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
$ 749.3 M
ASSETS UNDER MGMT
65 bp
EXPENSES
Fund Basics
| Inception date | May 12, 2008 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Semi-annual |
| Currency | USD |
| 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 | 21.4 % |
| InfraCap Equity Income Fund ETF | 1.7 % |
| Invesco Dorsey Wright Consumer Staples M | 0.8 % |
| Invesco Dorsey Wright Emerging Markets M | 0.8 % |
| MACRONIX INTERNATIONAL | 0.8 % |
| SPDR Dow Jones Industrial Average ETF | 0.7 % |
| WINWAY TECHNOLOGY CO LTD | 0.7 % |
| Clockwise Core Equity & Innovation ETF | 0.6 % |
| KINSUS INTERCONNECT TECH | 0.6 % |
| LANDMARK OPTOELECTRONICS CORP. | 0.5 % |
Constituent Breakdown
| Number of holdings | 1338 |
| Herfindahl-Hirschman Index | 463 |
| Wgt avg mkt cap (mns) | $595 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 5.5% |
| Small cap (<$2bn) | 45.2% |
| Developed mkts. | 2.5% |
| Emerging mkts. | 49.7% |
Sector Breakdown
Country Exposure
 |
TAIWAN | 22.1 % |
 |
INDIA | 5.9 % |
 |
CHINA | 4.3 % |
 |
MALAYSIA | 3.0 % |
 |
SOUTH AFRICA | 2.8 % |
 |
BRAZIL | 2.7 % |
 |
THAILAND | 2.0 % |
 |
SAUDI ARABIA | 1.7 % |
 |
TURKEY | 1.6 % |
 |
HONG KONG | 1.4 % |
Historical Performance
Standardized Performance (as of 05/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 14.1% | 25.9% | 14.1% | 13.5% | 4.7% | 7.0% | -- | 1.9% |
| Dividend Yield | 0.0% | 3.9% | 3.4% | 3.2% | 3.0% | 3.0% | -- | 2.8% |
| Total Returns | 14.1% | 29.8% | 17.5% | 16.7% | 7.7% | 10.0% | -- | 4.7% | Ann. Volatility | 18.6% | 14.8% | 16.6% | 15.2% | 15.2% | 17.1% | -- | 21.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.86 | 48% |
| MSCI EAFE | 0.75 | 58% |
| MSCI Emg Mkts | 0.65 | 76% |
Liquidity Measures
| Avg. volume (000) | 20 |
| ADV traded (mns) | $2 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.21% |
Technical Indicators
| 30d moving avg. (EMA) | $73.18 |
| Relative strength (RSI) | 59 |
| MACD/Signal | 0.87/0.89 |
| Bollinger Bands (Upper/Lower) | $76.21/$72.06 |
| Short interest (% of AUM) | 3.3% |
Distributions
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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 | 27.2% | +5 bp | -0.3% |
| AVEE | Avantis Emerging Markets Small Cap Equity ETF | 26.6% | -23 bp | +0.7% |
| DGS | WisdomTree Emerging Markets SmallCap Dividend Fund | 16.8% | -7 bp | +1.8% |
| TLTE | FlexShares Morningstar Emerging Markets Factor Tilt Index | 12.5% | -6 bp | +1.9% |
| XCNY | SPDR S&P Emerging Markets ex-China ETF | 12.1% | -50 bp | -0.6% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 12.0% | -57 bp | +0.0% |
| DEXC | Dimensional Emerging Markets ex China Core EquityETF | 10.6% | -12 bp | -1.3% |
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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| 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 6/3/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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
6.5%
ALTAR SCORE™
37th
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 217 funds in the Emerging Equity category with an average
ALTAR Score™ of 7.3% and a standard deviation
of 2.2%. EWX's ALTAR Score™ is approximately -0.3 standard
deviations above the category average. This places EWX in the 37th percentile
among funds in the category.
Sell-Side Consensus
$88.09
PRICE TARGET
+16.4%
UPSIDE