EWY vs. STXE

Last updated Jun 4, 2026

EWY (iShares MSCI South Korea ETF) and STXE (Strive Emerging Markets Ex-China ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while STXE is a Emerging Markets Diversified fund tracking the Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, EWY returned 51.99%/yr vs 29.77%/yr for STXE. A 0.78 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.32%/yr for STXE.

Performance

EWY vs. STXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and Strive Emerging Markets Ex-China ETF (STXE). 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 STXE's 47.29% 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%

STXE

• 1D: -1.00%
• 1M: 15.10%
• YTD: 47.29%
• 6M: 52.92%
• 1Y: 84.40%
• 3Y*: 29.77%
• 5Y*: —
• 10Y*: —

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

EWY vs. STXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWY iShares MSCI South Korea ETF	119.05%	95.33%	-20.48%	5.94%
STXE Strive Emerging Markets Ex-China ETF	47.29%	34.23%	2.09%	11.74%

Correlation

The correlation between EWY and STXE is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.78

The correlation between EWY and STXE has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

EWY vs. STXE - Sectors Allocation Comparison

Sectors	EWY	STXE
Technology	52.4%	47.7%
Industrials	20.4%	5.9%
Financial Services	9.6%	22.5%
Consumer Cyclical	5.7%	4.0%
Healthcare	3.5%	1.1%
Communication Services	2.9%	3.2%
Basic Materials	2.0%	7.1%
Consumer Defensive	1.7%	2.2%
Energy	1.4%	3.9%
Utilities	0.4%	2.0%
Real Estate	-	0.4%

Return for Risk

EWY vs. STXE — 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

STXE

STXE Risk / Return Rank: 92
STXE Sharpe Ratio Rank: 94
STXE Sortino Ratio Rank: 92
STXE Omega Ratio Rank: 93
STXE Calmar Ratio Rank: 91
STXE Martin Ratio Rank: 92

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. STXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Strive Emerging Markets Ex-China ETF (STXE). 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	STXE	Difference
Sharpe ratio Return per unit of total volatility	6.02	3.70	+2.32
Sortino ratio Return per unit of downside risk	5.31	4.47	+0.85
Omega ratio Gain probability vs. loss probability	1.74	1.65	+0.09
Calmar ratio Return relative to maximum drawdown	10.99	5.85	+5.14
Martin ratio Return relative to average drawdown	40.91	23.95	+16.96
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. STXE - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 6.02, which is higher than the STXE Sharpe Ratio of 3.70. The chart below compares the historical Sharpe Ratios of EWY and STXE, 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	STXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.02	3.70	+2.32
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. STXE - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than STXE's maximum drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for EWY and STXE.

Drawdown Indicators

	EWY	STXE	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-18.92%	-55.22%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-14.51%	-8.57%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-18.92%	-8.44%
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%	-1.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-20.13%	-3.72%	-16.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	3.54%	+2.65%

Volatility

EWY vs. STXE - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to Strive Emerging Markets Ex-China ETF (STXE) at 10.53%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than STXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	STXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.32%	10.53%	+9.79%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	20.81%	+16.60%
Volatility (1Y) Calculated over the trailing 1-year period	42.10%	22.95%	+19.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	17.68%	+11.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	17.68%	+9.69%

EWY vs. STXE - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than STXE's 0.32% expense ratio.

Dividends

EWY vs. STXE - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.96%, less than STXE's 1.83% 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%
STXE Strive Emerging Markets Ex-China ETF	1.83%	2.66%	3.22%	1.08%	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 STXE in my portfolio?

EWY and STXE have a correlation of 0.83, 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 STXE?

EWY has higher volatility (20.32%) compared to STXE (10.53%). In terms of maximum drawdown, EWY dropped -74.14% vs STXE's -18.92%.

Which ETF is better, EWY or STXE?

On 3-year performance, EWY leads with 51.99% vs 29.77% for STXE. On fees, STXE is cheaper at 0.32% per year. On volatility, STXE has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or STXE?

Over the 3-year period, EWY has performed better with a 51.99% return vs 29.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or STXE?

STXE is cheaper with a 0.32% expense ratio, compared with 0.59% for EWY.

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

STXE has the higher dividend yield at 1.83%, compared with 0.96% for EWY.

What is the main difference between EWY and STXE?

EWY is categorized as Asia Pacific Equities, while STXE is Emerging Markets Diversified. EWY tracks MSCI Korea Index, while STXE tracks Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. They also come from different issuers: iShares and Strive. Their fees differ too: 0.59% for EWY and 0.32% for STXE.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 3.70), 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.