The US-traded Korea ETF (ticker EWY) is approaching its all-time high of 67.94, a mark reached in 2011. EWY traded just below 66 at 11 a.m. New York time. The difference is that 2017 earnings for the KOSPI Index are estimated at $0.20 per share vs. $0.11 per share in 2011.

The other difference is that Korean products have come up a notch in world markets. Samsung is about to become the world’s largest chip manufacturer. Korean cars now challenge Japanese equivalents in most markets. And Samsung is neck-and-neck with Apple for first place in the smartphone market.