EWY
iShares MSCI South Korea ETF
#2 of 10 in Emerging Markets by own-history percentile (high → low)
Relative to SPY
Relative price history
EWY ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older EWY÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: +38.7 pts (from 42.6% on Aug 31, 2026 to 81.3% now)
- About one month: +48.5 pts (from 32.8% on Jul 31, 2026 to 81.3% now)
Emerging Markets
Where this sits among peers
Emerging Markets · EWY highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
EWY is dominated by memory-chip manufacturers, so its relative price swings track the global semiconductor cycle closely, layered on top of a persistent 'Korea discount' that market participants generally attribute to complex cross-shareholding structures among the large family-controlled conglomerates (chaebols) that dominate the index.
FAQ
What is the 'Korea discount' this page's structural note refers to?
It's a long-observed tendency for Korean equities to trade at lower valuations than fundamentals alone would suggest, generally attributed to complex ownership structures and governance practices within the large conglomerates that dominate the index.
Why does the memory-chip cycle matter so much here?
A small number of large semiconductor manufacturers make up a substantial share of the index, so global memory-chip pricing and demand cycles drive large swings in this fund's relative price.
Are there ongoing efforts to address the Korea discount?
Korean regulators and exchanges have pursued governance-reform initiatives aimed at this issue in recent years, though how much they've structurally closed the gap is a separate question from what this page's percentile shows.
Emerging Markets