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EWC vs. EWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWC vs. EWY

Last updated Jun 13, 2026

EWC (iShares MSCI Canada ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, EWC returned 11.42%/yr vs 16.84%/yr for EWY. A 0.54 correlation means they provide meaningful diversification when combined. EWC charges 0.49%/yr vs 0.59%/yr for EWY.

Performance

EWC vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Canada ETF (EWC) 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, EWC achieves a 8.96% return, which is significantly lower than EWY's 103.10% return. Over the past 10 years, EWC has underperformed EWY with an annualized return of 11.42%, while EWY has yielded a comparatively higher 16.84% annualized return.

EWC

1D
0.46%
1M
1.77%
YTD
8.96%
6M
10.01%
1Y
29.74%
3Y*
21.64%
5Y*
11.33%
10Y*
11.42%

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)

EWC vs. EWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWC
iShares MSCI Canada ETF		8.96%35.92%12.38%14.73%-12.95%26.98%5.52%27.58%-17.16%15.73%
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 EWC and EWY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since May 12, 2000

0.54

The correlation between EWC and EWY shifts across timeframes, from 0.46 (1 year) to 0.58 (10 years), reflecting how their relationship changes across market environments.

EWC vs. EWY - Sectors Allocation Comparison

Sectors
EWC
EWY

Financial Services

38.1%
9.6%

Energy

19.1%
1.4%

Basic Materials

14.8%
2.0%

Industrials

9.4%
20.4%

Technology

8.4%
52.4%

Consumer Cyclical

3.8%
5.7%

Consumer Defensive

3.3%
1.7%

Utilities

2.3%
0.4%

Communication Services

0.7%
2.9%

Real Estate

0.2%

-

Healthcare

-

3.5%

Financial Services

EWC
38.1%
EWY
9.6%

Energy

EWC
19.1%
EWY
1.4%

Basic Materials

EWC
14.8%
EWY
2.0%

Industrials

EWC
9.4%
EWY
20.4%

Technology

EWC
8.4%
EWY
52.4%

Consumer Cyclical

EWC
3.8%
EWY
5.7%

Consumer Defensive

EWC
3.3%
EWY
1.7%

Utilities

EWC
2.3%
EWY
0.4%

Communication Services

EWC
0.7%
EWY
2.9%

Real Estate

EWC
0.2%
EWY

-

Healthcare

EWC

-

EWY
3.5%

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 Canada ETF

iShares MSCI South Korea ETF

Often compared with EWC:
EWC vs. EWAEWC vs. XIU.TOEWC vs. FLCAEWC vs. BBCAEWC vs. SPYEWC vs. VOOEWC vs. EWD
Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH

Return for Risk

EWC vs. EWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWC
EWC Risk / Return Rank: 7575
Overall Rank
EWC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
EWC Sortino Ratio Rank: 7070
Sortino Ratio Rank
EWC Omega Ratio Rank: 7070
Omega Ratio Rank
EWC Calmar Ratio Rank: 7878
Calmar Ratio Rank
EWC Martin Ratio Rank: 8282
Martin Ratio Rank
EWY
EWY Risk / Return Rank: 9595
Overall Rank
EWY Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9393
Sortino Ratio Rank
EWY Omega Ratio Rank: 9494
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9696
Martin Ratio Rank
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.

EWC vs. EWY - Risk-Adjusted Trends Comparison

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

EWCEWYDifference
Sharpe ratioReturn per unit of total volatility
2.08
4.29

-2.21

Sortino ratioReturn per unit of downside risk
2.75
4.08

-1.33

Omega ratioGain probability vs. loss probability

1.36

1.59

-0.23

Calmar ratioReturn relative to maximum drawdown

3.51

8.65

-5.13

Martin ratioReturn relative to average drawdown

14.27

30.24

-15.97

EWC vs. EWY - Sharpe Ratio Comparison

The current EWC Sharpe Ratio is 2.08, which is lower than the EWY Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of EWC 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

EWC vs. EWY - Drawdown Comparison

The maximum EWC drawdown since its inception was -60.75%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EWC and EWY.

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Drawdown Indicators

EWCEWYDifference

Max Drawdown

Largest peak-to-trough decline

-60.75%

-74.14%

+13.39%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-23.08%

+14.57%

Max Drawdown (3Y)

Largest decline over 3 years

-12.97%

-27.36%

+14.39%

Max Drawdown (5Y)

Largest decline over 5 years

-24.81%

-48.55%

+23.74%

Max Drawdown (10Y)

Largest decline over 10 years

-42.66%

-49.73%

+7.07%

Current Drawdown

Current decline from peak

-1.18%

-8.88%

+7.70%

Average Drawdown

Average peak-to-trough decline

-13.13%

-20.11%

+6.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.09%

6.59%

-4.50%

Volatility

EWC vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Canada ETF (EWC) is 4.42%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that EWC 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

EWCEWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.42%

25.64%

-21.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.32%

42.65%

-31.33%

Volatility (1Y)

Calculated over the trailing 1-year period

14.37%

46.51%

-32.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.29%

30.15%

-12.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.74%

28.06%

-9.32%

EWC vs. EWY - Expense Ratio Comparison

EWC has a 0.49% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

EWC vs. EWY - Dividend Comparison

EWC's dividend yield for the trailing twelve months is around 1.33%, more than EWY's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
EWC
iShares MSCI Canada ETF		1.33%1.45%2.23%2.27%2.34%1.85%2.09%2.16%2.65%1.97%1.75%2.34%
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

EWC 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 (25.64%) compared to EWC (4.42%). In terms of maximum drawdown, EWC dropped -60.75% vs EWY's -74.14%.

On 10-year performance, EWY leads with 16.84% vs 11.42% for EWC. On fees, EWC is cheaper at 0.49% per year. On volatility, EWC has been the lower-risk option at 4.42%. 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 16.84% return vs 11.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWC is cheaper with a 0.49% expense ratio, compared with 0.59% for EWY.

EWC has the higher dividend yield at 1.33%, compared with 1.03% for EWY.

EWC is categorized as Canada Equities, while EWY is Asia Pacific Equities. EWC tracks MSCI Canada Index, while EWY tracks MSCI Korea Index. Their fees differ too: 0.49% for EWC and 0.59% for EWY.

EWY currently has the higher Sharpe Ratio (4.29 vs 2.08), 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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