EWY vs. PEMX
EWY (iShares MSCI South Korea ETF) and PEMX (Putnam Emerging Markets Ex-China ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while PEMX is a Emerging Markets Diversified fund actively managed by Putnam. EWY is passively managed, while PEMX is actively managed. Over the past 3 years, EWY returned 46.46%/yr vs 32.32%/yr for PEMX. A 0.79 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.85%/yr for PEMX.
Performance
EWY vs. PEMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWY achieves a 103.10% return, which is significantly higher than PEMX's 37.04% return.
EWY
- 1D
- -0.75%
- 1M
- 10.39%
- YTD
- 103.10%
- 6M
- 117.85%
- 1Y
- 203.95%
- 3Y*
- 46.46%
- 5Y*
- 18.80%
- 10Y*
- 16.84%
PEMX
- 1D
- 0.38%
- 1M
- 8.00%
- YTD
- 37.04%
- 6M
- 41.88%
- 1Y
- 68.11%
- 3Y*
- 32.32%
- 5Y*
- —
- 10Y*
- —
EWY vs. PEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 103.10% | 95.33% | -20.48% | 10.72% |
PEMX Putnam Emerging Markets Ex-China ETF | 37.04% | 34.01% | 17.21% | 15.13% |
Correlation
The correlation between EWY and PEMX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | 0.79 |
The correlation between EWY and PEMX has been stable across timeframes, ranging from 0.79 to 0.84 - 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. PEMX — Risk / Return Rank
EWY
PEMX
EWY vs. PEMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Putnam Emerging Markets Ex-China ETF (PEMX). 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 | PEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.49 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 8.65 | 4.56 | +4.08 |
| Martin ratioReturn relative to average drawdown | 30.24 | 17.36 | +12.88 |
Loading charts...
Drawdowns
EWY vs. PEMX - Drawdown Comparison
The maximum EWY drawdown since its inception was -74.14%, which is greater than PEMX's maximum drawdown of -14.91%. Use the drawdown chart below to compare losses from any high point for EWY and PEMX.
Loading charts...
Drawdown Indicators
| EWY | PEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -14.91% | -59.23% |
Max Drawdown (1Y)Largest decline over 1 year | -23.08% | -14.45% | -8.63% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -14.91% | -12.45% |
Max Drawdown (5Y)Largest decline over 5 years | -48.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | — | — |
Current DrawdownCurrent decline from peak | -8.88% | -2.98% | -5.90% |
Average DrawdownAverage peak-to-trough decline | -20.11% | -2.86% | -17.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 3.79% | +2.80% |
Volatility
EWY vs. PEMX - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to Putnam Emerging Markets Ex-China ETF (PEMX) at 12.65%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than PEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EWY | PEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.64% | 12.65% | +12.99% |
Volatility (6M)Calculated over the trailing 6-month period | 42.65% | 21.23% | +21.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.51% | 23.64% | +22.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.15% | 18.94% | +11.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.06% | 18.94% | +9.12% |
EWY vs. PEMX - Expense Ratio Comparison
EWY has a 0.59% expense ratio, which is lower than PEMX's 0.85% expense ratio.
Dividends
EWY vs. PEMX - Dividend Comparison
EWY's dividend yield for the trailing twelve months is around 1.03%, less than PEMX's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.03% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
PEMX Putnam Emerging Markets Ex-China ETF | 5.11% | 7.00% | 5.00% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWY and PEMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (25.64%) compared to PEMX (12.65%). In terms of maximum drawdown, EWY dropped -74.14% vs PEMX's -14.91%.
On 3-year performance, EWY leads with 46.46% vs 32.32% for PEMX. On fees, EWY is cheaper at 0.59% per year. On volatility, PEMX has been the lower-risk option at 12.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EWY has performed better with a 46.46% return vs 32.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWY is cheaper with a 0.59% expense ratio, compared with 0.85% for PEMX.
PEMX has the higher dividend yield at 5.11%, compared with 1.03% for EWY.
EWY is categorized as Asia Pacific Equities, while PEMX is Emerging Markets Diversified. They also come from different issuers: iShares and Putnam. Their fees differ too: 0.59% for EWY and 0.85% for PEMX.
EWY currently has the higher Sharpe Ratio (4.29 vs 2.79), 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 PEMX
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