EWY vs. KF
EWY (iShares MSCI South Korea ETF) and KF (The Korea Fund Inc) are both funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while KF is a Emerging Markets Equities fund managed by Allianz. Over the past 10 years, EWY returned 13.21%/yr vs 12.87%/yr for KF. Their correlation of 0.83 means they have usually moved in the same direction. EWY charges 0.59%/yr vs 0.01%/yr for KF.
Performance
EWY vs. KF - Performance Comparison
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Returns By Period
In the year-to-date period, EWY achieves a 64.82% return, which is significantly higher than KF's 56.28% return. Both investments have delivered pretty close results over the past 10 years, with EWY having a 13.21% annualized return and KF not far behind at 12.87%.
EWY
- 1D
- 2.00%
- 1M
- -11.05%
- 6M
- 32.51%
- YTD
- 64.82%
- 1Y
- 131.90%
- 3Y*
- 38.47%
- 5Y*
- 14.28%
- 10Y*
- 13.21%
- ALL TIME*
- 9.71%
KF
- 1D
- 2.20%
- 1M
- -17.13%
- 6M
- 24.75%
- YTD
- 56.28%
- 1Y
- 114.32%
- 3Y*
- 36.28%
- 5Y*
- 13.76%
- 10Y*
- 12.87%
- ALL TIME*
- 7.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.48B | $4.44B | $4.18B | |
| $1.82M | $1.52M | $1.60M |
EWY vs. KF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 64.82% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
KF The Korea Fund Inc | 56.28% | 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 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 12, 2000 | 0.83 |
The correlation between EWY and KF has been stable across timeframes, ranging from 0.83 to 0.93 - a consistent structural relationship.
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Return for Risk
EWY vs. KF — Risk / Return Rank
EWY
KF
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.
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 | KF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 3.27 | +0.61 |
| Martin ratioReturn relative to average drawdown | 13.64 | 11.49 | +2.15 |
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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.
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Drawdown Indicators
| EWY | KF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -85.25% | +11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -34.21% | -35.19% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -34.21% | -35.19% | +0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -47.15% | -46.83% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | -52.91% | +3.18% |
Current DrawdownCurrent decline from peak | -26.90% | -29.09% | +2.19% |
Average DrawdownAverage peak-to-trough decline | -20.10% | -37.80% | +17.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 9.99% | -0.28% |
Volatility
EWY vs. KF - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 22.12% compared to The Korea Fund Inc (KF) at 19.06%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than KF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWY | KF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.12% | 19.06% | +3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 50.88% | 47.04% | +3.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.30% | 50.36% | +3.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.79% | 30.69% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.39% | 27.59% | +1.80% |
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 1.27%, more than KF's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.27% | 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 | 0.77% | 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
With a correlation of 0.93, 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.
EWY has higher volatility (22.12%) compared to KF (19.06%). In terms of maximum drawdown, EWY dropped -74.14% vs KF's -85.25%.
EWY currently has the higher Sharpe Ratio (2.45 vs 2.29), 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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