EWY vs SPY
iShares MSCI South Korea ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWY or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. EWY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 60.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EWY | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $27.2B | $804.7B |
| Dividend Yield | 1.12% | 0.98% |
| Holdings | 84 | 505 |
| YTD Return | +77.37%Best | +12.09% |
| 1Y Return | +129.58%Best | +16.29% |
| 3Y Return (annualized) | +46.04%Best | +21.20% |
| 5Y Return (annualized) | +19.98%Best | +13.37% |
| Volatility (annualized) | 30.4% | 15.1%Best |
| Max Drawdown | -74.0% | -56.5%Best |
| $10,000 over 5 years | $24,862Best | $18,728 |
| Top 10 Weight | 60.8% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | May 9, 2000 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 12, 2000 to Sep 18, 2026 (26.4 years).
EWY vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 26.4 years both funds cover.
EWY vs SPY Performance
iShares MSCI South Korea ETF (EWY) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EWY returned +129.58% while SPY returned +16.29%. Year to date, EWY is up 77.37% versus a gain of 12.09% for SPY.
Over three years, EWY compounded at +46.04% per year against +21.20% for SPY; over five years the annualized figures are +19.98% and +13.37% respectively. Across the full 26-year window we track, EWY has the edge at +10.44% annualized vs +6.86%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWY has been the more volatile fund, with annualized monthly volatility of 30.4% compared with 15.1% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.68. They move together some of the time, and apart the rest.
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 1.12% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 77 holdings in EWY and 504 in SPY, totalling 98.7% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 77 positions we hold weights for in EWY and 504 in SPY, against full books of 84 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for EWY (99.3% of the fund), and 3 for EWY that do not appear in SPY (22.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EWY and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $50 a year on a $10,000 investment.
Which performed better, EWY or SPY?
Over the past year EWY returned +129.58% vs +16.29% for SPY, so EWY leads on 1-year performance. Over the longest common window we track (26 years), EWY annualized +10.44% vs +6.86% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWY or SPY?
EWY has been the more volatile fund at 30.4% annualized versus 15.1% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EWY or SPY?
EWY yields 1.12% while SPY yields 0.98%, so EWY currently pays the higher dividend yield.
Is SPY better than EWY?
SPY has a lower expense ratio. EWY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 60.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.