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 Global Investors. Over the past 10 years, EWY returned 14.08%/yr vs 14.56%/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
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Returns By Period
The year-to-date returns for both investments are quite close, with EWY having a 72.82% return and KF slightly higher at 74.15%. Both investments have delivered pretty close results over the past 10 years, with EWY having a 14.08% annualized return and KF not far ahead at 14.56%.
EWY
- 1D
- -8.45%
- 1M
- -14.91%
- 6M
- 54.25%
- YTD
- 72.82%
- 1Y
- 136.76%
- 3Y*
- 39.02%
- 5Y*
- 15.37%
- 10Y*
- 14.08%
KF
- 1D
- -7.01%
- 1M
- -13.14%
- 6M
- 56.29%
- YTD
- 74.15%
- 1Y
- 133.94%
- 3Y*
- 40.35%
- 5Y*
- 16.30%
- 10Y*
- 14.56%
EWY vs. KF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 72.82% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
KF The Korea Fund Inc | 74.15% | 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, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
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 0.93 - 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 | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.45 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | 5.30 | +0.59 |
| Martin ratioReturn relative to average drawdown | 18.50 | 17.54 | +0.96 |
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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 | -23.35% | -25.42% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -28.04% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -47.23% | -46.83% | -0.40% |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | -52.91% | +3.18% |
Current DrawdownCurrent decline from peak | -23.35% | -20.99% | -2.36% |
Average DrawdownAverage peak-to-trough decline | -20.09% | -37.81% | +17.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.42% | 7.67% | -0.25% |
Volatility
EWY vs. KF - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.85% compared to The Korea Fund Inc (KF) at 23.71%. 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 | 25.85% | 23.71% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 47.91% | 44.65% | +3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.11% | 47.81% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.74% | 29.85% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.80% | 27.12% | +1.68% |
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 1.21%, more than KF's 0.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.21% | 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 | 0.69% | 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 (25.85%) compared to KF (23.71%). In terms of maximum drawdown, EWY dropped -74.14% vs KF's -85.25%.
KF currently has the higher Sharpe Ratio (2.82 vs 2.70), 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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