EWX vs. EEMS

Last updated Jun 24, 2026

EWX (SPDR S&P Emerging Markets Small Cap ETF) and EEMS (iShares MSCI Emerging Markets Small-Cap ETF) are both exchange-traded funds - EWX is a Emerging Markets Equities fund tracking the S&P Emerging Markets Under USD2 Billion Index, while EEMS is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Small Cap Index. Both are passively managed. Over the past 10 years, EWX returned 10.00%/yr vs 9.32%/yr for EEMS. Their correlation of 0.87 suggests significant overlap in exposure. EWX charges 0.65%/yr vs 0.73%/yr for EEMS.

Performance

EWX vs. EEMS - 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 iShares MSCI Emerging Markets Small-Cap ETF (EEMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWX achieves a 13.61% return, which is significantly higher than EEMS's 11.49% return. Over the past 10 years, EWX has outperformed EEMS with an annualized return of 10.00%, while EEMS has yielded a comparatively lower 9.32% annualized 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%

EEMS

• 1D: -4.01%
• 1M: -2.11%
• YTD: 11.49%
• 6M: 12.59%
• 1Y: 23.79%
• 3Y*: 15.45%
• 5Y*: 6.33%
• 10Y*: 9.32%

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

EWX vs. EEMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWX SPDR S&P Emerging Markets Small Cap ETF	13.61%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	15.59%	-18.75%	34.12%
EEMS iShares MSCI Emerging Markets Small-Cap ETF	11.49%	19.78%	3.13%	23.09%	-19.12%	18.12%	19.47%	11.25%	-18.98%	34.80%

Correlation

The correlation between EWX and EEMS is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 18, 2011	0.87

The correlation between EWX and EEMS has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

EWX vs. EEMS - Sectors Allocation Comparison

Sectors	EWX	EEMS
Technology	16.8%	26.4%
Industrials	9.8%	18.2%
Basic Materials	6.1%	8.6%
Consumer Cyclical	5.4%	9.9%
Financial Services	5.0%	9.9%
Healthcare	3.1%	8.7%
Consumer Defensive	2.3%	4.9%
Real Estate	2.3%	5.8%
Energy	1.9%	2.1%
Utilities	1.2%	2.6%
Communication Services	0.8%	2.9%

Return for Risk

EWX vs. EEMS — 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: 55
EWX Sortino Ratio Rank: 52
EWX Omega Ratio Rank: 55
EWX Calmar Ratio Rank: 74
EWX Martin Ratio Rank: 63

EEMS

EEMS Risk / Return Rank: 40
EEMS Sharpe Ratio Rank: 37
EEMS Sortino Ratio Rank: 34
EEMS Omega Ratio Rank: 38
EEMS Calmar Ratio Rank: 46
EEMS Martin Ratio Rank: 47

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. EEMS - 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 iShares MSCI Emerging Markets Small-Cap ETF (EEMS). 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	EEMS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.25	+0.51
Sortino ratio: Return per unit of downside risk	2.37	1.73	+0.65
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	3.55	2.20	+1.35
Martin ratio: Return relative to average drawdown	10.92	7.37	+3.55

EWX vs. EEMS - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 1.76, which is higher than the EEMS Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of EWX and EEMS, 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. EEMS - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, which is greater than EEMS's maximum drawdown of -48.89%. Use the drawdown chart below to compare losses from any high point for EWX and EEMS.

Drawdown Indicators

	EWX	EEMS	Difference
Max Drawdown Largest peak-to-trough decline	-63.90%	-48.89%	-15.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-10.87%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-21.37%	-19.71%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-27.07%	+2.40%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-48.89%	+5.89%
Current Drawdown Current decline from peak	-3.18%	-5.08%	+1.90%
Average Drawdown Average peak-to-trough decline	-13.14%	-10.48%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.24%	-0.65%

Volatility

EWX vs. EEMS - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 8.08%, while iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a volatility of 9.86%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky than EEMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWX	EEMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	9.86%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	14.09%	17.19%	-3.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	19.11%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	16.50%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	18.12%	-0.95%

EWX vs. EEMS - Expense Ratio Comparison

EWX has a 0.65% expense ratio, which is lower than EEMS's 0.73% expense ratio.

Dividends

EWX vs. EEMS - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 2.49%, less than EEMS's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMS iShares MSCI Emerging Markets Small-Cap ETF	2.86%	3.09%	2.60%	2.69%	0.89%	3.56%	2.14%	2.64%	3.06%	2.47%	2.51%	2.33%
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

Can I hold both EWX and EEMS in my portfolio?

With a correlation of 0.90, EWX and EEMS 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.

Which is riskier, EWX or EEMS?

EEMS has higher volatility (9.86%) compared to EWX (8.08%). In terms of maximum drawdown, EWX dropped -63.90% vs EEMS's -48.89%.

Which ETF is better, EWX or EEMS?

On 10-year performance, EWX leads with 10.00% vs 9.32% for EEMS. On fees, EWX is cheaper at 0.65% 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.

Which ETF has performed better, EWX or EEMS?

Over the 10-year period, EWX has performed better with a 10.00% return vs 9.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWX or EEMS?

EWX is cheaper with a 0.65% expense ratio, compared with 0.73% for EEMS.

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

EEMS has the higher dividend yield at 2.86%, compared with 2.49% for EWX.

What is the main difference between EWX and EEMS?

EWX is categorized as Emerging Markets Equities, while EEMS is Emerging Markets Diversified. EWX tracks S&P Emerging Markets Under USD2 Billion Index, while EEMS tracks MSCI Emerging Markets Small Cap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.65% for EWX and 0.73% for EEMS.

Which has better risk-adjusted returns?

EWX currently has the higher Sharpe Ratio (1.76 vs 1.25), 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.