EWX vs SPY
State Street SPDR S&P Emerging Markets Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWX or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EWX | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $665M | $823.2B |
| Dividend Yield | 2.57% | 0.99% |
| Holdings | 3,452 | 1,515 |
| YTD Return | +7.57% | +13.53%Best |
| 1Y Return | +10.03% | +17.47%Best |
| 3Y Return (annualized) | +12.28% | +22.36%Best |
| 5Y Return (annualized) | +6.08% | +13.21%Best |
| Volatility (annualized) | 21.3% | 15.7%Best |
| Max Drawdown | -63.9% | -52.4%Best |
| $10,000 over 5 years | $13,433 | $18,596Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | May 12, 2008 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 16, 2008 to Oct 14, 2026 (18.4 years).
EWX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.4 years both funds cover.
EWX vs SPY Performance
State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) is an ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EWX returned +10.03% while SPY returned +17.47%. Year to date, EWX is up 7.57% versus a gain of 13.53% for SPY.
Over three years, EWX compounded at +12.28% per year against +22.36% for SPY; over five years the annualized figures are +6.08% and +13.21% respectively. Across the full 18-year window we track, SPY has the edge at +10.04% annualized vs +2.22%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWX has been the more volatile fund, with annualized monthly volatility of 21.3% compared with 15.7% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -63.9% for EWX and -52.4% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EWX charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, EWX currently yields 2.57% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 25 holdings in EWX and 504 in SPY, totalling 0.5% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 25 positions we hold weights for in EWX and 504 in SPY, against full books of 3,452 and 1,515.
You are not choosing between two funds in isolation.
Whichever of EWX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EWX or SPY?
EWX has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, EWX or SPY?
Over the past year EWX returned +10.03% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), EWX annualized +2.22% vs +10.04% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWX or SPY?
EWX has been the more volatile fund at 21.3% annualized versus 15.7% for SPY. Worst drawdown: EWX -63.9% vs SPY -52.4%.
Should I hold both EWX and SPY?
EWX and SPY have a monthly-return correlation of 0.77, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EWX or SPY?
EWX yields 2.57% while SPY yields 0.99%, so EWX currently pays the higher dividend yield.
Is SPY better than EWX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.