FXI vs. EWY

Last updated Aug 2, 2026

FXI (iShares China Large-Cap ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, FXI returned 2.81%/yr vs 13.13%/yr for EWY. Their 0.66 correlation means they have sometimes moved together and sometimes differently. FXI charges 0.74%/yr vs 0.59%/yr for EWY.

Performance

FXI vs. EWY - Performance Comparison

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

Returns By Period

In the year-to-date period, FXI achieves a -3.96% return, which is significantly lower than EWY's 61.59% return. Over the past 10 years, FXI has underperformed EWY with an annualized return of 2.81%, while EWY has yielded a comparatively higher 13.13% annualized return.

FXI

• 1D: -0.05%
• 1M: 14.38%
• 6M: -7.16%
• YTD: -3.96%
• 1Y: 0.93%
• 3Y*: 9.88%
• 5Y*: 0.26%
• 10Y*: 2.81%
• ALL TIME*: 5.58%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWY iShares MSCI South Korea ETF	$4.45B	$4.55B	$4.16B
FXI iShares China Large-Cap ETF	$773.89M	$798.32M	$975.73M

FXI vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXI iShares China Large-Cap ETF	-3.96%	28.95%	28.98%	-12.42%	-20.66%	-20.06%	8.92%	14.90%	-13.28%	36.26%
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 FXI and EWY is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Oct 8, 2004	0.66

Over the past year, the correlation between FXI and EWY has dropped to 0.35 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

FXI vs. EWY - Sectors Allocation Comparison

Sectors	FXI	EWY
Financial Services	35.2%	11.4%
Consumer Cyclical	25.3%	5.9%
Communication Services	17.8%	2.9%
Technology	5.9%	54.1%
Energy	4.8%	1.0%
Basic Materials	3.4%	2.2%
Industrials	2.8%	15.7%
Healthcare	2.6%	3.6%
Real Estate	1.0%	-
Consumer Defensive	0.8%	2.2%
Utilities	0.3%	0.4%

Return for Risk

FXI vs. EWY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FXI

FXI Risk / Return Rank: 10
FXI Sharpe Ratio Rank: 11
FXI Sortino Ratio Rank: 10
FXI Omega Ratio Rank: 10
FXI Calmar Ratio Rank: 10
FXI Martin Ratio Rank: 10

EWY

EWY Risk / Return Rank: 86
EWY Sharpe Ratio Rank: 90
EWY Sortino Ratio Rank: 80
EWY Omega Ratio Rank: 84
EWY Calmar Ratio Rank: 88
EWY Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FXI vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.

	FXI	EWY	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	2.24	-2.27
Sortino ratio: Return per unit of downside risk	0.09	2.59	-2.50
Omega ratio: Gain probability vs. loss probability	1.01	1.36	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.03	3.55	-3.58
Martin ratio: Return relative to average drawdown	-0.07	12.67	-12.74

FXI vs. EWY - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.04, which is lower than the EWY Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FXI 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

FXI vs. EWY - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, roughly equal to the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for FXI and EWY.

Drawdown Indicators

	FXI	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-74.14%	+1.46%
Max Drawdown (1Y) Largest decline over 1 year	-22.94%	-34.21%	+11.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.56%	-34.21%	+8.65%
Max Drawdown (5Y) Largest decline over 5 years	-49.88%	-47.15%	-2.73%
Max Drawdown (10Y) Largest decline over 10 years	-60.81%	-49.73%	-11.08%
Current Drawdown Current decline from peak	-24.37%	-28.33%	+3.96%
Average Drawdown Average peak-to-trough decline	-31.21%	-20.10%	-11.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.00%	9.56%	+0.44%

Volatility

FXI vs. EWY - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 5.14%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.08%. This indicates that FXI 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.

Volatility by Period

	FXI	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	22.08%	-16.94%
Volatility (6M) Calculated over the trailing 6-month period	14.61%	50.88%	-36.27%
Volatility (1Y) Calculated over the trailing 1-year period	20.32%	54.29%	-33.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.44%	32.77%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	29.38%	-1.78%

FXI vs. EWY - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than EWY's 0.59% expense ratio.

Dividends

FXI vs. EWY - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 1.86%, more 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%
FXI iShares China Large-Cap ETF	1.86%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%

Frequently Asked Questions

Can I hold both FXI and EWY in my portfolio?

FXI and EWY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXI or EWY?

EWY has higher volatility (22.08%) compared to FXI (5.14%). In terms of maximum drawdown, FXI dropped -72.68% vs EWY's -74.14%.

Which ETF is better, FXI or EWY?

On 10-year performance, EWY leads with 13.13% vs 2.81% for FXI. On fees, EWY is cheaper at 0.59% per year. On volatility, FXI has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXI or EWY?

Over the 10-year period, EWY has performed better with a 13.13% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXI or EWY?

EWY is cheaper with a 0.59% expense ratio, compared with 0.74% for FXI.

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

FXI has the higher dividend yield at 1.86%, compared with 1.30% for EWY.

What is the main difference between FXI and EWY?

FXI is categorized as China Equities, while EWY is South Korea Equities. FXI tracks FTSE China 50 Index, while EWY tracks MSCI Korea Index. Their fees differ too: 0.74% for FXI and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.24 vs -0.04), 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.