EYLD vs. EWX

Last updated Jun 23, 2026

EYLD (Cambria Emerging Shareholder Yield ETF) and EWX (SPDR S&P Emerging Markets Small Cap ETF) are both Emerging Markets Equities funds. EYLD is actively managed, while EWX is passively managed. Over the past 5 years, EYLD returned 10.67%/yr vs 7.79%/yr for EWX. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.

Performance

EYLD vs. EWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Emerging Shareholder Yield ETF (EYLD) and SPDR S&P Emerging Markets Small Cap ETF (EWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EYLD achieves a 25.88% return, which is significantly higher than EWX's 17.34% return.

EYLD

• 1D: -0.54%
• 1M: 5.42%
• YTD: 25.88%
• 6M: 27.14%
• 1Y: 44.58%
• 3Y*: 25.83%
• 5Y*: 10.67%
• 10Y*: —

EWX

• 1D: 1.17%
• 1M: 3.87%
• YTD: 17.34%
• 6M: 18.48%
• 1Y: 33.41%
• 3Y*: 17.00%
• 5Y*: 7.79%
• 10Y*: 10.36%

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

EYLD vs. EWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EYLD Cambria Emerging Shareholder Yield ETF	25.88%	29.39%	4.72%	18.77%	-16.10%	11.44%	10.13%	22.00%	-13.74%	34.90%
EWX SPDR S&P Emerging Markets Small Cap ETF	17.34%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	15.59%	-18.75%	34.12%

Correlation

The correlation between EYLD and EWX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 14, 2016	0.71

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

EYLD vs. EWX - Sectors Allocation Comparison

Sectors	EYLD	EWX
Financial Services	21.6%	5.0%
Technology	21.5%	16.8%
Industrials	16.7%	9.8%
Energy	6.6%	1.9%
Consumer Cyclical	6.0%	5.4%
Utilities	4.5%	1.2%
Consumer Defensive	3.1%	2.3%
Communication Services	2.6%	0.8%
Real Estate	2.0%	2.3%
Healthcare	1.9%	3.1%
Basic Materials	1.2%	6.1%

Return for Risk

EYLD vs. EWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EYLD

EYLD Risk / Return Rank: 77
EYLD Sharpe Ratio Rank: 77
EYLD Sortino Ratio Rank: 70
EYLD Omega Ratio Rank: 76
EYLD Calmar Ratio Rank: 83
EYLD Martin Ratio Rank: 81

EWX

EWX Risk / Return Rank: 71
EWX Sharpe Ratio Rank: 68
EWX Sortino Ratio Rank: 64
EWX Omega Ratio Rank: 68
EWX Calmar Ratio Rank: 82
EWX Martin Ratio Rank: 72

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.

EYLD vs. EWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Emerging Shareholder Yield ETF (EYLD) and SPDR S&P Emerging Markets Small Cap ETF (EWX). 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.

	EYLD	EWX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.13	+0.21
Sortino ratio: Return per unit of downside risk	3.04	2.85	+0.19
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	4.26	4.21	+0.05
Martin ratio: Return relative to average drawdown	15.40	12.98	+2.42

EYLD vs. EWX - Sharpe Ratio Comparison

The current EYLD Sharpe Ratio is 2.34, which is comparable to the EWX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of EYLD and EWX, 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

EYLD vs. EWX - Drawdown Comparison

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

Drawdown Indicators

	EYLD	EWX	Difference
Max Drawdown Largest peak-to-trough decline	-41.82%	-63.90%	+22.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.52%	-7.98%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.89%	-21.37%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-30.02%	-24.67%	-5.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.00%	—
Current Drawdown Current decline from peak	-1.57%	0.00%	-1.57%
Average Drawdown Average peak-to-trough decline	-10.25%	-13.14%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.58%	+0.32%

Volatility

EYLD vs. EWX - Volatility Comparison

Cambria Emerging Shareholder Yield ETF (EYLD) has a higher volatility of 8.78% compared to SPDR S&P Emerging Markets Small Cap ETF (EWX) at 7.29%. This indicates that EYLD's price experiences larger fluctuations and is considered to be riskier than EWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EYLD	EWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.78%	7.29%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	13.68%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	15.81%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	15.44%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	17.22%	+4.53%

EYLD vs. EWX - Expense Ratio Comparison

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

Dividends

EYLD vs. EWX - Dividend Comparison

EYLD's dividend yield for the trailing twelve months is around 4.83%, more than EWX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWX SPDR S&P Emerging Markets Small Cap ETF	3.24%	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	4.83%	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 EYLD and EWX in my portfolio?

EYLD and EWX 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, EYLD or EWX?

EYLD has higher volatility (8.78%) compared to EWX (7.29%). In terms of maximum drawdown, EYLD dropped -41.82% vs EWX's -63.90%.

Which ETF is better, EYLD or EWX?

On 5-year performance, EYLD leads with 10.67% vs 7.79% for EWX. Both ETFs have the same 0.65% expense ratio. On volatility, EWX has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EYLD or EWX?

Over the 5-year period, EYLD has performed better with a 10.67% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EYLD or EWX?

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

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

EYLD has the higher dividend yield at 4.83%, compared with 3.24% for EWX.

What is the main difference between EYLD and EWX?

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

Which has better risk-adjusted returns?

EYLD currently has the higher Sharpe Ratio (2.34 vs 2.13), 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.