EEMX vs. EWY

Last updated Jul 17, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - EEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 5 years, EEMX returned 7.13%/yr vs 14.87%/yr for EWY. A 0.75 correlation means they provide meaningful diversification when combined. EEMX charges 0.30%/yr vs 0.59%/yr for EWY.

Performance

EEMX vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) 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, EEMX achieves a 18.90% return, which is significantly lower than EWY's 68.03% return.

EEMX

• 1D: -2.22%
• 1M: -6.82%
• 6M: 12.08%
• YTD: 18.90%
• 1Y: 35.77%
• 3Y*: 19.97%
• 5Y*: 7.13%
• 10Y*: —

EWY

• 1D: -4.82%
• 1M: -20.66%
• 6M: 47.10%
• YTD: 68.03%
• 1Y: 128.56%
• 3Y*: 37.48%
• 5Y*: 14.87%
• 10Y*: 13.72%

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

EEMX vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	18.90%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
EWY iShares MSCI South Korea ETF	68.03%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between EEMX and EWY is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.75

The correlation between EEMX and EWY has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

EEMX vs. EWY - Sectors Allocation Comparison

Sectors	EEMX	EWY
Technology	27.9%	60.9%
Financial Services	10.6%	8.9%
Consumer Cyclical	5.7%	4.8%
Communication Services	4.0%	2.2%
Industrials	2.6%	14.5%
Basic Materials	2.6%	2.0%
Consumer Defensive	1.5%	1.8%
Healthcare	1.4%	3.1%
Utilities	0.8%	0.3%
Real Estate	0.6%	-
Energy	0.3%	0.6%

Return for Risk

EEMX vs. EWY — Risk / Return Rank

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

EEMX

EEMX Risk / Return Rank: 57
EEMX Sharpe Ratio Rank: 52
EEMX Sortino Ratio Rank: 48
EEMX Omega Ratio Rank: 57
EEMX Calmar Ratio Rank: 65
EEMX Martin Ratio Rank: 63

EWY

EWY Risk / Return Rank: 87
EWY Sharpe Ratio Rank: 91
EWY Sortino Ratio Rank: 77
EWY Omega Ratio Rank: 83
EWY Calmar Ratio Rank: 93
EWY Martin Ratio Rank: 91

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.

EEMX vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) 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.

	EEMX	EWY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.51	-1.04
Sortino ratio: Return per unit of downside risk	1.97	2.76	-0.79
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.59	5.08	-2.49
Martin ratio: Return relative to average drawdown	8.82	16.52	-7.70

EEMX vs. EWY - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 1.46, which is lower than the EWY Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of EEMX 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

EEMX vs. EWY - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EEMX and EWY.

Drawdown Indicators

	EEMX	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-74.14%	+34.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-25.47%	+11.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-27.36%	+9.72%
Max Drawdown (5Y) Largest decline over 5 years	-34.66%	-47.15%	+12.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	-10.07%	-25.47%	+15.40%
Average Drawdown Average peak-to-trough decline	-14.62%	-20.09%	+5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	7.81%	-3.74%

Volatility

EEMX vs. EWY - Volatility Comparison

The current volatility for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) is 10.37%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.95%. This indicates that EEMX 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

	EEMX	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	22.95%	-12.58%
Volatility (6M) Calculated over the trailing 6-month period	22.59%	48.51%	-25.92%
Volatility (1Y) Calculated over the trailing 1-year period	24.56%	51.62%	-27.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.04%	31.93%	-11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	28.89%	-8.20%

EEMX vs. EWY - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

EEMX vs. EWY - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.90%, more than EWY's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.90%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%	0.00%
EWY iShares MSCI South Korea ETF	1.25%	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 EEMX and EWY in my portfolio?

EEMX 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, EEMX or EWY?

EWY has higher volatility (22.95%) compared to EEMX (10.37%). In terms of maximum drawdown, EEMX dropped -39.90% vs EWY's -74.14%.

Which ETF is better, EEMX or EWY?

On 5-year performance, EWY leads with 14.87% vs 7.13% for EEMX. On fees, EEMX is cheaper at 0.30% per year. On volatility, EEMX has been the lower-risk option at 10.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMX or EWY?

Over the 5-year period, EWY has performed better with a 14.87% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMX or EWY?

EEMX is cheaper with a 0.30% expense ratio, compared with 0.59% for EWY.

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

EEMX has the higher dividend yield at 1.90%, compared with 1.25% for EWY.

What is the main difference between EEMX and EWY?

EEMX is categorized as Emerging Markets Equities, while EWY is South Korea Equities. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while EWY tracks MSCI Korea Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for EEMX and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.50 vs 1.46), 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.