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EWX vs. FEMS
Performance
Return for Risk
Dividends
Drawdowns
Volatility

EWX vs. FEMS

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P Emerging Markets Small Cap ETF (EWX) and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS).

EWX and FEMS 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. FEMS is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Small Cap Index. It was launched on Feb 15, 2012. Both EWX and FEMS 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. FEMS - 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 First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS). The values are adjusted to include any dividend payments, if applicable.

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EWX vs. FEMS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%34.12%
FEMS
First Trust Emerging Markets Small Cap AlphaDEX Fund		9.43%16.48%1.88%3.55%1.85%3.76%7.85%28.88%-22.63%49.02%

Returns By Period

In the year-to-date period, EWX achieves a 1.07% return, which is significantly lower than FEMS's 9.43% return. Over the past 10 years, EWX has underperformed FEMS with an annualized return of 8.33%, while FEMS has yielded a comparatively higher 9.05% annualized 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%

FEMS

1D
0.46%
1M
-3.03%
YTD
9.43%
6M
5.45%
1Y
27.92%
3Y*
11.96%
5Y*
5.64%
10Y*
9.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Emerging Markets Small Cap ETF

First Trust Emerging Markets Small Cap AlphaDEX Fund

Often compared with EWX:
EWX vs. EEMSEWX vs. EWTEWX vs. VWOEWX vs. EYLDEWX vs. FMEWX vs. AVEEEWX vs. QQQ
Often compared with FEMS:
FEMS vs. EDIVFEMS vs. EYLDFEMS vs. AVEEFEMS vs. FNDFFEMS vs. EEMSFEMS vs. SSOFEMS vs. VOO

EWX vs. FEMS - Expense Ratio Comparison

EWX has a 0.65% expense ratio, which is lower than FEMS's 0.80% expense ratio.

FEMS
First Trust Emerging Markets Small Cap AlphaDEX Fund
EWX
SPDR S&P Emerging Markets Small Cap ETF

Return for Risk

EWX vs. FEMS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWX
EWX Risk / Return Rank: 6565
Overall Rank
EWX Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EWX Sortino Ratio Rank: 6464
Sortino Ratio Rank
EWX Omega Ratio Rank: 6565
Omega Ratio Rank
EWX Calmar Ratio Rank: 6060
Calmar Ratio Rank
EWX Martin Ratio Rank: 6767
Martin Ratio Rank
FEMS
FEMS Risk / Return Rank: 7878
Overall Rank
FEMS Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
FEMS Sortino Ratio Rank: 7979
Sortino Ratio Rank
FEMS Omega Ratio Rank: 7878
Omega Ratio Rank
FEMS Calmar Ratio Rank: 7676
Calmar Ratio Rank
FEMS Martin Ratio Rank: 7575
Martin Ratio Rank
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. FEMS - 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 First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS). 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.

EWXFEMSDifference

Sharpe ratio

Return per unit of total volatility

1.22

1.60

-0.38

Sortino ratio

Return per unit of downside risk

1.68

2.14

-0.46

Omega ratio

Gain probability vs. loss probability

1.25

1.31

-0.07

Calmar ratio

Return relative to maximum drawdown

1.61

2.19

-0.58

Martin ratio

Return relative to average drawdown

7.23

8.52

-1.30

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. FEMS - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 1.22, which is comparable to the FEMS Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of EWX and FEMS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

EWXFEMSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

1.60

-0.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.32

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.45

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.27

-0.08

Correlation

The correlation between EWX and FEMS is 0.79, 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. FEMS - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 2.88%, less than FEMS's 4.38% yield.

TTM20252024202320222021202020192018201720162015
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%
FEMS
First Trust Emerging Markets Small Cap AlphaDEX Fund		4.38%4.27%3.97%4.65%4.55%6.25%2.90%4.37%4.68%3.39%2.42%3.28%

Drawdowns

EWX vs. FEMS - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, which is greater than FEMS's maximum drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for EWX and FEMS.

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Drawdown Indicators

EWXFEMSDifference

Max Drawdown

Largest peak-to-trough decline

-63.90%

-47.85%

-16.05%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

-13.24%

+0.34%

Max Drawdown (5Y)

Largest decline over 5 years

-24.67%

-30.40%

+5.73%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-47.85%

+4.85%

Current Drawdown

Current decline from peak

-5.62%

-4.11%

-1.51%

Average Drawdown

Average peak-to-trough decline

-13.28%

-17.58%

+4.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.88%

3.41%

-0.53%

Volatility

EWX vs. FEMS - Volatility Comparison

SPDR S&P Emerging Markets Small Cap ETF (EWX) and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) have volatilities of 6.64% and 6.95%, 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.

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Volatility by Period

EWXFEMSDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.64%

6.95%

-0.31%

Volatility (6M)

Calculated over the trailing 6-month period

10.51%

11.77%

-1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

16.45%

17.55%

-1.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.12%

17.86%

-2.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

19.96%

-2.88%