EVA is useful to construct portfolios and indexes for passive funds. This paper studies an alpha-seeking strategy with EVA in Korea. We use a long-short strategy with a high EVA and low EVA portfolio. We construct a portfolio from the first to the fifth quintile using normalized EVA. We find: 1) The portfolios with high EVA stocks outperform those with low; 2) EVA-based long-short portfolio generates 8.4% excess return per annum after controlling for Carhart’s four factors. Also, this paper provides a theoretical basis to launch a new equity index fund with EVA in Korea. This strategy suggestion could be extended to introduce new EVA investment strategies in other global markets.