EWX vs. VWO
Compare and contrast key facts about SPDR S&P Emerging Markets Small Cap ETF (EWX) and Vanguard FTSE Emerging Markets ETF (VWO).
EWX and VWO 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. VWO is a passively managed fund by Vanguard that tracks the performance of the FTSE Emerging Index. It was launched on Mar 4, 2005. Both EWX and VWO 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. VWO - Performance Comparison
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EWX vs. VWO - 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% | 34.12% |
VWO Vanguard FTSE Emerging Markets ETF | 0.84% | 25.60% | 10.59% | 9.25% | -17.98% | 1.26% | 15.17% | 20.75% | -14.76% | 31.49% |
Returns By Period
In the year-to-date period, EWX achieves a 1.07% return, which is significantly higher than VWO's 0.84% return. Over the past 10 years, EWX has outperformed VWO with an annualized return of 8.33%, while VWO has yielded a comparatively lower 7.66% 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%
VWO
- 1D
- 0.30%
- 1M
- -5.29%
- YTD
- 0.84%
- 6M
- 1.39%
- 1Y
- 22.71%
- 3Y*
- 13.84%
- 5Y*
- 3.90%
- 10Y*
- 7.66%
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EWX vs. VWO - Expense Ratio Comparison
EWX has a 0.65% expense ratio, which is higher than VWO's 0.08% expense ratio.
Return for Risk
EWX vs. VWO — Risk / Return Rank
EWX
VWO
EWX vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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 | VWO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 1.28 | -0.06 |
Sortino ratioReturn per unit of downside risk | 1.68 | 1.80 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.89 | -0.28 |
Martin ratioReturn relative to average drawdown | 7.23 | 7.18 | +0.05 |
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 | VWO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 1.28 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.23 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.40 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.25 | -0.06 |
Correlation
The correlation between EWX and VWO is 0.89, 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. VWO - Dividend Comparison
EWX's dividend yield for the trailing twelve months is around 2.88%, more than VWO's 2.68% 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% |
VWO Vanguard FTSE Emerging Markets ETF | 2.68% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Drawdowns
EWX vs. VWO - Drawdown Comparison
The maximum EWX drawdown since its inception was -63.90%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for EWX and VWO.
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Drawdown Indicators
| EWX | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.90% | -67.68% | +3.78% |
Max Drawdown (1Y)Largest decline over 1 year | -12.90% | -12.23% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -32.80% | +8.13% |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | -36.39% | -6.61% |
Current DrawdownCurrent decline from peak | -5.62% | -8.13% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -13.28% | -15.93% | +2.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 3.22% | -0.34% |
Volatility
EWX vs. VWO - Volatility Comparison
The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 6.64%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 7.41%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWX | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 7.41% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 10.51% | 12.26% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.45% | 17.83% | -1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.12% | 17.21% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 19.18% | -2.10% |