EWX vs. DEM

Last updated Jun 23, 2026

EWX (SPDR S&P Emerging Markets Small Cap ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - EWX tracks the S&P Emerging Markets Under USD2 Billion Index while DEM tracks the WisdomTree Emerging Markets Equity income Index. Both are passively managed. Over the past 10 years, EWX returned 10.36%/yr vs 10.73%/yr for DEM. Their correlation of 0.86 suggests significant overlap in exposure. EWX charges 0.65%/yr vs 0.63%/yr for DEM.

Performance

EWX vs. DEM - 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 WisdomTree Emerging Markets Equity Income Fund (DEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWX achieves a 17.34% return, which is significantly lower than DEM's 20.44% return. Both investments have delivered pretty close results over the past 10 years, with EWX having a 10.36% annualized return and DEM not far ahead at 10.73%.

EWX

• 1D: 1.17%
• 1M: 3.87%
• YTD: 17.34%
• 6M: 18.48%
• 1Y: 33.41%
• 3Y*: 17.00%
• 5Y*: 7.79%
• 10Y*: 10.36%

DEM

• 1D: 0.54%
• 1M: 3.59%
• YTD: 20.44%
• 6M: 21.22%
• 1Y: 31.41%
• 3Y*: 19.07%
• 5Y*: 10.23%
• 10Y*: 10.73%

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

EWX vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWX SPDR S&P Emerging Markets Small Cap ETF	17.34%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	15.59%	-18.75%	34.12%
DEM WisdomTree Emerging Markets Equity Income Fund	20.44%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%

Correlation

The correlation between EWX and DEM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 16, 2008	0.86

The correlation between EWX and DEM has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

EWX vs. DEM - Sectors Allocation Comparison

Sectors	EWX	DEM
Technology	16.8%	17.4%
Industrials	9.8%	9.5%
Basic Materials	6.1%	3.5%
Consumer Cyclical	5.4%	5.0%
Financial Services	5.0%	21.9%
Healthcare	3.1%	0.6%
Consumer Defensive	2.3%	5.8%
Real Estate	2.3%	3.0%
Energy	1.9%	6.1%
Utilities	1.2%	3.0%
Communication Services	0.8%	3.0%

Return for Risk

EWX vs. DEM — Risk / Return Rank

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

EWX

EWX Risk / Return Rank: 71
EWX Sharpe Ratio Rank: 68
EWX Sortino Ratio Rank: 64
EWX Omega Ratio Rank: 68
EWX Calmar Ratio Rank: 82
EWX Martin Ratio Rank: 72

DEM

DEM Risk / Return Rank: 73
DEM Sharpe Ratio Rank: 72
DEM Sortino Ratio Rank: 70
DEM Omega Ratio Rank: 72
DEM Calmar Ratio Rank: 80
DEM Martin Ratio Rank: 75

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. DEM - 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 WisdomTree Emerging Markets Equity Income Fund (DEM). 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	DEM	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.22	-0.10
Sortino ratio: Return per unit of downside risk	2.85	3.03	-0.18
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	4.21	4.00	+0.21
Martin ratio: Return relative to average drawdown	12.98	13.71	-0.73

EWX vs. DEM - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 2.13, which is comparable to the DEM Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of EWX and DEM, 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

EWX vs. DEM - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, which is greater than DEM's maximum drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for EWX and DEM.

Drawdown Indicators

	EWX	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.90%	-51.85%	-12.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-7.89%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-21.37%	-15.64%	-5.73%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-27.18%	+2.51%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-37.79%	-5.21%
Current Drawdown Current decline from peak	0.00%	-0.80%	+0.80%
Average Drawdown Average peak-to-trough decline	-13.14%	-12.87%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.30%	+0.28%

Volatility

EWX vs. DEM - Volatility Comparison

SPDR S&P Emerging Markets Small Cap ETF (EWX) has a higher volatility of 7.29% compared to WisdomTree Emerging Markets Equity Income Fund (DEM) at 5.90%. This indicates that EWX's price experiences larger fluctuations and is considered to be riskier than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWX	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	5.90%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	12.23%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	14.21%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.44%	15.46%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	17.97%	-0.75%

EWX vs. DEM - Expense Ratio Comparison

EWX has a 0.65% expense ratio, which is higher than DEM's 0.63% expense ratio.

Dividends

EWX vs. DEM - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 3.24%, less than DEM's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.74%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
EWX SPDR S&P Emerging Markets Small Cap ETF	3.24%	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 DEM in my portfolio?

EWX and DEM have a correlation of 0.82, 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 DEM?

EWX has higher volatility (7.29%) compared to DEM (5.90%). In terms of maximum drawdown, EWX dropped -63.90% vs DEM's -51.85%.

Which ETF is better, EWX or DEM?

On 10-year performance, DEM leads with 10.73% vs 10.36% for EWX. On fees, DEM is cheaper at 0.63% per year. On volatility, DEM has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWX or DEM?

Over the 10-year period, DEM has performed better with a 10.73% return vs 10.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWX or DEM?

DEM is cheaper with a 0.63% expense ratio, compared with 0.65% for EWX.

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

DEM has the higher dividend yield at 3.74%, compared with 3.24% for EWX.

What is the main difference between EWX and DEM?

EWX tracks S&P Emerging Markets Under USD2 Billion Index, while DEM tracks WisdomTree Emerging Markets Equity income Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.65% for EWX and 0.63% for DEM.

Which has better risk-adjusted returns?

DEM currently has the higher Sharpe Ratio (2.22 vs 2.13), 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.