	-2.23%	-3.95%	8.50%	-17.50%	20.20%

Correlation

The correlation between THD and EPHE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.51

The correlation between THD and EPHE shifts across timeframes, from 0.36 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

THD vs. EPHE - Sectors Allocation Comparison

Sectors	THD	EPHE
Industrials	31.1%	30.8%
Energy	13.5%	1.3%
Financial Services	11.1%	20.0%
Communication Services	9.8%	4.8%
Consumer Defensive	7.5%	4.5%
Utilities	7.0%	13.5%
Healthcare	6.1%	-
Real Estate	5.0%	11.2%
Consumer Cyclical	4.7%	12.7%
Basic Materials	2.9%	1.1%
Technology	1.2%	-

Return for Risk

THD vs. EPHE — Risk / Return Rank

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

THD

THD Risk / Return Rank: 66
THD Sharpe Ratio Rank: 69
THD Sortino Ratio Rank: 65
THD Omega Ratio Rank: 60
THD Calmar Ratio Rank: 76
THD Martin Ratio Rank: 63

EPHE

EPHE Risk / Return Rank: 8
EPHE Sharpe Ratio Rank: 8
EPHE Sortino Ratio Rank: 8
EPHE Omega Ratio Rank: 8
EPHE Calmar Ratio Rank: 8
EPHE Martin Ratio Rank: 8

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. EPHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) and iShares MSCI Philippines ETF (EPHE). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	THD	EPHE	Difference
Sharpe ratio: Return per unit of total volatility	2.08	-0.07	+2.15
Sortino ratio: Return per unit of downside risk	2.78	0.05	+2.74
Omega ratio: Gain probability vs. loss probability	1.34	1.01	+0.34
Calmar ratio: Return relative to maximum drawdown	3.66	-0.09	+3.75
Martin ratio: Return relative to average drawdown	10.63	-0.16	+10.79

THD vs. EPHE - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 2.08, which is higher than the EPHE Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of THD and EPHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

THD vs. EPHE - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, which is greater than EPHE's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for THD and EPHE.

Drawdown Indicators

	THD	EPHE	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-53.82%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-15.90%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-34.11%	-21.42%	-12.69%
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	-32.96%	-7.28%
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	-51.62%	+2.30%
Current Drawdown Current decline from peak	-12.73%	-32.64%	+19.91%
Average Drawdown Average peak-to-trough decline	-18.25%	-21.02%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	8.76%	-4.25%

Volatility

THD vs. EPHE - Volatility Comparison

The current volatility for iShares MSCI Thailand ETF (THD) is 6.39%, while iShares MSCI Philippines ETF (EPHE) has a volatility of 9.46%. This indicates that THD experiences smaller price fluctuations and is considered to be less risky than EPHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THD	EPHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	9.46%	-3.07%
Volatility (6M) Calculated over the trailing 6-month period	18.95%	15.63%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	20.50%	+2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	18.42%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	22.29%	-0.71%

THD vs. EPHE - Expense Ratio Comparison

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

Dividends

THD vs. EPHE - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 3.65%, more than EPHE's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPHE iShares MSCI Philippines ETF	2.73%	2.11%	2.32%	2.01%	1.73%	1.05%	0.72%	0.78%	0.45%	0.36%	0.71%	1.03%
THD iShares MSCI Thailand ETF	3.65%	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 EPHE in my portfolio?

THD and EPHE have a correlation of 0.36, 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 EPHE?

EPHE has higher volatility (9.46%) compared to THD (6.39%). In terms of maximum drawdown, THD dropped -64.22% vs EPHE's -53.82%.

Which ETF is better, THD or EPHE?

On 10-year performance, THD leads with 3.39% vs -2.80% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, THD has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THD or EPHE?

Over the 10-year period, THD has performed better with a 3.39% return vs -2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THD or EPHE?

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

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

THD has the higher dividend yield at 3.65%, compared with 2.73% for EPHE.

What is the main difference between THD and EPHE?

THD tracks MSCI Thailand Investable Market Index, while EPHE tracks MSCI Philippines Investable Market Index.

Which has better risk-adjusted returns?

THD currently has the higher Sharpe Ratio (2.08 vs -0.07), 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.