EWY vs. KF

Last updated Jun 4, 2026

EWY (iShares MSCI South Korea ETF) and KF (The Korea Fund Inc) are both funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while KF is a Emerging Markets Equities fund managed by Allianz Global Investors. Over the past 10 years, EWY returned 17.46%/yr vs 17.44%/yr for KF. Their correlation of 0.83 suggests significant overlap in exposure. EWY charges 0.59%/yr vs 0.01%/yr for KF.

Performance

EWY vs. KF - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EWY having a 119.05% return and KF slightly lower at 115.17%. Both investments have delivered pretty close results over the past 10 years, with EWY having a 17.46% annualized return and KF not far behind at 17.44%.

EWY

• 1D: -0.73%
• 1M: 30.18%
• YTD: 119.05%
• 6M: 134.13%
• 1Y: 251.82%
• 3Y*: 51.99%
• 5Y*: 20.31%
• 10Y*: 17.46%

KF

• 1D: -0.57%
• 1M: 31.15%
• YTD: 115.17%
• 6M: 123.73%
• 1Y: 245.02%
• 3Y*: 50.84%
• 5Y*: 20.90%
• 10Y*: 17.44%

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

EWY vs. KF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	119.05%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
KF The Korea Fund Inc	115.17%	99.36%	-19.29%	12.34%	-30.02%	8.44%	37.14%	6.83%	-19.26%	42.50%

Correlation

The correlation between EWY and KF is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 15, 2000	0.83

The correlation between EWY and KF has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

EWY vs. KF — Risk / Return Rank

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

EWY

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

KF

KF Risk / Return Rank: 98
KF Sharpe Ratio Rank: 100
KF Sortino Ratio Rank: 96
KF Omega Ratio Rank: 95
KF Calmar Ratio Rank: 99
KF Martin Ratio Rank: 98

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. KF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and The Korea Fund Inc (KF). 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.

	EWY	KF	Difference
Sharpe ratio Return per unit of total volatility	6.02	6.15	-0.13
Sortino ratio Return per unit of downside risk	5.31	5.41	-0.10
Omega ratio Gain probability vs. loss probability	1.74	1.80	-0.06
Calmar ratio Return relative to maximum drawdown	10.99	9.99	+1.00
Martin ratio Return relative to average drawdown	40.91	37.54	+3.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWY vs. KF - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 6.02, which is comparable to the KF Sharpe Ratio of 6.15. The chart below compares the historical Sharpe Ratios of EWY and KF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWY	KF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.02	6.15	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.77	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.68	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.23	+0.11

Drawdowns

EWY vs. KF - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, smaller than the maximum KF drawdown of -85.25%. Use the drawdown chart below to compare losses from any high point for EWY and KF.

Drawdown Indicators

	EWY	KF	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-85.25%	+11.11%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-25.42%	+2.34%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-28.04%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-47.62%	-0.93%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-52.91%	+3.18%
Current Drawdown Current decline from peak	-1.73%	-0.57%	-1.16%
Average Drawdown Average peak-to-trough decline	-20.13%	-37.90%	+17.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	6.77%	-0.58%

Volatility

EWY vs. KF - Volatility Comparison

iShares MSCI South Korea ETF (EWY) and The Korea Fund Inc (KF) have volatilities of 20.32% and 20.45%, 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	KF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.32%	20.45%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	35.78%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	42.10%	40.18%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	27.36%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	25.91%	+1.46%

EWY vs. KF - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than KF's 0.02% expense ratio.

Dividends

EWY vs. KF - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.96%, more than KF's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	0.96%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
KF The Korea Fund Inc	0.56%	1.20%	2.46%	0.00%	15.93%	26.50%	1.30%	0.24%	18.67%	9.75%	1.03%	13.66%

Frequently Asked Questions

Can I hold both EWY and KF in my portfolio?

With a correlation of 0.92, EWY and KF 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 KF?

KF has higher volatility (20.45%) compared to EWY (20.32%). In terms of maximum drawdown, EWY dropped -74.14% vs KF's -85.25%.

Which has better risk-adjusted returns?

KF currently has the higher Sharpe Ratio (6.15 vs 6.02), 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.