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FEMS vs. EWX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FEMS vs. EWX

Last updated Apr 2, 2026

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

FEMS and EWX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. 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. Both FEMS and EWX 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

FEMS vs. EWX - Performance Comparison

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

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FEMS vs. EWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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%

Returns By Period

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

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%

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

Compare stocks, funds, or ETFs

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First Trust Emerging Markets Small Cap AlphaDEX Fund

SPDR S&P Emerging Markets Small Cap ETF

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

FEMS vs. EWX - Expense Ratio Comparison

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

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

Return for Risk

FEMS vs. EWX — Risk / Return Rank

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

FEMS vs. EWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) 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.

FEMSEWXDifference

Sharpe ratio

Return per unit of total volatility

1.60

1.22

+0.38

Sortino ratio

Return per unit of downside risk

2.14

1.68

+0.46

Omega ratio

Gain probability vs. loss probability

1.31

1.25

+0.07

Calmar ratio

Return relative to maximum drawdown

2.19

1.61

+0.58

Martin ratio

Return relative to average drawdown

8.52

7.23

+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.

FEMS vs. EWX - Sharpe Ratio Comparison

The current FEMS Sharpe Ratio is 1.60, which is higher than the EWX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FEMS and EWX, 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

FEMSEWXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.60

1.22

+0.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.43

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.49

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.19

+0.08

Correlation

The correlation between FEMS and EWX 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

FEMS vs. EWX - Dividend Comparison

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

TTM20252024202320222021202020192018201720162015
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%
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%

Drawdowns

FEMS vs. EWX - Drawdown Comparison

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

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Drawdown Indicators

FEMSEWXDifference

Max Drawdown

Largest peak-to-trough decline

-47.85%

-63.90%

+16.05%

Max Drawdown (1Y)

Largest decline over 1 year

-13.24%

-12.90%

-0.34%

Max Drawdown (5Y)

Largest decline over 5 years

-30.40%

-24.67%

-5.73%

Max Drawdown (10Y)

Largest decline over 10 years

-47.85%

-43.00%

-4.85%

Current Drawdown

Current decline from peak

-4.11%

-5.62%

+1.51%

Average Drawdown

Average peak-to-trough decline

-17.58%

-13.28%

-4.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.41%

2.88%

+0.53%

Volatility

FEMS vs. EWX - Volatility Comparison

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

FEMSEWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.95%

6.64%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

11.77%

10.51%

+1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

17.55%

16.45%

+1.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.86%

15.12%

+2.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.96%

17.08%

+2.88%