EWS vs SPY
iShares MSCI Singapore ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWS or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. EWS led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 79.7%.
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 | EWS | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $1.3B | $804.7B |
| Dividend Yield | 3.47% | 0.98% |
| Holdings | 26 | 505 |
| YTD Return | +23.34%Best | +12.47% |
| 1Y Return | +20.31%Best | +17.51% |
| 3Y Return (annualized) | +27.90%Best | +21.18% |
| 5Y Return (annualized) | +12.96%Best | +12.88% |
| Volatility (annualized) | 24.4% | 15.3%Best |
| Max Drawdown | -75.6% | -56.5%Best |
| $10,000 over 5 years | $18,392Best | $18,327 |
| Top 10 Weight | 79.7% | 38.0%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 1, 1996 to Sep 11, 2026 (30.4 years).
EWS 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
EWS vs SPY Performance
iShares MSCI Singapore ETF (EWS) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EWS returned +20.31% while SPY returned +17.51%. Year to date, EWS is up 23.34% versus a gain of 12.47% for SPY.
Over three years, EWS compounded at +27.90% per year against +21.18% for SPY; over five years the annualized figures are +12.96% and +12.88% respectively. Across the full 30-year window we track, SPY has the edge at +8.67% annualized vs +1.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWS has been the more volatile fund, with annualized monthly volatility of 24.4% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
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 3.47% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 17 holdings in EWS and 504 in SPY, totalling 98.0% and 100.0% 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 17 positions we hold weights for in EWS and 504 in SPY, against full books of 26 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for EWS (99.5% of the fund), and 1 for EWS that do not appear in SPY (0.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EWS 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, EWS or SPY?
EWS has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, EWS or SPY?
Over the past year EWS returned +20.31% vs +17.51% for SPY, so EWS leads on 1-year performance. Over the longest common window we track (30 years), EWS annualized +1.78% vs +8.67% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWS or SPY?
EWS has been the more volatile fund at 24.4% 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 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, EWS or SPY?
EWS yields 3.47% while SPY yields 0.98%, so EWS currently pays the higher dividend yield.
Is SPY better than EWS?
SPY has a lower expense ratio. EWS led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 79.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.