BBEM vs. SPEM

Last updated Jun 23, 2026

BBEM (JPMorgan Betabuilders Emerging Markets Equity ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - BBEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Target Market Exposure Index - Benchmark TR Net, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index. Both are passively managed. Over the past 3 years, BBEM returned 23.89%/yr vs 19.39%/yr for SPEM. With a 0.96 correlation, they move nearly in lockstep. BBEM charges 0.15%/yr vs 0.07%/yr for SPEM.

Performance

BBEM vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBEM achieves a 29.51% return, which is significantly higher than SPEM's 14.64% return.

BBEM

• 1D: 0.32%
• 1M: 8.39%
• YTD: 29.51%
• 6M: 29.97%
• 1Y: 54.15%
• 3Y*: 23.89%
• 5Y*: —
• 10Y*: —

SPEM

• 1D: 1.10%
• 1M: 4.42%
• YTD: 14.64%
• 6M: 15.36%
• 1Y: 33.19%
• 3Y*: 19.39%
• 5Y*: 6.53%
• 10Y*: 9.96%

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

BBEM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF	29.51%	32.43%	5.61%	6.01%
SPEM SPDR Portfolio Emerging Markets ETF	14.64%	25.63%	11.40%	6.59%

Correlation

The correlation between BBEM and SPEM is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.96

The correlation between BBEM and SPEM has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

BBEM vs. SPEM — Risk / Return Rank

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

BBEM

BBEM Risk / Return Rank: 81
BBEM Sharpe Ratio Rank: 82
BBEM Sortino Ratio Rank: 76
BBEM Omega Ratio Rank: 83
BBEM Calmar Ratio Rank: 81
BBEM Martin Ratio Rank: 81

SPEM

SPEM Risk / Return Rank: 61
SPEM Sharpe Ratio Rank: 62
SPEM Sortino Ratio Rank: 59
SPEM Omega Ratio Rank: 63
SPEM Calmar Ratio Rank: 61
SPEM Martin Ratio Rank: 60

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.

BBEM vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

	BBEM	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.99	+0.53
Sortino ratio: Return per unit of downside risk	3.26	2.70	+0.56
Omega ratio: Gain probability vs. loss probability	1.47	1.37	+0.11
Calmar ratio: Return relative to maximum drawdown	4.15	2.93	+1.21
Martin ratio: Return relative to average drawdown	15.54	10.51	+5.03

BBEM vs. SPEM - Sharpe Ratio Comparison

The current BBEM Sharpe Ratio is 2.52, which is comparable to the SPEM Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of BBEM and SPEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BBEM vs. SPEM - Drawdown Comparison

The maximum BBEM drawdown since its inception was -17.42%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for BBEM and SPEM.

Drawdown Indicators

	BBEM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-17.42%	-64.41%	+46.99%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-11.36%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-17.42%	-17.62%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.70%	-14.72%	+11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.16%	+0.33%

Volatility

BBEM vs. SPEM - Volatility Comparison

JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) has a higher volatility of 10.85% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 6.73%. This indicates that BBEM's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBEM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	6.73%	+4.12%
Volatility (6M) Calculated over the trailing 6-month period	19.58%	14.43%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	16.77%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	17.30%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.18%	18.84%	-0.66%

BBEM vs. SPEM - Expense Ratio Comparison

BBEM has a 0.15% expense ratio, which is higher than SPEM's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BBEM vs. SPEM - Dividend Comparison

BBEM's dividend yield for the trailing twelve months is around 4.50%, more than SPEM's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF	4.50%	5.86%	2.73%	1.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	3.44%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both BBEM and SPEM in my portfolio?

With a correlation of 0.93, BBEM and SPEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BBEM or SPEM?

BBEM has higher volatility (10.85%) compared to SPEM (6.73%). In terms of maximum drawdown, BBEM dropped -17.42% vs SPEM's -64.41%.

Which ETF is better, BBEM or SPEM?

On 3-year performance, BBEM leads with 23.89% vs 19.39% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBEM or SPEM?

Over the 3-year period, BBEM has performed better with a 23.89% return vs 19.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBEM or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.15% for BBEM.

Which ETF pays a higher dividend yield, BBEM or SPEM?

BBEM has the higher dividend yield at 4.50%, compared with 3.44% for SPEM.

What is the main difference between BBEM and SPEM?

BBEM is categorized as Emerging Markets Diversified, while SPEM is Emerging Markets Equities. BBEM tracks Morningstar Emerging Markets Target Market Exposure Index - Benchmark TR Net, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.15% for BBEM and 0.07% for SPEM.

Which has better risk-adjusted returns?

BBEM currently has the higher Sharpe Ratio (2.52 vs 1.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.