KF vs. EWY

Last updated Jun 3, 2026

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 17.44%/yr vs 17.54%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in The Korea Fund Inc (KF) 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 investments are quite close, with KF having a 115.17% return and EWY slightly higher at 120.66%. Both investments have delivered pretty close results over the past 10 years, with KF having a 17.44% annualized return and EWY not far ahead at 17.54%.

KF

• 1D: -0.57%
• 1M: 31.15%
• YTD: 115.17%
• 6M: 123.73%
• 1Y: 245.02%
• 3Y*: 50.84%
• 5Y*: 20.90%
• 10Y*: 17.44%

EWY

• 1D: -1.00%
• 1M: 32.43%
• YTD: 120.66%
• 6M: 138.24%
• 1Y: 255.28%
• 3Y*: 52.36%
• 5Y*: 20.77%
• 10Y*: 17.54%

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

KF vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KF The Korea Fund Inc	115.17%	99.36%	-19.29%	12.34%	-30.02%	8.44%	37.14%	6.83%	-19.26%	42.50%
EWY iShares MSCI South Korea ETF	120.66%	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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 15, 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.

Return for Risk

KF vs. EWY — Risk / Return Rank

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

KF

KF Risk / Return Rank: 98
KF Sharpe Ratio Rank: 100
KF Sortino Ratio Rank: 96
KF Omega Ratio Rank: 95
KF Calmar Ratio Rank: 99
KF Martin Ratio Rank: 98

EWY

EWY Risk / Return Rank: 97
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

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.

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.

	KF	EWY	Difference
Sharpe ratio Return per unit of total volatility	6.15	6.11	+0.04
Sortino ratio Return per unit of downside risk	5.41	5.35	+0.06
Omega ratio Gain probability vs. loss probability	1.80	1.75	+0.05
Calmar ratio Return relative to maximum drawdown	9.99	11.34	-1.35
Martin ratio Return relative to average drawdown	37.54	42.32	-4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KF vs. EWY - Sharpe Ratio Comparison

The current KF Sharpe Ratio is 6.15, which is comparable to the EWY Sharpe Ratio of 6.11. The chart below compares the historical Sharpe Ratios of KF 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.

Sharpe Ratios by Period

	KF	EWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.15	6.11	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.72	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.64	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.34	-0.11

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.

Drawdown Indicators

	KF	EWY	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.57%	-1.00%	+0.43%
Average Drawdown Average peak-to-trough decline	-37.90%	-20.13%	-17.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	6.19%	+0.58%

Volatility

KF vs. EWY - Volatility Comparison

The Korea Fund Inc (KF) and iShares MSCI South Korea ETF (EWY) have volatilities of 20.45% and 20.22%, 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

	KF	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.45%	20.22%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	35.78%	37.40%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	40.18%	42.10%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.36%	28.83%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.91%	27.37%	-1.46%

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 0.56%, less than EWY's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	0.95%	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	0.56%	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

Can I hold both KF and EWY in my portfolio?

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.

Which is riskier, KF or EWY?

KF has higher volatility (20.45%) compared to EWY (20.22%). In terms of maximum drawdown, KF dropped -85.25% vs EWY's -74.14%.

Which has better risk-adjusted returns?

KF currently has the higher Sharpe Ratio (6.15 vs 6.11), 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.