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ASDV.L vs. EMAS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ASDV.L vs. EMAS.L

Last updated Jun 25, 2026

ASDV.L (SPDR S&P Pan Asia Dividend Aristocrats UCITS) and EMAS.L (SPDR MSCI EM Asia UCITS ETF) are both Asia Pacific Equities funds from State Street - ASDV.L tracks the MSCI AC Asia Pacific NR USD while EMAS.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 10 years, ASDV.L returned 6.76%/yr vs 14.81%/yr for EMAS.L. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

ASDV.L vs. EMAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Pan Asia Dividend Aristocrats UCITS (ASDV.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ASDV.L is traded in USD, while EMAS.L is traded in GBP. To make them comparable, the EMAS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ASDV.L achieves a 2.04% return, which is significantly lower than EMAS.L's 81.34% return. Over the past 10 years, ASDV.L has underperformed EMAS.L with an annualized return of 6.76%, while EMAS.L has yielded a comparatively higher 14.81% annualized return.

ASDV.L

1D
-0.44%
1M
-0.76%
YTD
2.04%
6M
1.37%
1Y
9.15%
3Y*
13.12%
5Y*
3.99%
10Y*
6.76%

EMAS.L

1D
38.81%
1M
45.04%
YTD
81.34%
6M
82.93%
1Y
107.50%
3Y*
39.49%
5Y*
14.63%
10Y*
14.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ASDV.L vs. EMAS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ASDV.L
SPDR S&P Pan Asia Dividend Aristocrats UCITS		2.04%23.26%4.85%15.47%-15.61%2.53%0.15%20.64%-9.02%29.84%
EMAS.L
SPDR MSCI EM Asia UCITS ETF		81.34%32.27%10.98%5.93%-21.64%-5.80%27.51%17.74%-14.89%42.20%

Correlation

The correlation between ASDV.L and EMAS.L is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (10Y)
Calculated over the trailing 10-year period

0.73

Correlation (All Time)
Calculated using the full available price history since May 14, 2013

0.75

The correlation between ASDV.L and EMAS.L shifts across timeframes, from 0.55 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

ASDV.L vs. EMAS.L - Sectors Allocation Comparison

Sectors
ASDV.L
EMAS.L

Financial Services

32.1%
13.2%

Utilities

12.7%
1.3%

Consumer Defensive

9.7%
2.1%

Technology

8.4%
52.1%

Industrials

8.1%
6.5%

Consumer Cyclical

7.4%
9.6%

Healthcare

7.1%
2.8%

Communication Services

6.7%
6.1%

Real Estate

4.7%
0.6%

Basic Materials

3.1%
3.3%

Energy

-

2.4%

Financial Services

ASDV.L
32.1%
EMAS.L
13.2%

Utilities

ASDV.L
12.7%
EMAS.L
1.3%

Consumer Defensive

ASDV.L
9.7%
EMAS.L
2.1%

Technology

ASDV.L
8.4%
EMAS.L
52.1%

Industrials

ASDV.L
8.1%
EMAS.L
6.5%

Consumer Cyclical

ASDV.L
7.4%
EMAS.L
9.6%

Healthcare

ASDV.L
7.1%
EMAS.L
2.8%

Communication Services

ASDV.L
6.7%
EMAS.L
6.1%

Real Estate

ASDV.L
4.7%
EMAS.L
0.6%

Basic Materials

ASDV.L
3.1%
EMAS.L
3.3%

Energy

ASDV.L

-

EMAS.L
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Pan Asia Dividend Aristocrats UCITS

SPDR MSCI EM Asia UCITS ETF

Often compared with ASDV.L:
ASDV.L vs. GGRG.LASDV.L vs. KLIPASDV.L vs. IDAP.LASDV.L vs. V3PL.DEASDV.L vs. VHYD.LASDV.L vs. QQQASDV.L vs. 5MVL.DE
Often compared with EMAS.L:
EMAS.L vs. SPYEMAS.L vs. ASEAEMAS.L vs. VFEM.LEMAS.L vs. SWDA.LEMAS.L vs. C300.LEMAS.L vs. VWCE.DEEMAS.L vs. IS3N.DE

Return for Risk

ASDV.L vs. EMAS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ASDV.L
ASDV.L Risk / Return Rank: 2424
Overall Rank
ASDV.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
ASDV.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
ASDV.L Omega Ratio Rank: 2222
Omega Ratio Rank
ASDV.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
ASDV.L Martin Ratio Rank: 2525
Martin Ratio Rank
EMAS.L
EMAS.L Risk / Return Rank: 9797
Overall Rank
EMAS.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
EMAS.L Sortino Ratio Rank: 9898
Sortino Ratio Rank
EMAS.L Omega Ratio Rank: 9898
Omega Ratio Rank
EMAS.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
EMAS.L Martin Ratio Rank: 9797
Martin Ratio Rank
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.

ASDV.L vs. EMAS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Pan Asia Dividend Aristocrats UCITS (ASDV.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.L). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ASDV.LEMAS.LDifference
Sharpe ratioReturn per unit of total volatility
0.79
2.77

-1.97

Sortino ratioReturn per unit of downside risk
1.19
6.94

-5.75

Omega ratioGain probability vs. loss probability

1.14

1.96

-0.81

Calmar ratioReturn relative to maximum drawdown

1.20

8.87

-7.67

Martin ratioReturn relative to average drawdown

3.04

31.84

-28.80

ASDV.L vs. EMAS.L - Sharpe Ratio Comparison

The current ASDV.L Sharpe Ratio is 0.79, which is lower than the EMAS.L Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of ASDV.L and EMAS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ASDV.L vs. EMAS.L - Drawdown Comparison

The maximum ASDV.L drawdown since its inception was -35.08%, smaller than the maximum EMAS.L drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for ASDV.L and EMAS.L.

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Drawdown Indicators

ASDV.LEMAS.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.08%

-56.17%

+21.09%

Max Drawdown (1Y)

Largest decline over 1 year

-7.59%

-13.50%

+5.91%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-23.56%

+8.93%

Max Drawdown (5Y)

Largest decline over 5 years

-33.92%

-41.52%

+7.60%

Max Drawdown (10Y)

Largest decline over 10 years

-35.08%

-46.26%

+11.18%

Current Drawdown

Current decline from peak

-5.97%

0.00%

-5.97%

Average Drawdown

Average peak-to-trough decline

-8.41%

-29.38%

+20.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

3.77%

-0.77%

Volatility

ASDV.L vs. EMAS.L - Volatility Comparison

The current volatility for SPDR S&P Pan Asia Dividend Aristocrats UCITS (ASDV.L) is 3.77%, while SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a volatility of 33.43%. This indicates that ASDV.L experiences smaller price fluctuations and is considered to be less risky than EMAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ASDV.LEMAS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.77%

33.43%

-29.66%

Volatility (6M)

Calculated over the trailing 6-month period

9.33%

36.64%

-27.31%

Volatility (1Y)

Calculated over the trailing 1-year period

11.54%

43.27%

-31.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.78%

30.00%

-15.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.20%

25.35%

-10.15%

ASDV.L vs. EMAS.L - Expense Ratio Comparison

Both ASDV.L and EMAS.L have an expense ratio of 0.55%.

Dividends

ASDV.L vs. EMAS.L - Dividend Comparison

ASDV.L's dividend yield for the trailing twelve months is around 2.92%, while EMAS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ASDV.L
SPDR S&P Pan Asia Dividend Aristocrats UCITS		2.92%2.85%3.11%2.89%3.63%2.98%2.82%2.65%2.52%1.70%2.37%3.24%
EMAS.L
SPDR MSCI EM Asia UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ASDV.L and EMAS.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ASDV.L and EMAS.L have the same expense ratio: 0.55% per year.

ASDV.L tracks MSCI AC Asia Pacific NR USD, while EMAS.L tracks MSCI AC Asia Ex Japan NR USD.

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