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, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Over the past 10 years, KF returned 12.77%/yr vs 13.13%/yr for EWY. Their correlation of 0.83 means they have usually moved in the same direction. KF charges 0.01%/yr vs 0.59%/yr for EWY.
Performance
KF vs. EWY - Performance Comparison
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Returns By Period
In the year-to-date period, KF achieves a 52.92% return, which is significantly lower than EWY's 61.59% return. Both investments have delivered pretty close results over the past 10 years, with KF having a 12.77% annualized return and EWY not far ahead at 13.13%.
KF
- 1D
- -2.46%
- 1M
- -18.91%
- 6M
- 19.78%
- YTD
- 52.92%
- 1Y
- 109.71%
- 3Y*
- 33.59%
- 5Y*
- 13.63%
- 10Y*
- 12.77%
- ALL TIME*
- 7.03%
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 | |
| $1.71M | $1.51M | $1.67M |
KF vs. EWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KF The Korea Fund Inc | 52.92% | 99.36% | -19.29% | 12.34% | -30.02% | 8.44% | 37.14% | 6.83% | -19.26% | 42.50% |
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 KF and EWY is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.93 - 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 | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.36 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 3.55 | -0.62 |
| Martin ratioReturn relative to average drawdown | 10.48 | 12.67 | -2.19 |
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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 | -35.19% | -34.21% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -35.19% | -34.21% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -46.83% | -47.15% | +0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | -49.73% | -3.18% |
Current DrawdownCurrent decline from peak | -30.62% | -28.33% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -37.80% | -20.10% | -17.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.82% | 9.56% | +0.26% |
Volatility
KF vs. EWY - Volatility Comparison
The current volatility for The Korea Fund Inc (KF) is 18.84%, while iShares MSCI South Korea ETF (EWY) has a volatility of 22.08%. 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 | 18.84% | 22.08% | -3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 46.99% | 50.88% | -3.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.38% | 54.29% | -3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.66% | 32.77% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.58% | 29.38% | -1.80% |
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 0.79%, 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% |
KF The Korea Fund Inc | 0.79% | 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 0.93, 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 (22.08%) compared to KF (18.84%). In terms of maximum drawdown, KF dropped -85.25% vs EWY's -74.14%.
EWY currently has the higher Sharpe Ratio (2.24 vs 2.05), 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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