VPL vs. EWY

Last updated Jun 4, 2026

VPL (Vanguard FTSE Pacific ETF) and EWY (iShares MSCI South Korea ETF) are both Asia Pacific Equities funds - VPL tracks the FTSE Developed Asia Pacific Index while EWY tracks the MSCI Korea Index. Both are passively managed. Over the past 10 years, VPL returned 10.84%/yr vs 17.46%/yr for EWY. A 0.76 correlation means they provide meaningful diversification when combined. VPL charges 0.08%/yr vs 0.59%/yr for EWY.

Performance

VPL vs. EWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Pacific ETF (VPL) 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, VPL achieves a 30.29% return, which is significantly lower than EWY's 119.05% return. Over the past 10 years, VPL has underperformed EWY with an annualized return of 10.84%, while EWY has yielded a comparatively higher 17.46% annualized return.

VPL

• 1D: -0.28%
• 1M: 10.45%
• YTD: 30.29%
• 6M: 33.07%
• 1Y: 53.61%
• 3Y*: 23.02%
• 5Y*: 10.36%
• 10Y*: 10.84%

EWY

• 1D: -0.73%
• 1M: 30.18%
• YTD: 119.05%
• 6M: 134.13%
• 1Y: 251.82%
• 3Y*: 51.99%
• 5Y*: 20.31%
• 10Y*: 17.46%

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

VPL vs. EWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPL Vanguard FTSE Pacific ETF	30.29%	32.66%	1.68%	15.58%	-15.20%	1.10%	16.65%	18.16%	-14.40%	28.85%
EWY iShares MSCI South Korea ETF	119.05%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%

Correlation

The correlation between VPL and EWY is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 11, 2005	0.76

The correlation between VPL and EWY has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

VPL vs. EWY - Sectors Allocation Comparison

Sectors	VPL	EWY
Technology	22.6%	52.4%
Industrials	20.5%	20.4%
Financial Services	19.3%	9.6%
Consumer Cyclical	9.6%	5.7%
Basic Materials	7.3%	2.0%
Healthcare	5.0%	3.5%
Communication Services	4.8%	2.9%
Real Estate	4.3%	-
Consumer Defensive	3.5%	1.7%
Energy	1.6%	1.4%
Utilities	1.6%	0.4%

Return for Risk

VPL vs. EWY — Risk / Return Rank

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

VPL

VPL Risk / Return Rank: 80
VPL Sharpe Ratio Rank: 83
VPL Sortino Ratio Rank: 78
VPL Omega Ratio Rank: 81
VPL Calmar Ratio Rank: 78
VPL Martin Ratio Rank: 80

EWY

EWY Risk / Return Rank: 96
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.

VPL vs. EWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Pacific ETF (VPL) 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.

	VPL	EWY	Difference
Sharpe ratio: Return per unit of total volatility	2.76	6.02	-3.27
Sortino ratio: Return per unit of downside risk	3.60	5.31	-1.72
Omega ratio: Gain probability vs. loss probability	1.49	1.74	-0.25
Calmar ratio: Return relative to maximum drawdown	4.04	10.99	-6.94
Martin ratio: Return relative to average drawdown	15.95	40.91	-24.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPL vs. EWY - Sharpe Ratio Comparison

The current VPL Sharpe Ratio is 2.76, which is lower than the EWY Sharpe Ratio of 6.02. The chart below compares the historical Sharpe Ratios of VPL 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

	VPL	EWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	6.02	-3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.71	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.64	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.33	+0.01

Drawdowns

VPL vs. EWY - Drawdown Comparison

The maximum VPL drawdown since its inception was -55.49%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for VPL and EWY.

Drawdown Indicators

	VPL	EWY	Difference
Max Drawdown Largest peak-to-trough decline	-55.49%	-74.14%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.33%	-23.08%	+9.75%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-27.36%	+11.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	-48.55%	+17.46%
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	-49.73%	+15.83%
Current Drawdown Current decline from peak	-0.28%	-1.73%	+1.45%
Average Drawdown Average peak-to-trough decline	-11.63%	-20.13%	+8.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	6.19%	-2.82%

Volatility

VPL vs. EWY - Volatility Comparison

The current volatility for Vanguard FTSE Pacific ETF (VPL) is 7.32%, while iShares MSCI South Korea ETF (EWY) has a volatility of 20.32%. This indicates that VPL 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

	VPL	EWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	20.32%	-13.00%
Volatility (6M) Calculated over the trailing 6-month period	16.71%	37.41%	-20.70%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	42.10%	-22.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	28.83%	-11.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	27.37%	-10.08%

VPL vs. EWY - Expense Ratio Comparison

VPL has a 0.08% expense ratio, which is lower than EWY's 0.59% expense ratio.

Dividends

VPL vs. EWY - Dividend Comparison

VPL's dividend yield for the trailing twelve months is around 2.73%, more than EWY's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	0.96%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
VPL Vanguard FTSE Pacific ETF	2.73%	4.01%	3.15%	3.12%	2.75%	3.19%	1.81%	2.84%	3.06%	2.57%	2.65%	2.43%

Frequently Asked Questions

Can I hold both VPL and EWY in my portfolio?

VPL and EWY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPL or EWY?

EWY has higher volatility (20.32%) compared to VPL (7.32%). In terms of maximum drawdown, VPL dropped -55.49% vs EWY's -74.14%.

Which ETF is better, VPL or EWY?

On 10-year performance, EWY leads with 17.46% vs 10.84% for VPL. On fees, VPL is cheaper at 0.08% per year. On volatility, VPL has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPL or EWY?

Over the 10-year period, EWY has performed better with a 17.46% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPL or EWY?

VPL is cheaper with a 0.08% expense ratio, compared with 0.59% for EWY.

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

VPL has the higher dividend yield at 2.73%, compared with 0.96% for EWY.

What is the main difference between VPL and EWY?

VPL tracks FTSE Developed Asia Pacific Index, while EWY tracks MSCI Korea Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VPL and 0.59% for EWY.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (6.02 vs 2.76), 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.