AVEE vs. EWX

Last updated Jul 14, 2026

AVEE (Avantis Emerging Markets Small Cap Equity ETF) and EWX (SPDR S&P Emerging Markets Small Cap ETF) are both exchange-traded funds - AVEE is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Small Cap Index, while EWX is a Emerging Markets Equities fund tracking the S&P Emerging Markets Under USD2 Billion Index. Both are passively managed. Over the past year, AVEE returned 13.66% vs 17.47% for EWX. Their correlation of 0.91 suggests significant overlap in exposure. AVEE charges 0.42%/yr vs 0.65%/yr for EWX.

Performance

AVEE vs. EWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Small Cap Equity ETF (AVEE) and SPDR S&P Emerging Markets Small Cap ETF (EWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVEE achieves a 8.49% return, which is significantly lower than EWX's 10.03% return.

AVEE

• 1D: -2.38%
• 1M: -4.92%
• 6M: 5.50%
• YTD: 8.49%
• 1Y: 13.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWX

• 1D: -2.88%
• 1M: -2.19%
• 6M: 6.27%
• YTD: 10.03%
• 1Y: 17.47%
• 3Y*: 12.85%
• 5Y*: 6.15%
• 10Y*: 8.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVEE vs. EWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	8.49%	19.80%	2.91%	6.15%
EWX SPDR S&P Emerging Markets Small Cap ETF	10.03%	15.46%	6.81%	6.84%

Correlation

The correlation between AVEE and EWX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.91

The correlation between AVEE and EWX has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

AVEE vs. EWX - Sectors Allocation Comparison

Sectors	AVEE	EWX
Technology	24.9%	16.9%
Industrials	18.9%	10.0%
Consumer Cyclical	11.4%	5.7%
Basic Materials	9.9%	5.7%
Financial Services	9.7%	4.8%
Healthcare	6.8%	3.3%
Consumer Defensive	5.3%	2.3%
Real Estate	4.5%	2.1%
Communication Services	3.7%	0.8%
Utilities	3.0%	1.3%
Energy	2.0%	1.7%

Return for Risk

AVEE vs. EWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVEE

AVEE Risk / Return Rank: 28
AVEE Sharpe Ratio Rank: 25
AVEE Sortino Ratio Rank: 24
AVEE Omega Ratio Rank: 25
AVEE Calmar Ratio Rank: 32
AVEE Martin Ratio Rank: 32

EWX

EWX Risk / Return Rank: 42
EWX Sharpe Ratio Rank: 36
EWX Sortino Ratio Rank: 34
EWX Omega Ratio Rank: 37
EWX Calmar Ratio Rank: 55
EWX Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVEE vs. EWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and SPDR S&P Emerging Markets Small Cap ETF (EWX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVEE	EWX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.05	-0.32
Sortino ratio: Return per unit of downside risk	1.11	1.49	-0.38
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	1.29	2.20	-0.91
Martin ratio: Return relative to average drawdown	3.75	6.34	-2.59

AVEE vs. EWX - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 0.74, which is comparable to the EWX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of AVEE and EWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVEE vs. EWX - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, smaller than the maximum EWX drawdown of -63.90%. Use the drawdown chart below to compare losses from any high point for AVEE and EWX.

Drawdown Indicators

	AVEE	EWX	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-63.90%	+43.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-7.98%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.00%	—
Current Drawdown Current decline from peak	-7.12%	-6.23%	-0.89%
Average Drawdown Average peak-to-trough decline	-3.71%	-13.11%	+9.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	2.76%	+0.89%

Volatility

AVEE vs. EWX - Volatility Comparison

Avantis Emerging Markets Small Cap Equity ETF (AVEE) and SPDR S&P Emerging Markets Small Cap ETF (EWX) have volatilities of 8.06% and 7.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	EWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	7.80%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	16.65%	14.89%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	16.68%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	15.64%	+1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	17.19%	+0.08%

AVEE vs. EWX - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is lower than EWX's 0.65% expense ratio.

Dividends

AVEE vs. EWX - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.29%, less than EWX's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.29%	2.25%	3.26%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWX SPDR S&P Emerging Markets Small Cap ETF	2.57%	2.91%	2.90%	2.32%	3.00%	2.77%	2.24%	2.73%	3.26%	2.30%	2.46%	3.04%

Frequently Asked Questions

Can I hold both AVEE and EWX in my portfolio?

With a correlation of 0.91, AVEE and EWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AVEE or EWX?

AVEE has higher volatility (8.06%) compared to EWX (7.80%). In terms of maximum drawdown, AVEE dropped -20.21% vs EWX's -63.90%.

Which ETF is better, AVEE or EWX?

On 1-year performance, EWX leads with 17.47% vs 13.66% for AVEE. On fees, AVEE is cheaper at 0.42% per year. On volatility, EWX has been the lower-risk option at 7.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEE or EWX?

Over the 1-year period, EWX has performed better with a 17.47% return vs 13.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEE or EWX?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.65% for EWX.

Which ETF pays a higher dividend yield, AVEE or EWX?

EWX has the higher dividend yield at 2.57%, compared with 2.29% for AVEE.

What is the main difference between AVEE and EWX?

AVEE is categorized as Emerging Markets Diversified, while EWX is Emerging Markets Equities. AVEE tracks MSCI Emerging Markets Small Cap Index, while EWX tracks S&P Emerging Markets Under USD2 Billion Index. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.42% for AVEE and 0.65% for EWX.

Which has better risk-adjusted returns?

EWX currently has the higher Sharpe Ratio (1.05 vs 0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.