CEMIX vs. SPEM

Last updated Jun 26, 2026

CEMIX (Causeway Emerging Markets Fund) and SPEM (SPDR Portfolio Emerging Markets ETF) are both funds - CEMIX is a Emerging Markets Diversified fund managed by Causeway, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index. Over the past 10 years, CEMIX returned 11.97%/yr vs 9.65%/yr for SPEM. Their correlation of 0.89 suggests significant overlap in exposure. CEMIX charges 1.10%/yr vs 0.07%/yr for SPEM.

Performance

CEMIX vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway Emerging Markets Fund (CEMIX) 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, CEMIX achieves a 29.83% return, which is significantly higher than SPEM's 10.11% return. Over the past 10 years, CEMIX has outperformed SPEM with an annualized return of 11.97%, while SPEM has yielded a comparatively lower 9.65% annualized return.

CEMIX

• 1D: 0.81%
• 1M: -0.95%
• YTD: 29.83%
• 6M: 31.37%
• 1Y: 52.47%
• 3Y*: 29.83%
• 5Y*: 10.74%
• 10Y*: 11.97%

SPEM

• 1D: -0.27%
• 1M: -1.79%
• YTD: 10.11%
• 6M: 10.30%
• 1Y: 23.82%
• 3Y*: 17.66%
• 5Y*: 5.34%
• 10Y*: 9.65%

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

CEMIX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMIX Causeway Emerging Markets Fund	29.83%	36.22%	14.90%	17.13%	-23.05%	-0.83%	16.95%	16.73%	-17.91%	39.79%
SPEM SPDR Portfolio Emerging Markets ETF	10.11%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between CEMIX and SPEM is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.89

The correlation between CEMIX and SPEM shifts across timeframes, from 0.79 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CEMIX vs. SPEM — Risk / Return Rank

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

CEMIX

CEMIX Risk / Return Rank: 81
CEMIX Sharpe Ratio Rank: 82
CEMIX Sortino Ratio Rank: 66
CEMIX Omega Ratio Rank: 80
CEMIX Calmar Ratio Rank: 90
CEMIX Martin Ratio Rank: 89

SPEM

SPEM Risk / Return Rank: 47
SPEM Sharpe Ratio Rank: 46
SPEM Sortino Ratio Rank: 44
SPEM Omega Ratio Rank: 48
SPEM Calmar Ratio Rank: 48
SPEM Martin Ratio Rank: 50

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.

CEMIX vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Emerging Markets Fund (CEMIX) 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.

	CEMIX	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.42	+0.88
Sortino ratio: Return per unit of downside risk	2.76	1.97	+0.79
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.17
Calmar ratio: Return relative to maximum drawdown	3.95	2.11	+1.84
Martin ratio: Return relative to average drawdown	14.78	7.49	+7.29

CEMIX vs. SPEM - Sharpe Ratio Comparison

The current CEMIX Sharpe Ratio is 2.29, which is higher than the SPEM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of CEMIX 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

CEMIX vs. SPEM - Drawdown Comparison

The maximum CEMIX drawdown since its inception was -68.90%, which is greater than SPEM's maximum drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for CEMIX and SPEM.

Drawdown Indicators

	CEMIX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-68.90%	-64.41%	-4.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-11.36%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-17.62%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-36.29%	-31.75%	-4.54%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-36.06%	-3.53%
Current Drawdown Current decline from peak	-5.30%	-3.95%	-1.35%
Average Drawdown Average peak-to-trough decline	-15.75%	-14.71%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.19%	+0.42%

Volatility

CEMIX vs. SPEM - Volatility Comparison

Causeway Emerging Markets Fund (CEMIX) has a higher volatility of 14.06% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 7.21%. This indicates that CEMIX'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

	CEMIX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.06%	7.21%	+6.85%
Volatility (6M) Calculated over the trailing 6-month period	21.31%	14.75%	+6.56%
Volatility (1Y) Calculated over the trailing 1-year period	23.61%	16.90%	+6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	17.35%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	18.79%	-0.06%

CEMIX vs. SPEM - Expense Ratio Comparison

CEMIX has a 1.10% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

CEMIX vs. SPEM - Dividend Comparison

CEMIX's dividend yield for the trailing twelve months is around 1.92%, less than SPEM's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMIX Causeway Emerging Markets Fund	1.92%	2.49%	3.73%	4.85%	4.87%	23.35%	1.36%	2.03%	2.01%	1.58%	1.55%	1.69%
SPEM SPDR Portfolio Emerging Markets ETF	2.55%	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 CEMIX and SPEM in my portfolio?

CEMIX and SPEM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMIX or SPEM?

CEMIX has higher volatility (14.06%) compared to SPEM (7.21%). In terms of maximum drawdown, CEMIX dropped -68.90% vs SPEM's -64.41%.

Which has better risk-adjusted returns?

CEMIX currently has the higher Sharpe Ratio (2.29 vs 1.42), 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.