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VNM vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VNM vs. EWH

Last updated Jun 4, 2026

VNM (VanEck Vectors Vietnam ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds - VNM tracks the MVIS Vietnam Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, VNM returned 3.30%/yr vs 4.93%/yr for EWH. At a 0.38 correlation, their price movements are largely independent. VNM charges 0.68%/yr vs 0.49%/yr for EWH.

Performance

VNM vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) 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, VNM achieves a -5.56% return, which is significantly lower than EWH's 7.34% return. Over the past 10 years, VNM has underperformed EWH with an annualized return of 3.30%, while EWH has yielded a comparatively higher 4.93% annualized return.

VNM

1D
-0.61%
1M
-4.00%
YTD
-5.56%
6M
-3.39%
1Y
29.35%
3Y*
13.96%
5Y*
-0.84%
10Y*
3.30%

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)

VNM vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VNM
VanEck Vectors Vietnam ETF		-5.56%66.55%-11.15%15.01%-43.74%22.05%9.84%9.24%-16.83%38.80%
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 VNM and EWH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.22

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

0.25

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

0.36

Correlation (All Time)
Calculated using the full available price history since Aug 17, 2009

0.38

Over the past year, the correlation between VNM and EWH has dropped to 0.15 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

VNM vs. EWH - Sectors Allocation Comparison

Sectors
VNM
EWH

Real Estate

31.4%
18.7%

Financial Services

27.5%
45.4%

Industrials

14.9%
16.6%

Consumer Defensive

14.4%
2.7%

Basic Materials

7.9%

-

Technology

1.7%

-

Energy

1.2%

-

Utilities

1.0%
11.2%

Communication Services

-

1.7%

Consumer Cyclical

-

3.7%

Healthcare

-

-

Real Estate

VNM
31.4%
EWH
18.7%

Financial Services

VNM
27.5%
EWH
45.4%

Industrials

VNM
14.9%
EWH
16.6%

Consumer Defensive

VNM
14.4%
EWH
2.7%

Basic Materials

VNM
7.9%
EWH

-

Technology

VNM
1.7%
EWH

-

Energy

VNM
1.2%
EWH

-

Utilities

VNM
1.0%
EWH
11.2%

Communication Services

VNM

-

EWH
1.7%

Consumer Cyclical

VNM

-

EWH
3.7%

Healthcare

VNM

-

EWH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors Vietnam ETF

iShares MSCI Hong Kong ETF

Often compared with VNM:
VNM vs. VOOVNM vs. INDAVNM vs. IDXVNM vs. SPYVNM vs. VNAMVNM vs. VXUSVNM vs. VT
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

VNM vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VNM
VNM Risk / Return Rank: 3030
Overall Rank
VNM Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
VNM Sortino Ratio Rank: 3030
Sortino Ratio Rank
VNM Omega Ratio Rank: 2828
Omega Ratio Rank
VNM Calmar Ratio Rank: 3434
Calmar Ratio Rank
VNM Martin Ratio Rank: 3030
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.

VNM vs. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) 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.

VNMEWHDifference
Sharpe ratioReturn per unit of total volatility
1.10
1.49

-0.39

Sortino ratioReturn per unit of downside risk
1.66
2.13

-0.47

Omega ratioGain probability vs. loss probability

1.20

1.26

-0.06

Calmar ratioReturn relative to maximum drawdown

1.73

3.10

-1.38

Martin ratioReturn relative to average drawdown

4.39

7.81

-3.42

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

VNM vs. EWH - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 1.10, which is comparable to the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VNM 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

VNMEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.10

1.49

-0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.03

0.00

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.14

0.25

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.02

0.18

-0.20

Drawdowns

VNM vs. EWH - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, roughly equal to the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for VNM and EWH.

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Drawdown Indicators

VNMEWHDifference

Max Drawdown

Largest peak-to-trough decline

-63.19%

-66.44%

+3.25%

Max Drawdown (1Y)

Largest decline over 1 year

-17.07%

-7.81%

-9.26%

Max Drawdown (3Y)

Largest decline over 3 years

-31.60%

-24.93%

-6.67%

Max Drawdown (5Y)

Largest decline over 5 years

-49.95%

-41.46%

-8.49%

Max Drawdown (10Y)

Largest decline over 10 years

-51.67%

-42.71%

-8.96%

Current Drawdown

Current decline from peak

-26.45%

-7.09%

-19.36%

Average Drawdown

Average peak-to-trough decline

-37.83%

-19.48%

-18.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.72%

3.09%

+3.63%

Volatility

VNM vs. EWH - Volatility Comparison

VanEck Vectors Vietnam ETF (VNM) has a higher volatility of 5.52% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that VNM's price experiences larger fluctuations and is considered to be riskier 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

VNMEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.52%

5.00%

+0.52%

Volatility (6M)

Calculated over the trailing 6-month period

18.51%

11.71%

+6.80%

Volatility (1Y)

Calculated over the trailing 1-year period

26.79%

16.26%

+10.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.26%

20.00%

+4.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.46%

19.55%

+3.91%

VNM vs. EWH - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

VNM vs. EWH - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.21%, 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%
VNM
VanEck Vectors Vietnam ETF		0.21%0.20%0.00%5.21%0.96%0.49%0.40%0.76%0.83%1.14%2.44%3.69%

Frequently Asked Questions

VNM and EWH have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VNM has higher volatility (5.52%) compared to EWH (5.00%). In terms of maximum drawdown, VNM dropped -63.19% vs EWH's -66.44%.

On 10-year performance, EWH leads with 4.93% vs 3.30% for VNM. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWH has performed better with a 4.93% return vs 3.30%. 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 0.68% for VNM.

EWH has the higher dividend yield at 4.84%, compared with 0.21% for VNM.

VNM tracks MVIS Vietnam Index, while EWH tracks MSCI Hong Kong Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.68% for VNM and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.49 vs 1.10), 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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