EWY vs. PSI

Last updated Jun 13, 2026

EWY (iShares MSCI South Korea ETF) and PSI (Invesco Semiconductors ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. Both are passively managed. Over the past 10 years, EWY returned 16.84%/yr vs 34.59%/yr for PSI. A 0.57 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.56%/yr for PSI.

Performance

EWY vs. PSI - Performance Comparison

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

Returns By Period

In the year-to-date period, EWY achieves a 103.10% return, which is significantly lower than PSI's 112.90% return. Over the past 10 years, EWY has underperformed PSI with an annualized return of 16.84%, while PSI has yielded a comparatively higher 34.59% annualized return.

EWY

• 1D: -0.75%
• 1M: 4.68%
• YTD: 103.10%
• 6M: 117.85%
• 1Y: 198.25%
• 3Y*: 46.46%
• 5Y*: 18.80%
• 10Y*: 16.84%

PSI

• 1D: 3.00%
• 1M: 10.45%
• YTD: 112.90%
• 6M: 110.54%
• 1Y: 198.40%
• 3Y*: 55.80%
• 5Y*: 32.57%
• 10Y*: 34.59%

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

EWY vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	103.10%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
PSI Invesco Semiconductors ETF	112.90%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%

Correlation

The correlation between EWY and PSI is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.57

The correlation between EWY and PSI has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

EWY vs. PSI - Sectors Allocation Comparison

Sectors	EWY	PSI
Technology	52.4%	97.6%
Industrials	20.4%	2.4%
Financial Services	9.6%	-
Consumer Cyclical	5.7%	-
Healthcare	3.5%	-
Communication Services	2.9%	-
Basic Materials	2.0%	-
Consumer Defensive	1.7%	-
Energy	1.4%	-
Utilities	0.4%	-
Real Estate	-	-

Return for Risk

EWY vs. PSI — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 97
EWY Sortino Ratio Rank: 93
EWY Omega Ratio Rank: 94
EWY Calmar Ratio Rank: 97
EWY Martin Ratio Rank: 96

PSI

PSI Risk / Return Rank: 97
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 98

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. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Invesco Semiconductors ETF (PSI). 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	PSI	Difference
Sharpe ratio: Return per unit of total volatility	4.29	4.92	-0.63
Sortino ratio: Return per unit of downside risk	4.08	4.57	-0.50
Omega ratio: Gain probability vs. loss probability	1.59	1.63	-0.04
Calmar ratio: Return relative to maximum drawdown	8.65	12.90	-4.26
Martin ratio: Return relative to average drawdown	30.24	45.29	-15.05

EWY vs. PSI - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 4.29, which is comparable to the PSI Sharpe Ratio of 4.92. The chart below compares the historical Sharpe Ratios of EWY and PSI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWY vs. PSI - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than PSI's maximum drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for EWY and PSI.

Drawdown Indicators

	EWY	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-62.96%	-11.18%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-15.48%	-7.60%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-41.07%	+13.71%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-44.85%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-44.85%	-4.88%
Current Drawdown Current decline from peak	-8.88%	0.00%	-8.88%
Average Drawdown Average peak-to-trough decline	-20.11%	-15.92%	-4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	4.40%	+2.19%

Volatility

EWY vs. PSI - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to Invesco Semiconductors ETF (PSI) at 18.89%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.64%	18.89%	+6.75%
Volatility (6M) Calculated over the trailing 6-month period	42.65%	33.67%	+8.98%
Volatility (1Y) Calculated over the trailing 1-year period	46.51%	40.58%	+5.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.15%	38.44%	-8.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.06%	35.42%	-7.36%

EWY vs. PSI - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than PSI's 0.56% expense ratio.

Dividends

EWY vs. PSI - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.03%, more than PSI's 0.04% 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%
PSI Invesco Semiconductors ETF	0.04%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both EWY and PSI in my portfolio?

EWY and PSI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWY or PSI?

EWY has higher volatility (25.64%) compared to PSI (18.89%). In terms of maximum drawdown, EWY dropped -74.14% vs PSI's -62.96%.

Which ETF is better, EWY or PSI?

On 10-year performance, PSI leads with 34.59% vs 16.84% for EWY. On fees, PSI is cheaper at 0.56% per year. On volatility, PSI has been the lower-risk option at 18.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or PSI?

Over the 10-year period, PSI has performed better with a 34.59% return vs 16.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or PSI?

PSI is cheaper with a 0.56% expense ratio, compared with 0.59% for EWY.

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

EWY has the higher dividend yield at 1.03%, compared with 0.04% for PSI.

What is the main difference between EWY and PSI?

EWY is categorized as Asia Pacific Equities, while PSI is Semiconductors. EWY tracks MSCI Korea Index, while PSI tracks Dynamic Semiconductors Intellidex Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for EWY and 0.56% for PSI.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.92 vs 4.29), 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.