EIS vs. EWY

Last updated Jun 13, 2026

EIS (iShares MSCI Israel ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - EIS is a Foreign Large Cap Equities fund tracking the MSCI Israel Capped Investable Market Index (Net), while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, EIS returned 12.35%/yr vs 16.84%/yr for EWY. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EIS vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Israel ETF (EIS) 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, EIS achieves a 18.11% return, which is significantly lower than EWY's 103.10% return. Over the past 10 years, EIS has underperformed EWY with an annualized return of 12.35%, while EWY has yielded a comparatively higher 16.84% annualized return.

EIS

• 1D: 1.32%
• 1M: -3.04%
• YTD: 18.11%
• 6M: 18.71%
• 1Y: 56.95%
• 3Y*: 33.86%
• 5Y*: 15.01%
• 10Y*: 12.35%

EWY

• 1D: -0.75%
• 1M: 4.68%
• YTD: 103.10%
• 6M: 117.85%
• 1Y: 198.25%
• 3Y*: 46.46%
• 5Y*: 18.80%
• 10Y*: 16.84%

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

EIS vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIS iShares MSCI Israel ETF	18.11%	45.11%	34.50%	5.48%	-27.05%	22.83%	12.01%	20.93%	-4.84%	12.77%
EWY iShares MSCI South Korea ETF	103.10%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between EIS and EWY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.55

The correlation between EIS and EWY has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

EIS vs. EWY - Sectors Allocation Comparison

Sectors	EIS	EWY
Financial Services	34.6%	9.6%
Technology	17.8%	52.4%
Industrials	10.9%	20.4%
Healthcare	9.8%	3.5%
Real Estate	9.1%	-
Utilities	6.6%	0.4%
Communication Services	2.7%	2.9%
Consumer Cyclical	2.5%	5.7%
Consumer Defensive	2.3%	1.7%
Energy	2.0%	1.4%
Basic Materials	1.8%	2.0%

Return for Risk

EIS vs. EWY — Risk / Return Rank

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

EIS

EIS Risk / Return Rank: 85
EIS Sharpe Ratio Rank: 86
EIS Sortino Ratio Rank: 85
EIS Omega Ratio Rank: 80
EIS Calmar Ratio Rank: 89
EIS Martin Ratio Rank: 86

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 97
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.

EIS vs. EWY - Risk-Adjusted Trends Comparison

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

	EIS	EWY	Difference
Sharpe ratio: Return per unit of total volatility	2.41	4.29	-1.88
Sortino ratio: Return per unit of downside risk	3.29	4.08	-0.79
Omega ratio: Gain probability vs. loss probability	1.41	1.59	-0.18
Calmar ratio: Return relative to maximum drawdown	4.62	8.65	-4.03
Martin ratio: Return relative to average drawdown	15.86	30.24	-14.38

EIS vs. EWY - Sharpe Ratio Comparison

The current EIS Sharpe Ratio is 2.41, which is lower than the EWY Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of EIS 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

EIS vs. EWY - Drawdown Comparison

The maximum EIS drawdown since its inception was -51.94%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EIS and EWY.

Drawdown Indicators

	EIS	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-51.94%	-74.14%	+22.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.40%	-23.08%	+10.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.10%	-27.36%	+3.26%
Max Drawdown (5Y) Largest decline over 5 years	-41.88%	-48.55%	+6.67%
Max Drawdown (10Y) Largest decline over 10 years	-41.88%	-49.73%	+7.85%
Current Drawdown Current decline from peak	-5.61%	-8.88%	+3.27%
Average Drawdown Average peak-to-trough decline	-13.89%	-20.11%	+6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	6.59%	-2.98%

Volatility

EIS vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Israel ETF (EIS) is 9.80%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that EIS 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

	EIS	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	25.64%	-15.84%
Volatility (6M) Calculated over the trailing 6-month period	17.62%	42.65%	-25.03%
Volatility (1Y) Calculated over the trailing 1-year period	23.81%	46.51%	-22.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.06%	30.15%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	28.06%	-6.85%

EIS vs. EWY - Expense Ratio Comparison

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

Dividends

EIS vs. EWY - Dividend Comparison

EIS's dividend yield for the trailing twelve months is around 1.22%, more than EWY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIS iShares MSCI Israel ETF	1.22%	1.44%	1.38%	1.39%	1.66%	1.04%	0.16%	2.06%	0.87%	2.02%	1.78%	2.55%
EWY iShares MSCI South Korea ETF	1.03%	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 EIS and EWY in my portfolio?

EIS and EWY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIS or EWY?

EWY has higher volatility (25.64%) compared to EIS (9.80%). In terms of maximum drawdown, EIS dropped -51.94% vs EWY's -74.14%.

Which ETF is better, EIS or EWY?

On 10-year performance, EWY leads with 16.84% vs 12.35% for EIS. Both ETFs have the same 0.59% expense ratio. On volatility, EIS has been the lower-risk option at 9.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIS or EWY?

Over the 10-year period, EWY has performed better with a 16.84% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIS or EWY?

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

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

EIS has the higher dividend yield at 1.22%, compared with 1.03% for EWY.

What is the main difference between EIS and EWY?

EIS is categorized as Foreign Large Cap Equities, while EWY is Asia Pacific Equities. EIS tracks MSCI Israel Capped Investable Market Index (Net), while EWY tracks MSCI Korea Index.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (4.29 vs 2.41), 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.