EWH vs SPY
iShares MSCI Hong Kong ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWH or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 71.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EWH | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $1.2B | $804.7B |
| Dividend Yield | 4.51% | 0.98% |
| Holdings | 34 | 505 |
| YTD Return | +3.43% | +13.51%Best |
| 1Y Return | +11.17% | +18.19%Best |
| 3Y Return (annualized) | +13.89% | +23.29%Best |
| 5Y Return (annualized) | +2.11% | +13.21%Best |
| Volatility (annualized) | 24.1% | 15.3%Best |
| Max Drawdown | -69.3% | -56.5%Best |
| $10,000 over 5 years | $11,100 | $18,596Best |
| Top 10 Weight | 71.6% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 1, 1996 to Sep 25, 2026 (30.5 years).
EWH vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 30.5 years both funds cover.
EWH vs SPY Performance
iShares MSCI Hong Kong ETF (EWH) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EWH returned +11.17% while SPY returned +18.19%. Year to date, EWH is up 3.43% versus a gain of 13.51% for SPY.
Over three years, EWH compounded at +13.89% per year against +23.29% for SPY; over five years the annualized figures are +2.11% and +13.21% respectively. Across the full 31-year window we track, SPY has the edge at +8.69% annualized vs +2.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWH has been the more volatile fund, with annualized monthly volatility of 24.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -69.3% for EWH and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.59. They move together some of the time, and apart the rest.
Fees and Cost Over Time
EWH charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, EWH currently yields 4.51% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 26 holdings in EWH and 504 in SPY, totalling 99.7% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 26 positions we hold weights for in EWH and 504 in SPY, against full books of 34 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for EWH (99.3% of the fund), and 2 for EWH that do not appear in SPY (4.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EWH and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EWH or SPY?
EWH has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, EWH or SPY?
Over the past year EWH returned +11.17% vs +18.19% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), EWH annualized +2.25% vs +8.69% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWH or SPY?
EWH has been the more volatile fund at 24.1% annualized versus 15.3% for SPY. Worst drawdown: EWH -69.3% vs SPY -56.5%.
Should I hold both EWH and SPY?
EWH and SPY have a monthly-return correlation of 0.59, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EWH or SPY?
EWH yields 4.51% while SPY yields 0.98%, so EWH currently pays the higher dividend yield.
Is SPY better than EWH?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 71.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.