EWY vs. MKOR

Last updated Jun 4, 2026

EWY (iShares MSCI South Korea ETF) and MKOR (Matthews Korea Active ETF) are both Asia Pacific Equities funds. EWY is passively managed, while MKOR is actively managed. Over the past year, EWY returned 251.82% vs 187.66% for MKOR. With a 0.95 correlation, they move nearly in lockstep. EWY charges 0.59%/yr vs 0.79%/yr for MKOR.

Performance

EWY vs. MKOR - Performance Comparison

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

Returns By Period

In the year-to-date period, EWY achieves a 119.05% return, which is significantly higher than MKOR's 96.84% return.

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%

MKOR

• 1D: -0.99%
• 1M: 16.82%
• YTD: 96.84%
• 6M: 107.34%
• 1Y: 187.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWY vs. MKOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWY iShares MSCI South Korea ETF	119.05%	95.33%	-20.48%	-0.44%
MKOR Matthews Korea Active ETF	96.84%	70.33%	-15.76%	-2.16%

Correlation

The correlation between EWY and MKOR is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.95

The correlation between EWY and MKOR has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

EWY vs. MKOR - Sectors Allocation Comparison

Sectors	EWY	MKOR
Technology	52.4%	56.1%
Industrials	20.4%	15.0%
Financial Services	9.6%	8.0%
Consumer Cyclical	5.7%	7.0%
Healthcare	3.5%	1.5%
Communication Services	2.9%	2.1%
Basic Materials	2.0%	0.8%
Consumer Defensive	1.7%	1.7%
Energy	1.4%	0.6%
Utilities	0.4%	0.6%
Real Estate	-	-

Return for Risk

EWY vs. MKOR — 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

MKOR

MKOR Risk / Return Rank: 96
MKOR Sharpe Ratio Rank: 97
MKOR Sortino Ratio Rank: 94
MKOR Omega Ratio Rank: 94
MKOR Calmar Ratio Rank: 96
MKOR Martin Ratio Rank: 96

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. MKOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Matthews Korea Active ETF (MKOR). 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	MKOR	Difference
Sharpe ratio Return per unit of total volatility	6.02	5.08	+0.94
Sortino ratio Return per unit of downside risk	5.31	4.94	+0.37
Omega ratio Gain probability vs. loss probability	1.74	1.70	+0.05
Calmar ratio Return relative to maximum drawdown	10.99	9.16	+1.83
Martin ratio Return relative to average drawdown	40.91	35.31	+5.60
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. MKOR - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 6.02, which is comparable to the MKOR Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of EWY and MKOR, 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	MKOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.02	5.08	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.57	-1.24

Drawdowns

EWY vs. MKOR - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than MKOR's maximum drawdown of -22.09%. Use the drawdown chart below to compare losses from any high point for EWY and MKOR.

Drawdown Indicators

	EWY	MKOR	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-22.09%	-52.05%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-20.62%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	—	—
Current Drawdown Current decline from peak	-1.73%	-2.27%	+0.54%
Average Drawdown Average peak-to-trough decline	-20.13%	-6.22%	-13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	5.34%	+0.85%

Volatility

EWY vs. MKOR - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to Matthews Korea Active ETF (MKOR) at 17.87%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than MKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	MKOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.32%	17.87%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	33.29%	+4.12%
Volatility (1Y) Calculated over the trailing 1-year period	42.10%	37.15%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	27.06%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	27.06%	+0.31%

EWY vs. MKOR - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than MKOR's 0.79% expense ratio.

Dividends

EWY vs. MKOR - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.96%, less than MKOR's 1.33% 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%
MKOR Matthews Korea Active ETF	1.33%	2.62%	5.28%	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 MKOR in my portfolio?

With a correlation of 0.97, EWY and MKOR 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 MKOR?

EWY has higher volatility (20.32%) compared to MKOR (17.87%). In terms of maximum drawdown, EWY dropped -74.14% vs MKOR's -22.09%.

Which ETF is better, EWY or MKOR?

On 1-year performance, EWY leads with 251.82% vs 187.66% for MKOR. On fees, EWY is cheaper at 0.59% per year. On volatility, MKOR has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or MKOR?

Over the 1-year period, EWY has performed better with a 251.82% return vs 187.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or MKOR?

EWY is cheaper with a 0.59% expense ratio, compared with 0.79% for MKOR.

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

MKOR has the higher dividend yield at 1.33%, compared with 0.96% for EWY.

What is the main difference between EWY and MKOR?

They also come from different issuers: iShares and Matthews. Their fees differ too: 0.59% for EWY and 0.79% for MKOR.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 5.08), 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.