EWS vs SPY
iShares MSCI Singapore ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EWS delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EWS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $1.2B | $821.1B | |
| Dividend Yield | 3.64% | 1.01% | |
| Holdings | 24 | 505 | |
| YTD Return | +23.89% | +12.68% | |
| 1Y Return | +27.27% | +21.82% | |
| 3Y Return (annualized) | +29.20% | +21.98% | |
| 5Y Return (annualized) | +13.23% | +12.89% | |
| Volatility (annualized) | 24.5% | 15.3% | |
| Max Drawdown | -75.6% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
EWS vs SPY Performance
iShares MSCI Singapore ETF (EWS) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWS returned +27.27% while SPY returned +21.82%. Year to date, EWS is up 23.89% versus a gain of 12.68% for SPY.
Over three years, EWS compounded at +29.20% per year against +21.98% for SPY; over five years the annualized figures are +13.23% and +12.89% respectively. Across the full 30-year window we track, SPY has the edge at +8.81% annualized vs +1.80%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWS has been the more volatile fund, with annualized monthly volatility of 24.5% compared with 15.3% 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 -75.6% for EWS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWS charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, EWS currently yields 3.64% against 1.01% for SPY.
Holdings Overlap
EWS and SPY share 0 holdings out of 521 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EWS or SPY?
EWS has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, EWS or SPY?
Over the past year EWS returned +27.27% vs +21.82% for SPY, so EWS leads on 1-year performance. Over the longest common window we track (30 years), EWS annualized +1.80% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, EWS or SPY?
EWS has been the more volatile fund at 24.5% annualized versus 15.3% for SPY. Worst drawdown: EWS -75.6% vs SPY -56.5%.
Should I hold both EWS and SPY?
EWS and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWS and SPY?
EWS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 521 unique securities.
Which pays a higher dividend, EWS or SPY?
EWS yields 3.64% while SPY yields 1.01%, so EWS currently pays the higher dividend yield.
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