BREE vs. XCNY

Last updated Jul 17, 2026

BREE (MFS Blended Research Emerging Markets Equity ETF) and XCNY (SPDR S&P Emerging Markets ex-China ETF) are both Emerging Markets Diversified funds. BREE is actively managed, while XCNY is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. BREE charges 0.44%/yr vs 0.15%/yr for XCNY.

Performance

BREE vs. XCNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Blended Research Emerging Markets Equity ETF (BREE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BREE

• 1D: -2.03%
• 1M: -6.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XCNY

• 1D: -1.39%
• 1M: -2.17%
• 6M: 12.55%
• YTD: 16.99%
• 1Y: 27.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BREE vs. XCNY - Yearly Performance Comparison

	2026 (YTD)
BREE MFS Blended Research Emerging Markets Equity ETF	5.00%
XCNY SPDR S&P Emerging Markets ex-China ETF	10.37%

Correlation

The correlation between BREE and XCNY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 5, 2026	0.89

Return for Risk

BREE vs. XCNY — Risk / Return Rank

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

BREE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

XCNY

XCNY Risk / Return Rank: 56
XCNY Sharpe Ratio Rank: 54
XCNY Sortino Ratio Rank: 52
XCNY Omega Ratio Rank: 55
XCNY Calmar Ratio Rank: 58
XCNY 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.

BREE vs. XCNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Blended Research Emerging Markets Equity ETF (BREE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). 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.

	BREE	XCNY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.49	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.32	—
Martin ratio: Return relative to average drawdown	—	8.36	—

Drawdowns

BREE vs. XCNY - Drawdown Comparison

The maximum BREE drawdown since its inception was -12.31%, smaller than the maximum XCNY drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for BREE and XCNY.

Drawdown Indicators

	BREE	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-12.31%	-19.70%	+7.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.86%	—
Current Drawdown Current decline from peak	-9.13%	-5.24%	-3.89%
Average Drawdown Average peak-to-trough decline	-4.15%	-4.08%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.29%	—

Volatility

Volatility by Period

	BREE	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	33.43%	18.50%	+14.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.43%	18.45%	+14.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.43%	18.45%	+14.98%

BREE vs. XCNY - Expense Ratio Comparison

BREE has a 0.44% expense ratio, which is higher than XCNY's 0.15% expense ratio.

Dividends

BREE vs. XCNY - Dividend Comparison

BREE has not paid dividends to shareholders, while XCNY's dividend yield for the trailing twelve months is around 2.29%.

Position	TTM	2025	2024
BREE MFS Blended Research Emerging Markets Equity ETF	0.00%	0.00%	0.00%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.29%	2.68%	1.07%

Frequently Asked Questions

Can I hold both BREE and XCNY in my portfolio?

BREE and XCNY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BREE or XCNY?

On fees, XCNY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BREE or XCNY?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.44% for BREE.

Which ETF pays a higher dividend yield, BREE or XCNY?

XCNY has the higher dividend yield at 2.29%, compared with 0.00% for BREE.

What is the main difference between BREE and XCNY?

They also come from different issuers: MFS and State Street. Their fees differ too: 0.44% for BREE and 0.15% for XCNY.