EWY vs. EEMV

Last updated Aug 4, 2026

EWY (iShares MSCI South Korea ETF) and EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) are both exchange-traded funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while EEMV is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index. Both are passively managed. Over the past 10 years, EWY returned 13.21%/yr vs 5.67%/yr for EEMV. Their 0.78 correlation means they have sometimes moved together and sometimes differently. EWY charges 0.59%/yr vs 0.25%/yr for EEMV.

Performance

EWY vs. EEMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWY achieves a 64.82% return, which is significantly higher than EEMV's 13.39% return. Over the past 10 years, EWY has outperformed EEMV with an annualized return of 13.21%, while EEMV has yielded a comparatively lower 5.67% annualized return.

EWY

• 1D: 2.00%
• 1M: -11.05%
• 6M: 32.51%
• YTD: 64.82%
• 1Y: 131.90%
• 3Y*: 38.47%
• 5Y*: 14.28%
• 10Y*: 13.21%
• ALL TIME*: 9.71%

EEMV

• 1D: 0.83%
• 1M: -2.13%
• 6M: 8.06%
• YTD: 13.39%
• 1Y: 19.04%
• 3Y*: 12.30%
• 5Y*: 5.50%
• 10Y*: 5.67%
• ALL TIME*: 5.27%

*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)
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	$17.54M	$15.40M	$17.99M
EWY iShares MSCI South Korea ETF	$4.48B	$4.44B	$4.18B

EWY vs. EEMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	64.82%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	13.39%	13.45%	7.98%	7.75%	-13.94%	5.05%	6.90%	7.83%	-5.81%	27.28%

Correlation

The correlation between EWY and EEMV is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.78

The correlation between EWY and EEMV has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

EWY vs. EEMV - Sectors Allocation Comparison

Sectors	EWY	EEMV
Technology	54.1%	37.4%
Industrials	15.7%	5.8%
Financial Services	11.4%	18.3%
Consumer Cyclical	5.9%	6.7%
Healthcare	3.6%	5.5%
Communication Services	2.9%	10.0%
Basic Materials	2.2%	2.6%
Consumer Defensive	2.2%	5.4%
Energy	1.0%	3.5%
Utilities	0.4%	4.2%
Real Estate	-	0.6%

Return for Risk

EWY vs. EEMV — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 88
EWY Sharpe Ratio Rank: 92
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 86
EWY Calmar Ratio Rank: 90
EWY Martin Ratio Rank: 88

EEMV

EEMV Risk / Return Rank: 49
EEMV Sharpe Ratio Rank: 46
EEMV Sortino Ratio Rank: 44
EEMV Omega Ratio Rank: 50
EEMV Calmar Ratio Rank: 55
EEMV Martin Ratio Rank: 50

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.

EWY vs. EEMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV). 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.

	EWY	EEMV	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.16	+1.29
Sortino ratio: Return per unit of downside risk	2.74	1.65	+1.09
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	3.88	2.01	+1.87
Martin ratio: Return relative to average drawdown	13.64	5.99	+7.65

EWY vs. EEMV - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 2.45, which is higher than the EEMV Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of EWY and EEMV, 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

EWY vs. EEMV - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than EEMV's maximum drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for EWY and EEMV.

Drawdown Indicators

	EWY	EEMV	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-31.56%	-42.58%
Max Drawdown (1Y) Largest decline over 1 year	-34.21%	-9.50%	-24.71%
Max Drawdown (3Y) Largest decline over 3 years	-34.21%	-12.47%	-21.74%
Max Drawdown (5Y) Largest decline over 5 years	-47.15%	-21.90%	-25.25%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-31.56%	-18.17%
Current Drawdown Current decline from peak	-26.90%	-6.43%	-20.47%
Average Drawdown Average peak-to-trough decline	-20.10%	-7.93%	-12.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.71%	3.18%	+6.53%

Volatility

EWY vs. EEMV - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 22.12% compared to iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) at 6.53%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than EEMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	EEMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.12%	6.53%	+15.59%
Volatility (6M) Calculated over the trailing 6-month period	50.88%	15.46%	+35.42%
Volatility (1Y) Calculated over the trailing 1-year period	54.30%	16.54%	+37.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.79%	12.62%	+20.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.39%	14.07%	+15.32%

EWY vs. EEMV - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than EEMV's 0.25% expense ratio.

Dividends

EWY vs. EEMV - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.27%, less than EEMV's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	2.25%	2.65%	3.50%	2.75%	1.93%	2.14%	2.45%	2.63%	2.46%	2.34%	2.79%	2.55%
EWY iShares MSCI South Korea ETF	1.27%	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 EEMV in my portfolio?

EWY and EEMV have a correlation of 0.79, 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 EEMV?

EWY has higher volatility (22.12%) compared to EEMV (6.53%). In terms of maximum drawdown, EWY dropped -74.14% vs EEMV's -31.56%.

Which ETF is better, EWY or EEMV?

On 10-year performance, EWY leads with 13.21% vs 5.67% for EEMV. On fees, EEMV is cheaper at 0.25% per year. On volatility, EEMV has been the lower-risk option at 6.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or EEMV?

Over the 10-year period, EWY has performed better with a 13.21% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or EEMV?

EEMV is cheaper with a 0.25% expense ratio, compared with 0.59% for EWY.

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

EEMV has the higher dividend yield at 2.25%, compared with 1.27% for EWY.

What is the main difference between EWY and EEMV?

EWY is categorized as South Korea Equities, while EEMV is Emerging Markets Equities. EWY tracks MSCI Korea Index, while EEMV tracks MSCI Emerging Markets Minimum Volatility Index. Their fees differ too: 0.59% for EWY and 0.25% for EEMV.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.45 vs 1.16), 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.