ETF Comparison

EWY vs SPY: Which Is the Better Pick in 2026?

A head-to-head comparison of iShares MSCI South Korea ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.

Data updated September 4, 2026

Best for

EWYInvestors who want broad equity exposure.
SPYInvestors who want simple, diversified core exposure in one low-cost fund.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

EWY has outpaced SPY over the trailing twelve months, posting a 164.86% total return against 20.97%. The picture flips over 10 years, though — SPY has compounded at 15.24% a year, ahead of EWY at 14.50%. SPY has been the steadier holding, though — annualized volatility of 15.3% against 38.1% for EWY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	3Y	5Y	10Y	Since May 2000	Volatility	Sharpe	Sortino	Max drawdown
EWY	84.77%	164.86%	47.90%	19.04%	14.50%	10.36%	38.1%	0.91	1.32	-34.2%
SPY	13.34%	20.97%	21.20%	12.70%	15.24%	8.51%	15.3%	0.97	1.41	-18.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2000” measures every fund from May 12, 2000 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	EWY	SPY
Full name	iShares MSCI South Korea ETF	SPDR S&P 500 ETF Trust
Issuer	iShares	State Street
Underlying index	MSCI Korea 25/50 Index	S&P 500 Index
Last Close	$188.87 as of September 4, 2026	$770.19 as of September 4, 2026
Distribution rate	1.08%	0.99%
Distribution Safety Score™	63	100
Safety-Adjusted Yield	0.68%	0.99%
Expense ratio	0.59%	0.0945%
AUM	$27.2B	$805B
Distribution frequency	Annual	Quarterly
Objective	Seeks to track the investment results of the MSCI Korea 25/50 Index, providing exposure to large- and mid-capitalization Korean equities.	Track the S&P 500 Index before expenses.
Asset class	Equity	Equity
Inception date	05/09/2000	01/22/1993
Beta	2.5	1.0
Last dividend	$2.037	$1.9035
Ex-dividend date	12/16/2025	06/18/2026

Bottom lineChoose EWY if you want broad equity exposure. Choose SPY if you want simple, diversified core exposure in one low-cost fund.

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

iShares

ETFs466

Total AUM$4668B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on EWY.

See all iShares ETFs

State Street

ETFs179

Total AUM$2129B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPY.

See all State Street ETFs

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Quick verdict

EWY (iShares MSCI South Korea ETF) and SPY (SPDR S&P 500 ETF Trust) are both dividend ETFs, but they take different approaches.

EWY offers the higher yield at 1.08% vs 0.99% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPY is cheaper with an expense ratio of 0.0945% compared to 0.59%.

They have different reference exposures: EWY is linked to MSCI Korea 25/50 Index while SPY is linked to S&P 500 Index, which means their performance drivers differ.

SPY is the larger fund by assets ($805B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, EWY would generate roughly $9.00/month, while SPY would produce $8.25/month, at current distribution rates.

EWY yield1.08%

SPY yield0.99%

Monthly diff on $10K$0.75

Cost & efficiency

Over 10 years on $10,000, EWY would cost approximately $590 in fees vs $95 for SPY (simplified, not compounded). The $495.50 difference may be offset by yield or performance.

EWY ER0.59%

SPY ER0.0945%

Strategy & risk

EWY tracks MSCI Korea 25/50 Index with an international approach, while SPY tracks S&P 500 Index with a large cap approach. Beta is 2.5 for EWY and 1.0 for SPY, making SPY the less volatile of the two by this measure.

EWY beta2.5

SPY beta1.0

Fund details

EWY is managed by iShares (launched 05/09/2000) with $27.2B in assets. SPY is managed by State Street (launched 01/22/1993) with $805B in assets.

EWY AUM$27.2B

SPY AUM$805B

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Frequently asked questions

What is the current distribution rate for EWY and SPY?

EWY currently distributes 1.08% and SPY 0.99%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is EWY or SPY better for dividend income?

It depends on your goals. EWY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between EWY and SPY?

EWY (iShares MSCI South Korea ETF) tracks MSCI Korea 25/50 Index with an international approach, while SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach. They are issued by iShares and State Street respectively.

Can I hold both EWY and SPY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is EWY or SPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPY scores 100, EWY scores 63, so SPY's payout currently looks the more resilient of the two. SPY has also shown lower price volatility (beta 1.00 vs 2.50 for EWY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, EWY or SPY?

EWY has an expense ratio of 0.59% while SPY charges 0.0945%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in EWY vs SPY generate?

At current rates, $10,000 in EWY would generate roughly $9.00 per month ($108.00 annually). The same in SPY would produce about $8.25 per month ($99.00 annually).

Which has performed better historically, EWY or SPY?

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EWY vs SPY — at a glance

Generated September 5, 2026.

Overview

EWY is an ETF tracking the MSCI Korea 25/50 Index, concentrating on large- and mid-cap South Korean equities. SPY is the SPDR S&P 500 ETF Trust, mirroring the S&P 500's 500 largest U.S. companies. The fundamental difference: EWY isolates a single emerging market; SPY provides broad U.S. large-cap exposure.

How they differ

EWY and SPY diverge most sharply on geography and concentration risk. EWY's $27.2B pools assets into the Korean market alone, while SPY's $805B spreads capital across the entire U.S. large-cap landscape. EWY carries a 2.5 beta against its benchmark—reflecting the amplified volatility of Korean equities—whereas SPY's beta is 1.0 by definition. Fees matter too: EWY's 0.59% expense ratio is roughly seven times SPY's 0.0945%, a compounding drag over decades.

Who each is best for

EWY: Fits investors pursuing concentrated tactical exposure to Korean equities—growth-oriented positions with a multi-year horizon and appetite for emerging-market currency and political risk.

SPY: Designed for core holdings in portfolios seeking broad U.S. large-cap equity beta with minimal fees, liquid redemptions, and predictable quarterly income.

Key risks to know

Emerging-market and currency risk: EWY's return profile depends on South Korean economic and political stability as well as Korean won strength. SPY's returns track a diversified basket of U.S. dollar-denominated revenues across sectors.
Volatility and beta asymmetry: EWY's 2.5 beta indicates that swings in the MSCI Korea 25/50 Index exceed broader market moves by 2.45x. SPY's 1.0 beta anchors returns to the S&P 500's historical volatility.
Concentration risk: EWY's single-country mandate limits diversification to Korean industries (semiconductors, automotive, consumer goods); overlaps among top holdings are likely significant. SPY's 500-stock composition and sector breadth naturally diffuse this risk.

Bottom line

If you want broad U.S. equity exposure with minimal cost and quarterly dividends, SPY's structure and scale dominate. If you're building a satellite position in Korean equities—betting on semiconductors, tech, or specific Korean economic tailwinds—EWY offers the liquidity and simplicity, at the cost of concentration and higher fees. Past performance of either does not predict future returns.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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