VOLT vs. EWY

Last updated Jun 14, 2026

VOLT (Tema Electrification ETF) and EWY (iShares MSCI South Korea ETF) are both exchange-traded funds - VOLT is a Energy Equities fund actively managed by Tema, while EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index. VOLT is actively managed, while EWY is passively managed. Over the past year, VOLT returned 62.39% vs 203.95% for EWY. A 0.51 correlation means they provide meaningful diversification when combined. VOLT charges 0.75%/yr vs 0.59%/yr for EWY.

Performance

VOLT vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Electrification ETF (VOLT) 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, VOLT achieves a 36.32% return, which is significantly lower than EWY's 103.10% return.

VOLT

• 1D: 1.28%
• 1M: -0.71%
• YTD: 36.32%
• 6M: 35.03%
• 1Y: 62.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWY

• 1D: -0.75%
• 1M: 10.39%
• YTD: 103.10%
• 6M: 117.85%
• 1Y: 203.95%
• 3Y*: 46.46%
• 5Y*: 18.80%
• 10Y*: 16.84%

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

VOLT vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	36.32%	25.92%	-8.98%
EWY iShares MSCI South Korea ETF	103.10%	95.33%	-6.63%

Correlation

The correlation between VOLT and EWY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.51

The correlation between VOLT and EWY has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

VOLT vs. EWY - Sectors Allocation Comparison

Sectors	VOLT	EWY
Industrials	46.7%	14.5%
Utilities	31.8%	0.4%
Technology	12.2%	57.4%
Energy	5.1%	0.7%
Consumer Cyclical	3.4%	6.3%
Financial Services	0.5%	9.7%
Basic Materials	-	2.5%
Communication Services	-	2.7%
Consumer Defensive	-	1.8%
Healthcare	-	3.1%
Real Estate	-	-

Return for Risk

VOLT vs. EWY — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 91
VOLT Sharpe Ratio Rank: 92
VOLT Sortino Ratio Rank: 89
VOLT Omega Ratio Rank: 88
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 90

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 97
EWY Sortino Ratio Rank: 93
EWY Omega Ratio Rank: 94
EWY Calmar Ratio Rank: 97
EWY Martin Ratio Rank: 96

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.

VOLT vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) 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.

	VOLT	EWY	Difference
Sharpe ratio: Return per unit of total volatility	2.87	4.29	-1.43
Sortino ratio: Return per unit of downside risk	3.62	4.08	-0.46
Omega ratio: Gain probability vs. loss probability	1.47	1.59	-0.12
Calmar ratio: Return relative to maximum drawdown	6.35	8.65	-2.29
Martin ratio: Return relative to average drawdown	17.90	30.24	-12.33

VOLT vs. EWY - Sharpe Ratio Comparison

The current VOLT Sharpe Ratio is 2.87, which is lower than the EWY Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of VOLT 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

VOLT vs. EWY - Drawdown Comparison

The maximum VOLT drawdown since its inception was -23.40%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for VOLT and EWY.

Drawdown Indicators

	VOLT	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-74.14%	+50.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-23.08%	+13.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	-4.76%	-8.88%	+4.12%
Average Drawdown Average peak-to-trough decline	-5.19%	-20.11%	+14.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	6.59%	-3.19%

Volatility

VOLT vs. EWY - Volatility Comparison

The current volatility for Tema Electrification ETF (VOLT) is 9.23%, while iShares MSCI South Korea ETF (EWY) has a volatility of 25.64%. This indicates that VOLT 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

	VOLT	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	25.64%	-16.41%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	42.65%	-24.46%
Volatility (1Y) Calculated over the trailing 1-year period	21.28%	46.51%	-25.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.40%	30.15%	-5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	28.06%	-3.66%

VOLT vs. EWY - Expense Ratio Comparison

VOLT has a 0.75% expense ratio, which is higher than EWY's 0.59% expense ratio.

Dividends

VOLT vs. EWY - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.33%, less than EWY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	1.03%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
VOLT Tema Electrification ETF	0.33%	0.46%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOLT and EWY in my portfolio?

VOLT and EWY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOLT or EWY?

EWY has higher volatility (25.64%) compared to VOLT (9.23%). In terms of maximum drawdown, VOLT dropped -23.40% vs EWY's -74.14%.

Which ETF is better, VOLT or EWY?

On 1-year performance, EWY leads with 203.95% vs 62.39% for VOLT. On fees, EWY is cheaper at 0.59% per year. On volatility, VOLT has been the lower-risk option at 9.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOLT or EWY?

Over the 1-year period, EWY has performed better with a 203.95% return vs 62.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOLT or EWY?

EWY is cheaper with a 0.59% expense ratio, compared with 0.75% for VOLT.

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

EWY has the higher dividend yield at 1.03%, compared with 0.33% for VOLT.

What is the main difference between VOLT and EWY?

VOLT is categorized as Energy Equities, while EWY is Asia Pacific Equities. They also come from different issuers: Tema and iShares. Their fees differ too: 0.75% for VOLT and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (4.29 vs 2.87), 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.