EWY vs. FLKR

Last updated Jun 23, 2026

EWY (iShares MSCI South Korea ETF) and FLKR (Franklin FTSE South Korea ETF) are both Asia Pacific Equities funds - EWY tracks the MSCI Korea Index while FLKR tracks the FTSE South Korea RIC Capped Index. Both are passively managed. Over the past 5 years, EWY returned 21.37%/yr vs 20.92%/yr for FLKR. With a 0.97 correlation, they move nearly in lockstep. EWY charges 0.59%/yr vs 0.09%/yr for FLKR.

Performance

EWY vs. FLKR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with EWY having a 125.28% return and FLKR slightly higher at 125.43%.

EWY

• 1D: -0.08%
• 1M: 20.32%
• YTD: 125.28%
• 6M: 138.71%
• 1Y: 226.78%
• 3Y*: 54.89%
• 5Y*: 21.37%
• 10Y*: 18.13%

FLKR

• 1D: 0.78%
• 1M: 22.92%
• YTD: 125.43%
• 6M: 139.24%
• 1Y: 222.34%
• 3Y*: 55.23%
• 5Y*: 20.92%
• 10Y*: —

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

EWY vs. FLKR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	125.28%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	1.80%
FLKR Franklin FTSE South Korea ETF	125.43%	91.91%	-18.84%	19.16%	-27.50%	-7.54%	42.64%	8.88%	-21.30%	3.00%

Correlation

The correlation between EWY and FLKR is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.97

The correlation between EWY and FLKR has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

EWY vs. FLKR - Sectors Allocation Comparison

Sectors	EWY	FLKR
Technology	61.4%	62.9%
Industrials	13.8%	14.6%
Financial Services	8.9%	7.5%
Consumer Cyclical	5.1%	6.3%
Healthcare	2.9%	2.4%
Communication Services	2.3%	2.0%
Basic Materials	2.2%	1.9%
Consumer Defensive	1.6%	1.4%
Energy	0.6%	0.7%
Utilities	0.3%	0.3%
Real Estate	-	-

Return for Risk

EWY vs. FLKR — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 98
EWY Sortino Ratio Rank: 93
EWY Omega Ratio Rank: 94
EWY Calmar Ratio Rank: 97
EWY Martin Ratio Rank: 96

FLKR

FLKR Risk / Return Rank: 95
FLKR Sharpe Ratio Rank: 97
FLKR Sortino Ratio Rank: 93
FLKR Omega Ratio Rank: 94
FLKR Calmar Ratio Rank: 97
FLKR Martin Ratio Rank: 96

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. FLKR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Franklin FTSE South Korea ETF (FLKR). 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	FLKR	Difference
Sharpe ratio: Return per unit of total volatility	4.83	4.80	+0.03
Sortino ratio: Return per unit of downside risk	4.40	4.38	+0.03
Omega ratio: Gain probability vs. loss probability	1.64	1.64	0.00
Calmar ratio: Return relative to maximum drawdown	9.89	9.72	+0.17
Martin ratio: Return relative to average drawdown	34.51	33.72	+0.79

EWY vs. FLKR - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 4.83, which is comparable to the FLKR Sharpe Ratio of 4.80. The chart below compares the historical Sharpe Ratios of EWY and FLKR, 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. FLKR - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than FLKR's maximum drawdown of -50.06%. Use the drawdown chart below to compare losses from any high point for EWY and FLKR.

Drawdown Indicators

	EWY	FLKR	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-50.06%	-24.08%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-23.03%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-26.39%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-49.51%	+0.96%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	—	—
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-20.10%	-21.99%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.60%	6.63%	-0.03%

Volatility

EWY vs. FLKR - Volatility Comparison

iShares MSCI South Korea ETF (EWY) and Franklin FTSE South Korea ETF (FLKR) have volatilities of 26.14% and 26.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	FLKR	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.14%	26.54%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	43.40%	42.94%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	47.40%	46.77%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.51%	29.97%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.24%	28.56%	-0.32%

EWY vs. FLKR - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than FLKR's 0.09% expense ratio.

Dividends

EWY vs. FLKR - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.93%, less than FLKR's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	0.93%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
FLKR Franklin FTSE South Korea ETF	1.62%	3.87%	7.08%	2.28%	3.13%	2.12%	0.99%	2.09%	1.86%	1.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWY and FLKR in my portfolio?

With a correlation of 0.99, EWY and FLKR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EWY or FLKR?

FLKR has higher volatility (26.54%) compared to EWY (26.14%). In terms of maximum drawdown, EWY dropped -74.14% vs FLKR's -50.06%.

Which ETF is better, EWY or FLKR?

On 5-year performance, EWY leads with 21.37% vs 20.92% for FLKR. On fees, FLKR is cheaper at 0.09% per year. On volatility, EWY has been the lower-risk option at 26.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or FLKR?

Over the 5-year period, EWY has performed better with a 21.37% return vs 20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or FLKR?

FLKR is cheaper with a 0.09% expense ratio, compared with 0.59% for EWY.

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

FLKR has the higher dividend yield at 1.62%, compared with 0.93% for EWY.

What is the main difference between EWY and FLKR?

EWY tracks MSCI Korea Index, while FLKR tracks FTSE South Korea RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.59% for EWY and 0.09% for FLKR.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (4.83 vs 4.80), 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.