EWX vs. EYLD

Last updated Aug 2, 2026

EWX (SPDR S&P Emerging Markets Small Cap ETF) and EYLD (Cambria Emerging Shareholder Yield ETF) are both Emerging Markets Equities funds. EWX is passively managed, while EYLD is actively managed. Over the past 10 years, EWX returned 7.96%/yr vs 11.22%/yr for EYLD. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.65% expense ratio.

Performance

EWX vs. EYLD - 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 Cambria Emerging Shareholder Yield ETF (EYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWX achieves a 3.22% return, which is significantly lower than EYLD's 19.91% return. Over the past 10 years, EWX has underperformed EYLD with an annualized return of 7.96%, while EYLD has yielded a comparatively higher 11.22% annualized return.

EWX

• 1D: 0.62%
• 1M: -8.27%
• 6M: 0.18%
• YTD: 3.22%
• 1Y: 10.22%
• 3Y*: 10.08%
• 5Y*: 5.20%
• 10Y*: 7.96%
• ALL TIME*: 4.09%

EYLD

• 1D: -0.98%
• 1M: -0.50%
• 6M: 9.72%
• YTD: 19.91%
• 1Y: 33.83%
• 3Y*: 21.05%
• 5Y*: 9.40%
• 10Y*: 11.22%
• ALL TIME*: 11.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWX SPDR S&P Emerging Markets Small Cap ETF	$1.48M	$1.53M	$1.61M
EYLD Cambria Emerging Shareholder Yield ETF	$3.51M	$3.95M	$5.12M

EWX vs. EYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWX SPDR S&P Emerging Markets Small Cap ETF	3.22%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	15.59%	-18.75%	34.12%
EYLD Cambria Emerging Shareholder Yield ETF	19.91%	29.39%	4.72%	18.77%	-16.10%	11.44%	10.13%	22.00%	-13.74%	34.90%

Correlation

The correlation between EWX and EYLD is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Jul 14, 2016	0.71

The correlation between EWX and EYLD has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

EWX vs. EYLD - Sectors Allocation Comparison

Sectors	EWX	EYLD
Technology	28.1%	19.5%
Industrials	19.8%	15.1%
Basic Materials	10.8%	2.8%
Consumer Cyclical	10.5%	8.2%
Financial Services	7.4%	27.0%
Healthcare	6.6%	2.8%
Real Estate	5.7%	1.8%
Consumer Defensive	4.9%	3.2%
Utilities	2.4%	5.0%
Communication Services	2.0%	5.3%
Energy	1.7%	9.3%

Return for Risk

EWX vs. EYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWX

EWX Risk / Return Rank: 27
EWX Sharpe Ratio Rank: 26
EWX Sortino Ratio Rank: 25
EWX Omega Ratio Rank: 26
EWX Calmar Ratio Rank: 25
EWX Martin Ratio Rank: 32

EYLD

EYLD Risk / Return Rank: 75
EYLD Sharpe Ratio Rank: 73
EYLD Sortino Ratio Rank: 69
EYLD Omega Ratio Rank: 73
EYLD Calmar Ratio Rank: 84
EYLD Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWX vs. EYLD - 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 Cambria Emerging Shareholder Yield ETF (EYLD). 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	EYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.65	-1.04
Sortino ratio: Return per unit of downside risk	0.92	2.26	-1.34
Omega ratio: Gain probability vs. loss probability	1.12	1.30	-0.18
Calmar ratio: Return relative to maximum drawdown	0.79	3.18	-2.39
Martin ratio: Return relative to average drawdown	2.92	9.68	-6.76

EWX vs. EYLD - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 0.62, which is lower than the EYLD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EWX and EYLD, 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. EYLD - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, which is greater than EYLD's maximum drawdown of -41.82%. Use the drawdown chart below to compare losses from any high point for EWX and EYLD.

Drawdown Indicators

	EWX	EYLD	Difference
Max Drawdown Largest peak-to-trough decline	-63.90%	-41.82%	-22.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-10.52%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	-21.37%	-20.89%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-29.27%	+5.21%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-41.82%	-1.18%
Current Drawdown Current decline from peak	-12.03%	-6.24%	-5.79%
Average Drawdown Average peak-to-trough decline	-13.10%	-10.20%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	3.45%	+0.18%

Volatility

EWX vs. EYLD - Volatility Comparison

SPDR S&P Emerging Markets Small Cap ETF (EWX) and Cambria Emerging Shareholder Yield ETF (EYLD) have volatilities of 6.75% and 6.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWX	EYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	6.88%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	15.50%	18.10%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	20.31%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	18.57%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	19.08%	-1.83%

EWX vs. EYLD - Expense Ratio Comparison

Both EWX and EYLD have an expense ratio of 0.65%.

Dividends

EWX vs. EYLD - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 2.74%, less than EYLD's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWX SPDR S&P Emerging Markets Small Cap ETF	2.74%	2.91%	2.90%	2.32%	3.00%	2.77%	2.24%	2.73%	3.26%	2.30%	2.46%	3.04%
EYLD Cambria Emerging Shareholder Yield ETF	5.08%	5.40%	5.16%	5.54%	6.97%	7.27%	3.02%	4.21%	7.87%	2.77%	0.75%	0.00%

Frequently Asked Questions

Can I hold both EWX and EYLD in my portfolio?

EWX and EYLD have a correlation of 0.80, 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 EYLD?

EYLD has higher volatility (6.88%) compared to EWX (6.75%). In terms of maximum drawdown, EWX dropped -63.90% vs EYLD's -41.82%.

Which ETF is better, EWX or EYLD?

On 10-year performance, EYLD leads with 11.22% vs 7.96% for EWX. Both ETFs have the same 0.65% expense ratio. On volatility, EWX has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWX or EYLD?

Over the 10-year period, EYLD has performed better with a 11.22% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWX or EYLD?

EWX and EYLD have the same expense ratio: 0.65% per year.

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

EYLD has the higher dividend yield at 5.08%, compared with 2.74% for EWX.

What is the main difference between EWX and EYLD?

They also come from different issuers: State Street and Cambria.

Which has better risk-adjusted returns?

EYLD currently has the higher Sharpe Ratio (1.65 vs 0.62), 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.