CWO.NEO vs. SPEM
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - CWO.NEO tracks the FTSE RAFI Emerging Markets Index while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, CWO.NEO returned 9.77%/yr vs 9.28%/yr for SPEM. A 0.64 correlation means they provide meaningful diversification when combined. CWO.NEO charges 0.73%/yr vs 0.07%/yr for SPEM.
Performance
CWO.NEO vs. SPEM - Performance Comparison
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Different Trading Currencies
CWO.NEO is traded in CAD, while SPEM is traded in USD. To make them comparable, the SPEM values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with CWO.NEO having a 10.87% return and SPEM slightly lower at 10.85%. Over the past 10 years, CWO.NEO has outperformed SPEM with an annualized return of 9.77%, while SPEM has yielded a comparatively lower 9.28% annualized return.
CWO.NEO
- 1D
- -0.58%
- 1M
- -2.49%
- 6M
- 5.11%
- YTD
- 10.87%
- 1Y
- 23.91%
- 3Y*
- 21.22%
- 5Y*
- 11.10%
- 10Y*
- 9.77%
SPEM
- 1D
- -1.78%
- 1M
- -2.92%
- 6M
- 5.09%
- YTD
- 10.85%
- 1Y
- 21.13%
- 3Y*
- 18.02%
- 5Y*
- 7.96%
- 10Y*
- 9.28%
CWO.NEO vs. SPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 10.87% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 10.86% | -0.29% | 17.16% |
SPEM SPDR Portfolio Emerging Markets ETF | 10.85% | 19.89% | 20.83% | 7.88% | -12.69% | 1.46% | 11.83% | 14.76% | -5.97% | 25.69% |
Correlation
The correlation between CWO.NEO and SPEM is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2009 | 0.64 |
The correlation between CWO.NEO and SPEM shifts across timeframes, from 0.54 (5 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. SPEM — Risk / Return Rank
CWO.NEO
SPEM
CWO.NEO vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) 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.
| CWO.NEO | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.96 | +0.25 |
| Martin ratioReturn relative to average drawdown | 7.78 | 6.57 | +1.21 |
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Drawdowns
CWO.NEO vs. SPEM - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum SPEM drawdown of -52.49%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and SPEM.
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Drawdown Indicators
| CWO.NEO | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -52.49% | +20.50% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -10.80% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -15.33% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -23.87% | -0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | -28.50% | -3.47% |
Current DrawdownCurrent decline from peak | -3.96% | -6.58% | +2.62% |
Average DrawdownAverage peak-to-trough decline | -10.24% | -10.57% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 3.22% | -0.13% |
Volatility
CWO.NEO vs. SPEM - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 4.85%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 6.21%. This indicates that CWO.NEO 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
| CWO.NEO | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 6.21% | -1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 13.96% | 15.44% | -1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 17.67% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 18.40% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 19.92% | -2.46% |
CWO.NEO vs. SPEM - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than SPEM's 0.07% expense ratio.
Dividends
CWO.NEO vs. SPEM - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.68%, more than SPEM's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.68% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.59% | 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
CWO.NEO and SPEM have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPEM is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPEM is cheaper with a 0.07% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO tracks FTSE RAFI Emerging Markets Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.73% for CWO.NEO and 0.07% for SPEM.
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