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ECNS vs. EWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ECNS vs. EWY

Last updated Aug 4, 2026
Documentation

ECNS (iShares MSCI China Small-Cap ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - ECNS is a China Equities fund tracking the MSCI China Small Cap Index, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, ECNS returned 0.89%/yr vs 13.21%/yr for EWY. Their 0.51 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.59% expense ratio.

Performance

ECNS vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) and iShares MSCI South Korea ETF (EWY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ECNS achieves a -10.84% return, which is significantly lower than EWY's 64.82% return. Over the past 10 years, ECNS has underperformed EWY with an annualized return of 0.89%, while EWY has yielded a comparatively higher 13.21% annualized return.

ECNS

1D
-0.28%
1M
1.48%
6M
-15.13%
YTD
-10.84%
1Y
-10.63%
3Y*
3.54%
5Y*
-7.01%
10Y*
0.89%
ALL TIME*
0.21%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ECNS

iShares MSCI China Small-Cap ETF
$217.02K$210.44K$354.53K

EWY

iShares MSCI South Korea ETF
$4.48B$4.44B$4.18B

ECNS vs. EWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ECNS
iShares MSCI China Small-Cap ETF		-10.84%36.49%5.64%-23.05%-24.58%2.11%25.42%7.84%-18.27%27.55%
EWY
iShares MSCI South Korea ETF		64.82%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%

Correlation

The correlation between ECNS and EWY is 0.46, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.46

Correlation (3Y)
Balances recent behavior with more history.

0.41

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.46

Correlation (10Y)
Provides a long-term view across more market conditions.

0.50

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.51

The correlation between ECNS and EWY has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

ECNS vs. EWY - Sectors Allocation Comparison

Sectors
ECNS
EWY

Healthcare

21.2%
3.6%

Industrials

20.1%
15.7%

Technology

10.7%
54.1%

Basic Materials

9.2%
2.2%

Communication Services

8.7%
2.9%

Consumer Cyclical

8.4%
5.9%

Real Estate

8.0%

-

Consumer Defensive

5.3%
2.2%

Financial Services

4.4%
11.4%

Utilities

2.3%
0.4%

Energy

1.8%
1.0%

Healthcare

ECNS
21.2%
EWY
3.6%

Industrials

ECNS
20.1%
EWY
15.7%

Technology

ECNS
10.7%
EWY
54.1%

Basic Materials

ECNS
9.2%
EWY
2.2%

Communication Services

ECNS
8.7%
EWY
2.9%

Consumer Cyclical

ECNS
8.4%
EWY
5.9%

Real Estate

ECNS
8.0%
EWY

-

Consumer Defensive

ECNS
5.3%
EWY
2.2%

Financial Services

ECNS
4.4%
EWY
11.4%

Utilities

ECNS
2.3%
EWY
0.4%

Energy

ECNS
1.8%
EWY
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China Small-Cap ETF

iShares MSCI South Korea ETF

Often compared with ECNS:
ECNS vs. ASHSECNS vs. MCHIECNS vs. CNXTECNS vs. DFAEECNS vs. CQQQECNS vs. FLCHECNS vs. EWT
Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. EWTEWY vs. QQQEWY vs. EWH

Return for Risk

ECNS vs. EWY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ECNS
ECNS Risk / Return Rank: 55
Overall Rank
ECNS Sharpe Ratio Rank: 55
Sharpe Ratio Rank
ECNS Sortino Ratio Rank: 55
Sortino Ratio Rank
ECNS Omega Ratio Rank: 55
Omega Ratio Rank
ECNS Calmar Ratio Rank: 66
Calmar Ratio Rank
ECNS Martin Ratio Rank: 66
Martin Ratio Rank
EWY
EWY Risk / Return Rank: 8888
Overall Rank
EWY Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 8282
Sortino Ratio Rank
EWY Omega Ratio Rank: 8686
Omega Ratio Rank
EWY Calmar Ratio Rank: 9090
Calmar Ratio Rank
EWY Martin Ratio Rank: 8888
Martin Ratio Rank
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.

ECNS vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.

ECNSEWYDifference
Sharpe ratioReturn per unit of total volatility
-0.51
2.45

-2.96

Sortino ratioReturn per unit of downside risk
-0.57
2.74

-3.31

Omega ratioGain probability vs. loss probability

0.93

1.38

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.41

3.88

-4.29

Martin ratioReturn relative to average drawdown

-0.82

13.64

-14.46

ECNS vs. EWY - Sharpe Ratio Comparison

The current ECNS Sharpe Ratio is -0.51, which is lower than the EWY Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of ECNS 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.

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Drawdowns

ECNS vs. EWY - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for ECNS and EWY.

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Drawdown Indicators

ECNSEWYDifference

Max Drawdown

Largest peak-to-trough decline

-63.43%

-74.14%

+10.71%

Max Drawdown (1Y)

Largest decline over 1 year

-25.73%

-34.21%

+8.48%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-34.21%

+4.92%

Max Drawdown (5Y)

Largest decline over 5 years

-57.31%

-47.15%

-10.16%

Max Drawdown (10Y)

Largest decline over 10 years

-63.43%

-49.73%

-13.70%

Current Drawdown

Current decline from peak

-42.60%

-26.90%

-15.70%

Average Drawdown

Average peak-to-trough decline

-29.51%

-20.10%

-9.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.01%

9.71%

+3.30%

Volatility

ECNS vs. EWY - Volatility Comparison

The current volatility for iShares MSCI China Small-Cap ETF (ECNS) is 6.37%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.12%. This indicates that ECNS 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.

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Volatility by Period

ECNSEWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.37%

22.12%

-15.75%

Volatility (6M)

Calculated over the trailing 6-month period

14.27%

50.88%

-36.61%

Volatility (1Y)

Calculated over the trailing 1-year period

20.87%

54.30%

-33.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.09%

32.79%

-3.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.82%

29.39%

-3.57%

ECNS vs. EWY - Expense Ratio Comparison

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

Dividends

ECNS vs. EWY - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.60%, more than EWY's 1.27% yield.

PositionTTM20252024202320222021202020192018201720162015
ECNS
iShares MSCI China Small-Cap ETF		6.60%6.20%5.98%4.89%3.54%4.87%3.59%3.23%6.16%3.18%4.29%3.58%
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

ECNS and EWY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWY has higher volatility (22.12%) compared to ECNS (6.37%). In terms of maximum drawdown, ECNS dropped -63.43% vs EWY's -74.14%.

On 10-year performance, EWY leads with 13.21% vs 0.89% for ECNS. Both ETFs have the same 0.59% expense ratio. On volatility, ECNS has been the lower-risk option at 6.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWY has performed better with a 13.21% return vs 0.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ECNS has the higher dividend yield at 6.60%, compared with 1.27% for EWY.

ECNS is categorized as China Equities, while EWY is South Korea Equities. ECNS tracks MSCI China Small Cap Index, while EWY tracks MSCI Korea Index.

EWY currently has the higher Sharpe Ratio (2.45 vs -0.51), 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.

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