EWX vs. AVEE
EWX (SPDR S&P Emerging Markets Small Cap ETF) and AVEE (Avantis Emerging Markets Small Cap Equity ETF) are both exchange-traded funds - EWX is a Emerging Markets Equities fund tracking the S&P Emerging Markets Under USD2 Billion Index, while AVEE is a Emerging Markets Diversified fund actively managed by Avantis. EWX is passively managed, while AVEE is actively managed. Over the past year, EWX returned 28.18% vs 21.47% for AVEE. Their correlation of 0.91 suggests significant overlap in exposure. EWX charges 0.65%/yr vs 0.42%/yr for AVEE.
Performance
EWX vs. AVEE - Performance Comparison
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Returns By Period
In the year-to-date period, EWX achieves a 13.61% return, which is significantly higher than AVEE's 11.09% return.
EWX
- 1D
- -3.18%
- 1M
- 0.57%
- YTD
- 13.61%
- 6M
- 14.14%
- 1Y
- 28.18%
- 3Y*
- 15.75%
- 5Y*
- 6.92%
- 10Y*
- 10.00%
AVEE
- 1D
- -3.91%
- 1M
- -1.72%
- YTD
- 11.09%
- 6M
- 10.95%
- 1Y
- 21.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWX vs. AVEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EWX SPDR S&P Emerging Markets Small Cap ETF | 13.61% | 15.46% | 6.81% | 6.84% |
AVEE Avantis Emerging Markets Small Cap Equity ETF | 11.09% | 19.80% | 2.91% | 6.15% |
Correlation
The correlation between EWX and AVEE 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 EWX and AVEE has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.
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Return for Risk
EWX vs. AVEE — Risk / Return Rank
EWX
AVEE
EWX vs. AVEE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Small Cap ETF (EWX) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). 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.
| EWX | AVEE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.23 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.03 | +1.52 |
| Martin ratioReturn relative to average drawdown | 10.92 | 6.29 | +4.63 |
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Drawdowns
EWX vs. AVEE - Drawdown Comparison
The maximum EWX drawdown since its inception was -63.90%, which is greater than AVEE's maximum drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for EWX and AVEE.
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Drawdown Indicators
| EWX | AVEE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.90% | -20.21% | -43.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.98% | -10.65% | +2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -21.37% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | — | — |
Current DrawdownCurrent decline from peak | -3.18% | -4.90% | +1.72% |
Average DrawdownAverage peak-to-trough decline | -13.14% | -3.67% | -9.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 3.42% | -0.83% |
Volatility
EWX vs. AVEE - Volatility Comparison
The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 8.08%, while Avantis Emerging Markets Small Cap Equity ETF (AVEE) has a volatility of 9.24%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky than AVEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWX | AVEE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.08% | 9.24% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 14.09% | 16.10% | -2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 18.30% | -2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.51% | 17.21% | -1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.17% | 17.21% | -0.04% |
EWX vs. AVEE - Expense Ratio Comparison
EWX has a 0.65% expense ratio, which is higher than AVEE's 0.42% expense ratio.
Dividends
EWX vs. AVEE - Dividend Comparison
EWX's dividend yield for the trailing twelve months is around 2.49%, less than AVEE's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVEE Avantis Emerging Markets Small Cap Equity ETF | 2.77% | 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 | 2.49% | 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
With a correlation of 0.91, EWX and AVEE 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.
AVEE has higher volatility (9.24%) compared to EWX (8.08%). In terms of maximum drawdown, EWX dropped -63.90% vs AVEE's -20.21%.
On 1-year performance, EWX leads with 28.18% vs 21.47% for AVEE. On fees, AVEE is cheaper at 0.42% per year. On volatility, EWX has been the lower-risk option at 8.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EWX has performed better with a 28.18% return vs 21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVEE is cheaper with a 0.42% expense ratio, compared with 0.65% for EWX.
AVEE has the higher dividend yield at 2.77%, compared with 2.49% for EWX.
EWX is categorized as Emerging Markets Equities, while AVEE is Emerging Markets Diversified. They also come from different issuers: State Street and Avantis. Their fees differ too: 0.65% for EWX and 0.42% for AVEE.
EWX currently has the higher Sharpe Ratio (1.76 vs 1.18), 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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