COM vs. SPEM
COM (Direxion Auspice Broad Commodity Strategy ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - COM is a Commodities fund tracking the Auspice Broad Commodity ER Index, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index. Both are passively managed. Over the past 5 years, COM returned 7.89%/yr vs 5.70%/yr for SPEM. At a 0.23 correlation, their price movements are largely independent. COM charges 0.70%/yr vs 0.07%/yr for SPEM.
Performance
COM vs. SPEM - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with COM having a 11.12% return and SPEM slightly higher at 11.15%.
COM
- 1D
- -1.21%
- 1M
- -5.08%
- YTD
- 11.12%
- 6M
- 10.20%
- 1Y
- 18.87%
- 3Y*
- 6.27%
- 5Y*
- 7.89%
- 10Y*
- —
SPEM
- 1D
- -3.05%
- 1M
- 1.24%
- YTD
- 11.15%
- 6M
- 11.38%
- 1Y
- 28.20%
- 3Y*
- 18.16%
- 5Y*
- 5.70%
- 10Y*
- 9.62%
COM vs. SPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 11.12% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | -0.03% | -1.97% |
SPEM SPDR Portfolio Emerging Markets ETF | 11.15% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 18.71% |
Correlation
The correlation between COM and SPEM is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2017 | 0.23 |
The correlation between COM and SPEM shifts across timeframes, from 0.12 (1 year) to 0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
COM vs. SPEM — Risk / Return Rank
COM
SPEM
COM vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Auspice Broad Commodity Strategy ETF (COM) 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.
| COM | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.49 | -0.04 |
| Martin ratioReturn relative to average drawdown | 8.97 | 8.92 | +0.05 |
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Drawdowns
COM vs. SPEM - Drawdown Comparison
The maximum COM drawdown since its inception was -15.95%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for COM and SPEM.
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Drawdown Indicators
| COM | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.95% | -64.41% | +48.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -11.36% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -8.50% | -17.62% | +9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -14.02% | -31.75% | +17.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.06% | — |
Current DrawdownCurrent decline from peak | -7.74% | -3.05% | -4.69% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -14.72% | +8.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 3.17% | -1.05% |
Volatility
COM vs. SPEM - Volatility Comparison
The current volatility for Direxion Auspice Broad Commodity Strategy ETF (COM) is 2.26%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 7.51%. This indicates that COM experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COM | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 7.51% | -5.25% |
Volatility (6M)Calculated over the trailing 6-month period | 8.61% | 14.76% | -6.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 17.03% | -6.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 17.35% | -7.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.77% | 18.80% | -9.03% |
COM vs. SPEM - Expense Ratio Comparison
COM has a 0.70% expense ratio, which is higher than SPEM's 0.07% expense ratio.
Dividends
COM vs. SPEM - Dividend Comparison
COM's dividend yield for the trailing twelve months is around 2.55%, more than SPEM's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.55% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% | 0.00% | 0.00% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.52% | 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
COM and SPEM have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEM has higher volatility (7.51%) compared to COM (2.26%). In terms of maximum drawdown, COM dropped -15.95% vs SPEM's -64.41%.
On 5-year performance, COM leads with 7.89% vs 5.70% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, COM has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COM has performed better with a 7.89% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.07% expense ratio, compared with 0.70% for COM.
COM has the higher dividend yield at 2.55%, compared with 2.52% for SPEM.
COM is categorized as Commodities, while SPEM is Emerging Markets Equities. COM tracks Auspice Broad Commodity ER Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.70% for COM and 0.07% for SPEM.
COM currently has the higher Sharpe Ratio (1.81 vs 1.66), 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.
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