EWX vs SPY
State Street SPDR S&P Emerging Markets Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. EWX offers more diversification with 3,452 holdings.
Side-by-Side Comparison
| Metric | EWX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $702M | $821.1B | |
| Dividend Yield | 2.73% | 1.01% | |
| Holdings | 3,452 | 505 | |
| YTD Return | +8.69% | +13.17% | |
| 1Y Return | +11.93% | +21.53% | |
| 3Y Return (annualized) | +12.86% | +22.06% | |
| 5Y Return (annualized) | +7.08% | +13.35% | |
| Volatility (annualized) | 21.4% | 15.3% | |
| Max Drawdown | -63.9% | -56.5% | |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 12, 2008 | Jan 22, 1993 |
EWX vs SPY Performance
State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) is a ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWX returned +11.93% while SPY returned +21.53%. Year to date, EWX is up 8.69% versus a gain of 13.17% for SPY.
Over three years, EWX compounded at +12.86% per year against +22.06% for SPY; over five years the annualized figures are +7.08% and +13.35% respectively. Across the full 18-year window we track, SPY has the edge at +8.82% annualized vs +2.30%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWX has been the more volatile fund, with annualized monthly volatility of 21.4% 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 -63.9% for EWX 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 0.77. 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 2.73% against 1.01% for SPY.
Holdings Overlap
EWX and SPY share 4 holdings out of 3775 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $56 per year of difference.
Which performed better, EWX or SPY?
Over the past year EWX returned +11.93% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), EWX annualized +2.30% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, EWX or SPY?
EWX has been the more volatile fund at 21.4% annualized versus 15.3% for SPY. Worst drawdown: EWX -63.9% vs SPY -56.5%.
Should I hold both EWX and SPY?
EWX and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWX and SPY?
EWX and SPY share 4 common holdings with a 0.1% weight overlap. Combined, they hold 3775 unique securities.
Which pays a higher dividend, EWX or SPY?
EWX yields 2.73% while SPY yields 1.01%, so EWX currently pays the higher dividend yield.
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