China H-shares-related ETFs are also showing more attractive valuations relative to the China A-shares market where the Shanghai Composite and the small-cap Shenzhen Composite are still relatively expensive, even after the correction, trading at an average price-to-earnings ratio of about 20 and 50 times, respectively. [Interested in China? H-Shares ETFs Are a Cheap Play.]

EWH is down more than 17% over the past three months.

iShares MSCI Hong Kong ETF