EWX vs. EMXC
Compare and contrast key facts about SPDR S&P Emerging Markets Small Cap ETF (EWX) and iShares MSCI Emerging Markets ex China ETF (EMXC).
EWX and EMXC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EWX is a passively managed fund by State Street that tracks the performance of the S&P Emerging Markets Under USD2 Billion Index. It was launched on May 12, 2008. EMXC is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Jul 19, 2017. Both EWX and EMXC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EWX vs. EMXC - Performance Comparison
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EWX vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWX SPDR S&P Emerging Markets Small Cap ETF | 1.07% | 15.46% | 6.81% | 18.13% | -15.00% | 18.15% | 14.84% | 15.59% | -18.75% | 9.56% |
EMXC iShares MSCI Emerging Markets ex China ETF | 9.42% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.01% |
Returns By Period
In the year-to-date period, EWX achieves a 1.07% return, which is significantly lower than EMXC's 9.42% return.
EWX
- 1D
- 0.36%
- 1M
- -3.63%
- YTD
- 1.07%
- 6M
- 0.32%
- 1Y
- 20.02%
- 3Y*
- 12.47%
- 5Y*
- 6.50%
- 10Y*
- 8.33%
EMXC
- 1D
- 1.11%
- 1M
- -7.62%
- YTD
- 9.42%
- 6M
- 18.97%
- 1Y
- 48.03%
- 3Y*
- 20.23%
- 5Y*
- 8.43%
- 10Y*
- —
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EWX vs. EMXC - Expense Ratio Comparison
EWX has a 0.65% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Return for Risk
EWX vs. EMXC — Risk / Return Rank
EWX
EMXC
EWX vs. EMXC - 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 ex China ETF (EMXC). 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 | EMXC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 2.34 | -1.12 |
Sortino ratioReturn per unit of downside risk | 1.68 | 3.02 | -1.34 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.44 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.61 | 3.39 | -1.78 |
Martin ratioReturn relative to average drawdown | 7.23 | 14.12 | -6.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWX | EMXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 2.34 | -1.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.51 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.40 | -0.22 |
Correlation
The correlation between EWX and EMXC is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
EWX vs. EMXC - Dividend Comparison
EWX's dividend yield for the trailing twelve months is around 2.88%, more than EMXC's 2.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWX SPDR S&P Emerging Markets Small Cap ETF | 2.88% | 2.91% | 2.90% | 2.32% | 3.00% | 2.77% | 2.24% | 2.73% | 3.26% | 2.30% | 2.46% | 3.04% |
EMXC iShares MSCI Emerging Markets ex China ETF | 2.57% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 0.00% |
Drawdowns
EWX vs. EMXC - Drawdown Comparison
The maximum EWX drawdown since its inception was -63.90%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for EWX and EMXC.
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Drawdown Indicators
| EWX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.90% | -42.81% | -21.09% |
Max Drawdown (1Y)Largest decline over 1 year | -12.90% | -14.41% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -28.91% | +4.24% |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | — | — |
Current DrawdownCurrent decline from peak | -5.62% | -9.89% | +4.27% |
Average DrawdownAverage peak-to-trough decline | -13.28% | -10.35% | -2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 3.46% | -0.58% |
Volatility
EWX vs. EMXC - Volatility Comparison
The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 6.64%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 10.61%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 10.61% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.51% | 16.16% | -5.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.45% | 20.60% | -4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.12% | 16.71% | -1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 19.51% | -2.43% |