EWY vs. FXI

Last updated Aug 2, 2026

EWY (iShares MSCI South Korea ETF) and FXI (iShares China Large-Cap ETF) are both exchange-traded funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while FXI is a China Equities fund tracking the FTSE China 50 Index. Both are passively managed. Over the past 10 years, EWY returned 13.13%/yr vs 2.81%/yr for FXI. Their 0.66 correlation means they have sometimes moved together and sometimes differently. EWY charges 0.59%/yr vs 0.74%/yr for FXI.

Performance

EWY vs. FXI - Performance Comparison

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

Returns By Period

In the year-to-date period, EWY achieves a 61.59% return, which is significantly higher than FXI's -3.96% return. Over the past 10 years, EWY has outperformed FXI with an annualized return of 13.13%, while FXI has yielded a comparatively lower 2.81% annualized return.

EWY

• 1D: -2.55%
• 1M: -12.79%
• 6M: 28.34%
• YTD: 61.59%
• 1Y: 127.36%
• 3Y*: 35.68%
• 5Y*: 14.47%
• 10Y*: 13.13%
• ALL TIME*: 9.64%

FXI

• 1D: -0.05%
• 1M: 14.38%
• 6M: -7.16%
• YTD: -3.96%
• 1Y: 0.93%
• 3Y*: 9.88%
• 5Y*: 0.26%
• 10Y*: 2.81%
• ALL TIME*: 5.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWY iShares MSCI South Korea ETF	$4.45B	$4.55B	$4.16B
FXI iShares China Large-Cap ETF	$773.89M	$798.32M	$975.73M

EWY vs. FXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	61.59%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
FXI iShares China Large-Cap ETF	-3.96%	28.95%	28.98%	-12.42%	-20.66%	-20.06%	8.92%	14.90%	-13.28%	36.26%

Correlation

The correlation between EWY and FXI is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Oct 8, 2004	0.66

Over the past year, the correlation between EWY and FXI has dropped to 0.35 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

EWY vs. FXI - Sectors Allocation Comparison

Sectors	EWY	FXI
Technology	54.1%	5.9%
Industrials	15.7%	2.8%
Financial Services	11.4%	35.2%
Consumer Cyclical	5.9%	25.3%
Healthcare	3.6%	2.6%
Communication Services	2.9%	17.8%
Basic Materials	2.2%	3.4%
Consumer Defensive	2.2%	0.8%
Energy	1.0%	4.8%
Utilities	0.4%	0.3%
Real Estate	-	1.0%

Return for Risk

EWY vs. FXI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWY

EWY Risk / Return Rank: 86
EWY Sharpe Ratio Rank: 90
EWY Sortino Ratio Rank: 80
EWY Omega Ratio Rank: 84
EWY Calmar Ratio Rank: 88
EWY Martin Ratio Rank: 87

FXI

FXI Risk / Return Rank: 10
FXI Sharpe Ratio Rank: 11
FXI Sortino Ratio Rank: 10
FXI Omega Ratio Rank: 10
FXI Calmar Ratio Rank: 10
FXI Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWY vs. FXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and iShares China Large-Cap ETF (FXI). 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	FXI	Difference
Sharpe ratio: Return per unit of total volatility	2.24	-0.04	+2.27
Sortino ratio: Return per unit of downside risk	2.59	0.09	+2.50
Omega ratio: Gain probability vs. loss probability	1.36	1.01	+0.35
Calmar ratio: Return relative to maximum drawdown	3.55	-0.03	+3.58
Martin ratio: Return relative to average drawdown	12.67	-0.07	+12.74

EWY vs. FXI - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 2.24, which is higher than the FXI Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of EWY and FXI, 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. FXI - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, roughly equal to the maximum FXI drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for EWY and FXI.

Drawdown Indicators

	EWY	FXI	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-72.68%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-34.21%	-22.94%	-11.27%
Max Drawdown (3Y) Largest decline over 3 years	-34.21%	-25.56%	-8.65%
Max Drawdown (5Y) Largest decline over 5 years	-47.15%	-49.88%	+2.73%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-60.81%	+11.08%
Current Drawdown Current decline from peak	-28.33%	-24.37%	-3.96%
Average Drawdown Average peak-to-trough decline	-20.10%	-31.21%	+11.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.56%	10.00%	-0.44%

Volatility

EWY vs. FXI - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 22.08% compared to iShares China Large-Cap ETF (FXI) at 5.14%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	FXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.08%	5.14%	+16.94%
Volatility (6M) Calculated over the trailing 6-month period	50.88%	14.61%	+36.27%
Volatility (1Y) Calculated over the trailing 1-year period	54.29%	20.32%	+33.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.77%	31.44%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.38%	27.60%	+1.78%

EWY vs. FXI - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than FXI's 0.74% expense ratio.

Dividends

EWY vs. FXI - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.30%, less than FXI's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	1.30%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
FXI iShares China Large-Cap ETF	1.86%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%

Frequently Asked Questions

Can I hold both EWY and FXI in my portfolio?

EWY and FXI have a correlation of 0.35, 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 FXI?

EWY has higher volatility (22.08%) compared to FXI (5.14%). In terms of maximum drawdown, EWY dropped -74.14% vs FXI's -72.68%.

Which ETF is better, EWY or FXI?

On 10-year performance, EWY leads with 13.13% vs 2.81% for FXI. On fees, EWY is cheaper at 0.59% per year. On volatility, FXI has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or FXI?

Over the 10-year period, EWY has performed better with a 13.13% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or FXI?

EWY is cheaper with a 0.59% expense ratio, compared with 0.74% for FXI.

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

FXI has the higher dividend yield at 1.86%, compared with 1.30% for EWY.

What is the main difference between EWY and FXI?

EWY is categorized as South Korea Equities, while FXI is China Equities. EWY tracks MSCI Korea Index, while FXI tracks FTSE China 50 Index. Their fees differ too: 0.59% for EWY and 0.74% for FXI.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.24 vs -0.04), 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.