EWY vs SPY
iShares MSCI South Korea ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EWY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EWY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.09% | |
| AUM | $28.0B | $821.1B | |
| Dividend Yield | 1.30% | 1.01% | |
| Holdings | 84 | 505 | |
| YTD Return | +74.29% | +12.22% | |
| 1Y Return | +155.27% | +20.83% | |
| 3Y Return (annualized) | +46.37% | +21.70% | |
| 5Y Return (annualized) | +19.08% | +12.98% | |
| Volatility (annualized) | 30.5% | 15.3% | |
| Max Drawdown | -74.0% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 9, 2000 | Jan 22, 1993 |
EWY vs SPY Performance
iShares MSCI South Korea ETF (EWY) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWY returned +155.27% while SPY returned +20.83%. Year to date, EWY is up 74.29% versus a gain of 12.22% for SPY.
Over three years, EWY compounded at +46.37% per year against +21.70% for SPY; over five years the annualized figures are +19.08% and +12.98% respectively. Across the full 26-year window we track, EWY has the edge at +10.40% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWY has been the more volatile fund, with annualized monthly volatility of 30.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -74.0% for EWY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWY charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, EWY currently yields 1.30% against 1.01% for SPY.
Holdings Overlap
EWY and SPY share 0 holdings out of 583 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EWY or SPY?
EWY has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, EWY or SPY?
Over the past year EWY returned +155.27% vs +20.83% for SPY, so EWY leads on 1-year performance. Over the longest common window we track (26 years), EWY annualized +10.40% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, EWY or SPY?
EWY has been the more volatile fund at 30.5% annualized versus 15.3% for SPY. Worst drawdown: EWY -74.0% vs SPY -56.5%.
Should I hold both EWY and SPY?
EWY and SPY have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWY and SPY?
EWY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 583 unique securities.
Which pays a higher dividend, EWY or SPY?
EWY yields 1.30% while SPY yields 1.01%, so EWY currently pays the higher dividend yield.
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