PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWY vs. FPA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWY vs. FPA

Last updated Jun 14, 2026

EWY (iShares MSCI South Korea ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both Asia Pacific Equities funds - EWY tracks the MSCI Korea Index while FPA tracks the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. Both are passively managed. Over the past 10 years, EWY returned 16.84%/yr vs 11.11%/yr for FPA. A 0.68 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.80%/yr for FPA.

Performance

EWY vs. FPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWY achieves a 103.10% return, which is significantly higher than FPA's 47.02% return. Over the past 10 years, EWY has outperformed FPA with an annualized return of 16.84%, while FPA has yielded a comparatively lower 11.11% annualized 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%

FPA

1D
-0.27%
1M
3.70%
YTD
47.02%
6M
47.32%
1Y
65.35%
3Y*
29.68%
5Y*
12.60%
10Y*
11.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWY vs. FPA - 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%
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		47.02%43.16%3.95%9.97%-14.55%2.98%13.43%8.91%-21.91%35.81%

Correlation

The correlation between EWY and FPA 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

0.76

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

0.68

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

0.70

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.68

The correlation between EWY and FPA shifts across timeframes, from 0.68 (5 years) to 0.82 (1 year), reflecting how their relationship changes across market environments.

EWY vs. FPA - Sectors Allocation Comparison

Sectors
EWY
FPA

Technology

57.4%
25.2%

Industrials

14.5%
32.7%

Financial Services

9.7%
8.6%

Consumer Cyclical

6.3%
9.3%

Healthcare

3.1%
0.8%

Communication Services

2.7%
2.6%

Basic Materials

2.5%
4.2%

Consumer Defensive

1.8%
2.7%

Energy

0.7%
5.4%

Utilities

0.4%
5.1%

Real Estate

-

6.2%

Technology

EWY
57.4%
FPA
25.2%

Industrials

EWY
14.5%
FPA
32.7%

Financial Services

EWY
9.7%
FPA
8.6%

Consumer Cyclical

EWY
6.3%
FPA
9.3%

Healthcare

EWY
3.1%
FPA
0.8%

Communication Services

EWY
2.7%
FPA
2.6%

Basic Materials

EWY
2.5%
FPA
4.2%

Consumer Defensive

EWY
1.8%
FPA
2.7%

Energy

EWY
0.7%
FPA
5.4%

Utilities

EWY
0.4%
FPA
5.1%

Real Estate

EWY

-

FPA
6.2%

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

First Trust Asia Pacific ex-Japan AlphaDEX Fund

Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH
Often compared with FPA:
FPA vs. FSEAXFPA vs. VPLFPA vs. EPPFPA vs. EWSFPA vs. ADIVFPA vs. FLKRFPA vs. FICS

Return for Risk

EWY vs. FPA — 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
FPA
FPA Risk / Return Rank: 8383
Overall Rank
FPA Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
FPA Sortino Ratio Rank: 7878
Sortino Ratio Rank
FPA Omega Ratio Rank: 8181
Omega Ratio Rank
FPA Calmar Ratio Rank: 8787
Calmar Ratio Rank
FPA Martin Ratio Rank: 8484
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. FPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

EWYFPADifference
Sharpe ratioReturn per unit of total volatility
4.29
2.41

+1.88

Sortino ratioReturn per unit of downside risk
4.08
3.02

+1.06

Omega ratioGain probability vs. loss probability

1.59

1.42

+0.17

Calmar ratioReturn relative to maximum drawdown

8.65

4.32

+4.32

Martin ratioReturn relative to average drawdown

30.24

14.88

+15.36

EWY vs. FPA - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 4.29, which is higher than the FPA Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of EWY and FPA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWY vs. FPA - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than FPA's maximum drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for EWY and FPA.

Loading charts...

Drawdown Indicators

EWYFPADifference

Max Drawdown

Largest peak-to-trough decline

-74.14%

-52.91%

-21.23%

Max Drawdown (1Y)

Largest decline over 1 year

-23.08%

-15.37%

-7.71%

Max Drawdown (3Y)

Largest decline over 3 years

-27.36%

-20.66%

-6.70%

Max Drawdown (5Y)

Largest decline over 5 years

-48.55%

-34.54%

-14.01%

Max Drawdown (10Y)

Largest decline over 10 years

-49.73%

-52.91%

+3.18%

Current Drawdown

Current decline from peak

-8.88%

-6.94%

-1.94%

Average Drawdown

Average peak-to-trough decline

-20.11%

-13.47%

-6.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.59%

4.46%

+2.13%

Volatility

EWY vs. FPA - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) at 14.55%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWYFPADifference

Volatility (1M)

Calculated over the trailing 1-month period

25.64%

14.55%

+11.09%

Volatility (6M)

Calculated over the trailing 6-month period

42.65%

24.45%

+18.20%

Volatility (1Y)

Calculated over the trailing 1-year period

46.51%

27.61%

+18.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.15%

24.43%

+5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.06%

22.63%

+5.43%

EWY vs. FPA - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than FPA's 0.80% expense ratio.

Dividends

EWY vs. FPA - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.03%, less than FPA's 3.63% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		3.63%4.71%3.40%3.02%4.22%5.12%1.59%3.90%2.81%3.15%2.42%1.74%

Frequently Asked Questions

EWY and FPA 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 FPA (14.55%). In terms of maximum drawdown, EWY dropped -74.14% vs FPA's -52.91%.

On 10-year performance, EWY leads with 16.84% vs 11.11% for FPA. On fees, EWY is cheaper at 0.59% per year. On volatility, FPA has been the lower-risk option at 14.55%. 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 11.11%. 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 0.80% for FPA.

FPA has the higher dividend yield at 3.63%, compared with 1.03% for EWY.

EWY tracks MSCI Korea Index, while FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.59% for EWY and 0.80% for FPA.

EWY currently has the higher Sharpe Ratio (4.29 vs 2.41), 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.

Portfolio Optimizer

Find the right allocation for EWY and FPA

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