EWX vs. AVEM

Last updated Jun 5, 2026

EWX (SPDR S&P Emerging Markets Small Cap ETF) and AVEM (Avantis Emerging Markets Equity ETF) are both Emerging Markets Equities funds. EWX is passively managed, while AVEM is actively managed. Over the past 5 years, EWX returned 7.18%/yr vs 9.77%/yr for AVEM. Their correlation of 0.89 suggests significant overlap in exposure. EWX charges 0.65%/yr vs 0.33%/yr for AVEM.

Performance

EWX vs. AVEM - Performance Comparison

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

Returns By Period

In the year-to-date period, EWX achieves a 14.25% return, which is significantly lower than AVEM's 26.71% return.

EWX

• 1D: 0.39%
• 1M: 1.26%
• YTD: 14.25%
• 6M: 16.49%
• 1Y: 27.75%
• 3Y*: 15.76%
• 5Y*: 7.18%
• 10Y*: 9.70%

AVEM

• 1D: -0.69%
• 1M: 5.74%
• YTD: 26.71%
• 6M: 29.00%
• 1Y: 52.18%
• 3Y*: 25.80%
• 5Y*: 9.77%
• 10Y*: —

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

EWX vs. AVEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWX SPDR S&P Emerging Markets Small Cap ETF	14.25%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	6.18%
AVEM Avantis Emerging Markets Equity ETF	26.71%	34.48%	7.49%	15.30%	-18.15%	5.16%	14.39%	11.13%

Correlation

The correlation between EWX and AVEM is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 20, 2019	0.89

The correlation between EWX and AVEM has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

EWX vs. AVEM - Sectors Allocation Comparison

Sectors	EWX	AVEM
Technology	16.0%	32.3%
Industrials	9.8%	9.2%
Basic Materials	6.0%	8.1%
Consumer Cyclical	5.5%	9.2%
Financial Services	4.7%	20.7%
Healthcare	3.6%	2.8%
Consumer Defensive	2.4%	3.1%
Real Estate	2.3%	1.6%
Energy	2.0%	5.1%
Utilities	1.2%	2.6%
Communication Services	0.9%	5.4%

Return for Risk

EWX vs. AVEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWX

EWX Risk / Return Rank: 60
EWX Sharpe Ratio Rank: 56
EWX Sortino Ratio Rank: 55
EWX Omega Ratio Rank: 56
EWX Calmar Ratio Rank: 71
EWX Martin Ratio Rank: 62

AVEM

AVEM Risk / Return Rank: 81
AVEM Sharpe Ratio Rank: 83
AVEM Sortino Ratio Rank: 79
AVEM Omega Ratio Rank: 82
AVEM Calmar Ratio Rank: 79
AVEM Martin Ratio Rank: 81

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.

EWX vs. AVEM - 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 Equity ETF (AVEM). 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.

	EWX	AVEM	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.70	-0.82
Sortino ratio: Return per unit of downside risk	2.59	3.50	-0.91
Omega ratio: Gain probability vs. loss probability	1.34	1.49	-0.15
Calmar ratio: Return relative to maximum drawdown	3.49	3.99	-0.50
Martin ratio: Return relative to average drawdown	11.05	15.83	-4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWX vs. AVEM - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 1.88, which is lower than the AVEM Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of EWX and AVEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWX	AVEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.70	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.54	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.65	-0.43

Drawdowns

EWX vs. AVEM - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, which is greater than AVEM's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for EWX and AVEM.

Drawdown Indicators

	EWX	AVEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.90%	-36.05%	-27.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-13.13%	+5.15%
Max Drawdown (3Y) Largest decline over 3 years	-21.37%	-18.02%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-34.00%	+9.33%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	—	—
Current Drawdown Current decline from peak	-1.11%	-2.07%	+0.96%
Average Drawdown Average peak-to-trough decline	-13.17%	-10.09%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.31%	-0.79%

Volatility

EWX vs. AVEM - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 5.06%, while Avantis Emerging Markets Equity ETF (AVEM) has a volatility of 8.22%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky than AVEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWX	AVEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	8.22%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	16.74%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	19.47%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	18.34%	-3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	20.55%	-3.41%

EWX vs. AVEM - Expense Ratio Comparison

EWX has a 0.65% expense ratio, which is higher than AVEM's 0.33% expense ratio.

Dividends

EWX vs. AVEM - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 2.54%, more than AVEM's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEM Avantis Emerging Markets Equity ETF	2.00%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%	0.00%	0.00%	0.00%	0.00%
EWX SPDR S&P Emerging Markets Small Cap ETF	2.54%	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 EWX and AVEM in my portfolio?

EWX and AVEM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWX or AVEM?

AVEM has higher volatility (8.22%) compared to EWX (5.06%). In terms of maximum drawdown, EWX dropped -63.90% vs AVEM's -36.05%.

Which ETF is better, EWX or AVEM?

On 5-year performance, AVEM leads with 9.77% vs 7.18% for EWX. On fees, AVEM is cheaper at 0.33% per year. On volatility, EWX has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWX or AVEM?

Over the 5-year period, AVEM has performed better with a 9.77% return vs 7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWX or AVEM?

AVEM is cheaper with a 0.33% expense ratio, compared with 0.65% for EWX.

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

EWX has the higher dividend yield at 2.54%, compared with 2.00% for AVEM.

What is the main difference between EWX and AVEM?

They also come from different issuers: State Street and Avantis. Their fees differ too: 0.65% for EWX and 0.33% for AVEM.

Which has better risk-adjusted returns?

AVEM currently has the higher Sharpe Ratio (2.70 vs 1.88), 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.