AEME.L vs. QEMM

Last updated Jun 5, 2026

AEME.L (Amundi Index MSCI Emerging Markets UCITS ETF DR (C)) and QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) are both Emerging Markets Equities funds - AEME.L tracks the MSCI EM NR USD while QEMM tracks the MSCI EM Factor Mix A-Series (USD). Both are passively managed. Over the past 5 years, AEME.L returned 7.32%/yr vs 7.33%/yr for QEMM. A 0.75 correlation means they provide meaningful diversification when combined. AEME.L charges 0.20%/yr vs 0.30%/yr for QEMM.

Performance

AEME.L vs. QEMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Index MSCI Emerging Markets UCITS ETF DR (C) (AEME.L) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEME.L achieves a 26.36% return, which is significantly higher than QEMM's 24.17% return.

AEME.L

• 1D: -1.56%
• 1M: 5.74%
• YTD: 26.36%
• 6M: 29.09%
• 1Y: 53.12%
• 3Y*: 24.01%
• 5Y*: 7.32%
• 10Y*: —

QEMM

• 1D: -0.18%
• 1M: 4.61%
• YTD: 24.17%
• 6M: 25.68%
• 1Y: 41.24%
• 3Y*: 19.42%
• 5Y*: 7.33%
• 10Y*: 8.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AEME.L vs. QEMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AEME.L Amundi Index MSCI Emerging Markets UCITS ETF DR (C)	26.36%	34.94%	6.72%	8.41%	-19.84%	-9.55%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.17%	21.92%	4.98%	12.50%	-17.82%	0.83%

Correlation

The correlation between AEME.L and QEMM is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 3, 2021	0.75

The correlation between AEME.L and QEMM has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

AEME.L vs. QEMM - Sectors Allocation Comparison

Sectors	AEME.L	QEMM
Technology	43.0%	33.8%
Financial Services	17.9%	19.6%
Consumer Cyclical	8.7%	8.3%
Industrials	6.8%	7.2%
Communication Services	6.2%	6.4%
Basic Materials	5.9%	5.6%
Energy	3.5%	5.7%
Consumer Defensive	2.7%	6.1%
Healthcare	2.6%	3.5%
Utilities	1.9%	3.0%
Real Estate	1.0%	0.8%

Return for Risk

AEME.L vs. QEMM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AEME.L

AEME.L Risk / Return Rank: 80
AEME.L Sharpe Ratio Rank: 84
AEME.L Sortino Ratio Rank: 81
AEME.L Omega Ratio Rank: 82
AEME.L Calmar Ratio Rank: 77
AEME.L Martin Ratio Rank: 77

QEMM

QEMM Risk / Return Rank: 78
QEMM Sharpe Ratio Rank: 78
QEMM Sortino Ratio Rank: 76
QEMM Omega Ratio Rank: 79
QEMM Calmar Ratio Rank: 79
QEMM Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AEME.L vs. QEMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Index MSCI Emerging Markets UCITS ETF DR (C) (AEME.L) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AEME.L	QEMM	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.48	+0.22
Sortino ratio: Return per unit of downside risk	3.57	3.34	+0.23
Omega ratio: Gain probability vs. loss probability	1.48	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	3.91	3.98	-0.07
Martin ratio: Return relative to average drawdown	14.49	14.55	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEME.L vs. QEMM - Sharpe Ratio Comparison

The current AEME.L Sharpe Ratio is 2.70, which is comparable to the QEMM Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of AEME.L and QEMM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AEME.L	QEMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.48	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.48	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.34	+0.03

Drawdowns

AEME.L vs. QEMM - Drawdown Comparison

The maximum AEME.L drawdown since its inception was -40.09%, which is greater than QEMM's maximum drawdown of -36.89%. Use the drawdown chart below to compare losses from any high point for AEME.L and QEMM.

Drawdown Indicators

	AEME.L	QEMM	Difference
Max Drawdown Largest peak-to-trough decline	-40.09%	-36.89%	-3.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-10.40%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	-17.03%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-37.21%	-27.49%	-9.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.89%	—
Current Drawdown Current decline from peak	-2.74%	-1.39%	-1.35%
Average Drawdown Average peak-to-trough decline	-17.95%	-10.64%	-7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.84%	+0.82%

Volatility

AEME.L vs. QEMM - Volatility Comparison

Amundi Index MSCI Emerging Markets UCITS ETF DR (C) (AEME.L) has a higher volatility of 8.57% compared to SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) at 7.13%. This indicates that AEME.L's price experiences larger fluctuations and is considered to be riskier than QEMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEME.L	QEMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	7.13%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	16.83%	14.78%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	16.69%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	15.23%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	16.89%	+1.82%

AEME.L vs. QEMM - Expense Ratio Comparison

AEME.L has a 0.20% expense ratio, which is lower than QEMM's 0.30% expense ratio.

Dividends

AEME.L vs. QEMM - Dividend Comparison

AEME.L has not paid dividends to shareholders, while QEMM's dividend yield for the trailing twelve months is around 4.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEME.L Amundi Index MSCI Emerging Markets UCITS ETF DR (C)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.35%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Frequently Asked Questions

Can I hold both AEME.L and QEMM in my portfolio?

AEME.L and QEMM have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AEME.L or QEMM?

On fees, AEME.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AEME.L or QEMM?

AEME.L is cheaper with a 0.20% expense ratio, compared with 0.30% for QEMM.

What is the main difference between AEME.L and QEMM?

AEME.L tracks MSCI EM NR USD, while QEMM tracks MSCI EM Factor Mix A-Series (USD). They also come from different issuers: Amundi and State Street. Their fees differ too: 0.20% for AEME.L and 0.30% for QEMM.