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Dividend Vision

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 21, 2026

Best for

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

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

EWY has outpaced SPY over the trailing twelve months, posting a 137.14% total return against 17.25%. The picture flips over 10 years, though — SPY has compounded at 15.55% a year, ahead of EWY at 15.05%. SPY has been the steadier holding, though — annualized volatility of 15.3% against 38.5% 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.
SymbolYTD1Y3Y5Y10YSince May 2000Volatility Sharpe Sortino Max drawdown
EWY85.05%137.14%49.74%20.97%15.05%10.34%38.5%0.941.35-34.2%
SPY14.11%17.25%22.96%13.76%15.55%8.53%15.3%1.071.56-18.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 21, 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 start of shared available history — 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.
MetricEWYSPY
Full nameiShares MSCI South Korea ETFSPDR S&P 500 ETF Trust
IssueriSharesState Street
Underlying indexMSCI Korea 25/50 IndexS&P 500 Index
Last Close$189.16 as of September 21, 2026$773.50 as of September 21, 2026
Distribution rate1.08%0.98%
Distribution Safety Score™ 63100
Safety-Adjusted Yield 0.68%0.98%
Expense ratio0.59%0.0945%
AUM$26.3B$785B
Distribution frequencyAnnualQuarterly
ObjectiveSeeks 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 classEquityEquity
Inception date05/09/200001/22/1993
Beta2.51.0
Last dividend$2.037$1.8888
Ex-dividend date12/16/202509/18/2026

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

Income calculator

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

ETFs466
Total AUM$4615B

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.

ETFs179
Total AUM$2099B

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.

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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 0.98% 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 ($785B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, EWY would generate roughly $108.00 cash per distribution, while SPY would produce $24.50 cash per distribution, at current distribution rates.

EWY yield1.08%
SPY yield0.98%
Cash diff on $10K$83.50

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 $26.3B in assets. SPY is managed by State Street (launched 01/22/1993) with $785B in assets.

EWY AUM$26.3B
SPY AUM$785B

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Frequently asked questions

What is the current distribution rate for EWY and SPY?

EWY currently distributes 1.08% and SPY 0.98%, 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 $108.00 cash per distribution ($108.00 annually). The same in SPY would produce about $24.50 cash per distribution ($98.00 annually).

Which has performed better historically, EWY or SPY?

EWY has outpaced SPY over the trailing twelve months, posting a 137.14% total return against 17.25%. The picture flips over 10 years, though — SPY has compounded at 15.55% a year, ahead of EWY at 15.05%. SPY has been the steadier holding, though — annualized volatility of 15.3% against 38.5% for EWY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

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EWY vs SPY — at a glance

Generated September 19, 2026.

companies. The fundamental difference is geography and market concentration: EWY isolates a single developed-market economy heavily weighted to technology and semiconductors, while SPY provides diversified exposure across 11 U.S. sectors. For investors choosing between them, the trade-off is between emerging-market-style volatility and single-country risk versus broad U.S. equity stability.

How they differ

The biggest distinction is market exposure and volatility. EWY has a 2.5 beta, meaning it swings roughly 2.5 times as sharply as the market, while SPY's 1.0 beta ties it to broad U.S. equity moves. EWY is concentrated in Korean equities—primarily large semiconductor and tech companies—whereas SPY spans 500 U.S. companies across all sectors. EWY's lower yield reflects Korea's dividend culture and the smaller cash return on equities in that market.

Cost and scale differ sharply too. EWY costs 0.59% and manages $26.3B, a fraction of SPY's scale. Both are low-cost, but SPY's expense advantage widens when reinvested over decades.

Who each is best for

EWY: Fits investors with a high risk tolerance seeking concentrated exposure to South Korea's tech and semiconductor sectors, comfortable with currency and single-country political risk, and willing to accept 2.5x market volatility for the potential of outperformance if Korean equities outpace U.S. markets.

SPY: Fits investors prioritizing broad U.S. equity diversification with minimal volatility drag, seeking quarterly income reinvestment, and valuing the lowest-cost index exposure combined with the deepest liquidity and tightest spreads.

Key risks to know

  • Currency risk: EWY's returns are sensitive to Korean won strength or weakness versus the dollar. A stronger dollar erodes returns for U.S.-based investors even if the underlying Korean index rises.
  • Sector and company concentration: EWY's portfolio is heavily weighted to semiconductors and technology companies (Samsung, SK Hynix, NAVER, Kakao). Weakness in these sectors or geopolitical tension on the Korean peninsula can cause severe drawdowns, a risk SPY avoids through 500-company diversification.
  • Higher volatility: EWY's 2.5 means larger percentage declines during market stress. During the 2020 sell-off or other equity crashes, EWY typically fell 2–3 times as far as SPY, which carries 1.0 beta. Larger trades in EWY may face wider costs.
  • Regulatory and geopolitical risk: Korean markets face unique risks including North Korea tensions, capital controls changes, and divergent monetary policy from the U.S. Federal Reserve.

Bottom line

SPY offers broad, diversified U.S. equity exposure at nearly zero cost and massive scale; EWY appeals to investors with a specific conviction on Korean markets or seeking tactical sector exposure to semiconductors and technology, accepting 2.5x market volatility and currency risk in exchange. If you want a core equity foundation spanning hundreds of companies, SPY's structure and cost speak for themselves; if you believe Korean equities will outperform and can tolerate concentration and currency swings, EWY expresses that view directly. Past performance does not predict future results.

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

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The metrics behind this comparison, explained in the Academy.

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