What Moves Like EWX

State Street SPDR S&P Emerging Markets Small Cap ETF Fund · NYSE Arca

The tradable tickers whose daily moves track EWX most closely over the past year, filtered to risk comparable with EWX's own.

Closest match

EEMS iShares MSCI Emerging Markets Small Cap ETF — 0.945 correlation over the past year, and 17% choppier than EWX.

252 sessions to 2026-09-10 · EWX volatility 17.6% annualised · $1.4M a day

Ticker	1-year correlation	3-year	Volatility vs EWX	Risk	What it is
EEMS iShares MSCI Emerging Markets Small Cap ETF	0.945	0.915	1.17×	17% choppier	Fund
DGS WisdomTree Emerging Market SmallCap Fund	0.926	0.917	1.00×	similar	Fund
DFEM Dimensional Emerging Markets Core Equity 2 ETF	0.914	0.911	1.30×	30% choppier	Fund
AVES Avantis Emerging Markets Value ETF	0.909	0.908	1.16×	16% choppier	Fund
DFEV Dimensional Emerging Markets Value ETF	0.904	0.905	1.24×	24% choppier	Fund
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	0.902	0.881	1.29×	29% choppier	Fund
DFAE Dimensional Emerging Core Equity Market ETF	0.900	0.893	1.34×	34% choppier	Fund
SPEM State Street SPDR Portfolio Emerging Markets ETF	0.900	0.905	1.01×	similar	Fund
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF	0.899	0.830	1.58×	58% choppier	Fund
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	0.898	0.861	0.96×	similar	Fund
VWO Vanguard FTSE Emerging Markets ETF	0.897	0.903	1.00×	similar	Fund
FEM First Trust Emerging Markets AlphaDEX Fund	0.894	0.867	1.16×	16% choppier	Fund
AVEM Avantis Emerging Markets Equity ETF	0.893	0.889	1.38×	38% choppier	Fund
IEMG iShares Core MSCI Emerging Markets ETF	0.890	0.881	1.37×	37% choppier	Fund
AVXC Avantis Emerging Markets ex-China Equity ETF	0.888	—	1.46×	46% choppier	Fund
XSOE WisdomTree Emerging Markets Ex-State Owned Enterprises Fund	0.885	0.872	1.42×	42% choppier	Fund
SCHE Schwab Emerging Markets Equity ETF	0.885	0.888	1.02×	similar	Fund
VSS Vanguard FTSE All-Wld ex-US SmCp Idx ETF	0.882	0.850	0.94×	similar	Fund
EMGF iShares Emerging Markets Equity Factor ETF	0.881	0.874	1.40×	40% choppier	Fund
EEMA iShares MSCI Emerging Markets Asia ETF	0.880	0.858	1.37×	37% choppier	Fund
DFAX Dimensional World ex U.S. Core Equity 2 ETF	0.879	0.848	0.95×	similar	Fund
EEM iShares MSCI Emerging Index Fund	0.877	0.867	1.42×	42% choppier	Fund
XCEM Columbia EM Core ex-China ETF	0.874	0.804	1.55×	55% choppier	Fund
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund	0.873	0.841	1.00×	similar	Fund
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.871	0.868	1.37×	37% choppier	Fund

Showing 25 of 30 tickers that qualified. Correlation is of daily returns; 1.000 would mean moving in lockstep, 0.000 no relationship at all.

What this is for

Three questions, one number behind all of them.

Harvesting a loss without leaving the market. Sell a position at a loss to book it, and the wash-sale rule stops you claiming that loss if you buy back something substantially identical within 30 days. The usual move is to buy something that behaves similarly without being the same security. What counts as substantially identical is a question for a tax professional, not for a correlation table — but finding the candidates is what this page does.
Picking between near-duplicates. A dozen funds track the same index. If two of them correlate at 0.999, the choice is about expense ratio, spread and tax treatment, not exposure.
Finding out you hold one position twice. Two tickers that feel like separate holdings and correlate at 0.97 are one bet wearing two names. That is the most common way a portfolio ends up less diversified than its owner thinks.

How to read the two correlation columns

The one-year figure is what the relationship looks like now. The three-year figure is what it has looked like over a longer stretch. Comparing them is the point: when they agree, the relationship is structural and likely to hold. When the one-year number is far below the three-year one, something has changed — a shift in business mix, an index reconstitution, a sector that has stopped moving together — and the recent figure is the one to trust less, not more.

Correlation measures whether two things move together, not whether they move by the same amount. That is why the volatility column is there. Two tickers can correlate at 0.99 while one swings half again as hard, and swapping one for the other would quietly change how much risk you are carrying.

What was deliberately left out

Ranking purely by correlation produces answers that are mathematically perfect and practically useless. The closest matches to AAPL by raw correlation are leveraged AAPL funds at 0.999 — correct, and not replacements for anything. Four filters run before a ticker is allowed to appear:

Comparable risk. A candidate has to sit within a band of the subject's own volatility. Note that the band is relative: looking up an ordinary stock or fund, this removes the leveraged products, because they move two or three times as far. Looking up a leveraged product itself, the comparable-risk answer is other leveraged products — and that is what you get.
Three years of history. A replacement you intend to hold should have traded through more than one market regime. This removes the single-stock covered-call and option-income funds as a class, since almost all are recent launches.
No structured products. What survives both of the above is the rare instrument that tracks another almost exactly but with visibly damped volatility — the signature of a capped-upside product. Genuine share-class pairs do not look like that, so they come through untouched.
A liquidity floor. Everything listed trades at least $1.0M a day. A substitute you cannot get filled in is not a substitute.

Where all of that leaves a ticker with no close match, the page says so. A stock with no substitute is a real and useful finding, and inventing a loose one to fill the table would be worse than an empty answer.

Limits, stated up front

Correlation is backward-looking. It describes the window it was measured over and carries no promise about the next one. Relationships that held for years break, usually at the moment people are relying on them.
It says nothing about direction or returns. Two tickers can correlate at 0.99 and one can be down 40% over the same stretch. This page ranks co-movement, not performance, and nothing here is a recommendation.
Daily returns only. Measured on a different frequency — weekly, monthly — the numbers move, sometimes a lot. Daily is the standard choice and it is the one used throughout.
Substantially identical is a legal test, not a statistical one. A high correlation does not make two securities substantially identical for tax purposes, and a low one does not make them safe. Talk to a tax professional.

Where the numbers come from

Correlations are computed in-house from a daily price history and rebuilt every night. What gets published is the derived statistic — a correlation coefficient, a volatility ratio, an observation count — and nothing from which a price or return series could be reconstructed. The rest of the Markets section is on the Markets overview, including futures positioning extremes and SEC Form 4 insider transactions.