EWX vs VEXC: Grades, Fees and Holdings Compared

State Street SPDR S&P Emerging Markets Small Cap ETF

EWXBNYSE Arca

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

Overlap

0.8%by weight

Expense ratio

VEXC −0.58pt a year

EWX0.65%VEXC0.07%

Avg volume · 30D

EWX 1.02×the volume

EWX22.9KVEXC22.4K

EWX vs VEXC Performance

Nov 7, 2025 – Nov 9, 2026

+2.2%EWX+19.1%VEXC

Expense ratio: EWX 0.65%; VEXC 0.07%, better
Fund size: EWX $606M; VEXC $276M
1Y total return: EWX +2.2%; VEXC +19.1%, better
Yield (12M): EWX 2.77%; VEXC No data
Holdings: EWX 3497; VEXC 1019
Avg volume (30D): EWX 22.9K sh, better; VEXC 22.4K sh
NAV per share: EWX $65.16; VEXC $87.28
52W range

ETF.net Grade

Pillar letters and Scores for EWX, VEXC, with each pillar’s weight
Pillar	EWX	VEXC
Cost30% weight	D33	A100Higher
Mission25% weight	A85	A93Higher
Risk15% weight	C50	A83Higher
Tradability15% weight	B66Higher	B64
Holdings10% weight	A82Higher	C41
Durability5% weight	A79Higher	B55

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. EWX and VEXC are both graded against the same 20 Emerging Markets Stocks funds, so their Grades compare head to head.

Emerging Markets Stocks⁠

Category · 20 funds

See all 20 ›

VEXC ranks 1st and EWX 12th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 77
Rank 11BEEMSiShares MSCI Emerging Markets Small-Cap ETFScore 62
Rank 12BEWXState Street SPDR S&P Emerging Markets Small Cap ETFScore 60
Rank 13BFLLAFranklin FTSE Latin America ETFScore 59

Our read on each fund

ETF.net Research

EWXBState Street SPDR S&P Emerging Markets Small Cap ETF

VEXCAVanguard Emerging Markets Ex-China ETF

In short

EWX Emerging markets, minus the giants. EWX tracks an index capped at companies under $2 billion in market value, spreading across roughly 3,400 names. The local small-cap slice of EM, not the state-backed mega caps.

VEXC Vanguard's emerging markets, China removed. Same index-tracking discipline, 0.07% a year, a fraction of what the typical EM fund charges. Ex-China is no longer a niche idea; this is the cheap way to own it.

Stated mandate

EWX The fund seeks to track the total return of the S&P Emerging Under USD2 Billion Index and provide exposure to small-capitalization equities from emerging countries.

VEXC The fund invests in emerging-market stocks while excluding China and seeks to closely track the FTSE Emerging ex China Index.

Why people hold it

EWX The mandate is literal: nothing above $2 billion in market value gets in, so you own local operators instead of the mega caps that anchor standard EM indexes.ssga.com
Roughly 3,400 holdings across the developing world. No single stock carries this fund, which matters in a corner of the market where research coverage is thin.
Running since 2008, and it has tracked its benchmark closely, the hard half of the job when your index spans thousands of small caps in dozens of currencies.

VEXC Charges 0.07% a year against a 0.49% median for emerging-markets funds, and undercuts the other top-graded names in the group, including XCEM at 0.16% and BKEM at 0.11%.
Rules-based, not opinion-based: it tracks the FTSE Emerging ex China Index, so the China carve-out is written into the mandate rather than left to a manager's discretion.vanguard.com
Splitting China out of emerging markets puts the sizing decision in your hands instead of accepting whatever weight a broad EM index assigns. Pays quarterly.vanguard.com
Ranks among the strongest implementations in its emerging-markets peer group on the things we measure: cost, mandate clarity, index discipline.

Worth knowing

EWX At 0.65% a year it costs more than the typical emerging-markets fund. Indexing thousands of small foreign stocks is expensive work, and you pay for it every year.
Thinly traded. Spreads can widen, so order type and time of day matter more here than with a mega-cap EM fund such as BKEM or VEXC.
EM small caps live off local economies and currencies, which tends to mean bigger swings than a broad EM fund built on multinationals. Payouts come once or twice a year.

VEXC Launched in 2025 and still thinly traded, so it lacks the trading heft of the giant EM funds. Spreads can be wider than the Vanguard name suggests.
Excluding an entire country by rule means results will drift away from broad EM funds, in both directions, depending on how China does.
The remaining basket screens more concentrated than most funds in the category, so a handful of countries and sectors drive much of the outcome.

Full EWX profile⁠

Full VEXC profile⁠

EWX vs VEXC Holdings

How EWX and VEXC differ

Overlap by weight

0.8%

Shared holdings make up 4.1% of EWX and 1.1% of VEXC.

Level by level

Holdings89 in both0.8%
Sector11 Sectors58.9%
Countryby domicile62.5%
Asset classStocks100%

Sector

Sector weights in EWX and VEXC, widest gap first
Sector	Gap	EWX	VEXC
Technology	VEXC +25.4 points	17.6%	43.0%
Financials	VEXC +12.8 points	8.0%	20.8%
Industrials	EWX +11.7 points	17.8%	6.1%
Consumer Discretionary	EWX +9.3 points	13.8%	4.5%
Health Care	EWX +6.4 points	8.9%	2.5%
Materials	EWX +5.2 points	12.9%	7.7%
Real Estate	EWX +4.5 points	6.1%	1.6%
Consumer Staples	EWX +4.1 points	7.2%	3.1%
Energy	VEXC +2.5 points	2.1%	4.6%
Utilities	VEXC +0.3 points	2.6%	2.9%
Communication	VEXC +0.3 points	3.0%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in EWX and VEXC, widest gap first
Country	Gap	EWX	VEXC
China	EWX +26.2 points	26.2%	0.0%
Taiwan	VEXC +22.8 points	25.6%	48.4%
South Africa	VEXC +9.5 points	6.0%	15.5%
India	EWX +3.4 points	23.9%	20.5%
Brazil	VEXC +2.9 points	3.2%	6.1%
Malaysia	EWX +2.6 points	4.7%	2.1%
Mexico	VEXC +1.7 points	1.1%	2.8%
Thailand	EWX +1.5 points	3.5%	2.0%
Other countries (13)	EWX +3.1 points	5.8%	2.7%

Outside the US: EWX 1% developed, 99% emerging. VEXC 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EWX2.2%
VEXC36.3%

Securities held

EWX3,465
VEXC998

Asset class

EWX: Stocks
VEXC: Stocks

Holdings

Only in EWX3,376
In both89
Only in VEXC909

Only in EWX

3,376 securities, 95.0% of EWX by weight

Xtep International Holdings0.20%
Fortress Real Est Inv Ltd B0.19%
Avi Ltd0.19%
Fulltech Fiber Glass Corp0.18%
Genertec Universal Medical G0.17%
Advtech Ltd0.17%
National Industries Grp Hold0.16%
Crompton Greaves Consumer El0.16%
Poya International Co Ltd0.15%
Bursa Malaysia Bhd0.15%
Makalot Industrial Co Ltd0.15%
Megacable Holdings Cpo0.14%
Alliance Bank Malaysia Bhd0.14%
Modivo SA0.14%
The Foschini Group Ltd0.14%
China Foods Ltd0.14%
Great Eastern Shipping Co F0.14%
Sunway Real Estate Investmen0.13%
Taiwan Surface Mounting Tech0.13%
Onesource Specialty Pharma L0.13%
Systex Corp0.13%
Ibf Financial Holdings Co Lt0.13%
Motus Holdings Ltd0.13%
Omnia Holdings Ltd0.13%
Cia De Saneamento Do Pa Unit0.13%
Yinson Holdings Bhd0.13%
Tata Chemicals Ltd0.12%
Granules India Ltd0.12%
Wisdom Marine Lines Co Ltd0.12%
Carlsberg Brewery Malaysia B0.12%
Dana Gas0.12%
Tung Ho Steel Enterprise Cor0.12%
Kelington Group Bhd0.12%
Ascentage Pharma Group Inter0.12%
Cartrade Tech Ltd0.12%
Netcare Ltd0.12%
Top Glove Corp Bhd0.12%
Hyprop Investments Ltd0.12%
Pick N Pay Stores Ltd0.12%
Topoint Technology Co Ltd0.12%
Shougang Fushan Resources Gr0.12%
La Comer Sab De Cv0.12%
Telkom SA Soc Ltd0.12%
Resilient Reit Ltd0.11%
Chinasoft International Ltd0.11%
Ta Liang Technology Co Ltd0.11%
Tong Yang Industry0.11%
Pvr Inox Ltd0.11%
Kuwait Real Estate Co Ksc0.11%
361 Degrees International0.11%

Only in VEXC

909 securities, 100% of VEXC by weight

Taiwan Semiconductor Manufacturing Co Ltd24.33%
MediaTek Inc2.90%
Delta Electronics Inc1.74%
Twd/Usd Fwd 202610011.64%
Hon Hai Precision Industry Co Ltd1.23%
HDFC Bank Ltd1.08%
Reliance Industries Ltd1.06%
ASE Technology Holding Co Ltd0.94%
ICICI Bank Ltd0.93%
Bharti Airtel Ltd0.73%
United Microelectronics Corp0.72%
Al Rajhi Bank0.63%
Vale SA0.62%
Unimicron Technology Corp0.62%
Anglogold Ashanti Plc0.60%
Itau Unibanco Holding S-Pref0.59%
Elite Material Co Ltd0.57%
Petrobras - Petroleo Bras-Pr0.55%
Saudi Arabian Oil Co0.51%
Fubon Financial Holding Co Ltd0.50%
Nan Ya Plastics Corp0.50%
Petroleo Brasileiro SA - Petrobras0.49%
CTBC Financial Holding Co Ltd0.48%
Infosys Ltd0.47%
Grupo Mexico SAB de CV0.45%
Asia Vital Components Co Ltd0.44%
Cathay Financial Holding Co Ltd0.42%
Gold Fields Ltd0.42%
Naspers Ltd0.41%
Saudi National Bank/The0.39%
TS Financial Holding Co Ltd0.39%
Kuwait Finance House KSCP0.39%
OTP Bank Nyrt0.38%
FirstRand Ltd0.38%
Axis Bank Ltd0.38%
Mahindra & Mahindra Ltd0.36%
Emaar Properties PJSC0.36%
Quanta Computer Inc0.35%
Accton Technology Corp0.35%
Bajaj Finance Ltd0.35%
Yageo Corp0.34%
MSCI EmgMkt Dec260.34%
Larsen & Toubro Ltd0.34%
Grupo Financiero Banorte SAB de CV0.33%
Yuanta Financial Holding Co Ltd0.31%
Chroma ATE Inc0.31%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.30%
National Bank of Kuwait SAKP0.30%
Standard Bank Group Ltd0.30%

Weight gaps

All 89 Holdings in both funds, largest gap first.

Holding weights in EWX and VEXC, widest gap first
Holding	Gap	EWX	VEXC
Tatung Co Ltd	EWX +0.15 points	0.16%	0.01%
Alpek SA De Cv	EWX +0.13 points	0.15%	0.02%
Alsea Sab De Cv	EWX +0.10 points	0.12%	0.02%
Bukit Asam Persero Tbk Pt	EWX +0.10 points	0.11%	<0.01%
Syngene International Ltd	EWX +0.09 points	0.10%	0.01%
Pegasus Hava Tasimaciligi As	EWX +0.09 points	0.10%	<0.01%
Indocement Tunggal Prakarsa	EWX +0.09 points	0.09%	<0.01%
Taiwan Secom	EWX +0.08 points	0.09%	0.01%
Aarti Industries Limited	EWX +0.08 points	0.09%	0.01%
Macronix International Co	VEXC +0.08 points	0.01%	0.09%
Castrol India Ltd	EWX +0.08 points	0.09%	0.01%
Gps Participacoes E Empreend	EWX +0.08 points	0.09%	0.01%
Advanced Petrochemicals Co	EWX +0.08 points	0.09%	0.01%
Alvotech SAALVO	EWX +0.07 points	0.08%	0.01%
U Ming Marine Transport Corp	EWX +0.07 points	0.08%	0.01%
Saudia Dairy & Foodstuff Co	EWX +0.07 points	0.08%	<0.01%
United Electronics Co	EWX +0.06 points	0.07%	<0.01%
Parade Technologies Ltd	EWX +0.06 points	0.08%	0.02%
Capital Securities Corp	EWX +0.06 points	0.08%	0.02%
Kinsus Interconnect Tech	VEXC +0.06 points	0.07%	0.13%
Auren Energia SA On	EWX +0.06 points	0.07%	0.01%
Win Semiconductors Corp	VEXC +0.06 points	0.01%	0.07%
AG Anadolu Grubu Holding As	EWX +0.05 points	0.06%	<0.01%
Mlp Saglik Hizmetleri As	EWX +0.06 points	0.07%	0.01%
Emlak Konut Gayrimenkul Yati	EWX +0.05 points	0.06%	<0.01%
Cia Saneamento Minas Gerais	EWX +0.06 points	0.09%	0.03%
Saudi Ground Services Co	EWX +0.05 points	0.06%	<0.01%
Saudi Research & Media Group	EWX +0.05 points	0.06%	<0.01%
Winway Technology Co Ltd	VEXC +0.05 points	<0.01%	0.06%
Catrion Catering Holding Co	EWX +0.05 points	0.06%	<0.01%
Mavi Giyim Sanayi Ve Tica B	EWX +0.05 points	0.06%	<0.01%
Turkiye Sinai Kalkinma Bank	EWX +0.05 points	0.05%	<0.01%
Rasan Information Technology	EWX +0.05 points	0.07%	0.02%
Rbl Bank Ltd	EWX +0.04 points	0.07%	0.03%
Dogan Sirketler Grubu Hldgs	EWX +0.05 points	0.05%	<0.01%
Arcelik As	EWX +0.04 points	0.04%	<0.01%
Metalurgica Gerdau SA Pref	EWX +0.04 points	0.06%	0.02%
Jasa Marga (Persero) Tbk Pt	EWX +0.05 points	0.05%	<0.01%
Cimsa Cimento Sanayi Ve Tic	EWX +0.04 points	0.04%	<0.01%
Tekfen Holding As	EWX +0.03 points	0.04%	<0.01%
Jsw Cement Ltd	EWX +0.04 points	0.06%	0.02%
Hagar Hf	EWX +0.04 points	0.05%	0.01%
Kardemir Karabuk Demir Class D	EWX +0.04 points	0.05%	0.01%
Grupo Mateus SA	EWX +0.03 points	0.04%	<0.01%
Otokar Otomotiv Ve Savunma	EWX +0.04 points	0.04%	<0.01%
Bradsaude SA	EWX +0.03 points	0.04%	<0.01%
Kvika Banki Hf	EWX +0.03 points	0.04%	<0.01%
Ege Endustri Ve Ticaret As	EWX +0.03 points	0.03%	<0.01%
Turk Traktor Ve Ziraat Makin	EWX +0.03 points	0.03%	<0.01%
Borusan Birlesik Boru Fabrik	EWX +0.03 points	0.03%	<0.01%
Net Holding As	EWX +0.03 points	0.03%	<0.01%
Tr Anadolu Metal Madencilik	EWX +0.02 points	0.03%	<0.01%
Seera Group Holding	EWX +0.03 points	0.04%	<0.01%
Walsin Technology Corp	VEXC +0.03 points	<0.01%	0.04%
Festi Hf	EWX +0.02 points	0.03%	<0.01%
Torunlar Gayrimenkul Yatirim	EWX +0.03 points	0.03%	<0.01%
Taiwan Fertilizer Co Ltd	EWX +0.02 points	0.03%	<0.01%
Reitir Hf	EWX +0.02 points	0.03%	<0.01%
Ronesans Gayrimenkul Yatirim	EWX +0.03 points	0.03%	<0.01%
Petkim Petrokimya Holding As	EWX +0.03 points	0.03%	<0.01%
Gulermak Agir Sanayi Insaat	EWX +0.02 points	0.02%	<0.01%
Aksa Akrilik Kimya Sanayii	EWX +0.02 points	0.02%	<0.01%
Cvk Maden Isletmeleri Sanayi	EWX +0.02 points	0.02%	<0.01%
Aygaz As	EWX +0.02 points	0.03%	<0.01%
Alarko Holding	EWX +0.02 points	0.02%	<0.01%
Eis Eczacibasi Ilac Ve Sinai	EWX +0.02 points	0.02%	<0.01%
Anadolu Anonim Turk Sigorta	EWX +0.01 points	0.02%	<0.01%
Efor Yatirim Sanayi Ticaret	EWX +0.02 points	0.02%	<0.01%
Baticim Bati Anadolu Sanayi	EWX +0.02 points	0.02%	<0.01%
Savola	EWX +0.02 points	0.03%	0.01%
Arabian Drilling Co	EWX +0.01 points	0.02%	<0.01%
Mia Teknoloji As	EWX +0.01 points	0.01%	<0.01%
Europower Enerji Ve Otomasyo	EWX +0.01 points	0.01%	<0.01%
Sok Marketler Ticaret As	EWX +0.02 points	0.02%	<0.01%
Nuh Cimento Sanayi As	EWX +0.01 points	0.01%	<0.01%
Girisim Elektrik Sanayi Taah	EWX +0.01 points	0.01%	<0.01%
Anadolu Hayat Emeklilik	EWX +0.01 points	0.01%	<0.01%
Gen Ilac Ve Saglik Urunleri	EWX +0.01 points	0.01%	<0.01%
Doosan Skoda Power As	EWX +0.01 points	0.01%	<0.01%
Transcend Information Inc	VEXC +0.01 points	0.01%	0.02%
Cw Enerji Muhendislik Ticare	EWX +0.01 points	<0.01%	<0.01%
Czech Koruna	VEXC +0.01 points	<0.01%	<0.01%
Eternal Materials Co Ltd	EWX +0.01 points	0.03%	0.02%
National Industrialization C	Same weight	<0.01%	<0.01%
Genius Electronic Optical Co	Same weight	0.03%	0.03%
Opus Global Nyilvanosan Mu	EWX +0.01 points	<0.01%	<0.01%
Lydia Holding As	Same weight	<0.01%	<0.01%
Ral Yatirim Holding A.s	Same weight	<0.01%	<0.01%
Kuwaiti Dinar	Same weight	<0.01%	0.00%

All 3,509 EWX holdings⁠All 988 VEXC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EWX vs VEXC Cost

Overpaying EWX vs VEXC

$11,237

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EWX 0.65%
$12,717
VEXC 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

EWX 0.65%
VEXC 0.07%
Overpaying

Year by year

Year	EWX	VEXC	Overpaying
10	$1,163	$128	$1,035
20	$4,440	$503	$3,937
30	$12,717	$1,480	$11,237

Expense ratio

0.65%EWX
0.07%VEXC, cheaper

VEXC0.07%EWX0.65%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

EWX 14th cheapest of 20 funds

EWX vs VEXC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EWX 2.77%; VEXC No data
Payout (12M): EWX $1.84; VEXC No data
Last payment: EWX $0.57; VEXC $0.54
Ex-dividend: EWX Jun 22, 2026; VEXC Sep 18, 2026
Paid on: EWX Jun 26, 2026; VEXC Sep 22, 2026
Frequency: EWX Twice a year; VEXC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EWXTwice a year · 19 paymentsAll EWX payments⁠

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

EWX vs VEXC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EWX 15.0%VEXC 19.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: EWX 0.49VEXC 0.65since Nov 2025
Worst fallMax drawdown, 5 years: EWX −24.0%VEXC −13.5%since Oct 2025
Market sensitivityBeta, 5 years: EWX 0.72VEXC 1.21; Market = 1

EWX and VEXC in the news

All news⁠

First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026VEXC
Deep Dive
Korea's 3.9% drop split two kinds of emerging-markets fund
Sep 20, 2026VEXC
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026VEXC
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026VEXC

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EWX vs VEXC

In short

Stated mandate

Why people hold it