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EEMX vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMX vs. EWM

Last updated Aug 2, 2026
Documentation

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - EEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 5 years, EEMX returned 7.90%/yr vs 6.56%/yr for EWM. Their 0.52 correlation means they have sometimes moved together and sometimes differently. EEMX charges 0.30%/yr vs 0.49%/yr for EWM.

Performance

EEMX vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and iShares MSCI Malaysia ETF (EWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEMX achieves a 18.71% return, which is significantly higher than EWM's 4.76% return.

EEMX

1D
0.69%
1M
-2.50%
6M
9.90%
YTD
18.71%
1Y
37.30%
3Y*
19.41%
5Y*
7.90%
10Y*
—
ALL TIME*
9.29%

EWM

1D
-0.64%
1M
4.12%
6M
-1.77%
YTD
4.76%
1Y
21.43%
3Y*
13.17%
5Y*
6.56%
10Y*
2.61%
ALL TIME*
1.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EEMX

SPDR MSCI Emerging Markets Fossil Fuel Free ETF
$114.77K$173.22K$297.15K

EWM

iShares MSCI Malaysia ETF
$7.66M$6.48M$7.51M

EEMX vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		18.71%35.23%7.22%9.80%-19.75%-3.57%19.55%18.56%-16.76%38.46%
EWM
iShares MSCI Malaysia ETF		4.76%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between EEMX and EWM is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.50

Correlation (3Y)
Balances recent behavior with more history.

0.51

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.51

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2016

0.52

The correlation between EEMX and EWM has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

EEMX vs. EWM - Sectors Allocation Comparison

Sectors
EEMX
EWM

Technology

47.1%

-

Financial Services

19.2%
51.8%

Consumer Cyclical

7.8%
1.1%

Communication Services

6.3%
5.3%

Industrials

6.3%
9.9%

Basic Materials

5.3%
8.8%

Consumer Defensive

2.7%
7.3%

Healthcare

2.6%
3.1%

Utilities

1.3%
10.8%

Real Estate

1.0%

-

Energy

0.4%
2.9%

Technology

EEMX
47.1%
EWM

-

Financial Services

EEMX
19.2%
EWM
51.8%

Consumer Cyclical

EEMX
7.8%
EWM
1.1%

Communication Services

EEMX
6.3%
EWM
5.3%

Industrials

EEMX
6.3%
EWM
9.9%

Basic Materials

EEMX
5.3%
EWM
8.8%

Consumer Defensive

EEMX
2.7%
EWM
7.3%

Healthcare

EEMX
2.6%
EWM
3.1%

Utilities

EEMX
1.3%
EWM
10.8%

Real Estate

EEMX
1.0%
EWM

-

Energy

EEMX
0.4%
EWM
2.9%

Compare stocks, funds, or ETFs

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

SPDR MSCI Emerging Markets Fossil Fuel Free ETF

iShares MSCI Malaysia ETF

Often compared with EEMX:
EEMX vs. ESGEEEMX vs. EEMEEMX vs. SPEMEEMX vs. ^GSPCEEMX vs. VOOEEMX vs. FSKAXEEMX vs. SCHD
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD

Return for Risk

EEMX vs. EWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EEMX
EEMX Risk / Return Rank: 6464
Overall Rank
EEMX Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
EEMX Sortino Ratio Rank: 5656
Sortino Ratio Rank
EEMX Omega Ratio Rank: 6464
Omega Ratio Rank
EEMX Calmar Ratio Rank: 7272
Calmar Ratio Rank
EEMX Martin Ratio Rank: 6464
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 6767
Overall Rank
EWM Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWM Omega Ratio Rank: 6969
Omega Ratio Rank
EWM Calmar Ratio Rank: 6565
Calmar Ratio Rank
EWM Martin Ratio Rank: 5151
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EEMX vs. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and iShares MSCI Malaysia ETF (EWM). 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.

EEMXEWMDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.69

-0.26

Sortino ratioReturn per unit of downside risk
1.95
2.38

-0.43

Omega ratioGain probability vs. loss probability

1.27

1.29

-0.02

Calmar ratioReturn relative to maximum drawdown

2.51

2.27

+0.24

Martin ratioReturn relative to average drawdown

7.80

6.02

+1.78

EEMX vs. EWM - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 1.43, which is comparable to the EWM Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of EEMX and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EEMX vs. EWM - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EEMX and EWM.

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Drawdown Indicators

EEMXEWMDifference

Max Drawdown

Largest peak-to-trough decline

-39.90%

-89.19%

+49.29%

Max Drawdown (1Y)

Largest decline over 1 year

-14.47%

-10.61%

-3.86%

Max Drawdown (3Y)

Largest decline over 3 years

-17.64%

-21.31%

+3.67%

Max Drawdown (5Y)

Largest decline over 5 years

-34.31%

-22.76%

-11.55%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.81%

—

Current Drawdown

Current decline from peak

-10.21%

-7.42%

-2.79%

Average Drawdown

Average peak-to-trough decline

-14.60%

-31.70%

+17.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.65%

3.99%

+0.66%

Volatility

EEMX vs. EWM - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 9.58% compared to iShares MSCI Malaysia ETF (EWM) at 3.73%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMXEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.58%

3.73%

+5.85%

Volatility (6M)

Calculated over the trailing 6-month period

23.32%

10.74%

+12.58%

Volatility (1Y)

Calculated over the trailing 1-year period

25.34%

14.33%

+11.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.14%

13.79%

+6.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.76%

16.16%

+4.60%

EEMX vs. EWM - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is lower than EWM's 0.49% expense ratio.

Dividends

EEMX vs. EWM - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.90%, less than EWM's 3.55% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		1.90%2.28%2.26%2.20%2.38%1.72%1.42%2.57%2.41%2.45%0.15%0.00%
EWM
iShares MSCI Malaysia ETF		3.55%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EEMX and EWM have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMX has higher volatility (9.58%) compared to EWM (3.73%). In terms of maximum drawdown, EEMX dropped -39.90% vs EWM's -89.19%.

On 5-year performance, EEMX leads with 7.90% vs 6.56% for EWM. On fees, EEMX is cheaper at 0.30% per year. On volatility, EWM has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EEMX has performed better with a 7.90% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EEMX is cheaper with a 0.30% expense ratio, compared with 0.49% for EWM.

EWM has the higher dividend yield at 3.55%, compared with 1.90% for EEMX.

EEMX is categorized as Emerging Markets Equities, while EWM is Asia Pacific Equities. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for EEMX and 0.49% for EWM.

EWM currently has the higher Sharpe Ratio (1.69 vs 1.43), 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.

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