South Korea's stock market is on fire. The iShares MSCI South Korea ETF (EWY) has surged +55.70% year-to-date as of March 2, 2026 — the strongest return among all country ETFs tracked by Country ETF Tracker, and nearly 100 times the S&P 500's meager +0.60% gain over the same period. A dramatic re-rating of Korean equities, fueled by a tech sector resurgence, is rewriting the global ETF rankings in 2026. This exceptional EWY performance highlights a significant shift in global market leadership.
What is the iShares MSCI South Korea ETF (EWY)
?
The iShares MSCI South Korea ETF (EWY), managed by BlackRock, offers investors targeted exposure to the South Korean equity market. It tracks the MSCI Korea Index, which includes large- and mid-cap companies within the South Korean stock market. This South Korea ETF is widely recognized as the largest and most liquid US-listed instrument for accessing Korean equities.
Key facts about the EWY ETF:
- AUM: $17.95 billion (as of March 2026)
- Number of Holdings: 87
- Expense Ratio: 0.59% per year
- Exchange: NYSE Arca
- Currency: USD
EWY Top Holdings: Insights into South Korea's Tech Secto
r
The EWY ETF is significantly concentrated in South Korea's technology and semiconductor companies. These top holdings are central to the South Korea ETF's performance.
| Rank | Company Name | Weight |
|---|---|---|
| 1 | Samsung Electronics | 28.25% |
| 2 | SK Hynix | 19.59% |
| 3 | Hyundai Motor | 2.77% |
| 4 | Samsung Biologics | 2.25% |
| 5 | KB Financial | 2.06% |
| 6 | Kia Corp | 1.65% |
| 7 | LG Chem | 1.60% |
| 8 | Shinhan Financial | 1.44% |
Samsung Electronics (005930.KS) and SK Hynix (000660.KS) alone constitute nearly 48% of the EWY ETF's total weight. This substantial allocation to memory semiconductor leaders makes the South Korea ETF a significant investment in the global chip industry cycle.
EWY ETF Performance: Multi-Timeframe Return
s
The South Korea ETF (EWY) has delivered compelling returns across various timeframes, markedly outperforming global benchmarks. This strong EWY performance is a critical factor for investors considering country-specific allocations.
Performance Comparison: EWY vs SPY vs EWT vs EWJ
Country ETF Tracker
- EWY
- SPY
- EWT
- EWJ
Performance Summary (1Y)
| ETF | Performance |
|---|---|
South Korea (EWY) | +144.01% |
United States (SPY) | +20.37% |
Taiwan (EWT) | +76.54% |
Japan (EWJ) | +24.63% |
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YTD Performance (as of March 2, 2026
)
| ETF | YTD Return |
|---|---|
| EWY (South Korea) | +55.70% |
| THD (Thailand) | +25.78% |
| EWZ (Brazil) | +21.91% |
| ENOR (Norway) | +19.74% |
| EWT (Taiwan) | +19.11% |
| SPY (S&P 500) | +0.60% |
| INDA (India) | -3.29% |
| EIDO (Indonesia) | -4.71% |
The South Korea ETF (EWY) leads with a +55.70% YTD return, demonstrating a +55.1 percentage point outperformance against the SPY. This EWY YTD return marks it as a top performer.
1-Year Performance (March 2025 – March 2026
)
| ETF | 1-Year Return |
|---|---|
| EWY (South Korea) | +170.55% |
| EPU (Peru) | +130.74% |
| GREK (Greece) | +68.17% |
| EWT (Taiwan) | +48.87% |
| EWJ (Japan) | +33.87% |
| SPY (S&P 500) | +17.25% |
| GXC (China) | +13.17% |
| INDA (India) | +7.66% |
Over the past 12 months, the South Korea ETF (EWY) gained an impressive +170.55%, significantly surpassing the SPY's +17.25%. This exceptional EWY 1-year return highlights its strong momentum.
3-Year Performance (March 2023 – March 2026
)
| ETF | 3-Year Return |
|---|---|
| EPU (Peru) | +221.37% |
| EWY (South Korea) | +157.78% |
| SPY (S&P 500) | +72.48% |
| INDA (India) | +34.06% |
| GXC (China) | +22.85% |
The South Korea ETF (EWY) has delivered a +157.78% return over the last three years, showcasing its robust growth. This consistent EWY performance is noteworthy over an extended period.
5-Year Performance (March 2021 – March 2026
)
| ETF | 5-Year Return |
|---|---|
| SPY (S&P 500) | +76.08% |
| EWY (South Korea) | +67.59% |
| INDA (India) | +24.33% |
| GXC (China) | -31.66% |
Over the five-year period, the South Korea ETF (EWY) posted a +67.59% return. This EWY performance reflects a period that includes both strong and weaker phases for the South Korean market.
EWY Seasonality Analysis: Best and Worst Month
s
Historical monthly performance data offers valuable insights into the seasonal tendencies of the South Korea ETF (EWY). Analyzing this seasonality helps in understanding potential recurring patterns for the EWY ETF.
Monthly Seasonality Data (EWY)
| Month | Avg Return | Win Rate | Occurrences |
|---|---|---|---|
| March | +3.38% | 63.2% | 19 |
| April | +2.73% | 70.0% | 20 |
| July | +2.69% | 75.0% | 20 |
| December | +1.81% | 45.0% | 20 |
| November | +0.78% | 50.0% | 20 |
| October | +0.65% | 50.0% | 20 |
| January | +0.60% | 50.0% | 20 |
| September | +0.25% | 65.0% | 20 |
| June | +0.18% | 60.0% | 20 |
| February | +0.13% | 60.0% | 20 |
| May | -1.07% | 45.0% | 20 |
| August | -2.48% | 35.0% | 20 |
Based on these historical monthly returns, March stands out as the strongest month for the South Korea ETF, averaging +3.38% with a 63.2% win rate across 19 occurrences. April also shows strong average returns of +2.73% with a 70% win rate. July delivers +2.69% on average, boasting the highest win rate at 75% across 20 occurrences. Conversely, August has been the weakest month for the EWY ETF, averaging -2.48% with only a 35% win rate across 20 occurrences. May is the second-weakest month, showing an average return of -1.07% with a 45% win rate.
EWY Correlation Analysis: Diversification Valu
e
Understanding the correlation profile of the South Korea ETF (EWY) is essential for assessing its role in portfolio diversification. Correlations measure how closely EWY moves in relation to other country ETFs.
3-Month Correlation (as of March 2026
)
The EWY ETF's highest 3-month correlations are observed with:
- Taiwan (EWT): 0.76
- Norway (ENOR): 0.60
- Australia (EWA): 0.52
- Netherlands (EWN): 0.51
- Brazil (EWZ): 0.49
- US (SPY): 0.49
- Hong Kong (EWH): 0.47
The lowest 3-month correlations, indicating potential diversification against the South Korea ETF, include:
- Indonesia (EIDO): 0.01
- India (INDA): 0.04
- UAE: 0.06
- Qatar (QAT): 0.13
- Turkey (TUR): 0.16
- Switzerland (EWL): 0.17
6-Month Correlation (as of March 2026
)
Over a 6-month period, EWY's highest correlations are with:
- Taiwan (EWT): 0.74
- US (SPY): 0.56
- Australia (EWA): 0.55
- Norway (ENOR): 0.54
- Netherlands (EWN): 0.54
- Hong Kong (EWH): 0.49
- Japan (EWJ): 0.49
The lowest 6-month correlations for the South Korea ETF are:
- Vietnam (VNM): 0.06
- Indonesia (EIDO): 0.11
- UAE: 0.13
- India (INDA): 0.16
- Kuwait (KWT): 0.18
The persistent high correlation between the South Korea ETF (EWY) and Taiwan (EWT) reflects their intertwined roles in the global semiconductor supply chain. Conversely, ETFs like Indonesia (EIDO) and India (INDA) show low correlation, suggesting they offer diversification benefits against EWY.
Correlation Analysis: EWY vs EWT
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Key Drivers of EWY Outperformance in 202
6
The extraordinary EWY performance is linked to several converging factors within the South Korean economy and global technology cycles. A primary driver is the robust rebound in the semiconductor sector. South Korean tech giants, particularly Samsung Electronics (005930.KS) and SK Hynix (000660.KS), are major components of the EWY ETF. Increased demand for High Bandwidth Memory (HBM) for artificial intelligence (AI) data centers has significantly boosted these companies' revenues and stock prices.
Samsung Electronics and SK Hynix collectively represent a substantial portion of the South Korea ETF's holdings. This concentration means EWY is a leveraged play on the global chip cycle, experiencing substantial gains during periods of strong demand and favorable pricing in memory markets. Additionally, efforts by the Korean government to enhance corporate governance through its "Value-Up" program have attracted renewed foreign institutional investment, contributing to positive sentiment around South Korea ETF valuations. A strengthening Korean Won has also amplified USD-denominated returns for EWY holders.
Tracking EWY Performance with Country ETF Tracke
r
Country ETF Tracker provides comprehensive, real-time data for the South Korea ETF (EWY) and other country ETFs. Investors can utilize various tools to analyze EWY performance and related market dynamics. These resources include:
- EWY Country Detail Page – Live Performance, Chart, Holdings.
- Compare EWY vs. Other Country ETFs – Detailed comparisons.
- Country ETF Performance Rankings – Rankings across all timeframes.
- EWY Seasonality Analysis – In-depth monthly data for the South Korea ETF.
- Correlation Matrix – EWY vs. 43 Country ETFs.
Conclusion: The South Korea ETF (EWY) in 202
6
The South Korea ETF (EWY) is delivering one of the most remarkable country ETF performance runs in recent history. With a +55.70% YTD return and a +170.55% gain over the last 12 months as of March 2, 2026, EWY has significantly outperformed major global and emerging market benchmarks. This strong EWY performance is largely attributable to its significant exposure to leading semiconductor companies, positioning it as a key beneficiary of the AI infrastructure supercycle.
Seasonal patterns suggest that March through July historically represent stronger periods for the South Korea ETF, while August has typically been the weakest month. Correlation analysis indicates that EWY moves closely with Taiwan (EWT), reflecting their shared exposure to the technology supply chain. For portfolio diversification, Indonesia (EIDO) and India (INDA) offer some of the lowest correlations to the South Korea ETF.
All performance data is sourced from Country ETF Tracker as of March 2, 2026. Past performance does not guarantee future results. This article is for informational purposes only and does not constitute investment advice.
iShares MSCI South Korea ETF (EWY) Relative Strength vs. State Street SPDR S&P 500 ETF (SPY)
Country ETF Tracker
Relative Strength: Shows the price ratio between iShares MSCI South Korea ETF and State Street SPDR S&P 500 ETF, normalized to 100 at the start. Values above 100 indicate EWY outperforming SPY, while values below 100 indicate underperformance.
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