EWX
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P Emerging SmallCap ETF objective is to provide investment results that correspond generally to the total return performance of the S&P Emerging Markets Under USD2 Billion Index.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
636.2 M
ASSETS UNDER MGMT
65 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2008 |
| Assets (mns) | $636 |
| Expense ratio | 65 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| Global X HealthTech ETF | 10.6 % |
| Invesco Dorsey Wright Consumer Staples M | 1.0 % |
| InfraCap Equity Income Fund ETF | 0.6 % |
| iShares MSCI India ETF | 0.5 % |
| Invesco Dorsey Wright Emerging Markets M | 0.5 % |
| VST INDUSTRIES LTD | 0.4 % |
| SSI US GOV MONEY MARKET CLASS | 0.3 % |
| Clockwise Core Equity & Innovation ETF | 0.3 % |
| Vanguard Mega Cap ETF | 0.3 % |
| ASSECO POLAND SA | 0.3 % |
Constituent Breakdown
| Number of holdings | 1387 |
| Herfindahl-Hirschman Index | 131 |
| Wgt avg mkt cap (mns) | $667 |
| Large cap (>$10bn) | 0.1% |
| Mid cap ($2-10bn) | 9.9% |
| Small cap (<$2bn) | 87.8% |
| Developed mkts. | 8.0% |
| Emerging mkts. | 92.0% |
Country Exposure
 |
TAIWAN | 16.9 % |
 |
CHINA | 8.2 % |
 |
INDIA | 7.9 % |
 |
MALAYSIA | 3.2 % |
 |
SOUTH AFRICA | 2.7 % |
 |
THAILAND | 2.5 % |
 |
BRAZIL | 2.3 % |
 |
SAUDI ARABIA | 2.0 % |
 |
HONG KONG | 1.9 % |
 |
TURKEY | 1.8 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -3.9% | -0.8% | 5.2% | 2.0% | 9.1% | 1.7% | -- | 0.3% |
| Dividend Yield | 0.0% | 0.8% | 1.7% | 2.1% | 2.5% | 2.6% | -- | 2.6% |
| Total Returns | -3.9% | 0.0% | 6.9% | 4.1% | 11.6% | 4.3% | -- | 2.9% | Ann. Volatility | 21.3% | 18.1% | 15.3% | 15.5% | 15.8% | 17.9% | -- | 22.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.58 | 50% |
| MSCI EAFE | 0.63 | 62% |
| MSCI Emg Mkts | 0.75 | 87% |
Liquidity Measures
| Avg. volume (000) | 43 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.16% |
| ADV of underlying (mns) | $9,047 |
Technical Indicators
| Recent close | $56.30 |
| 30d moving avg. | $55.59 |
| Annualized volatility | 13.6% |
| Relative strength (RSI) | 49 |
| Short interest (ETF) | 1.5% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. EWX |
Expenses vs. EWX |
ALTAR Score™ vs. EWX |
|---|---|---|---|---|
| EEMS | iShares MSCI Emerging Markets Small Cap ETF | 32.9% | +5 bp | -0.4% |
| DGS | WisdomTree Emerging Markets SmallCap Dividend Fund | 19.9% | -7 bp | +1.8% |
| TLTE | FlexShares Morningstar Emerging Markets Factor Tilt Index | 13.7% | -6 bp | +4.2% |
| AVES | Avantis Emerging Markets Value ETF | 12.1% | -29 bp | +4.1% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 11.8% | -58 bp | -1.2% |
| EIDO | iShares MSCI Indonesia ETF | 11.7% | -6 bp | -0.2% |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 10.5% | -27 bp | +1.8% |
| DFEV | Dimensional Emerging Markets Value ETF | 10.2% | -22 bp | +6.3% |
Risk and Returns: EWX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/30/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
EWX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
EWX
8.3%
Cat. Avg
10.2%
ALTAR Score™ Calculation
Category Overview
There are 153 funds in the Emerging Equity category, with an average ALTAR Score™
of 10.2% and a standard deviation of
3.9%. EWX's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places EWX in the 31st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
EWXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| EWX (65 bp) Percentile rank | 50 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| EWX | 65.0 | 15.6 | 80.6 |
| Peer Avg. | 48.7 | 41.5 | 90.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .