THD vs. EPP

Last updated Jun 4, 2026

THD (iShares MSCI Thailand ETF) and EPP (iShares MSCI Pacific ex Japan ETF) are both Asia Pacific Equities funds from iShares - THD tracks the MSCI Thailand Investable Market Index while EPP tracks the MSCI Pacific ex-Japan Index. Both are passively managed. Over the past 10 years, THD returned 3.47%/yr vs 7.60%/yr for EPP. A 0.62 correlation means they provide meaningful diversification when combined. THD charges 0.59%/yr vs 0.48%/yr for EPP.

Performance

THD vs. EPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) and iShares MSCI Pacific ex Japan ETF (EPP). 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 EPP's 9.57% return. Over the past 10 years, THD has underperformed EPP with an annualized return of 3.47%, while EPP has yielded a comparatively higher 7.60% 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%

EPP

• 1D: -1.07%
• 1M: 1.12%
• YTD: 9.57%
• 6M: 10.96%
• 1Y: 17.40%
• 3Y*: 13.26%
• 5Y*: 4.65%
• 10Y*: 7.60%

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

THD vs. EPP - 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%
EPP iShares MSCI Pacific ex Japan ETF	9.57%	19.70%	4.76%	5.76%	-6.59%	4.26%	6.04%	18.30%	-10.78%	26.05%

Correlation

The correlation between THD and EPP is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Apr 2, 2008	0.62

The correlation between THD and EPP has been stable across timeframes, ranging from 0.52 to 0.62 - a consistent structural relationship.

THD vs. EPP - Sectors Allocation Comparison

Sectors	THD	EPP
Industrials	29.3%	8.6%
Energy	14.3%	2.9%
Financial Services	11.2%	46.0%
Communication Services	10.3%	2.7%
Consumer Defensive	7.8%	3.0%
Utilities	6.7%	3.6%
Healthcare	6.4%	3.7%
Real Estate	5.1%	7.8%
Consumer Cyclical	4.6%	6.0%
Basic Materials	3.5%	14.6%
Technology	0.9%	1.1%

Return for Risk

THD vs. EPP — 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

EPP

EPP Risk / Return Rank: 35
EPP Sharpe Ratio Rank: 33
EPP Sortino Ratio Rank: 32
EPP Omega Ratio Rank: 32
EPP Calmar Ratio Rank: 40
EPP Martin Ratio Rank: 39

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. EPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) and iShares MSCI Pacific ex Japan ETF (EPP). 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	EPP	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.20	+0.68
Sortino ratio Return per unit of downside risk	2.60	1.74	+0.86
Omega ratio Gain probability vs. loss probability	1.32	1.22	+0.10
Calmar ratio Return relative to maximum drawdown	3.25	1.99	+1.26
Martin ratio Return relative to average drawdown	9.35	6.27	+3.08
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. EPP - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.88, which is higher than the EPP Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of THD and EPP, 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	EPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.20	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.27	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.40	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.39	-0.21

Drawdowns

THD vs. EPP - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, roughly equal to the maximum EPP drawdown of -66.01%. Use the drawdown chart below to compare losses from any high point for THD and EPP.

Drawdown Indicators

	THD	EPP	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-66.01%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-8.79%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-34.11%	-19.29%	-14.82%
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	-26.31%	-13.93%
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	-39.30%	-10.02%
Current Drawdown Current decline from peak	-8.82%	-2.79%	-6.03%
Average Drawdown Average peak-to-trough decline	-18.28%	-10.62%	-7.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	2.78%	+1.80%

Volatility

THD vs. EPP - Volatility Comparison

iShares MSCI Thailand ETF (THD) has a higher volatility of 6.41% compared to iShares MSCI Pacific ex Japan ETF (EPP) at 4.65%. This indicates that THD's price experiences larger fluctuations and is considered to be riskier than EPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THD	EPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	4.65%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	11.94%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	22.67%	14.51%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	17.41%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	19.11%	+2.47%

THD vs. EPP - Expense Ratio Comparison

THD has a 0.59% expense ratio, which is higher than EPP's 0.48% expense ratio.

Dividends

THD vs. EPP - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 2.71%, less than EPP's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPP iShares MSCI Pacific ex Japan ETF	3.44%	3.77%	3.81%	4.10%	4.37%	4.58%	2.28%	3.89%	5.00%	4.15%	3.96%	4.90%
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 EPP in my portfolio?

THD and EPP have a correlation of 0.52, 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 EPP?

THD has higher volatility (6.41%) compared to EPP (4.65%). In terms of maximum drawdown, THD dropped -64.22% vs EPP's -66.01%.

Which ETF is better, THD or EPP?

On 10-year performance, EPP leads with 7.60% vs 3.47% for THD. On fees, EPP is cheaper at 0.48% per year. On volatility, EPP has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THD or EPP?

Over the 10-year period, EPP has performed better with a 7.60% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THD or EPP?

EPP is cheaper with a 0.48% expense ratio, compared with 0.59% for THD.

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

EPP has the higher dividend yield at 3.44%, compared with 2.71% for THD.

What is the main difference between THD and EPP?

THD tracks MSCI Thailand Investable Market Index, while EPP tracks MSCI Pacific ex-Japan Index. Their fees differ too: 0.59% for THD and 0.48% for EPP.

Which has better risk-adjusted returns?

THD currently has the higher Sharpe Ratio (1.88 vs 1.20), 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.