ECH vs. EWY

Last updated Jun 23, 2026

ECH (iShares MSCI Chile ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - ECH is a Foreign Large Cap Equities fund tracking the MSCI Chile Investable Market Index, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, ECH returned 4.74%/yr vs 18.13%/yr for EWY. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

ECH vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Chile ETF (ECH) 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, ECH achieves a 2.63% return, which is significantly lower than EWY's 125.28% return. Over the past 10 years, ECH has underperformed EWY with an annualized return of 4.74%, while EWY has yielded a comparatively higher 18.13% annualized return.

ECH

• 1D: 0.39%
• 1M: 2.91%
• YTD: 2.63%
• 6M: 4.41%
• 1Y: 38.25%
• 3Y*: 15.48%
• 5Y*: 11.62%
• 10Y*: 4.74%

EWY

• 1D: -0.08%
• 1M: 20.32%
• YTD: 125.28%
• 6M: 138.71%
• 1Y: 226.78%
• 3Y*: 54.89%
• 5Y*: 21.37%
• 10Y*: 18.13%

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

ECH vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECH iShares MSCI Chile ETF	2.63%	65.41%	-8.67%	9.01%	25.12%	-19.80%	-7.13%	-17.79%	-18.98%	41.79%
EWY iShares MSCI South Korea ETF	125.28%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between ECH and EWY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007	0.52

The correlation between ECH and EWY has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

ECH vs. EWY - Sectors Allocation Comparison

Sectors	ECH	EWY
Financial Services	21.8%	8.9%
Basic Materials	20.1%	2.2%
Industrials	15.7%	13.8%
Utilities	12.9%	0.3%
Consumer Cyclical	12.4%	5.1%
Real Estate	7.7%	-
Consumer Defensive	7.6%	1.6%
Communication Services	1.7%	2.3%
Energy	-	0.6%
Healthcare	-	2.9%
Technology	-	61.4%

Return for Risk

ECH vs. EWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ECH

ECH Risk / Return Rank: 40
ECH Sharpe Ratio Rank: 44
ECH Sortino Ratio Rank: 42
ECH Omega Ratio Rank: 41
ECH Calmar Ratio Rank: 40
ECH Martin Ratio Rank: 32

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 98
EWY Sortino Ratio Rank: 93
EWY Omega Ratio Rank: 94
EWY Calmar Ratio Rank: 97
EWY Martin Ratio Rank: 96

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.

ECH vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Chile ETF (ECH) 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.

	ECH	EWY	Difference
Sharpe ratio: Return per unit of total volatility	1.51	4.83	-3.32
Sortino ratio: Return per unit of downside risk	2.06	4.40	-2.34
Omega ratio: Gain probability vs. loss probability	1.26	1.64	-0.38
Calmar ratio: Return relative to maximum drawdown	1.95	9.89	-7.94
Martin ratio: Return relative to average drawdown	4.58	34.51	-29.93

ECH vs. EWY - Sharpe Ratio Comparison

The current ECH Sharpe Ratio is 1.51, which is lower than the EWY Sharpe Ratio of 4.83. The chart below compares the historical Sharpe Ratios of ECH 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

ECH vs. EWY - Drawdown Comparison

The maximum ECH drawdown since its inception was -74.08%, roughly equal to the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for ECH and EWY.

Drawdown Indicators

	ECH	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-74.08%	-74.14%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-19.74%	-23.08%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-25.59%	-27.36%	+1.77%
Max Drawdown (5Y) Largest decline over 5 years	-25.59%	-48.55%	+22.96%
Max Drawdown (10Y) Largest decline over 10 years	-66.89%	-49.73%	-17.16%
Current Drawdown Current decline from peak	-23.74%	-0.08%	-23.66%
Average Drawdown Average peak-to-trough decline	-37.48%	-20.10%	-17.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.37%	6.60%	+1.77%

Volatility

ECH vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Chile ETF (ECH) is 8.61%, while iShares MSCI South Korea ETF (EWY) has a volatility of 26.14%. This indicates that ECH 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

	ECH	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	26.14%	-17.53%
Volatility (6M) Calculated over the trailing 6-month period	21.15%	43.40%	-22.25%
Volatility (1Y) Calculated over the trailing 1-year period	25.54%	47.40%	-21.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.62%	30.51%	-2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.28%	28.24%	-0.96%

ECH vs. EWY - Expense Ratio Comparison

Both ECH and EWY have an expense ratio of 0.59%.

Dividends

ECH vs. EWY - Dividend Comparison

ECH's dividend yield for the trailing twelve months is around 1.92%, more than EWY's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECH iShares MSCI Chile ETF	1.92%	2.01%	3.12%	4.77%	6.73%	5.49%	2.16%	2.47%	2.37%	1.42%	1.85%	2.13%
EWY iShares MSCI South Korea ETF	0.93%	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 ECH and EWY in my portfolio?

ECH and EWY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECH or EWY?

EWY has higher volatility (26.14%) compared to ECH (8.61%). In terms of maximum drawdown, ECH dropped -74.08% vs EWY's -74.14%.

Which ETF is better, ECH or EWY?

On 10-year performance, EWY leads with 18.13% vs 4.74% for ECH. Both ETFs have the same 0.59% expense ratio. On volatility, ECH has been the lower-risk option at 8.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECH or EWY?

Over the 10-year period, EWY has performed better with a 18.13% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECH or EWY?

ECH and EWY have the same expense ratio: 0.59% per year.

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

ECH has the higher dividend yield at 1.92%, compared with 0.93% for EWY.

What is the main difference between ECH and EWY?

ECH is categorized as Foreign Large Cap Equities, while EWY is Asia Pacific Equities. ECH tracks MSCI Chile Investable Market Index, while EWY tracks MSCI Korea Index.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (4.83 vs 1.51), 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.