EWX vs VOO
State Street SPDR S&P Emerging Markets Small Cap ETF vs Vanguard S&P 500 ETF
Which is better, EWX or VOO?
Small Cap Blend against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. EWX is less concentrated, with 3.7% of the fund in its ten largest positions against 36.4%.
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 | VOO |
|---|---|---|
| Expense Ratio | 0.65% | 0.03%Best |
| AUM | $704M | $997.4B |
| Dividend Yield | 2.73% | 1.08% |
| Holdings | 3,452 | 509 |
| YTD Return | +11.65% | +12.74%Best |
| 1Y Return | +12.38% | +19.43%Best |
| 3Y Return (annualized) | +12.68% | +21.18%Best |
| 5Y Return (annualized) | +6.68% | +12.76%Best |
| Volatility (annualized) | 17.3% | 14.1%Best |
| Max Drawdown | -49.0% | -34.3%Best |
| $10,000 over 5 years | $13,817 | $18,230Best |
| Top 10 Weight | 3.7%Best | 36.4% |
| Fund Family | SPDR State Street Global Advisors | Vanguard (US) |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | May 12, 2008 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 8, 2026 (16 years).
EWX vs VOO 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 16 years both funds cover.
EWX vs VOO Performance
State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) is an ETF from SPDR State Street Global Advisors and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year EWX returned +12.38% while VOO returned +19.43%. Year to date, EWX is up 11.65% versus a gain of 12.74% for VOO.
Over three years, EWX compounded at +12.68% per year against +21.18% for VOO; over five years the annualized figures are +6.68% and +12.76% respectively. Across the full 16-year window we track, VOO has the edge at +13.43% annualized vs +3.00%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWX has been the more volatile fund, with annualized monthly volatility of 17.3% compared with 14.1% for VOO. 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 -49.0% for EWX and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EWX charges 0.65% per year while VOO charges 0.03%. On a $10,000 position that is $65 vs $3 annually, a gap of $62 per year that compounds over a long holding period. On income, EWX currently yields 2.73% against 1.08% for VOO.
Holdings Overlap
0.1% of EWX's money is in holdings VOO also owns. 1.5% of VOO's money is in holdings EWX also owns.
VOO and EWX share little of their money.
The two holdings books were reported 91 days apart, EWX as of Mar 31, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 3,275 positions we hold weights for in EWX and 504 in VOO, against full books of 3,452 and 509.
What only one of them owns
Our book lists 490 positions for VOO that do not appear in our book for EWX (97.8% of the fund), and 51 for EWX that do not appear in VOO (1.9%).
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 EWX and VOO 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 VOO?
EWX has an expense ratio of 0.65% while VOO charges 0.03%. VOO is the cheaper option, by $62 a year on a $10,000 investment.
Which performed better, EWX or VOO?
Over the past year EWX returned +12.38% vs +19.43% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), EWX annualized +3.00% vs +13.43% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWX or VOO?
EWX has been the more volatile fund at 17.3% annualized versus 14.1% for VOO. Worst drawdown: EWX -49.0% vs VOO -34.3%.
Should I hold both EWX and VOO?
EWX and VOO have a monthly-return correlation of 0.72, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between EWX and VOO?
1.5% of VOO's money is in holdings EWX also owns. 1.5% of VOO's is in holdings EWX also owns. They hold 4 positions in common, counted across the 3,275 positions we hold weights for in EWX and 504 in VOO.
Which pays a higher dividend, EWX or VOO?
EWX yields 2.73% while VOO yields 1.08%, so EWX currently pays the higher dividend yield.
Is VOO better than EWX?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. EWX is less concentrated, with 3.7% of the fund in its ten largest positions against 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.