FLKR vs. EWY

Last updated Jun 23, 2026

FLKR (Franklin FTSE South Korea ETF) and EWY (iShares MSCI South Korea ETF) are both Asia Pacific Equities funds - FLKR tracks the FTSE South Korea RIC Capped Index while EWY tracks the MSCI Korea Index. Both are passively managed. Over the past 5 years, FLKR returned 20.92%/yr vs 21.37%/yr for EWY. With a 0.97 correlation, they move nearly in lockstep. FLKR charges 0.09%/yr vs 0.59%/yr for EWY.

Performance

FLKR vs. EWY - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FLKR having a 125.43% return and EWY slightly lower at 125.28%.

FLKR

• 1D: 0.78%
• 1M: 22.92%
• YTD: 125.43%
• 6M: 139.24%
• 1Y: 222.34%
• 3Y*: 55.23%
• 5Y*: 20.92%
• 10Y*: —

EWY

• 1D: -0.08%
• 1M: 20.32%
• YTD: 125.28%
• 6M: 138.71%
• 1Y: 226.78%
• 3Y*: 54.89%
• 5Y*: 21.37%
• 10Y*: 18.13%

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

FLKR vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLKR Franklin FTSE South Korea ETF	125.43%	91.91%	-18.84%	19.16%	-27.50%	-7.54%	42.64%	8.88%	-21.30%	3.00%
EWY iShares MSCI South Korea ETF	125.28%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	1.80%

Correlation

The correlation between FLKR and EWY is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.97

The correlation between FLKR and EWY has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

FLKR vs. EWY - Sectors Allocation Comparison

Sectors	FLKR	EWY
Technology	62.9%	61.4%
Industrials	14.6%	13.8%
Financial Services	7.5%	8.9%
Consumer Cyclical	6.3%	5.1%
Healthcare	2.4%	2.9%
Communication Services	2.0%	2.3%
Basic Materials	1.9%	2.2%
Consumer Defensive	1.4%	1.6%
Energy	0.7%	0.6%
Utilities	0.3%	0.3%
Real Estate	-	-

Return for Risk

FLKR vs. EWY — Risk / Return Rank

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

FLKR

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

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 98
EWY Sortino Ratio Rank: 93
EWY Omega Ratio Rank: 94
EWY Calmar Ratio Rank: 97
EWY 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.

FLKR vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE South Korea ETF (FLKR) and iShares MSCI South Korea ETF (EWY). 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.

	FLKR	EWY	Difference
Sharpe ratio: Return per unit of total volatility	4.80	4.83	-0.03
Sortino ratio: Return per unit of downside risk	4.38	4.40	-0.03
Omega ratio: Gain probability vs. loss probability	1.64	1.64	0.00
Calmar ratio: Return relative to maximum drawdown	9.72	9.89	-0.17
Martin ratio: Return relative to average drawdown	33.72	34.51	-0.79

FLKR vs. EWY - Sharpe Ratio Comparison

The current FLKR Sharpe Ratio is 4.80, which is comparable to the EWY Sharpe Ratio of 4.83. The chart below compares the historical Sharpe Ratios of FLKR and EWY, 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

FLKR vs. EWY - Drawdown Comparison

The maximum FLKR drawdown since its inception was -50.06%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for FLKR and EWY.

Drawdown Indicators

	FLKR	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-50.06%	-74.14%	+24.08%
Max Drawdown (1Y) Largest decline over 1 year	-23.03%	-23.08%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-27.36%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-49.51%	-48.55%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-21.99%	-20.10%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	6.60%	+0.03%

Volatility

FLKR vs. EWY - Volatility Comparison

Franklin FTSE South Korea ETF (FLKR) and iShares MSCI South Korea ETF (EWY) have volatilities of 26.54% and 26.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLKR	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.54%	26.14%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	42.94%	43.40%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	46.77%	47.40%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.97%	30.51%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.56%	28.24%	+0.32%

FLKR vs. EWY - Expense Ratio Comparison

FLKR has a 0.09% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

FLKR vs. EWY - Dividend Comparison

FLKR's dividend yield for the trailing twelve months is around 1.62%, more than EWY's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	0.93%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
FLKR Franklin FTSE South Korea ETF	1.62%	3.87%	7.08%	2.28%	3.13%	2.12%	0.99%	2.09%	1.86%	1.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLKR and EWY in my portfolio?

With a correlation of 0.99, FLKR and EWY 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, FLKR or EWY?

FLKR has higher volatility (26.54%) compared to EWY (26.14%). In terms of maximum drawdown, FLKR dropped -50.06% vs EWY's -74.14%.

Which ETF is better, FLKR or EWY?

On 5-year performance, EWY leads with 21.37% vs 20.92% for FLKR. On fees, FLKR is cheaper at 0.09% per year. On volatility, EWY has been the lower-risk option at 26.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLKR or EWY?

Over the 5-year period, EWY has performed better with a 21.37% return vs 20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLKR or EWY?

FLKR is cheaper with a 0.09% expense ratio, compared with 0.59% for EWY.

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

FLKR has the higher dividend yield at 1.62%, compared with 0.93% for EWY.

What is the main difference between FLKR and EWY?

FLKR tracks FTSE South Korea RIC Capped Index, while EWY tracks MSCI Korea Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLKR and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (4.83 vs 4.80), 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.