EWT vs. EWX

Last updated Aug 2, 2026

EWT (iShares MSCI Taiwan ETF) and EWX (SPDR S&P Emerging Markets Small Cap ETF) are both exchange-traded funds - EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 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 10 years, EWT returned 17.98%/yr vs 7.96%/yr for EWX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. EWT charges 0.59%/yr vs 0.65%/yr for EWX.

Performance

EWT vs. EWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Taiwan ETF (EWT) 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, EWT achieves a 51.98% return, which is significantly higher than EWX's 3.22% return. Over the past 10 years, EWT has outperformed EWX with an annualized return of 17.98%, while EWX has yielded a comparatively lower 7.96% annualized return.

EWT

• 1D: 2.71%
• 1M: -7.92%
• 6M: 41.86%
• YTD: 51.98%
• 1Y: 72.95%
• 3Y*: 34.98%
• 5Y*: 16.96%
• 10Y*: 17.98%
• ALL TIME*: 7.00%

EWX

• 1D: 0.62%
• 1M: -8.27%
• 6M: 0.18%
• YTD: 3.22%
• 1Y: 10.22%
• 3Y*: 10.08%
• 5Y*: 5.20%
• 10Y*: 7.96%
• ALL TIME*: 4.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWT iShares MSCI Taiwan ETF	$630.60M	$678.43M	$665.11M
EWX SPDR S&P Emerging Markets Small Cap ETF	$1.48M	$1.53M	$1.61M

EWT vs. EWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWT iShares MSCI Taiwan ETF	51.98%	28.38%	16.11%	29.00%	-28.90%	26.18%	31.50%	33.36%	-9.90%	26.81%
EWX SPDR S&P Emerging Markets Small Cap ETF	3.22%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	15.59%	-18.75%	34.12%

Correlation

The correlation between EWT and EWX is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since May 16, 2008	0.79

The correlation between EWT and EWX has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

EWT vs. EWX - Sectors Allocation Comparison

Sectors	EWT	EWX
Technology	71.6%	28.1%
Financial Services	14.6%	7.4%
Industrials	4.3%	19.8%
Basic Materials	3.9%	10.8%
Communication Services	1.8%	2.0%
Healthcare	1.3%	6.6%
Consumer Defensive	1.1%	4.9%
Consumer Cyclical	0.4%	10.5%
Energy	-	1.7%
Real Estate	-	5.7%
Utilities	-	2.4%

Return for Risk

EWT vs. EWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWT

EWT Risk / Return Rank: 89
EWT Sharpe Ratio Rank: 92
EWT Sortino Ratio Rank: 86
EWT Omega Ratio Rank: 88
EWT Calmar Ratio Rank: 89
EWT Martin Ratio Rank: 91

EWX

EWX Risk / Return Rank: 27
EWX Sharpe Ratio Rank: 26
EWX Sortino Ratio Rank: 25
EWX Omega Ratio Rank: 26
EWX Calmar Ratio Rank: 25
EWX Martin Ratio Rank: 32

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.

EWT vs. EWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) 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.

	EWT	EWX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	0.62	+1.77
Sortino ratio: Return per unit of downside risk	2.87	0.92	+1.95
Omega ratio: Gain probability vs. loss probability	1.39	1.12	+0.27
Calmar ratio: Return relative to maximum drawdown	3.70	0.79	+2.91
Martin ratio: Return relative to average drawdown	15.15	2.92	+12.23

EWT vs. EWX - Sharpe Ratio Comparison

The current EWT Sharpe Ratio is 2.39, which is higher than the EWX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of EWT 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

EWT vs. EWX - Drawdown Comparison

The maximum EWT drawdown since its inception was -64.37%, roughly equal to the maximum EWX drawdown of -63.90%. Use the drawdown chart below to compare losses from any high point for EWT and EWX.

Drawdown Indicators

	EWT	EWX	Difference
Max Drawdown Largest peak-to-trough decline	-64.37%	-63.90%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-19.83%	-13.47%	-6.36%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-21.37%	-4.29%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-24.06%	-14.82%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-43.00%	+4.12%
Current Drawdown Current decline from peak	-13.43%	-12.03%	-1.40%
Average Drawdown Average peak-to-trough decline	-19.09%	-13.10%	-5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	3.63%	+1.21%

Volatility

EWT vs. EWX - Volatility Comparison

iShares MSCI Taiwan ETF (EWT) has a higher volatility of 13.40% compared to SPDR S&P Emerging Markets Small Cap ETF (EWX) at 6.75%. This indicates that EWT'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.

Volatility by Period

	EWT	EWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.40%	6.75%	+6.65%
Volatility (6M) Calculated over the trailing 6-month period	27.56%	15.50%	+12.06%
Volatility (1Y) Calculated over the trailing 1-year period	30.78%	17.28%	+13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.94%	15.75%	+8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	17.25%	+4.94%

EWT vs. EWX - Expense Ratio Comparison

EWT has a 0.59% expense ratio, which is lower than EWX's 0.65% expense ratio.

Dividends

EWT vs. EWX - Dividend Comparison

EWT's dividend yield for the trailing twelve months is around 2.92%, more than EWX's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWT iShares MSCI Taiwan ETF	2.92%	4.43%	3.32%	12.01%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%
EWX SPDR S&P Emerging Markets Small Cap ETF	2.74%	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 EWT and EWX in my portfolio?

EWT and EWX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWT or EWX?

EWT has higher volatility (13.40%) compared to EWX (6.75%). In terms of maximum drawdown, EWT dropped -64.37% vs EWX's -63.90%.

Which ETF is better, EWT or EWX?

On 10-year performance, EWT leads with 17.98% vs 7.96% for EWX. On fees, EWT is cheaper at 0.59% per year. On volatility, EWX has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWT or EWX?

Over the 10-year period, EWT has performed better with a 17.98% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWT or EWX?

EWT is cheaper with a 0.59% expense ratio, compared with 0.65% for EWX.

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

EWT has the higher dividend yield at 2.92%, compared with 2.74% for EWX.

What is the main difference between EWT and EWX?

EWT is categorized as Taiwan Equities, while EWX is Emerging Markets Equities. EWT tracks MSCI Taiwan 25/50 Index, while EWX tracks S&P Emerging Markets Under USD2 Billion Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EWT and 0.65% for EWX.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (2.39 vs 0.62), 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.