EWY vs. EMDM
EWY (iShares MSCI South Korea ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, EWY returned 46.46%/yr vs 30.34%/yr for EMDM. A 0.79 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.75%/yr for EMDM.
Performance
EWY vs. EMDM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWY achieves a 103.10% return, which is significantly higher than EMDM's 36.28% return.
EWY
- 1D
- -0.75%
- 1M
- 10.39%
- YTD
- 103.10%
- 6M
- 117.85%
- 1Y
- 203.95%
- 3Y*
- 46.46%
- 5Y*
- 18.80%
- 10Y*
- 16.84%
EMDM
- 1D
- 0.70%
- 1M
- 6.11%
- YTD
- 36.28%
- 6M
- 42.03%
- 1Y
- 83.08%
- 3Y*
- 30.34%
- 5Y*
- —
- 10Y*
- —
EWY vs. EMDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 103.10% | 95.33% | -20.48% | 13.28% |
EMDM First Trust Bloomberg Emerging Market Democracies ETF | 36.28% | 59.68% | -4.93% | 14.75% |
Correlation
The correlation between EWY and EMDM 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 | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023 | 0.79 |
The correlation between EWY and EMDM has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EWY vs. EMDM — Risk / Return Rank
EWY
EMDM
EWY vs. EMDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). 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 | EMDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.55 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 8.65 | 5.18 | +3.47 |
| Martin ratioReturn relative to average drawdown | 30.24 | 20.59 | +9.64 |
Loading charts...
Drawdowns
EWY vs. EMDM - Drawdown Comparison
The maximum EWY drawdown since its inception was -74.14%, which is greater than EMDM's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for EWY and EMDM.
Loading charts...
Drawdown Indicators
| EWY | EMDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -18.81% | -55.33% |
Max Drawdown (1Y)Largest decline over 1 year | -23.08% | -15.65% | -7.43% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -18.81% | -8.55% |
Max Drawdown (5Y)Largest decline over 5 years | -48.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | — | — |
Current DrawdownCurrent decline from peak | -8.88% | -3.27% | -5.61% |
Average DrawdownAverage peak-to-trough decline | -20.11% | -4.08% | -16.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 3.93% | +2.66% |
Volatility
EWY vs. EMDM - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to First Trust Bloomberg Emerging Market Democracies ETF (EMDM) at 12.16%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than EMDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EWY | EMDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.64% | 12.16% | +13.48% |
Volatility (6M)Calculated over the trailing 6-month period | 42.65% | 22.86% | +19.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.51% | 25.23% | +21.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.15% | 20.36% | +9.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.06% | 20.36% | +7.70% |
EWY vs. EMDM - Expense Ratio Comparison
EWY has a 0.59% expense ratio, which is lower than EMDM's 0.75% expense ratio.
Dividends
EWY vs. EMDM - Dividend Comparison
EWY's dividend yield for the trailing twelve months is around 1.03%, less than EMDM's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMDM First Trust Bloomberg Emerging Market Democracies ETF | 2.62% | 3.57% | 5.87% | 2.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
EWY and EMDM 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.
EWY has higher volatility (25.64%) compared to EMDM (12.16%). In terms of maximum drawdown, EWY dropped -74.14% vs EMDM's -18.81%.
On 3-year performance, EWY leads with 46.46% vs 30.34% for EMDM. On fees, EWY is cheaper at 0.59% per year. On volatility, EMDM has been the lower-risk option at 12.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EWY has performed better with a 46.46% return vs 30.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWY is cheaper with a 0.59% expense ratio, compared with 0.75% for EMDM.
EMDM has the higher dividend yield at 2.62%, compared with 1.03% for EWY.
EWY is categorized as Asia Pacific Equities, while EMDM is Emerging Markets Diversified. EWY tracks MSCI Korea Index, while EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.59% for EWY and 0.75% for EMDM.
EWY currently has the higher Sharpe Ratio (4.29 vs 3.21), 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.
Find the right allocation for EWY and EMDM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer