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EEMS vs. EWX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

EEMS vs. EWX

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and SPDR S&P Emerging Markets Small Cap ETF (EWX).

EEMS and EWX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EEMS is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Small Cap Index. It was launched on Aug 16, 2011. EWX is a passively managed fund by State Street that tracks the performance of the S&P Emerging Markets Under USD2 Billion Index. It was launched on May 12, 2008. Both EEMS and EWX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EEMS vs. EWX - Performance Comparison

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

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EEMS vs. EWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMS
iShares MSCI Emerging Markets Small-Cap ETF		3.38%19.78%3.13%23.09%-19.12%18.12%19.47%11.25%-18.98%34.80%
EWX
SPDR S&P Emerging Markets Small Cap ETF		1.07%15.46%6.81%18.13%-15.00%18.15%14.84%15.59%-18.75%34.12%

Returns By Period

In the year-to-date period, EEMS achieves a 3.38% return, which is significantly higher than EWX's 1.07% return. Both investments have delivered pretty close results over the past 10 years, with EEMS having a 8.19% annualized return and EWX not far ahead at 8.33%.

EEMS

1D
0.84%
1M
-5.33%
YTD
3.38%
6M
4.76%
1Y
27.44%
3Y*
14.64%
5Y*
6.60%
10Y*
8.19%

EWX

1D
0.36%
1M
-3.63%
YTD
1.07%
6M
0.32%
1Y
20.02%
3Y*
12.47%
5Y*
6.50%
10Y*
8.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Small-Cap ETF

SPDR S&P Emerging Markets Small Cap ETF

Often compared with EEMS:
EEMS vs. EEMEEMS vs. VWOEEMS vs. EDIVEEMS vs. EYLDEEMS vs. DRESXEEMS vs. ECOWEEMS vs. AVEE
Often compared with EWX:
EWX vs. EWTEWX vs. VWOEWX vs. EYLDEWX vs. FEMSEWX vs. FMEWX vs. AVEEEWX vs. QQQ

EEMS vs. EWX - Expense Ratio Comparison

EEMS has a 0.73% expense ratio, which is higher than EWX's 0.65% expense ratio.

EEMS
iShares MSCI Emerging Markets Small-Cap ETF
EWX
SPDR S&P Emerging Markets Small Cap ETF

Return for Risk

EEMS vs. EWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMS
EEMS Risk / Return Rank: 8080
Overall Rank
EEMS Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EEMS Sortino Ratio Rank: 7979
Sortino Ratio Rank
EEMS Omega Ratio Rank: 7676
Omega Ratio Rank
EEMS Calmar Ratio Rank: 8585
Calmar Ratio Rank
EEMS Martin Ratio Rank: 8282
Martin Ratio Rank
EWX
EWX Risk / Return Rank: 6565
Overall Rank
EWX Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EWX Sortino Ratio Rank: 6464
Sortino Ratio Rank
EWX Omega Ratio Rank: 6565
Omega Ratio Rank
EWX Calmar Ratio Rank: 6060
Calmar Ratio Rank
EWX Martin Ratio Rank: 6767
Martin Ratio Rank
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.

EEMS vs. EWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) 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.

EEMSEWXDifference

Sharpe ratio

Return per unit of total volatility

1.56

1.22

+0.34

Sortino ratio

Return per unit of downside risk

2.09

1.68

+0.42

Omega ratio

Gain probability vs. loss probability

1.30

1.25

+0.05

Calmar ratio

Return relative to maximum drawdown

2.68

1.61

+1.07

Martin ratio

Return relative to average drawdown

9.64

7.23

+2.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMS vs. EWX - Sharpe Ratio Comparison

The current EEMS Sharpe Ratio is 1.56, which is comparable to the EWX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of EEMS and EWX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

EEMSEWXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.22

+0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.43

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.49

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.19

+0.10

Correlation

The correlation between EEMS and EWX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EEMS vs. EWX - Dividend Comparison

EEMS's dividend yield for the trailing twelve months is around 2.99%, more than EWX's 2.88% yield.

TTM20252024202320222021202020192018201720162015
EEMS
iShares MSCI Emerging Markets Small-Cap ETF		2.99%3.09%2.60%2.69%0.89%3.56%2.14%2.64%3.06%2.47%2.51%2.33%
EWX
SPDR S&P Emerging Markets Small Cap ETF		2.88%2.91%2.90%2.32%3.00%2.77%2.24%2.73%3.26%2.30%2.46%3.04%

Drawdowns

EEMS vs. EWX - Drawdown Comparison

The maximum EEMS drawdown since its inception was -48.89%, smaller than the maximum EWX drawdown of -63.90%. Use the drawdown chart below to compare losses from any high point for EEMS and EWX.

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Drawdown Indicators

EEMSEWXDifference

Max Drawdown

Largest peak-to-trough decline

-48.89%

-63.90%

+15.01%

Max Drawdown (1Y)

Largest decline over 1 year

-10.99%

-12.90%

+1.91%

Max Drawdown (5Y)

Largest decline over 5 years

-27.07%

-24.67%

-2.40%

Max Drawdown (10Y)

Largest decline over 10 years

-48.89%

-43.00%

-5.89%

Current Drawdown

Current decline from peak

-7.86%

-5.62%

-2.24%

Average Drawdown

Average peak-to-trough decline

-10.60%

-13.28%

+2.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

2.88%

+0.18%

Volatility

EEMS vs. EWX - Volatility Comparison

iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a higher volatility of 8.24% compared to SPDR S&P Emerging Markets Small Cap ETF (EWX) at 6.64%. This indicates that EEMS's price experiences larger fluctuations and is considered to be riskier than EWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMSEWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.24%

6.64%

+1.60%

Volatility (6M)

Calculated over the trailing 6-month period

12.39%

10.51%

+1.88%

Volatility (1Y)

Calculated over the trailing 1-year period

17.74%

16.45%

+1.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.69%

15.12%

+0.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.79%

17.08%

+0.71%