EWT vs. EWY

Last updated Aug 2, 2026

EWT (iShares MSCI Taiwan ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 Index, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, EWT returned 17.98%/yr vs 13.13%/yr for EWY. Their 0.70 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.59% expense ratio.

Performance

EWT vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) 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, EWT achieves a 51.98% return, which is significantly lower than EWY's 61.59% return. Over the past 10 years, EWT has outperformed EWY with an annualized return of 17.98%, while EWY has yielded a comparatively lower 13.13% annualized return.

EWT

• 1D: 2.71%
• 1M: -7.92%
• 6M: 41.86%
• YTD: 51.98%
• 1Y: 72.95%
• 3Y*: 34.98%
• 5Y*: 16.96%
• 10Y*: 17.98%
• ALL TIME*: 7.00%

EWY

• 1D: -2.55%
• 1M: -12.79%
• 6M: 28.34%
• YTD: 61.59%
• 1Y: 127.36%
• 3Y*: 35.68%
• 5Y*: 14.47%
• 10Y*: 13.13%
• ALL TIME*: 9.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWT iShares MSCI Taiwan ETF	$630.60M	$678.43M	$665.11M
EWY iShares MSCI South Korea ETF	$4.45B	$4.55B	$4.16B

EWT vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	51.98%	28.38%	16.11%	29.00%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
EWY iShares MSCI South Korea ETF	61.59%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between EWT and EWY is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Jun 23, 2000	0.70

The correlation between EWT and EWY has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

EWT vs. EWY - Sectors Allocation Comparison

Sectors	EWT	EWY
Technology	71.6%	54.1%
Financial Services	14.6%	11.4%
Industrials	4.3%	15.7%
Basic Materials	3.9%	2.2%
Communication Services	1.8%	2.9%
Healthcare	1.3%	3.6%
Consumer Defensive	1.1%	2.2%
Consumer Cyclical	0.4%	5.9%
Energy	-	1.0%
Real Estate	-	-
Utilities	-	0.4%

Return for Risk

EWT vs. EWY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWT

EWT Risk / Return Rank: 89
EWT Sharpe Ratio Rank: 92
EWT Sortino Ratio Rank: 86
EWT Omega Ratio Rank: 88
EWT Calmar Ratio Rank: 89
EWT Martin Ratio Rank: 91

EWY

EWY Risk / Return Rank: 86
EWY Sharpe Ratio Rank: 90
EWY Sortino Ratio Rank: 80
EWY Omega Ratio Rank: 84
EWY Calmar Ratio Rank: 88
EWY Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWT vs. EWY - Risk-Adjusted Trends Comparison

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

	EWT	EWY	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.24	+0.15
Sortino ratio: Return per unit of downside risk	2.87	2.59	+0.28
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	3.70	3.55	+0.16
Martin ratio: Return relative to average drawdown	15.15	12.67	+2.48

EWT vs. EWY - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 2.39, which is comparable to the EWY Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of EWT 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

EWT vs. EWY - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for EWT and EWY.

Drawdown Indicators

	EWT	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-74.14%	+9.77%
Max Drawdown (1Y) Largest decline over 1 year	-19.83%	-34.21%	+14.38%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-34.21%	+8.55%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-47.15%	+8.27%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-49.73%	+10.85%
Current Drawdown Current decline from peak	-13.43%	-28.33%	+14.90%
Average Drawdown Average peak-to-trough decline	-19.09%	-20.10%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	9.56%	-4.72%

Volatility

EWT vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Taiwan ETF (EWT) is 13.40%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.08%. This indicates that EWT 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

	EWT	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.40%	22.08%	-8.68%
Volatility (6M) Calculated over the trailing 6-month period	27.56%	50.88%	-23.32%
Volatility (1Y) Calculated over the trailing 1-year period	30.78%	54.29%	-23.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.94%	32.77%	-8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	29.38%	-7.19%

EWT vs. EWY - Expense Ratio Comparison

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

Dividends

EWT vs. EWY - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.92%, more than EWY's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWT iShares MSCI Taiwan ETF	2.92%	4.43%	3.32%	12.01%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%
EWY iShares MSCI South Korea ETF	1.30%	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 EWT and EWY in my portfolio?

EWT and EWY have a correlation of 0.74, 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 EWY?

EWY has higher volatility (22.08%) compared to EWT (13.40%). In terms of maximum drawdown, EWT dropped -64.37% vs EWY's -74.14%.

Which ETF is better, EWT or EWY?

On 10-year performance, EWT leads with 17.98% vs 13.13% for EWY. Both ETFs have the same 0.59% expense ratio. On volatility, EWT has been the lower-risk option at 13.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or EWY?

Over the 10-year period, EWT has performed better with a 17.98% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or EWY?

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

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

EWT has the higher dividend yield at 2.92%, compared with 1.30% for EWY.

What is the main difference between EWT and EWY?

EWT is categorized as Taiwan Equities, while EWY is South Korea Equities. EWT tracks MSCI Taiwan 25/50 Index, while EWY tracks MSCI Korea Index.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (2.39 vs 2.24), 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.