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THD vs. EPHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THD vs. EPHE

Last updated Jul 17, 2026
Documentation

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 2.94%/yr vs -3.21%/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.

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Returns By Period

In the year-to-date period, THD achieves a 25.10% return, which is significantly higher than EPHE's 3.96% return. Over the past 10 years, THD has outperformed EPHE with an annualized return of 2.94%, while EPHE has yielded a comparatively lower -3.21% annualized return.

THD

1D
0.82%
1M
0.47%
6M
23.77%
YTD
25.10%
1Y
40.54%
3Y*
5.86%
5Y*
2.73%
10Y*
2.94%

EPHE

1D
0.99%
1M
-2.34%
6M
-1.79%
YTD
3.96%
1Y
-0.89%
3Y*
0.36%
5Y*
-0.64%
10Y*
-3.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

THD vs. EPHE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
THD
iShares MSCI Thailand ETF		25.10%2.36%-2.21%-12.63%1.22%1.87%-9.89%8.32%-8.25%31.45%
EPHE
iShares MSCI Philippines ETF		3.96%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 0.37, 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

0.37

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 0.37 (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%

-

Industrials

THD
31.1%
EPHE
30.8%

Energy

THD
13.5%
EPHE
1.3%

Financial Services

THD
11.1%
EPHE
20.0%

Communication Services

THD
9.8%
EPHE
4.8%

Consumer Defensive

THD
7.5%
EPHE
4.5%

Utilities

THD
7.0%
EPHE
13.5%

Healthcare

THD
6.1%
EPHE

-

Real Estate

THD
5.0%
EPHE
11.2%

Consumer Cyclical

THD
4.7%
EPHE
12.7%

Basic Materials

THD
2.9%
EPHE
1.1%

Technology

THD
1.2%
EPHE

-

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 Thailand ETF

iShares MSCI Philippines ETF

Often compared with THD:
THD vs. VOOTHD vs. AAXJTHD vs. GREKTHD vs. SSOTHD vs. GQETXTHD vs. EPUTHD vs. BRAZ
Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VXUSEPHE vs. GOVTEPHE vs. VTI

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: 6868
Overall Rank
THD Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
THD Sortino Ratio Rank: 6868
Sortino Ratio Rank
THD Omega Ratio Rank: 6262
Omega Ratio Rank
THD Calmar Ratio Rank: 7676
Calmar Ratio Rank
THD Martin Ratio Rank: 6363
Martin Ratio Rank
EPHE
EPHE Risk / Return Rank: 99
Overall Rank
EPHE Sharpe Ratio Rank: 99
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 99
Sortino Ratio Rank
EPHE Omega Ratio Rank: 99
Omega Ratio Rank
EPHE Calmar Ratio Rank: 99
Calmar Ratio Rank
EPHE Martin Ratio Rank: 99
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.

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.

THDEPHEDifference
Sharpe ratioReturn per unit of total volatility
1.80
-0.04

+1.84

Sortino ratioReturn per unit of downside risk
2.48
0.09

+2.39

Omega ratioGain probability vs. loss probability

1.30

1.01

+0.29

Calmar ratioReturn relative to maximum drawdown

3.10

-0.06

+3.16

Martin ratioReturn relative to average drawdown

8.92

-0.10

+9.02

THD vs. EPHE - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.80, which is higher than the EPHE Sharpe Ratio of -0.04. 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.

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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.

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Drawdown Indicators

THDEPHEDifference

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

-8.14%

-31.26%

+23.12%

Average Drawdown

Average peak-to-trough decline

-18.22%

-21.07%

+2.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.56%

8.83%

-4.27%

Volatility

THD vs. EPHE - Volatility Comparison

The current volatility for iShares MSCI Thailand ETF (THD) is 6.38%, while iShares MSCI Philippines ETF (EPHE) has a volatility of 7.10%. 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.

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Volatility by Period

THDEPHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.38%

7.10%

-0.72%

Volatility (6M)

Calculated over the trailing 6-month period

18.78%

15.94%

+2.84%

Volatility (1Y)

Calculated over the trailing 1-year period

22.62%

20.56%

+2.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.00%

18.44%

+1.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.58%

22.28%

-0.70%

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 3.46%, more than EPHE's 2.67% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.67%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		3.46%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

THD and EPHE 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.

EPHE has higher volatility (7.10%) compared to THD (6.38%). In terms of maximum drawdown, THD dropped -64.22% vs EPHE's -53.82%.

On 10-year performance, THD leads with 2.94% vs -3.21% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, THD has been the lower-risk option at 6.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, THD has performed better with a 2.94% return vs -3.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

THD has the higher dividend yield at 3.46%, compared with 2.67% for EPHE.

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

THD currently has the higher Sharpe Ratio (1.80 vs -0.04), 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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