EWT vs. BKEM

Last updated Jun 4, 2026

EWT (iShares MSCI Taiwan ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Asia Pacific Equities funds - EWT tracks the MSCI Taiwan Index while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, EWT returned 18.33%/yr vs 7.37%/yr for BKEM. A 0.79 correlation means they provide meaningful diversification when combined. EWT charges 0.59%/yr vs 0.11%/yr for BKEM.

Performance

EWT vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWT achieves a 68.27% return, which is significantly higher than BKEM's 30.24% return.

EWT

• 1D: -0.20%
• 1M: 18.24%
• YTD: 68.27%
• 6M: 72.42%
• 1Y: 110.37%
• 3Y*: 38.34%
• 5Y*: 18.33%
• 10Y*: 19.90%

BKEM

• 1D: -0.95%
• 1M: 8.75%
• YTD: 30.24%
• 6M: 32.64%
• 1Y: 57.21%
• 3Y*: 24.11%
• 5Y*: 7.37%
• 10Y*: —

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

EWT vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EWT iShares MSCI Taiwan ETF	68.27%	28.38%	16.11%	23.97%	-28.90%	26.18%	52.96%
BKEM BNY Mellon Emerging Markets Equity ETF	30.24%	30.55%	7.53%	8.68%	-19.43%	-3.91%	47.53%

Correlation

The correlation between EWT and BKEM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.79

The correlation between EWT and BKEM has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

EWT vs. BKEM - Sectors Allocation Comparison

Sectors	EWT	BKEM
Technology	72.9%	35.9%
Financial Services	13.0%	18.9%
Industrials	4.9%	9.0%
Basic Materials	3.5%	6.4%
Consumer Cyclical	1.9%	9.7%
Communication Services	1.9%	6.6%
Consumer Defensive	1.1%	2.9%
Healthcare	0.8%	3.2%
Energy	-	4.0%
Real Estate	-	1.2%
Utilities	-	2.3%

Return for Risk

EWT vs. BKEM — Risk / Return Rank

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

EWT

EWT Risk / Return Rank: 95
EWT Sharpe Ratio Rank: 96
EWT Sortino Ratio Rank: 94
EWT Omega Ratio Rank: 94
EWT Calmar Ratio Rank: 97
EWT Martin Ratio Rank: 95

BKEM

BKEM Risk / Return Rank: 84
BKEM Sharpe Ratio Rank: 87
BKEM Sortino Ratio Rank: 84
BKEM Omega Ratio Rank: 84
BKEM Calmar Ratio Rank: 83
BKEM Martin Ratio Rank: 83

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.

EWT vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	EWT	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	4.42	2.95	+1.47
Sortino ratio: Return per unit of downside risk	5.00	3.83	+1.18
Omega ratio: Gain probability vs. loss probability	1.69	1.52	+0.17
Calmar ratio: Return relative to maximum drawdown	10.56	4.39	+6.17
Martin ratio: Return relative to average drawdown	32.40	16.85	+15.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWT vs. BKEM - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 4.42, which is higher than the BKEM Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of EWT and BKEM, 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

	EWT	BKEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	2.95	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.40	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.75	-0.50

Drawdowns

EWT vs. BKEM - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, which is greater than BKEM's maximum drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for EWT and BKEM.

Drawdown Indicators

	EWT	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-39.48%	-24.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-13.11%	+2.60%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-18.38%	-7.28%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-36.53%	-2.35%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	—	—
Current Drawdown Current decline from peak	-0.20%	-0.95%	+0.75%
Average Drawdown Average peak-to-trough decline	-19.23%	-16.00%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.41%	+0.01%

Volatility

EWT vs. BKEM - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 10.43% compared to BNY Mellon Emerging Markets Equity ETF (BKEM) at 8.10%. This indicates that EWT's price experiences larger fluctuations and is considered to be riskier than BKEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWT	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	8.10%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	20.52%	16.75%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	19.46%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	18.73%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	19.12%	+2.48%

EWT vs. BKEM - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is higher than BKEM's 0.11% expense ratio.

Dividends

EWT vs. BKEM - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.63%, more than BKEM's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.45%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
EWT iShares MSCI Taiwan ETF	2.63%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EWT and BKEM in my portfolio?

EWT and BKEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or BKEM?

EWT has higher volatility (10.43%) compared to BKEM (8.10%). In terms of maximum drawdown, EWT dropped -64.37% vs BKEM's -39.48%.

Which ETF is better, EWT or BKEM?

On 5-year performance, EWT leads with 18.33% vs 7.37% for BKEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, BKEM has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or BKEM?

Over the 5-year period, EWT has performed better with a 18.33% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or BKEM?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.59% for EWT.

Which ETF pays a higher dividend yield, EWT or BKEM?

EWT has the higher dividend yield at 2.63%, compared with 1.45% for BKEM.

What is the main difference between EWT and BKEM?

EWT tracks MSCI Taiwan Index, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: iShares and BNY Mellon. Their fees differ too: 0.59% for EWT and 0.11% for BKEM.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (4.42 vs 2.95), 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.