TIMB vs. EWY

Last updated Jun 3, 2026

TIMB (TIM S.A.) is a stock, while EWY (iShares MSCI South Korea ETF) is Asia Pacific Equities fund tracking the MSCI Korea Index. Over the past 5 years, TIMB returned 20.64%/yr vs 20.77%/yr for EWY. At a 0.30 correlation, their price movements are largely independent.

Performance

TIMB vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIM S.A. (TIMB) 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, TIMB achieves a 14.22% return, which is significantly lower than EWY's 120.66% return.

TIMB

• 1D: 1.15%
• 1M: -13.88%
• YTD: 14.22%
• 6M: 5.27%
• 1Y: 40.28%
• 3Y*: 24.43%
• 5Y*: 20.64%
• 10Y*: —

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)

TIMB vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TIMB TIM S.A.	14.22%	86.96%	-33.24%	68.57%	4.05%	-13.46%	25.06%
EWY iShares MSCI South Korea ETF	120.66%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	30.30%

Correlation

The correlation between TIMB and EWY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.30

Return for Risk

TIMB vs. EWY — Risk / Return Rank

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

TIMB

TIMB Risk / Return Rank: 73
TIMB Sharpe Ratio Rank: 77
TIMB Sortino Ratio Rank: 71
TIMB Omega Ratio Rank: 69
TIMB Calmar Ratio Rank: 73
TIMB Martin Ratio Rank: 76

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.

TIMB vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIM S.A. (TIMB) 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.

	TIMB	EWY	Difference
Sharpe ratio Return per unit of total volatility	1.28	6.11	-4.83
Sortino ratio Return per unit of downside risk	1.81	5.35	-3.54
Omega ratio Gain probability vs. loss probability	1.22	1.75	-0.53
Calmar ratio Return relative to maximum drawdown	1.92	11.34	-9.42
Martin ratio Return relative to average drawdown	5.44	42.32	-36.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIMB vs. EWY - Sharpe Ratio Comparison

The current TIMB Sharpe Ratio is 1.28, which is lower than the EWY Sharpe Ratio of 6.11. The chart below compares the historical Sharpe Ratios of TIMB 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

	TIMB	EWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	6.11	-4.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.72	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.34	+0.27

Drawdowns

TIMB vs. EWY - Drawdown Comparison

The maximum TIMB drawdown since its inception was -37.08%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for TIMB and EWY.

Drawdown Indicators

	TIMB	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-74.14%	+37.06%
Max Drawdown (1Y) Largest decline over 1 year	-21.92%	-23.08%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-37.08%	-27.36%	-9.72%
Max Drawdown (5Y) Largest decline over 5 years	-37.08%	-48.55%	+11.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	-21.03%	-1.00%	-20.03%
Average Drawdown Average peak-to-trough decline	-12.09%	-20.13%	+8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	6.19%	+1.55%

Volatility

TIMB vs. EWY - Volatility Comparison

The current volatility for TIM S.A. (TIMB) is 12.48%, while iShares MSCI South Korea ETF (EWY) has a volatility of 20.22%. This indicates that TIMB 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

	TIMB	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	20.22%	-7.74%
Volatility (6M) Calculated over the trailing 6-month period	25.97%	37.40%	-11.43%
Volatility (1Y) Calculated over the trailing 1-year period	31.75%	42.10%	-10.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.63%	28.83%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.15%	27.37%	+4.78%

Dividends

TIMB vs. EWY - Dividend Comparison

TIMB's dividend yield for the trailing twelve months is around 8.25%, more 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%
TIMB TIM S.A.	8.25%	11.67%	6.03%	4.98%	4.05%	3.43%	3.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIMB and EWY in my portfolio?

TIMB and EWY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIMB or EWY?

EWY has higher volatility (20.22%) compared to TIMB (12.48%). In terms of maximum drawdown, TIMB dropped -37.08% vs EWY's -74.14%.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.11 vs 1.28), 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.