BKEM vs. EWY

Last updated Aug 4, 2026

BKEM (BNY Mellon Emerging Markets Equity ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - BKEM is a Emerging Markets Equities fund tracking the Morningstar Emerging Markets Large Cap Index, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 5 years, BKEM returned 6.90%/yr vs 14.28%/yr for EWY. Their 0.80 correlation means they have sometimes moved together and sometimes differently. BKEM charges 0.11%/yr vs 0.59%/yr for EWY.

Performance

BKEM vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Emerging Markets Equity ETF (BKEM) and iShares MSCI South Korea ETF (EWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKEM achieves a 19.61% return, which is significantly lower than EWY's 64.82% return.

BKEM

• 1D: 0.10%
• 1M: -2.18%
• 6M: 9.90%
• YTD: 19.61%
• 1Y: 36.20%
• 3Y*: 19.15%
• 5Y*: 6.90%
• 10Y*: —
• ALL TIME*: 12.53%

EWY

• 1D: 2.00%
• 1M: -11.05%
• 6M: 32.51%
• YTD: 64.82%
• 1Y: 131.90%
• 3Y*: 38.47%
• 5Y*: 14.28%
• 10Y*: 13.21%
• ALL TIME*: 9.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKEM BNY Mellon Emerging Markets Equity ETF	$481.37K	$317.95K	$245.58K
EWY iShares MSCI South Korea ETF	$4.48B	$4.44B	$4.18B

BKEM vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKEM BNY Mellon Emerging Markets Equity ETF	19.61%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%
EWY iShares MSCI South Korea ETF	64.82%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	74.26%

Correlation

The correlation between BKEM and EWY is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.80

The correlation between BKEM and EWY has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

BKEM vs. EWY - Sectors Allocation Comparison

Sectors	BKEM	EWY
Technology	44.5%	54.1%
Financial Services	17.5%	11.4%
Consumer Cyclical	7.7%	5.9%
Industrials	7.6%	15.7%
Communication Services	5.8%	2.9%
Basic Materials	5.4%	2.2%
Energy	3.1%	1.0%
Healthcare	2.7%	3.6%
Consumer Defensive	2.6%	2.2%
Utilities	2.0%	0.4%
Real Estate	1.1%	-

Return for Risk

BKEM vs. EWY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKEM

BKEM Risk / Return Rank: 64
BKEM Sharpe Ratio Rank: 63
BKEM Sortino Ratio Rank: 57
BKEM Omega Ratio Rank: 64
BKEM Calmar Ratio Rank: 72
BKEM Martin Ratio Rank: 64

EWY

EWY Risk / Return Rank: 88
EWY Sharpe Ratio Rank: 92
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 86
EWY Calmar Ratio Rank: 90
EWY Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKEM vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Emerging Markets Equity ETF (BKEM) and iShares MSCI South Korea ETF (EWY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BKEM	EWY	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.45	-0.92
Sortino ratio: Return per unit of downside risk	2.05	2.74	-0.69
Omega ratio: Gain probability vs. loss probability	1.28	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	2.62	3.88	-1.26
Martin ratio: Return relative to average drawdown	8.01	13.64	-5.63

BKEM vs. EWY - Sharpe Ratio Comparison

The current BKEM Sharpe Ratio is 1.53, which is lower than the EWY Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of BKEM and EWY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BKEM vs. EWY - Drawdown Comparison

The maximum BKEM drawdown since its inception was -39.48%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for BKEM and EWY.

Drawdown Indicators

	BKEM	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-74.14%	+34.66%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-34.21%	+20.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-34.21%	+15.83%
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	-47.15%	+13.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	-9.43%	-26.90%	+17.47%
Average Drawdown Average peak-to-trough decline	-15.75%	-20.10%	+4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	9.71%	-5.18%

Volatility

BKEM vs. EWY - Volatility Comparison

The current volatility for BNY Mellon Emerging Markets Equity ETF (BKEM) is 9.11%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.12%. This indicates that BKEM experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKEM	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	22.12%	-13.01%
Volatility (6M) Calculated over the trailing 6-month period	21.78%	50.88%	-29.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	54.30%	-30.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	32.79%	-13.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	29.39%	-9.64%

BKEM vs. EWY - Expense Ratio Comparison

BKEM has a 0.11% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

BKEM vs. EWY - Dividend Comparison

BKEM's dividend yield for the trailing twelve months is around 1.96%, more than EWY's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.96%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
EWY iShares MSCI South Korea ETF	1.27%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%

Frequently Asked Questions

Can I hold both BKEM and EWY in my portfolio?

BKEM and EWY have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKEM or EWY?

EWY has higher volatility (22.12%) compared to BKEM (9.11%). In terms of maximum drawdown, BKEM dropped -39.48% vs EWY's -74.14%.

Which ETF is better, BKEM or EWY?

On 5-year performance, EWY leads with 14.28% vs 6.90% for BKEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, BKEM has been the lower-risk option at 9.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKEM or EWY?

Over the 5-year period, EWY has performed better with a 14.28% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKEM or EWY?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.59% for EWY.

Which ETF pays a higher dividend yield, BKEM or EWY?

BKEM has the higher dividend yield at 1.96%, compared with 1.27% for EWY.

What is the main difference between BKEM and EWY?

BKEM is categorized as Emerging Markets Equities, while EWY is South Korea Equities. BKEM tracks Morningstar Emerging Markets Large Cap Index, while EWY tracks MSCI Korea Index. They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.11% for BKEM and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.45 vs 1.53), 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.