ELVA vs. EWY

Last updated Jun 4, 2026

ELVA (Electrovaya Inc. Common Shares) is a stock, while EWY (iShares MSCI South Korea ETF) is Asia Pacific Equities fund tracking the MSCI Korea Index. Over the past 10 years, ELVA returned 4.45%/yr vs 17.46%/yr for EWY. At a 0.16 correlation, their price movements are largely independent.

Performance

ELVA vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Electrovaya Inc. Common Shares (ELVA) 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, ELVA achieves a 42.78% return, which is significantly lower than EWY's 119.05% return. Over the past 10 years, ELVA has underperformed EWY with an annualized return of 4.45%, while EWY has yielded a comparatively higher 17.46% annualized return.

ELVA

• 1D: -7.99%
• 1M: 19.37%
• YTD: 42.78%
• 6M: 129.27%
• 1Y: 237.27%
• 3Y*: 48.42%
• 5Y*: 14.03%
• 10Y*: 4.45%

EWY

• 1D: -0.73%
• 1M: 30.18%
• YTD: 119.05%
• 6M: 134.13%
• 1Y: 251.82%
• 3Y*: 51.99%
• 5Y*: 20.31%
• 10Y*: 17.46%

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

ELVA vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELVA Electrovaya Inc. Common Shares	42.78%	218.55%	-18.95%	-17.30%	2.78%	-38.98%	686.67%	48.08%	-80.52%	-67.02%
EWY iShares MSCI South Korea ETF	119.05%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between ELVA and EWY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jan 11, 2016	0.16

The correlation between ELVA and EWY shifts across timeframes, from 0.16 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ELVA vs. EWY — Risk / Return Rank

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

ELVA

ELVA Risk / Return Rank: 91
ELVA Sharpe Ratio Rank: 94
ELVA Sortino Ratio Rank: 89
ELVA Omega Ratio Rank: 87
ELVA Calmar Ratio Rank: 92
ELVA Martin Ratio Rank: 91

EWY

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

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.

ELVA vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Electrovaya Inc. Common Shares (ELVA) 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.

	ELVA	EWY	Difference
Sharpe ratio: Return per unit of total volatility	2.86	6.02	-3.17
Sortino ratio: Return per unit of downside risk	3.15	5.31	-2.16
Omega ratio: Gain probability vs. loss probability	1.39	1.74	-0.35
Calmar ratio: Return relative to maximum drawdown	5.38	10.99	-5.61
Martin ratio: Return relative to average drawdown	12.89	40.91	-28.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELVA vs. EWY - Sharpe Ratio Comparison

The current ELVA Sharpe Ratio is 2.86, which is lower than the EWY Sharpe Ratio of 6.02. The chart below compares the historical Sharpe Ratios of ELVA 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.

Sharpe Ratios by Period

	ELVA	EWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	6.02	-3.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.71	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.64	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.33	-0.15

Drawdowns

ELVA vs. EWY - Drawdown Comparison

The maximum ELVA drawdown since its inception was -96.90%, which is greater than EWY's maximum drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for ELVA and EWY.

Drawdown Indicators

	ELVA	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-96.90%	-74.14%	-22.76%
Max Drawdown (1Y) Largest decline over 1 year	-44.42%	-23.08%	-21.34%
Max Drawdown (3Y) Largest decline over 3 years	-64.19%	-27.36%	-36.83%
Max Drawdown (5Y) Largest decline over 5 years	-67.83%	-48.55%	-19.28%
Max Drawdown (10Y) Largest decline over 10 years	-96.90%	-49.73%	-47.17%
Current Drawdown Current decline from peak	-29.96%	-1.73%	-28.23%
Average Drawdown Average peak-to-trough decline	-73.75%	-20.13%	-53.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.50%	6.19%	+12.31%

Volatility

ELVA vs. EWY - Volatility Comparison

Electrovaya Inc. Common Shares (ELVA) has a higher volatility of 29.36% compared to iShares MSCI South Korea ETF (EWY) at 20.32%. This indicates that ELVA's price experiences larger fluctuations and is considered to be riskier than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELVA	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	20.32%	+9.04%
Volatility (6M) Calculated over the trailing 6-month period	62.89%	37.41%	+25.48%
Volatility (1Y) Calculated over the trailing 1-year period	84.08%	42.10%	+41.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.98%	28.83%	+40.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.14%	27.37%	+58.77%

Dividends

ELVA vs. EWY - Dividend Comparison

ELVA has not paid dividends to shareholders, while EWY's dividend yield for the trailing twelve months is around 0.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELVA Electrovaya Inc. Common Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWY iShares MSCI South Korea ETF	0.96%	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 ELVA and EWY in my portfolio?

ELVA and EWY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELVA or EWY?

ELVA has higher volatility (29.36%) compared to EWY (20.32%). In terms of maximum drawdown, ELVA dropped -96.90% vs EWY's -74.14%.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 2.86), 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.