EWY vs. EPHE

Last updated Jul 14, 2026

EWY (iShares MSCI South Korea ETF) and EPHE (iShares MSCI Philippines ETF) are both exchange-traded funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while EPHE is a Asia Pacific Equities fund tracking the MSCI Philippines Investable Market Index. Both are passively managed. Over the past 10 years, EWY returned 14.08%/yr vs -3.39%/yr for EPHE. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.

Performance

EWY vs. EPHE - Performance Comparison

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

Returns By Period

In the year-to-date period, EWY achieves a 72.82% return, which is significantly higher than EPHE's 2.00% return. Over the past 10 years, EWY has outperformed EPHE with an annualized return of 14.08%, while EPHE has yielded a comparatively lower -3.39% annualized return.

EWY

• 1D: -8.45%
• 1M: -14.91%
• 6M: 54.25%
• YTD: 72.82%
• 1Y: 136.76%
• 3Y*: 39.02%
• 5Y*: 15.37%
• 10Y*: 14.08%

EPHE

• 1D: -1.35%
• 1M: 1.67%
• 6M: -3.76%
• YTD: 2.00%
• 1Y: -5.56%
• 3Y*: -0.26%
• 5Y*: -1.57%
• 10Y*: -3.39%

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

EWY vs. EPHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	72.82%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
EPHE iShares MSCI Philippines ETF	2.00%	1.56%	-1.41%	1.27%	-15.87%	-2.23%	-3.95%	8.50%	-17.50%	20.20%

Correlation

The correlation between EWY and EPHE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.49

Over the past year, the correlation between EWY and EPHE has dropped to 0.29 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

EWY vs. EPHE - Sectors Allocation Comparison

Sectors	EWY	EPHE
Technology	60.9%	-
Industrials	14.5%	30.8%
Financial Services	8.9%	20.0%
Consumer Cyclical	4.8%	12.7%
Healthcare	3.1%	-
Communication Services	2.2%	4.8%
Basic Materials	2.0%	1.1%
Consumer Defensive	1.8%	4.5%
Energy	0.6%	1.3%
Utilities	0.3%	13.5%
Real Estate	-	11.2%

Return for Risk

EWY vs. EPHE — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 90
EWY Sharpe Ratio Rank: 93
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 87
EWY Calmar Ratio Rank: 95
EWY Martin Ratio Rank: 93

EPHE

EPHE Risk / Return Rank: 6
EPHE Sharpe Ratio Rank: 7
EPHE Sortino Ratio Rank: 6
EPHE Omega Ratio Rank: 6
EPHE Calmar Ratio Rank: 6
EPHE Martin Ratio Rank: 6

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. EPHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and iShares MSCI Philippines ETF (EPHE). 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	EPHE	Difference
Sharpe ratio: Return per unit of total volatility	2.70	-0.27	+2.97
Sortino ratio: Return per unit of downside risk	2.89	-0.26	+3.15
Omega ratio: Gain probability vs. loss probability	1.42	0.97	+0.45
Calmar ratio: Return relative to maximum drawdown	5.89	-0.35	+6.24
Martin ratio: Return relative to average drawdown	18.50	-0.61	+19.11

EWY vs. EPHE - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 2.70, which is higher than the EPHE Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of EWY and EPHE, 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. EPHE - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than EPHE's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for EWY and EPHE.

Drawdown Indicators

	EWY	EPHE	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-53.82%	-20.32%
Max Drawdown (1Y) Largest decline over 1 year	-23.35%	-15.90%	-7.45%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-21.42%	-5.94%
Max Drawdown (5Y) Largest decline over 5 years	-47.23%	-32.96%	-14.27%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-51.62%	+1.89%
Current Drawdown Current decline from peak	-23.35%	-32.56%	+9.21%
Average Drawdown Average peak-to-trough decline	-20.09%	-21.06%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	9.13%	-1.71%

Volatility

EWY vs. EPHE - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.85% compared to iShares MSCI Philippines ETF (EPHE) at 9.64%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than EPHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	EPHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.85%	9.64%	+16.21%
Volatility (6M) Calculated over the trailing 6-month period	47.91%	15.92%	+31.99%
Volatility (1Y) Calculated over the trailing 1-year period	51.11%	20.62%	+30.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	18.45%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	22.28%	+6.52%

EWY vs. EPHE - Expense Ratio Comparison

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

Dividends

EWY vs. EPHE - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.21%, less than EPHE's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPHE iShares MSCI Philippines ETF	2.72%	2.11%	2.32%	2.01%	1.73%	1.05%	0.72%	0.78%	0.45%	0.36%	0.71%	1.03%
EWY iShares MSCI South Korea ETF	1.21%	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 EPHE in my portfolio?

EWY and EPHE have a correlation of 0.29, 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 EPHE?

EWY has higher volatility (25.85%) compared to EPHE (9.64%). In terms of maximum drawdown, EWY dropped -74.14% vs EPHE's -53.82%.

Which ETF is better, EWY or EPHE?

On 10-year performance, EWY leads with 14.08% vs -3.39% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, EPHE has been the lower-risk option at 9.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or EPHE?

Over the 10-year period, EWY has performed better with a 14.08% return vs -3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or EPHE?

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

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

EPHE has the higher dividend yield at 2.72%, compared with 1.21% for EWY.

What is the main difference between EWY and EPHE?

EWY is categorized as South Korea Equities, while EPHE is Asia Pacific Equities. EWY tracks MSCI Korea Index, while EPHE tracks MSCI Philippines Investable Market Index.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.70 vs -0.27), 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.