FSEAX vs. EWY
FSEAX (Fidelity Emerging Asia Fund) and EWY (iShares MSCI South Korea ETF) are both funds - FSEAX is a Asia Pacific Equities fund actively managed by Fidelity, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. FSEAX is actively managed, while EWY is passively managed. Over the past 10 years, FSEAX returned 13.85%/yr vs 13.13%/yr for EWY. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FSEAX charges 1.03%/yr vs 0.59%/yr for EWY.
Performance
FSEAX vs. EWY - Performance Comparison
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Returns By Period
In the year-to-date period, FSEAX achieves a 23.64% return, which is significantly lower than EWY's 61.59% return. Over the past 10 years, FSEAX has outperformed EWY with an annualized return of 13.85%, while EWY has yielded a comparatively lower 13.13% annualized return.
FSEAX
- 1D
- 3.37%
- 1M
- -6.52%
- 6M
- 13.54%
- YTD
- 23.64%
- 1Y
- 42.33%
- 3Y*
- 27.40%
- 5Y*
- 7.64%
- 10Y*
- 13.85%
- ALL TIME*
- 8.83%
EWY
- 1D
- -2.55%
- 1M
- -12.79%
- 6M
- 28.34%
- YTD
- 61.59%
- 1Y
- 127.36%
- 3Y*
- 35.68%
- 5Y*
- 14.47%
- 10Y*
- 13.13%
- ALL TIME*
- 9.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.45B | $4.55B | $4.16B | |
| $0.00 | $0.00 | $0.00 |
FSEAX vs. EWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSEAX Fidelity Emerging Asia Fund | 23.64% | 36.43% | 21.80% | 13.58% | -31.26% | -14.91% | 73.43% | 30.97% | -15.08% | 45.13% |
EWY iShares MSCI South Korea ETF | 61.59% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
Correlation
The correlation between FSEAX and EWY is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.72 |
Correlation (All Time) Calculated using the full available price history since May 12, 2000 | 0.72 |
The correlation between FSEAX and EWY has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.
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Return for Risk
FSEAX vs. EWY — Risk / Return Rank
FSEAX
EWY
FSEAX vs. EWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Asia Fund (FSEAX) 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.
| FSEAX | EWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 3.55 | -0.97 |
| Martin ratioReturn relative to average drawdown | 8.36 | 12.67 | -4.31 |
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Drawdowns
FSEAX vs. EWY - Drawdown Comparison
The maximum FSEAX drawdown since its inception was -65.59%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for FSEAX and EWY.
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Drawdown Indicators
| FSEAX | EWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.59% | -74.14% | +8.55% |
Max Drawdown (1Y)Largest decline over 1 year | -15.33% | -34.21% | +18.88% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -34.21% | +16.67% |
Max Drawdown (5Y)Largest decline over 5 years | -50.98% | -47.15% | -3.83% |
Max Drawdown (10Y)Largest decline over 10 years | -58.07% | -49.73% | -8.34% |
Current DrawdownCurrent decline from peak | -12.47% | -28.33% | +15.86% |
Average DrawdownAverage peak-to-trough decline | -24.59% | -20.10% | -4.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | 9.56% | -4.85% |
Volatility
FSEAX vs. EWY - Volatility Comparison
The current volatility for Fidelity Emerging Asia Fund (FSEAX) is 9.87%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.08%. This indicates that FSEAX experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEAX | EWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.87% | 22.08% | -12.21% |
Volatility (6M)Calculated over the trailing 6-month period | 22.75% | 50.88% | -28.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.08% | 54.29% | -29.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.69% | 32.77% | -9.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.53% | 29.38% | -7.85% |
FSEAX vs. EWY - Expense Ratio Comparison
FSEAX has a 1.03% expense ratio, which is higher than EWY's 0.59% expense ratio.
Dividends
FSEAX vs. EWY - Dividend Comparison
FSEAX's dividend yield for the trailing twelve months is around 0.17%, less than EWY's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.30% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
FSEAX Fidelity Emerging Asia Fund | 0.17% | 0.22% | 0.00% | 0.08% | 0.00% | 14.14% | 14.10% | 6.15% | 3.44% | 0.05% | 1.26% | 0.44% |
Frequently Asked Questions
FSEAX and EWY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (22.08%) compared to FSEAX (9.87%). In terms of maximum drawdown, FSEAX dropped -65.59% vs EWY's -74.14%.
EWY currently has the higher Sharpe Ratio (2.24 vs 1.57), 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.
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