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EWX vs. SPYG
Performance
Return for Risk
Dividends
Drawdowns
Volatility

EWX vs. SPYG

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P Emerging Markets Small Cap ETF (EWX) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG).

EWX and SPYG 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. SPYG is a passively managed fund by State Street that tracks the performance of the S&P 500 Growth Index. It was launched on Sep 25, 2000. Both EWX and SPYG 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. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

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EWX vs. SPYG - 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%
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF		-6.91%22.09%35.99%30.02%-29.41%32.01%33.46%30.84%-0.12%27.24%

Returns By Period

In the year-to-date period, EWX achieves a 1.07% return, which is significantly higher than SPYG's -6.91% return. Over the past 10 years, EWX has underperformed SPYG with an annualized return of 8.33%, while SPYG has yielded a comparatively higher 15.90% 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%

SPYG

1D
1.32%
1M
-4.24%
YTD
-6.91%
6M
-5.21%
1Y
23.24%
3Y*
22.39%
5Y*
12.53%
10Y*
15.90%
*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

State Street SPDR Portfolio S&P 500 Growth ETF

Often compared with EWX:
EWX vs. EEMSEWX vs. EWTEWX vs. VWOEWX vs. EYLDEWX vs. FEMSEWX vs. FMEWX vs. AVEE
Often compared with SPYG:
SPYG vs. SPYSPYG vs. SCHGSPYG vs. VOOSPYG vs. VUGSPYG vs. VOOGSPYG vs. SPYVSPYG vs. XLK

EWX vs. SPYG - Expense Ratio Comparison

EWX has a 0.65% expense ratio, which is higher than SPYG's 0.04% expense ratio.

EWX
SPDR S&P Emerging Markets Small Cap ETF
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF

Return for Risk

EWX vs. SPYG — 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
SPYG
SPYG Risk / Return Rank: 6262
Overall Rank
SPYG Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPYG Sortino Ratio Rank: 6161
Sortino Ratio Rank
SPYG Omega Ratio Rank: 6060
Omega Ratio Rank
SPYG Calmar Ratio Rank: 6767
Calmar Ratio Rank
SPYG Martin Ratio Rank: 6565
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. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

EWXSPYGDifference

Sharpe ratio

Return per unit of total volatility

1.22

1.04

+0.18

Sortino ratio

Return per unit of downside risk

1.68

1.62

+0.05

Omega ratio

Gain probability vs. loss probability

1.25

1.23

+0.02

Calmar ratio

Return relative to maximum drawdown

1.61

1.75

-0.14

Martin ratio

Return relative to average drawdown

7.23

6.81

+0.42

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. SPYG - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 1.22, which is comparable to the SPYG Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of EWX and SPYG, 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

EWXSPYGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

1.04

+0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.60

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.78

-0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.32

-0.13

Correlation

The correlation between EWX and SPYG is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EWX vs. SPYG - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 2.88%, more than SPYG's 0.57% 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%
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF		0.57%0.52%0.60%1.15%1.03%0.62%0.90%1.37%1.51%1.41%1.55%1.57%

Drawdowns

EWX vs. SPYG - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for EWX and SPYG.

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Drawdown Indicators

EWXSPYGDifference

Max Drawdown

Largest peak-to-trough decline

-63.90%

-67.63%

+3.73%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

-13.76%

+0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-24.67%

-32.67%

+8.00%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-32.67%

-10.33%

Current Drawdown

Current decline from peak

-5.62%

-9.06%

+3.44%

Average Drawdown

Average peak-to-trough decline

-13.28%

-24.48%

+11.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.88%

3.55%

-0.67%

Volatility

EWX vs. SPYG - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 6.64%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 7.32%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWXSPYGDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.64%

7.32%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

10.51%

12.90%

-2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

16.45%

22.42%

-5.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.12%

21.13%

-6.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

20.57%

-3.49%