EMF vs. EWY
EMF (Templeton Emerging Markets Fund) and EWY (iShares MSCI South Korea ETF) are both funds - EMF is a Emerging Markets Equities fund actively managed by Franklin Templeton, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. EMF is actively managed, while EWY is passively managed. Over the past 10 years, EMF returned 16.28%/yr vs 18.13%/yr for EWY. A 0.63 correlation means they provide meaningful diversification when combined. EMF charges 1.43%/yr vs 0.59%/yr for EWY.
Performance
EMF vs. EWY - Performance Comparison
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Returns By Period
In the year-to-date period, EMF achieves a 46.72% return, which is significantly lower than EWY's 125.28% return. Over the past 10 years, EMF has underperformed EWY with an annualized return of 16.28%, while EWY has yielded a comparatively higher 18.13% annualized return.
EMF
- 1D
- 1.94%
- 1M
- 12.69%
- YTD
- 46.72%
- 6M
- 51.89%
- 1Y
- 93.11%
- 3Y*
- 37.95%
- 5Y*
- 13.15%
- 10Y*
- 16.28%
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%
EMF vs. EWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMF Templeton Emerging Markets Fund | 46.72% | 58.20% | 6.56% | 8.84% | -21.53% | -8.23% | 24.48% | 27.20% | -14.78% | 53.55% |
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 EMF and EWY is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since May 12, 2000 | 0.63 |
The correlation between EMF and EWY has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
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Return for Risk
EMF vs. EWY — Risk / Return Rank
EMF
EWY
EMF vs. EWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Fund (EMF) 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.
| EMF | EWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.64 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 9.89 | -5.09 |
| Martin ratioReturn relative to average drawdown | 18.78 | 34.51 | -15.73 |
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Drawdowns
EMF vs. EWY - Drawdown Comparison
The maximum EMF drawdown since its inception was -76.97%, roughly equal to the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EMF and EWY.
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Drawdown Indicators
| EMF | EWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.97% | -74.14% | -2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -19.48% | -23.08% | +3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -19.48% | -27.36% | +7.88% |
Max Drawdown (5Y)Largest decline over 5 years | -45.08% | -48.55% | +3.47% |
Max Drawdown (10Y)Largest decline over 10 years | -47.65% | -49.73% | +2.08% |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -28.96% | -20.10% | -8.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 6.60% | -1.62% |
Volatility
EMF vs. EWY - Volatility Comparison
The current volatility for Templeton Emerging Markets Fund (EMF) is 9.25%, while iShares MSCI South Korea ETF (EWY) has a volatility of 26.14%. This indicates that EMF 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
| EMF | EWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.25% | 26.14% | -16.89% |
Volatility (6M)Calculated over the trailing 6-month period | 21.21% | 43.40% | -22.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.72% | 47.40% | -23.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 30.51% | -9.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.67% | 28.24% | -7.57% |
EMF vs. EWY - Expense Ratio Comparison
EMF has a 1.43% expense ratio, which is higher than EWY's 0.59% expense ratio.
Dividends
EMF vs. EWY - Dividend Comparison
EMF's dividend yield for the trailing twelve months is around 5.82%, more than EWY's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMF Templeton Emerging Markets Fund | 5.82% | 9.73% | 4.28% | 6.22% | 9.89% | 6.92% | 3.51% | 7.36% | 5.92% | 12.11% | 1.62% | 12.81% |
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
EMF and EWY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (26.14%) compared to EMF (9.25%). In terms of maximum drawdown, EMF dropped -76.97% vs EWY's -74.14%.
EWY currently has the higher Sharpe Ratio (4.83 vs 3.96), 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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