EWY vs. VGK

Last updated Jun 4, 2026

EWY (iShares MSCI South Korea ETF) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, EWY returned 17.46%/yr vs 9.26%/yr for VGK. A 0.66 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.06%/yr for VGK.

Performance

EWY vs. VGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and Vanguard FTSE Europe ETF (VGK). 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 VGK's 5.62% return. Over the past 10 years, EWY has outperformed VGK with an annualized return of 17.46%, while VGK has yielded a comparatively lower 9.26% annualized 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%

VGK

• 1D: -1.19%
• 1M: 2.79%
• YTD: 5.62%
• 6M: 8.66%
• 1Y: 18.01%
• 3Y*: 16.32%
• 5Y*: 8.24%
• 10Y*: 9.26%

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

EWY vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	119.05%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
VGK Vanguard FTSE Europe ETF	5.62%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between EWY and VGK is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 11, 2005	0.66

The correlation between EWY and VGK shifts across timeframes, from 0.55 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

EWY vs. VGK - Sectors Allocation Comparison

Sectors	EWY	VGK
Technology	52.4%	8.3%
Industrials	20.4%	19.5%
Financial Services	9.6%	23.9%
Consumer Cyclical	5.7%	6.8%
Healthcare	3.5%	12.1%
Communication Services	2.9%	3.3%
Basic Materials	2.0%	5.4%
Consumer Defensive	1.7%	8.5%
Energy	1.4%	5.3%
Utilities	0.4%	4.8%
Real Estate	-	1.5%

Return for Risk

EWY vs. VGK — 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

VGK

VGK Risk / Return Rank: 31
VGK Sharpe Ratio Rank: 31
VGK Sortino Ratio Rank: 31
VGK Omega Ratio Rank: 30
VGK Calmar Ratio Rank: 30
VGK Martin Ratio Rank: 35

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. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	6.02	1.18	+4.85
Sortino ratio: Return per unit of downside risk	5.31	1.72	+3.59
Omega ratio: Gain probability vs. loss probability	1.74	1.21	+0.53
Calmar ratio: Return relative to maximum drawdown	10.99	1.50	+9.49
Martin ratio: Return relative to average drawdown	40.91	5.56	+35.35
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. VGK - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 6.02, which is higher than the VGK Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EWY and VGK, 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	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.02	1.18	+4.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.46	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.49	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.28	+0.06

Drawdowns

EWY vs. VGK - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than VGK's maximum drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for EWY and VGK.

Drawdown Indicators

	EWY	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-63.61%	-10.53%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-12.09%	-10.99%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-14.31%	-13.05%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-32.74%	-15.81%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-37.24%	-12.49%
Current Drawdown Current decline from peak	-1.73%	-2.41%	+0.68%
Average Drawdown Average peak-to-trough decline	-20.13%	-13.34%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	3.25%	+2.94%

Volatility

EWY vs. VGK - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to Vanguard FTSE Europe ETF (VGK) at 5.73%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.32%	5.73%	+14.59%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	12.78%	+24.63%
Volatility (1Y) Calculated over the trailing 1-year period	42.10%	15.40%	+26.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	17.90%	+10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.37%	18.96%	+8.41%

EWY vs. VGK - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

EWY vs. VGK - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.96%, less than VGK's 2.82% 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%
VGK Vanguard FTSE Europe ETF	2.82%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both EWY and VGK in my portfolio?

EWY and VGK have a correlation of 0.55, 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 VGK?

EWY has higher volatility (20.32%) compared to VGK (5.73%). In terms of maximum drawdown, EWY dropped -74.14% vs VGK's -63.61%.

Which ETF is better, EWY or VGK?

On 10-year performance, EWY leads with 17.46% vs 9.26% for VGK. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or VGK?

Over the 10-year period, EWY has performed better with a 17.46% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.59% for EWY.

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

VGK has the higher dividend yield at 2.82%, compared with 0.96% for EWY.

What is the main difference between EWY and VGK?

EWY is categorized as Asia Pacific Equities, while VGK is Europe Equities. EWY tracks MSCI Korea Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.59% for EWY and 0.06% for VGK.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 1.18), 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.