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EWY vs. EWA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWY vs. EWA

Last updated Jun 13, 2026

EWY (iShares MSCI South Korea ETF) and EWA (iShares MSCI-Australia ETF) are both Asia Pacific Equities funds from iShares - EWY tracks the MSCI Korea Index while EWA tracks the MSCI Australia Index. Both are passively managed. Over the past 10 years, EWY returned 16.84%/yr vs 8.75%/yr for EWA. A 0.58 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.50%/yr for EWA.

Performance

EWY vs. EWA - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWY achieves a 103.10% return, which is significantly higher than EWA's 11.57% return. Over the past 10 years, EWY has outperformed EWA with an annualized return of 16.84%, while EWA has yielded a comparatively lower 8.75% annualized return.

EWY

1D
-0.75%
1M
4.68%
YTD
103.10%
6M
117.85%
1Y
198.25%
3Y*
46.46%
5Y*
18.80%
10Y*
16.84%

EWA

1D
0.90%
1M
0.34%
YTD
11.57%
6M
12.06%
1Y
13.27%
3Y*
11.97%
5Y*
5.57%
10Y*
8.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWY vs. EWA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWY
iShares MSCI South Korea ETF		103.10%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%
EWA
iShares MSCI-Australia ETF		11.57%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%

Correlation

The correlation between EWY and EWA is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.58

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since May 12, 2000

0.58

The correlation between EWY and EWA has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

EWY vs. EWA - Sectors Allocation Comparison

Sectors
EWY
EWA

Technology

52.4%
1.1%

Industrials

20.4%
4.5%

Financial Services

9.6%
43.6%

Consumer Cyclical

5.7%
6.1%

Healthcare

3.5%
4.9%

Communication Services

2.9%
2.0%

Basic Materials

2.0%
23.0%

Consumer Defensive

1.7%
3.6%

Energy

1.4%
4.5%

Utilities

0.4%
1.7%

Real Estate

-

5.0%

Technology

EWY
52.4%
EWA
1.1%

Industrials

EWY
20.4%
EWA
4.5%

Financial Services

EWY
9.6%
EWA
43.6%

Consumer Cyclical

EWY
5.7%
EWA
6.1%

Healthcare

EWY
3.5%
EWA
4.9%

Communication Services

EWY
2.9%
EWA
2.0%

Basic Materials

EWY
2.0%
EWA
23.0%

Consumer Defensive

EWY
1.7%
EWA
3.6%

Energy

EWY
1.4%
EWA
4.5%

Utilities

EWY
0.4%
EWA
1.7%

Real Estate

EWY

-

EWA
5.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI South Korea ETF

iShares MSCI-Australia ETF

Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH
Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY

Return for Risk

EWY vs. EWA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWY
EWY Risk / Return Rank: 9595
Overall Rank
EWY Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9393
Sortino Ratio Rank
EWY Omega Ratio Rank: 9494
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9696
Martin Ratio Rank
EWA
EWA Risk / Return Rank: 2626
Overall Rank
EWA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWA Omega Ratio Rank: 2323
Omega Ratio Rank
EWA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWA Martin Ratio Rank: 2929
Martin Ratio Rank
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. EWA - Risk-Adjusted Trends Comparison

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

EWYEWADifference
Sharpe ratioReturn per unit of total volatility
4.29
0.77

+3.53

Sortino ratioReturn per unit of downside risk
4.08
1.15

+2.92

Omega ratioGain probability vs. loss probability

1.59

1.14

+0.45

Calmar ratioReturn relative to maximum drawdown

8.65

1.33

+7.31

Martin ratioReturn relative to average drawdown

30.24

3.68

+26.56

EWY vs. EWA - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 4.29, which is higher than the EWA Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of EWY and EWA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWY vs. EWA - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than EWA's maximum drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for EWY and EWA.

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Drawdown Indicators

EWYEWADifference

Max Drawdown

Largest peak-to-trough decline

-74.14%

-66.98%

-7.16%

Max Drawdown (1Y)

Largest decline over 1 year

-23.08%

-10.01%

-13.07%

Max Drawdown (3Y)

Largest decline over 3 years

-27.36%

-21.91%

-5.45%

Max Drawdown (5Y)

Largest decline over 5 years

-48.55%

-24.87%

-23.68%

Max Drawdown (10Y)

Largest decline over 10 years

-49.73%

-45.54%

-4.19%

Current Drawdown

Current decline from peak

-8.88%

-3.44%

-5.44%

Average Drawdown

Average peak-to-trough decline

-20.11%

-11.32%

-8.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.59%

3.62%

+2.97%

Volatility

EWY vs. EWA - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to iShares MSCI-Australia ETF (EWA) at 5.80%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than EWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWYEWADifference

Volatility (1M)

Calculated over the trailing 1-month period

25.64%

5.80%

+19.84%

Volatility (6M)

Calculated over the trailing 6-month period

42.65%

14.62%

+28.03%

Volatility (1Y)

Calculated over the trailing 1-year period

46.51%

17.40%

+29.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.15%

19.80%

+10.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.06%

22.62%

+5.44%

EWY vs. EWA - Expense Ratio Comparison

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

Dividends

EWY vs. EWA - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.03%, less than EWA's 2.88% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.88%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
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 EWA have a correlation of 0.56, 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 EWA (5.80%). In terms of maximum drawdown, EWY dropped -74.14% vs EWA's -66.98%.

On 10-year performance, EWY leads with 16.84% vs 8.75% for EWA. On fees, EWA is cheaper at 0.50% per year. On volatility, EWA has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWY has performed better with a 16.84% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWA has the higher dividend yield at 2.88%, compared with 1.03% for EWY.

EWY tracks MSCI Korea Index, while EWA tracks MSCI Australia Index. Their fees differ too: 0.59% for EWY and 0.50% for EWA.

EWY currently has the higher Sharpe Ratio (4.29 vs 0.77), 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.

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