EWY vs. KF
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 16.60%/yr vs 16.63%/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
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with EWY having a 97.70% return and KF slightly lower at 94.44%. Both investments have delivered pretty close results over the past 10 years, with EWY having a 16.60% annualized return and KF not far ahead at 16.63%.
EWY
- 1D
- -12.25%
- 1M
- 5.59%
- YTD
- 97.70%
- 6M
- 107.34%
- 1Y
- 183.08%
- 3Y*
- 48.30%
- 5Y*
- 17.96%
- 10Y*
- 16.60%
KF
- 1D
- -11.46%
- 1M
- 6.90%
- YTD
- 94.44%
- 6M
- 99.44%
- 1Y
- 176.02%
- 3Y*
- 46.53%
- 5Y*
- 18.29%
- 10Y*
- 16.63%
EWY vs. KF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 97.70% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
KF The Korea Fund Inc | 94.44% | 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 | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.92 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.57 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 7.98 | 6.97 | +1.01 |
| Martin ratioReturn relative to average drawdown | 27.66 | 24.90 | +2.76 |
Loading charts...
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.
Loading charts...
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 | -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 DrawdownCurrent decline from peak | -12.32% | -11.78% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -20.10% | -37.85% | +17.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.65% | 7.10% | -0.45% |
Volatility
EWY vs. KF - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 29.47% compared to The Korea Fund Inc (KF) at 26.65%. 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.
Loading charts...
Volatility by Period
| EWY | KF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.47% | 26.65% | +2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 45.53% | 42.61% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.00% | 45.95% | +3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.00% | 29.23% | +1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.43% | 26.82% | +1.61% |
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 1.06%, more than KF's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.06% | 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 | 0.62% | 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 0.92, 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.
EWY has higher volatility (29.47%) compared to KF (26.65%). In terms of maximum drawdown, EWY dropped -74.14% vs KF's -85.25%.
KF currently has the higher Sharpe Ratio (3.85 vs 3.76), 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.
Find the right allocation for EWY and KF
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