EWY vs. AIA

Last updated Jun 4, 2026

EWY (iShares MSCI South Korea ETF) and AIA (iShares Asia 50 ETF) are both Asia Pacific Equities funds from iShares - EWY tracks the MSCI Korea Index while AIA tracks the S&P Asia 50. Both are passively managed. Over the past 10 years, EWY returned 17.46%/yr vs 15.48%/yr for AIA. Their correlation of 0.84 suggests significant overlap in exposure. EWY charges 0.59%/yr vs 0.50%/yr for AIA.

Performance

EWY vs. AIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and iShares Asia 50 ETF (AIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWY achieves a 119.05% return, which is significantly higher than AIA's 52.67% return. Over the past 10 years, EWY has outperformed AIA with an annualized return of 17.46%, while AIA has yielded a comparatively lower 15.48% annualized return.

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%

AIA

• 1D: -1.19%
• 1M: 18.04%
• YTD: 52.67%
• 6M: 57.46%
• 1Y: 100.69%
• 3Y*: 38.58%
• 5Y*: 12.42%
• 10Y*: 15.48%

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

EWY vs. AIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
AIA iShares Asia 50 ETF	52.67%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%

Correlation

The correlation between EWY and AIA is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 21, 2007	0.84

The correlation between EWY and AIA has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

EWY vs. AIA - Sectors Allocation Comparison

Sectors	EWY	AIA
Technology	52.4%	56.8%
Industrials	20.4%	2.6%
Financial Services	9.6%	19.3%
Consumer Cyclical	5.7%	10.1%
Healthcare	3.5%	0.9%
Communication Services	2.9%	8.9%
Basic Materials	2.0%	-
Consumer Defensive	1.7%	-
Energy	1.4%	0.7%
Utilities	0.4%	-
Real Estate	-	0.6%

Return for Risk

EWY vs. AIA — Risk / Return Rank

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

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

AIA

AIA Risk / Return Rank: 93
AIA Sharpe Ratio Rank: 95
AIA Sortino Ratio Rank: 92
AIA Omega Ratio Rank: 92
AIA Calmar Ratio Rank: 94
AIA Martin Ratio Rank: 94

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.

EWY vs. AIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and iShares Asia 50 ETF (AIA). 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.

	EWY	AIA	Difference
Sharpe ratio Return per unit of total volatility	6.02	3.94	+2.08
Sortino ratio Return per unit of downside risk	5.31	4.57	+0.74
Omega ratio Gain probability vs. loss probability	1.74	1.64	+0.10
Calmar ratio Return relative to maximum drawdown	10.99	7.16	+3.83
Martin ratio Return relative to average drawdown	40.91	26.55	+14.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWY vs. AIA - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 6.02, which is higher than the AIA Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of EWY and AIA, 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

	EWY	AIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.02	3.94	+2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.49	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.66	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.32	+0.01

Drawdowns

EWY vs. AIA - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than AIA's maximum drawdown of -60.89%. Use the drawdown chart below to compare losses from any high point for EWY and AIA.

Drawdown Indicators

	EWY	AIA	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-60.89%	-13.25%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-14.15%	-8.93%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-21.64%	-5.72%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-50.17%	+1.62%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-54.64%	+4.91%
Current Drawdown Current decline from peak	-1.73%	-1.19%	-0.54%
Average Drawdown Average peak-to-trough decline	-20.13%	-16.68%	-3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	3.81%	+2.38%

Volatility

EWY vs. AIA - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to iShares Asia 50 ETF (AIA) at 11.22%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than AIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	AIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.32%	11.22%	+9.10%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	21.71%	+15.70%
Volatility (1Y) Calculated over the trailing 1-year period	42.10%	25.70%	+16.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	25.51%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	23.55%	+3.82%

EWY vs. AIA - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than AIA's 0.50% expense ratio.

Dividends

EWY vs. AIA - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.96%, less than AIA's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.64%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
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 EWY and AIA in my portfolio?

EWY and AIA have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWY or AIA?

EWY has higher volatility (20.32%) compared to AIA (11.22%). In terms of maximum drawdown, EWY dropped -74.14% vs AIA's -60.89%.

Which ETF is better, EWY or AIA?

On 10-year performance, EWY leads with 17.46% vs 15.48% for AIA. On fees, AIA is cheaper at 0.50% per year. On volatility, AIA has been the lower-risk option at 11.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or AIA?

Over the 10-year period, EWY has performed better with a 17.46% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or AIA?

AIA is cheaper with a 0.50% expense ratio, compared with 0.59% for EWY.

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

AIA has the higher dividend yield at 1.64%, compared with 0.96% for EWY.

What is the main difference between EWY and AIA?

EWY tracks MSCI Korea Index, while AIA tracks S&P Asia 50. Their fees differ too: 0.59% for EWY and 0.50% for AIA.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 3.94), 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.