KF vs. EWY
KF (The Korea Fund Inc) and EWY (iShares MSCI South Korea ETF) are both funds - KF is a Emerging Markets Equities fund managed by Allianz Global Investors, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. Over the past 10 years, KF returned 18.06%/yr vs 18.13%/yr for EWY. Their correlation of 0.83 suggests significant overlap in exposure. KF charges 0.01%/yr vs 0.59%/yr for EWY.
Performance
KF vs. EWY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with KF having a 119.60% return and EWY slightly higher at 125.28%. Both investments have delivered pretty close results over the past 10 years, with KF having a 18.06% annualized return and EWY not far ahead at 18.13%.
KF
- 1D
- -0.36%
- 1M
- 20.74%
- YTD
- 119.60%
- 6M
- 124.41%
- 1Y
- 213.32%
- 3Y*
- 52.60%
- 5Y*
- 21.40%
- 10Y*
- 18.06%
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%
KF vs. EWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KF The Korea Fund Inc | 119.60% | 99.36% | -19.29% | 12.34% | -30.02% | 8.44% | 37.14% | 6.83% | -19.26% | 42.50% |
EWY iShares MSCI South Korea ETF | 125.28% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
Correlation
The correlation between KF and EWY is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 12, 2000 | 0.83 |
The correlation between KF and EWY has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
KF vs. EWY — Risk / Return Rank
KF
EWY
KF vs. EWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Korea Fund Inc (KF) 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.
| KF | EWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.64 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 8.45 | 9.89 | -1.44 |
| Martin ratioReturn relative to average drawdown | 30.35 | 34.51 | -4.16 |
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Drawdowns
KF vs. EWY - Drawdown Comparison
The maximum KF drawdown since its inception was -85.25%, which is greater than EWY's maximum drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for KF and EWY.
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Drawdown Indicators
| KF | EWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.25% | -74.14% | -11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -25.42% | -23.08% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -28.04% | -27.36% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -47.62% | -48.55% | +0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | -49.73% | -3.18% |
Current DrawdownCurrent decline from peak | -0.36% | -0.08% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -37.85% | -20.10% | -17.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.06% | 6.60% | +0.46% |
Volatility
KF vs. EWY - Volatility Comparison
The current volatility for The Korea Fund Inc (KF) is 23.31%, while iShares MSCI South Korea ETF (EWY) has a volatility of 26.14%. This indicates that KF 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
| KF | EWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.31% | 26.14% | -2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 40.70% | 43.40% | -2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.46% | 47.40% | -2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.77% | 30.51% | -1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.62% | 28.24% | -1.62% |
KF vs. EWY - Expense Ratio Comparison
KF has a 0.02% expense ratio, which is lower than EWY's 0.59% expense ratio.
Dividends
KF vs. EWY - Dividend Comparison
KF's dividend yield for the trailing twelve months is around 0.55%, less 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% |
KF The Korea Fund Inc | 0.55% | 1.20% | 2.46% | 0.00% | 15.93% | 26.50% | 1.30% | 0.24% | 18.67% | 9.75% | 1.03% | 13.66% |
Frequently Asked Questions
With a correlation of 0.92, KF 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.
EWY has higher volatility (26.14%) compared to KF (23.31%). In terms of maximum drawdown, KF dropped -85.25% vs EWY's -74.14%.
KF currently has the higher Sharpe Ratio (4.84 vs 4.83), 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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