SPDR® S&P Emerging Markets Small Cap ETF

10-Year Study

EWX.US · · US · ETF

Executive Summary: SPDR® S&P Emerging Markets Small Cap ETF has compounded at 9.6% annually over the last 10 years, with a maximum drawdown of 35.9% and an annualized volatility of 13.6%.

1Y CAGR
+26.7%
3Y CAGR
+15.4%
5Y CAGR
+6.9%
10Y CAGR
+9.6%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
35.9%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
0.39
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
0.52
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
15.3%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2017 · +34.1%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2018 · -18.8%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
80%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20263.03.5-5.68.4————————9.2%
2025-2.60.1-0.9-0.65.65.40.86.31.3-0.0-1.30.915.5%
2024-3.93.2-0.31.71.51.40.70.76.2-1.8-0.2-2.16.8%
20236.3-3.20.60.40.63.55.4-1.7-1.7-3.68.02.918.2%
2022-3.0-2.10.6-6.3-0.5-6.71.81.1-9.0-0.110.7-1.2-15.0%
2021-0.76.11.85.61.73.9-2.11.0-3.31.1-1.13.218.1%
2020-5.2-4.7-20.510.14.28.37.03.5-1.9-1.012.46.114.8%
20198.2-0.81.41.0-4.24.6-0.3-2.90.42.7-1.06.215.6%
20185.3-4.50.4-2.6-1.1-5.31.8-3.2-4.2-8.15.2-3.3-18.8%
20176.63.93.11.7-0.31.73.23.1-0.22.70.43.934.1%
2016———0.9-3.44.25.31.82.3-0.4-4.3-1.54.6%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 13.6%. The dominant macroeconomic risk driver is VWO.US, accounting for 56.2% of variance. Idiosyncratic stock-specific factors contribute 7.7%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2016-03-0110000
2016-04-0110089.96544463042
2016-05-019750.620916797148
2016-06-0110155.60039954646
2016-07-0110697.45154149344
2016-08-0110890.948112952865
2016-09-0111136.075265914367
2016-10-0111094.804546190808
2016-11-0110622.637816532586
2016-12-0110463.89908752227
2017-01-0111156.761243993305
2017-02-0111596.701042060364
2017-03-0111954.976783111064
2017-04-0112163.118892068464
2017-05-0112131.499379083203
2017-06-0112337.110577182657
2017-07-0112730.987797635116
2017-08-0113122.232870795311
2017-09-0113098.44230873063
2017-10-0113452.668592408616
2017-11-0113510.81205118514
2017-12-0114034.676853301655
2018-01-0114771.509367744722
2018-02-0114107.533340532367
2018-03-0114166.92538199881
2018-04-0113797.176178392097
2018-05-0113643.330543707143
2018-06-0112920.536148156147
2018-07-0113151.996382484747
2018-08-0112727.208304087251
2018-09-0112196.223206090384
2018-10-0111210.517790616057
2018-11-0111793.234706549323
2018-12-0111402.968252254197
2019-01-0112332.554937638355
2019-02-0112232.364613141837
2019-03-0112404.938988175585
2019-04-0112532.969332109496
2019-05-0112012.479077803573
2019-06-0112559.054586685383
2019-07-0112516.906484531073
2019-08-0112151.679174990551
2019-09-0112205.030775876034
2019-10-0112539.380972949626
2019-11-0112412.970411964796
2019-12-0113180.578802440472
2020-01-0112499.527563306516
2020-02-0111912.896171912964
2020-03-019474.785378759247
2020-04-0110436.295286431618
2020-05-0110876.977485017007
2020-06-0111785.135791803898
2020-07-0112613.51978834836
2020-08-0113058.01522595972
2020-09-0112809.783489012472
2020-10-0112685.667620538847
2020-11-0114264.51730468117
2020-12-0115137.377841369258
2021-01-0115031.821985853894
2021-02-0115949.49651746666
2021-03-0116239.741374655796
2021-04-0117145.7062253658
2021-05-0117433.048971437827
2021-06-0118113.391555531558
2021-07-0117741.212677501215
2021-08-0117924.349387182116
2021-09-0117324.692241239674
2021-10-0117516.704011662438
2021-11-0117330.597699908212
2021-12-0117884.192268236056
2022-01-0117350.473786512608
2022-02-0116982.580584201718
2022-03-0117088.136439717076
2022-04-0116008.618595108255
2022-05-0115930.22784946817
2022-06-0114861.204848550293
2022-07-0115123.913395604988
2022-08-0115285.82419955726
2022-09-0113917.310080449219
2022-10-0113905.094217374872
2022-11-0115395.76696722639
2022-12-0115203.957669672263
2023-01-0116167.01986933751
2023-02-0115648.21688893688
2023-03-0115735.178986015871
2023-04-0115803.547324658495
2023-05-0115902.961503158574
2023-06-0116462.86647589223
2023-07-0117346.998002267694
2023-08-0117049.126667026616
2023-09-0116766.980724582903
2023-10-0116161.890556665408
2023-11-0117459.84288105394
2023-12-0117964.67523351871
2024-01-0117258.314885805303
2024-02-0117815.11527455321
2024-03-0117754.677123265483
2024-04-0118050.591220776416
2024-05-0118321.027482317368
2024-06-0118571.182711516656
2024-07-0118702.655094217374
2024-08-0118840.505372280113
2024-09-0120001.214837211814
2024-10-0119648.507100048595
2024-11-0119603.6256141677
2024-12-0119188.522487986607
2025-01-0118697.424545110953
2025-02-0118707.24447923978
2025-03-0118540.27185357162
2025-04-0118432.21883267642
2025-05-0119473.334323200692
2025-06-0120527.54305923006
2025-07-0120683.075967820314
2025-08-0121986.93375087738
2025-09-0122268.236056368445
2025-10-0122258.281140327195
2025-11-0121963.78435289671
2025-12-0122157.28092435613
2026-01-0122828.81593866422
2026-02-0123638.70741320663
2026-03-0122312.51012364343
2026-04-0124185.384158522756
Annual Return Matrix
YearAnnual Return
20170.3412473434532044
2018-0.18751472716868067
20190.15589016042685788
20200.14846078220529058
20210.18145906481636298
2022-0.14986612525543763
20230.18157887727833644
20240.06812520897591479
20250.154715322048802
20260.09153213524215675
Total Factor Risk
0.13568927973066536
VTI.US Exposure
0.3764662512296824
VEA.US Exposure
0.13694959113255636
VWO.US Exposure
0.5622185407873591
QQQ.US Exposure
-0.07725572684750018
VTV.US Exposure
-0.15803570440386858
IJR.US Exposure
-0.0335039620094587
QUAL.US Exposure
-0.05959729531838861
SHV.US Exposure
0.032846096120402686
TLT.US Exposure
-0.024967967392987934
LQD.US Exposure
-0.04617564506453561
HYG.US Exposure
0.010868957716534663
GLD.US Exposure
-0.023297158327975295
USO.US Exposure
-0.00181415676197933
VNQ.US Exposure
0.13262889158205313
BTC-USD.CC Exposure
-0.012224280485304832
CPER.US Exposure
0.03938445282486598
VIX.INDX Exposure
0.031326510744982154
UUP.US Exposure
-0.00900611580555666
TIP.US Exposure
0.045692759997097154
Idiosyncratic Exposure
0.07749596028202221
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
0
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
13.6%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →0.00%
Market Cap$0
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$0
Avg Yield on Cost
0.00%

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+5.7%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+9.1%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
0.0% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.63
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is SPDR® S&P Emerging Markets Small Cap ETF a high-risk investment?

SPDR® S&P Emerging Markets Small Cap ETF (EWX.US) has an annualized volatility of 13.6% and experienced a maximum drawdown of 35.9% over the last 10 years. Its primary macro risk driver is VWO.US.

What is the 10-year return of EWX.US?

Over the past 10 years, EWX.US has generated a Compound Annual Growth Rate (CAGR) of 9.6%. It has had a positive return in 80% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

Run a Full Backtest on SPDR® S&P Emerging Markets Small Cap ETF

stresstest.pro lets you simulate DCA vs Lump Sum, Monte Carlo projections, portfolio optimisation, and more — all in seconds.

Start a Free Backtest