At a glance
EWH charges 0.5% a year, above the 0.33% average of the 2 funds most like it (the most expensive of 3). It has $1.21B in assets, the 3rd largest of that group; it paid 4.7% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +14.7% a year. At its worst it fell 24.4% in the 2020 crash (S&P 500: 33.7%) and 25.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 35 months after the lows. Its ten largest positions make up 70.5% of the fund, out of 27 in all.
The short version
The iShares MSCI Hong Kong ETF (EWH) is a BlackRock index fund. It tracks the MSCI Hong Kong 25/50 Index and held 27 large and mid-sized Hong Kong companies as of August 31, 2026. It is highly concentrated: insurer AIA Group and exchange operator Hong Kong Exchanges and Clearing made up about 36% of assets. Its 0.50% expense ratio is higher than broader Asia-Pacific funds such as BBAX, which charges 0.19%.
Price history
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EWH +7.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWH official prospectus, to Dec 31, 2024 | — | +0.10% | — | -4.10% | +1.05% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWH price data to Oct 27, 2026 | +5.8% | +7.3% | +14.7% | +1.8% | +3.7% | +5.9% |
- Over the year to Oct 27, 2026, EWH returned +7.3%, 3rd of 3 among similar funds.
- Its 5-year annualized return was +1.8% and its 10-year +3.7%.
- In the 2020 COVID crash it fell 24.4% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2008 (-50.3%); its best was 2009 (+55.1%).
- The deepest fall in its price history was 63.6% (Oct 29, 2007 to Nov 20, 2008), recovered by Jan 24, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.8% | — |
| 2025 | +34.5% | — |
| 2024 | 0.0% | +0.10% |
| 2023 | -13.8% | -14.04% |
| 2022 | -6.8% | -6.72% |
| 2021 | -3.5% | -3.43% |
| 2020 | +4.2% | +4.64% |
| 2019 | +10.7% | +9.67% |
| 2018 | -8.7% | -8.26% |
| 2017 | +36.5% | +35.59% |
| 2016 | +3.4% | +1.76% |
| 2015 | -1.2% | -1.40% |
| 2014 | +3.2% | — |
| 2013 | +9.5% | — |
| 2012 | +29.3% | — |
| 2011 | -16.2% | — |
| 2010 | +24.1% | — |
| 2009 | +55.1% | — |
| 2008 | -50.3% | — |
| 2007 | +39.4% | — |
| 2006 | +29.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.3% over that stretch · deepest drop along the way 63.6%, back to its old high 50.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.4% over that stretch · deepest drop along the way 24.4%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.8% over that stretch · deepest drop along the way 25.3%, back to its old high 35 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3500 | |
| 2025 | $1.1100 | +60.9% |
| 2024 | $0.6900 | -6.8% |
| 2023 | $0.7400 | +21.3% |
| 2022 | $0.6100 | -4.7% |
| 2021 | $0.6400 | +1.6% |
| 2020 | $0.6300 | -4.5% |
| 2019 | $0.6600 | 0.0% |
| 2018 | $0.6600 | -40.5% |
| 2017 | $1.1100 | +12.1% |
| 2016 | $0.9900 | +90.4% |
| 2015 | $0.5200 | -27.8% |
| 2014 | $0.7200 | +18.0% |
| 2013 | $0.6100 | +22.0% |
| 2012 | $0.5000 | +22.0% |
| 2011 | $0.4100 | -8.9% |
| 2010 | $0.4500 | +18.4% |
| 2009 | $0.3800 | -38.7% |
| 2008 | $0.6200 | +63.2% |
| 2007 | $0.3800 | +22.6% |
| 2006 | $0.3100 |
What's inside
As of Aug 31, 2026, the fund held 27 securities; the ten largest made up 70.48% of assets.
| Holding | Weight | |
|---|---|---|
| AIA Group Limited | 20.29% | |
| Hong Kong Exchanges and Clearing Limited | 16.14% | |
| CK HUTCHISON HOLDINGS LIMITED | 5.97% | |
| TECHTRONIC INDUSTRIES COMPANY LIMITED | 5.28% | |
| BOC HONG KONG (HOLDINGS) LIMITED | 5.15% | |
| CLP HOLDINGS LIMITED | 4.40% | |
| SUN HUNG KAI PROPERTIES LIMITED | 3.92% | |
| LINK REIT Other | 3.49% | |
| Power Assets Holdings Limited | 2.94% | |
| CK ASSET HOLDINGS LIMITED | 2.90% | |
| The Hong Kong & China Gas Co Ltd | 2.88% | |
| SITC International Holdings Co Ltd | 2.54% | |
| Galaxy Entertainment Group Limited | 2.49% | |
| JARDINE MATHESON HOLDINGS LIMITED | 2.28% | |
| WH GROUP LIMITED | 2.08% |
By country
Hong Kong 75.3%Cayman Islands 18.69%Bermuda 5.69%XX 0%By asset type
Stocks 92.52%Other 7.16%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $126.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.01%, +10.27%, -0.32%.
How it works
EWH tracks the MSCI Hong Kong 25/50 Index, which covers the large and mid-sized companies in Hong Kong's stock market. The index is weighted by free float-adjusted market value. That means bigger companies count for more, based only on the shares the public can actually trade. The fund's manager, BlackRock Fund Advisors (BFA), does not try to beat the index. It also does not move into defensive positions when markets fall.
The "25/50" in the name refers to a cap. No single "group entity" (companies MSCI judges to be under common control) can exceed 25% of the index. All group entities above 5% can add up to no more than 50% combined. MSCI reviews these groupings once a year. The index is rebalanced every quarter, using a process meant to keep it as close as possible to the uncapped MSCI Hong Kong Index.
BFA uses representative sampling. It buys a set of stocks that, taken together, behaves like the index, so the fund may not hold every index stock. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps and cash. As of August 31, 2026, about 1% was in cash, plus a small MSCI Hong Kong futures position. The fund may lend out up to one-third of its assets. Portfolio turnover was 10%.
What it really costs
- EWH charges 0.5% a year, versus an average of 0.33% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.49% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWH | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a concentrated single-market fund whose past drops have been deep and slow to recover, so it fits better as a small slice than as a foundation.
EWH may suit a small satellite position next to broader funds. Its past drops have been severe. It fell 63.6% between October 2007 and November 2008. It then needed about 50 months from that low to recover, finally doing so in January 2013. Its worst calendar year was 2008, at -50.3%. It lost 24.4% in the 2020 COVID crash and had recovered by November 2020. After falling 25.3% in 2022, it did not get back to its peak until September 2025. Selling shares to pay for spending during stretches like these would lock in steep losses.
Its trailing 12-month yield was 4.7% as of October 27, 2026, and it pays twice a year. In the SEC's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a targeted Hong Kong stake, led by AIA Group and Hong Kong Exchanges and Clearing, as a small part of a broader portfolio.
- Income-minded holders comfortable with payouts twice a year; the trailing 12-month yield was 4.7% as of October 27, 2026.
- People who can hold through long slumps, like the 35 months the fund needed to recover from its October 2022 low.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio is well above the 0.19% BBAX charges for broader developed Asia-Pacific exposure.
- Anyone uneasy with concentration: as of August 31, 2026, the top 10 holdings made up about 70% of assets and the top two about 36%.
- Retirees who may need to sell in a downturn: the fund fell 63.6% in 2008 and needed about 50 months to recover.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does EWH pay dividends?
Yes. EWH pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $1.04 per share, for a trailing yield of 4.7%. Payouts depend on the dividends its Hong Kong companies pay. They also depend on exchange rates, because the fund converts its income into US dollars. As a result, the amount can change from one payment to the next.
What's the difference between EWH and EPP?
EWH holds only Hong Kong stocks. The iShares MSCI Pacific ex Japan ETF (EPP) spreads across a wider Asia-Pacific region, and the two share only about 17% of their holdings. EPP costs a bit less, at 0.48% versus 0.50%. As of October 27, 2026, EPP had also returned more: 10.7% over one year versus 7.3%, and 17.8% a year over three years versus 14.7%.
What are EWH's top holdings?
As of August 31, 2026, insurer AIA Group was EWH's largest holding at about 20.3% of assets. Next came Hong Kong Exchanges and Clearing at 16.1%, CK Hutchison at 6.0%, Techtronic Industries at 5.3% and BOC Hong Kong at 5.2%. The top 10 holdings made up about 70% of the fund. The index leans heavily toward financials, industrials and real estate.
How has EWH performed over the long term?
Weakly, for most of the past decade. As of December 31, 2024, the fund returned 0.10% over one year, -4.10% a year over five years and 1.05% a year over 10 years. The MSCI ACWI ex USA Index returned 5.53%, 4.10% and 4.80% over the same periods. EWH's share price then rose 34.5% in 2025. Its 10-year price return was 3.7% a year through October 27, 2026.
Is EWH risky?
Yes, more than a broad international fund. EWH invests in a single market whose economy and politics are closely tied to China. It holds only about 27 stocks, and two of them made up about 36% of assets as of August 31, 2026. Because the fund is valued in US dollars, currency moves add more risk. Its deepest drop was 63.6%, during 2007–2008, and three-year volatility was 20.4%.