EWY vs. KMCA

Last updated Jul 14, 2026

EWY (iShares MSCI South Korea ETF) and KMCA (PLUS Korea Manufacturing Core Alliance Index ETF) are both South Korea Equities funds - EWY tracks the MSCI Korea Index while KMCA tracks the Akros Korea Manufacturing Core Alliance Index. Both are passively managed. Their correlation of 0.88 suggests significant overlap in exposure. EWY charges 0.59%/yr vs 0.65%/yr for KMCA.

Performance

EWY vs. KMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and PLUS Korea Manufacturing Core Alliance Index ETF (KMCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

KMCA

• 1D: -4.17%
• 1M: -21.13%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWY vs. KMCA - Yearly Performance Comparison

	2026 (YTD)
EWY iShares MSCI South Korea ETF	-7.67%
KMCA PLUS Korea Manufacturing Core Alliance Index ETF	-20.72%

Correlation

The correlation between EWY and KMCA is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 7, 2026	0.88

Return for Risk

EWY vs. KMCA — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 90
EWY Sharpe Ratio Rank: 93
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 87
EWY Calmar Ratio Rank: 95
EWY Martin Ratio Rank: 93

KMCA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. KMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and PLUS Korea Manufacturing Core Alliance Index ETF (KMCA). 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	KMCA	Difference
Sharpe ratio: Return per unit of total volatility	2.70	—	—
Sortino ratio: Return per unit of downside risk	2.89	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	5.89	—	—
Martin ratio: Return relative to average drawdown	18.50	—	—

Drawdowns

EWY vs. KMCA - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than KMCA's maximum drawdown of -26.25%. Use the drawdown chart below to compare losses from any high point for EWY and KMCA.

Drawdown Indicators

	EWY	KMCA	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-26.25%	-47.89%
Max Drawdown (1Y) Largest decline over 1 year	-23.35%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	—	—
Current Drawdown Current decline from peak	-23.35%	-26.25%	+2.90%
Average Drawdown Average peak-to-trough decline	-20.09%	-10.02%	-10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	—	—

Volatility

Volatility by Period

	EWY	KMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	47.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	51.11%	77.15%	-26.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	77.15%	-45.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	77.15%	-48.35%

EWY vs. KMCA - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than KMCA's 0.65% expense ratio.

Dividends

EWY vs. KMCA - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.21%, while KMCA has not paid dividends to shareholders.

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%
KMCA PLUS Korea Manufacturing Core Alliance Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWY and KMCA in my portfolio?

EWY and KMCA have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWY or KMCA?

On fees, EWY is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWY or KMCA?

EWY is cheaper with a 0.59% expense ratio, compared with 0.65% for KMCA.

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

EWY has the higher dividend yield at 1.21%, compared with 0.00% for KMCA.

What is the main difference between EWY and KMCA?

EWY tracks MSCI Korea Index, while KMCA tracks Akros Korea Manufacturing Core Alliance Index. They also come from different issuers: iShares and PLUS. Their fees differ too: 0.59% for EWY and 0.65% for KMCA.