SPDR S&P Emerging Markets Small Cap ETF (EWX) Performance
EWX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +4.4% since Dec 31, 2025
- 1 year
- +4.0% total return
- 5 years
- +5.6% a year
- 10 years
- +7.5% a year
- Since first price
- +4.1% a year since 2008
EWX trailing returns vs SPY, QQQ, AGG
| Period | EWX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.4% | −5.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.1% | −1.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.1% | −5.8% | +7.8% | +8.4% | −1.5% |
| YTD | +4.4% | +3.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +4.0% | +1.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +44.6%+13.1%/yr | +33.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +31.4%+5.6%/yr | +14.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +106.1%+7.5%/yr | +56.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +150.1%+6.3%/yr | +61.9% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionMay 16, 2008 | +108.5%+4.1%/yr | +26.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWX vs SPY
From May 16, 2008: EWX grew to $20,846, SPY to $74,609.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWX returns by calendar year
12 of 17 full years positive. Best 2009 (+94.8%), worst 2011 (−30.1%). 2026 is year to date.
EWX annual returns table
| Year | EWX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +4.4% | −13.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.5% | −16.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +6.8% | −9.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.2% | −7.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −15.0% | −23.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +18.1% | −7.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +14.8% | −36.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +15.6% | −8.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −18.8% | −27.4% | −4.6% | −0.1% | +0.1% |
| 2017 | +34.1% | −3.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.9% | −9.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −12.4% | −28.3% | +1.2% | +9.4% | +0.5% |
| 2014 | −1.9% | −15.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +2.0% | −15.0% | +32.3% | +36.6% | −2.0% |
| 2012 | +26.6% | −18.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −30.1% | −34.1% | +1.9% | +3.4% | +7.7% |
| 2010 | +23.5% | −17.0% | +15.1% | +19.9% | +6.4% |
| 2009 | +94.8% | −19.0% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWX largest drawdowns
Now 11.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 19, 2008 | −63.9% | Nov 20, 2008 | Sep 13, 2010 | 6 months | 2.3 years |
| Jan 26, 2018 | −43.0% | Mar 23, 2020 | Dec 29, 2020 | 2.2 years | 2.9 years |
| Jan 5, 2011 | −34.1% | Dec 19, 2011 | Sep 5, 2014 | 11 months | 3.7 years |
| Sep 5, 2014 | −31.9% | Jan 15, 2016 | Jul 14, 2017 | 1.4 years | 2.9 years |
| Jul 12, 2021 | −24.7% | Oct 14, 2022 | Apr 9, 2024 | 1.3 years | 2.7 years |
| Oct 7, 2024 | −21.4% | Apr 8, 2025 | Jul 3, 2025 | 6 months | 9 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWX risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +13.0% | +6.9% | +8.1% | +4.5% |
| Volatility (annualized) | 14.3% | 14.5% | 16.0% | 21.3% |
| Sharpe ratio | 0.62 | 0.29 | 0.42 | 0.26 |
| Sortino ratio | 1.07 | 0.45 | 0.64 | 0.37 |
| Best month | +10.9% | +10.9% | +12.4% | +23.6% |
| Worst month | −9.5% | −9.5% | −20.5% | −27.0% |
| Best 12 months | +34.3% | +34.3% | +71.4% | +117.8% |
| Worst 12 months | +2.1% | −20.6% | −23.6% | −30.1% |
| Positive months | 58% | 55% | 56% | 53% |
| Beta vs S&P 500 | 0.71 | 0.64 | 0.76 | — |
| Correlation with S&P 500 | 0.62 | 0.69 | 0.73 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 210 | −30.1% | +8.4% | +117.8% | 69% |
| 3-year (a year) | 186 | −7.5% | +5.0% | +34.8% | 83% |
| 5-year (a year) | 162 | −5.1% | +5.2% | +20.3% | 89% |
| 10-year (a year) | 102 | −1.0% | +4.5% | +10.7% | 98% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
EWX performance overview
SPDR S&P Emerging Markets Small Cap ETF (EWX) returned +4.0% over the past year and +7.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned +4.1% a year, turning $10,000 into about $20,846. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −63.9%, from May 19, 2008 to Nov 20, 2008, and it took 1.8 years to get back to the old high. EWX finished 12 of its 17 full calendar years with a gain; the best year was 2009 (+94.8%) and the worst 2011 (−30.1%). Volatility has been 21.3% a year.
Related: EWX chart, EWX holdings, EWX dividends. See the EWX overview for the latest quote and fund facts.
EWX performance FAQ
What is the EWX return over the past year?
EWX returned +4.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 1.2%.
What is the average annual return of EWX?
EWX has returned +5.6% a year over 5 years, +7.5% a year over 10 years, +4.1% a year since May 16, 2008 (total return, distributions reinvested).
How much would $10,000 invested in EWX be worth?
$10,000 invested in EWX at its first recorded close on May 16, 2008 would be worth about $20,846 on October 23, 2026 with distributions reinvested.
What was the worst year for EWX?
The worst calendar year was 2011, with a total return of −30.1%. The best was 2009 at +94.8%.
What is the biggest drawdown of EWX?
The largest peak-to-trough decline was −63.9% between May 19, 2008 and November 20, 2008. It recovered to the old high on September 13, 2010, 1.8 years after the bottom.
How volatile is EWX?
Over the past 3 years EWX had an annualized volatility of 14.3% and a Sharpe ratio of 0.62 (excess return over 1–3 month T-bills per unit of risk).