THD vs. EWY

Last updated Jul 14, 2026

THD (iShares MSCI Thailand ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - THD is a Asia Pacific Equities fund tracking the MSCI Thailand Investable Market Index, while EWY is a South Korea Equities fund tracking the MSCI Korea Index. Both are passively managed. Over the past 10 years, THD returned 2.94%/yr vs 14.08%/yr for EWY. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

THD vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) 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, THD achieves a 24.07% return, which is significantly lower than EWY's 72.82% return. Over the past 10 years, THD has underperformed EWY with an annualized return of 2.94%, while EWY has yielded a comparatively higher 14.08% annualized return.

THD

• 1D: -0.25%
• 1M: -0.67%
• 6M: 23.88%
• YTD: 24.07%
• 1Y: 44.59%
• 3Y*: 5.97%
• 5Y*: 2.34%
• 10Y*: 2.94%

EWY

• 1D: -8.45%
• 1M: -14.91%
• 6M: 54.25%
• YTD: 72.82%
• 1Y: 136.76%
• 3Y*: 39.02%
• 5Y*: 15.37%
• 10Y*: 14.08%

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

THD vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THD iShares MSCI Thailand ETF	24.07%	2.36%	-2.21%	-12.63%	1.22%	1.87%	-9.89%	8.32%	-8.25%	31.45%
EWY iShares MSCI South Korea ETF	72.82%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between THD and EWY is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.57

The correlation between THD and EWY has been stable across timeframes, ranging from 0.47 to 0.57 - a consistent structural relationship.

THD vs. EWY - Sectors Allocation Comparison

Sectors	THD	EWY
Industrials	31.1%	14.5%
Energy	13.5%	0.6%
Financial Services	11.1%	8.9%
Communication Services	9.8%	2.2%
Consumer Defensive	7.5%	1.8%
Utilities	7.0%	0.3%
Healthcare	6.1%	3.1%
Real Estate	5.0%	-
Consumer Cyclical	4.7%	4.8%
Basic Materials	2.9%	2.0%
Technology	1.2%	60.9%

Return for Risk

THD vs. EWY — Risk / Return Rank

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

THD

THD Risk / Return Rank: 74
THD Sharpe Ratio Rank: 78
THD Sortino Ratio Rank: 75
THD Omega Ratio Rank: 69
THD Calmar Ratio Rank: 81
THD Martin Ratio Rank: 68

EWY

EWY Risk / Return Rank: 90
EWY Sharpe Ratio Rank: 93
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 87
EWY Calmar Ratio Rank: 95
EWY Martin Ratio Rank: 93

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.

THD vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) 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.

	THD	EWY	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.70	-0.72
Sortino ratio: Return per unit of downside risk	2.68	2.89	-0.22
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	3.41	5.89	-2.48
Martin ratio: Return relative to average drawdown	9.81	18.50	-8.69

THD vs. EWY - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.97, which is comparable to the EWY Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of THD 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

THD vs. EWY - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for THD and EWY.

Drawdown Indicators

	THD	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-74.14%	+9.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-23.35%	+10.23%
Max Drawdown (3Y) Largest decline over 3 years	-34.11%	-27.36%	-6.75%
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	-47.23%	+6.99%
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	-49.73%	+0.41%
Current Drawdown Current decline from peak	-8.89%	-23.35%	+14.46%
Average Drawdown Average peak-to-trough decline	-18.23%	-20.09%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	7.42%	-2.86%

Volatility

THD vs. EWY - Volatility Comparison

The current volatility for iShares MSCI Thailand ETF (THD) is 6.87%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.85%. This indicates that THD 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

	THD	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	25.85%	-18.98%
Volatility (6M) Calculated over the trailing 6-month period	18.87%	47.91%	-29.04%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	51.11%	-28.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	31.74%	-11.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	28.80%	-7.21%

THD vs. EWY - Expense Ratio Comparison

Both THD and EWY have an expense ratio of 0.59%.

Dividends

THD vs. EWY - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 3.49%, more than EWY's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	1.21%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
THD iShares MSCI Thailand ETF	3.49%	3.36%	3.15%	2.92%	2.41%	3.16%	2.31%	2.42%	2.57%	2.16%	2.61%	3.58%

Frequently Asked Questions

Can I hold both THD and EWY in my portfolio?

THD and EWY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THD or EWY?

EWY has higher volatility (25.85%) compared to THD (6.87%). In terms of maximum drawdown, THD dropped -64.22% vs EWY's -74.14%.

Which ETF is better, THD or EWY?

On 10-year performance, EWY leads with 14.08% vs 2.94% for THD. Both ETFs have the same 0.59% expense ratio. On volatility, THD has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THD or EWY?

Over the 10-year period, EWY has performed better with a 14.08% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THD or EWY?

THD and EWY have the same expense ratio: 0.59% per year.

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

THD has the higher dividend yield at 3.49%, compared with 1.21% for EWY.

What is the main difference between THD and EWY?

THD is categorized as Asia Pacific Equities, while EWY is South Korea Equities. THD tracks MSCI Thailand Investable Market Index, while EWY tracks MSCI Korea Index.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.70 vs 1.97), 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.