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EEMX vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMX vs. EWM

Last updated Jun 26, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and EWM (iShares MSCI Malaysia ETF) are both Asia Pacific Equities funds - EEMX tracks the MSCI Emerging Markets ex Fossil Fuels Index while EWM tracks the MSCI Malaysia Index. Both are passively managed. Over the past 5 years, EEMX returned 7.67%/yr vs 4.36%/yr for EWM. A 0.53 correlation means they provide meaningful diversification when combined. 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 26.15% return, which is significantly higher than EWM's -0.61% return.

EEMX

1D
1.08%
1M
0.20%
YTD
26.15%
6M
27.00%
1Y
47.10%
3Y*
24.09%
5Y*
7.67%
10Y*
—

EWM

1D
-1.22%
1M
-6.23%
YTD
-0.61%
6M
-1.80%
1Y
15.98%
3Y*
14.03%
5Y*
4.36%
10Y*
2.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMX vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		26.15%35.23%7.22%9.80%-19.75%-3.57%19.55%18.56%-16.76%38.46%
EWM
iShares MSCI Malaysia ETF		-0.61%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 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.53

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

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

0.53

The correlation between EEMX and EWM has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

EEMX vs. EWM - Sectors Allocation Comparison

Sectors
EEMX
EWM

Technology

26.8%

-

Financial Services

11.1%
50.5%

Consumer Cyclical

6.5%
1.1%

Communication Services

4.4%
5.5%

Basic Materials

2.6%
9.9%

Industrials

2.3%
12.2%

Consumer Defensive

1.6%
4.7%

Healthcare

1.4%
3.4%

Utilities

0.9%
10.9%

Real Estate

0.7%

-

Energy

0.3%
2.9%

Technology

EEMX
26.8%
EWM

-

Financial Services

EEMX
11.1%
EWM
50.5%

Consumer Cyclical

EEMX
6.5%
EWM
1.1%

Communication Services

EEMX
4.4%
EWM
5.5%

Basic Materials

EEMX
2.6%
EWM
9.9%

Industrials

EEMX
2.3%
EWM
12.2%

Consumer Defensive

EEMX
1.6%
EWM
4.7%

Healthcare

EEMX
1.4%
EWM
3.4%

Utilities

EEMX
0.9%
EWM
10.9%

Real Estate

EEMX
0.7%
EWM

-

Energy

EEMX
0.3%
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. ^GSPCEEMX vs. SPEMEEMX vs. FSKAXEEMX vs. VOOEEMX vs. VWO
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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMX
EEMX Risk / Return Rank: 7373
Overall Rank
EEMX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
EEMX Sortino Ratio Rank: 6464
Sortino Ratio Rank
EEMX Omega Ratio Rank: 7575
Omega Ratio Rank
EEMX Calmar Ratio Rank: 7676
Calmar Ratio Rank
EEMX Martin Ratio Rank: 7777
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 3434
Overall Rank
EWM Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWM Omega Ratio Rank: 3232
Omega Ratio Rank
EWM Calmar Ratio Rank: 3333
Calmar Ratio Rank
EWM Martin Ratio Rank: 3636
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.

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
2.02
1.13

+0.89

Sortino ratioReturn per unit of downside risk
2.59
1.63

+0.95

Omega ratioGain probability vs. loss probability

1.39

1.20

+0.19

Calmar ratioReturn relative to maximum drawdown

3.41

1.51

+1.90

Martin ratioReturn relative to average drawdown

12.72

4.94

+7.78

EEMX vs. EWM - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.02, which is higher than the EWM Sharpe Ratio of 1.13. 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

-13.89%

-10.61%

-3.28%

Max Drawdown (3Y)

Largest decline over 3 years

-17.64%

-21.31%

+3.67%

Max Drawdown (5Y)

Largest decline over 5 years

-36.99%

-22.76%

-14.23%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.81%

—

Current Drawdown

Current decline from peak

-4.58%

-12.17%

+7.59%

Average Drawdown

Average peak-to-trough decline

-14.67%

-31.78%

+17.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

3.24%

+0.47%

Volatility

EEMX vs. EWM - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 12.32% compared to iShares MSCI Malaysia ETF (EWM) at 4.35%. 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

12.32%

4.35%

+7.97%

Volatility (6M)

Calculated over the trailing 6-month period

21.50%

11.08%

+10.42%

Volatility (1Y)

Calculated over the trailing 1-year period

23.42%

14.16%

+9.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.81%

13.77%

+6.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.61%

16.19%

+4.42%

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 1.79%, less than EWM's 3.74% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		1.79%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		3.74%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 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMX has higher volatility (12.32%) compared to EWM (4.35%). In terms of maximum drawdown, EEMX dropped -39.90% vs EWM's -89.19%.

On 5-year performance, EEMX leads with 7.67% vs 4.36% for EWM. On fees, EEMX is cheaper at 0.30% per year. On volatility, EWM has been the lower-risk option at 4.35%. 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 7.67% return vs 4.36%. 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 3.74%, compared with 1.79% for EEMX.

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.

EEMX currently has the higher Sharpe Ratio (2.02 vs 1.13), 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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