GWX vs. EMGF

Last updated Jun 25, 2026

GWX (SPDR S&P International Small Cap ETF) and EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) are both exchange-traded funds - GWX is a Foreign Small & Mid Cap Equities fund tracking the S&P Developed Ex-U.S. Under USD2 Billion Index, while EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor Index. Both are passively managed. Over the past 10 years, GWX returned 7.75%/yr vs 11.22%/yr for EMGF. A 0.73 correlation means they provide meaningful diversification when combined. GWX charges 0.40%/yr vs 0.45%/yr for EMGF.

Performance

GWX vs. EMGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Small Cap ETF (GWX) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWX achieves a 7.56% return, which is significantly lower than EMGF's 25.35% return. Over the past 10 years, GWX has underperformed EMGF with an annualized return of 7.75%, while EMGF has yielded a comparatively higher 11.22% annualized return.

GWX

• 1D: -0.10%
• 1M: -4.81%
• YTD: 7.56%
• 6M: 7.19%
• 1Y: 22.83%
• 3Y*: 16.30%
• 5Y*: 5.11%
• 10Y*: 7.75%

EMGF

• 1D: -0.33%
• 1M: 2.45%
• YTD: 25.35%
• 6M: 26.20%
• 1Y: 42.44%
• 3Y*: 25.38%
• 5Y*: 9.81%
• 10Y*: 11.22%

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

GWX vs. EMGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	7.56%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	25.35%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%

Correlation

The correlation between GWX and EMGF is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 10, 2015	0.73

The correlation between GWX and EMGF has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

GWX vs. EMGF - Sectors Allocation Comparison

Sectors	GWX	EMGF
Industrials	22.1%	7.2%
Technology	16.3%	41.4%
Basic Materials	14.7%	5.3%
Consumer Cyclical	11.1%	9.6%
Healthcare	8.2%	2.4%
Financial Services	7.6%	17.4%
Real Estate	7.0%	1.0%
Consumer Defensive	4.5%	3.4%
Energy	4.3%	3.6%
Communication Services	2.9%	6.5%
Utilities	1.4%	2.3%

Return for Risk

GWX vs. EMGF — Risk / Return Rank

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

GWX

GWX Risk / Return Rank: 44
GWX Sharpe Ratio Rank: 44
GWX Sortino Ratio Rank: 42
GWX Omega Ratio Rank: 43
GWX Calmar Ratio Rank: 43
GWX Martin Ratio Rank: 47

EMGF

EMGF Risk / Return Rank: 67
EMGF Sharpe Ratio Rank: 65
EMGF Sortino Ratio Rank: 59
EMGF Omega Ratio Rank: 69
EMGF Calmar Ratio Rank: 70
EMGF Martin Ratio Rank: 70

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.

GWX vs. EMGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). 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.

	GWX	EMGF	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.89	-0.51
Sortino ratio: Return per unit of downside risk	1.95	2.48	-0.53
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	1.93	3.15	-1.22
Martin ratio: Return relative to average drawdown	7.06	11.54	-4.47

GWX vs. EMGF - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.38, which is comparable to the EMGF Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of GWX and EMGF, 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

GWX vs. EMGF - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than EMGF's maximum drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for GWX and EMGF.

Drawdown Indicators

	GWX	EMGF	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-40.23%	-23.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-13.54%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-17.65%	+2.92%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-28.20%	-6.38%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-40.23%	-5.04%
Current Drawdown Current decline from peak	-6.54%	-5.73%	-0.81%
Average Drawdown Average peak-to-trough decline	-14.70%	-10.02%	-4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.69%	-0.45%

Volatility

GWX vs. EMGF - Volatility Comparison

The current volatility for SPDR S&P International Small Cap ETF (GWX) is 6.99%, while iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a volatility of 12.63%. This indicates that GWX experiences smaller price fluctuations and is considered to be less risky than EMGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	EMGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	12.63%	-5.64%
Volatility (6M) Calculated over the trailing 6-month period	14.22%	20.70%	-6.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	22.66%	-6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	18.34%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	19.67%	-2.33%

GWX vs. EMGF - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is lower than EMGF's 0.45% expense ratio.

Dividends

GWX vs. EMGF - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.75%, more than EMGF's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	2.01%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%	0.00%
GWX SPDR S&P International Small Cap ETF	2.75%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%

Frequently Asked Questions

Can I hold both GWX and EMGF in my portfolio?

GWX and EMGF have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWX or EMGF?

EMGF has higher volatility (12.63%) compared to GWX (6.99%). In terms of maximum drawdown, GWX dropped -63.25% vs EMGF's -40.23%.

Which ETF is better, GWX or EMGF?

On 10-year performance, EMGF leads with 11.22% vs 7.75% for GWX. On fees, GWX is cheaper at 0.40% per year. On volatility, GWX has been the lower-risk option at 6.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GWX or EMGF?

Over the 10-year period, EMGF has performed better with a 11.22% return vs 7.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GWX or EMGF?

GWX is cheaper with a 0.40% expense ratio, compared with 0.45% for EMGF.

Which ETF pays a higher dividend yield, GWX or EMGF?

GWX has the higher dividend yield at 2.75%, compared with 2.01% for EMGF.

What is the main difference between GWX and EMGF?

GWX is categorized as Foreign Small & Mid Cap Equities, while EMGF is Emerging Markets Equities. GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index, while EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GWX and 0.45% for EMGF.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (1.89 vs 1.38), 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.