DBEM vs. QEMM

Last updated Jun 4, 2026

DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) are both Emerging Markets Equities funds - DBEM tracks the MSCI EM US Dollar Hedged Index while QEMM tracks the MSCI EM Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, DBEM returned 10.73%/yr vs 8.96%/yr for QEMM. Their correlation of 0.82 suggests significant overlap in exposure. DBEM charges 0.66%/yr vs 0.30%/yr for QEMM.

Performance

DBEM vs. QEMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEM achieves a 32.18% return, which is significantly higher than QEMM's 24.39% return. Over the past 10 years, DBEM has outperformed QEMM with an annualized return of 10.73%, while QEMM has yielded a comparatively lower 8.96% annualized return.

DBEM

• 1D: -0.69%
• 1M: 10.58%
• YTD: 32.18%
• 6M: 34.98%
• 1Y: 64.04%
• 3Y*: 25.82%
• 5Y*: 9.74%
• 10Y*: 10.73%

QEMM

• 1D: -1.21%
• 1M: 6.69%
• YTD: 24.39%
• 6M: 26.00%
• 1Y: 42.27%
• 3Y*: 19.52%
• 5Y*: 7.37%
• 10Y*: 8.96%

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

DBEM vs. QEMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	32.18%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.39%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%

Correlation

The correlation between DBEM and QEMM is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.82

The correlation between DBEM and QEMM has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

DBEM vs. QEMM - Sectors Allocation Comparison

Sectors	DBEM	QEMM
Technology	36.4%	33.8%
Financial Services	19.6%	19.6%
Consumer Cyclical	9.6%	8.3%
Industrials	7.6%	7.2%
Communication Services	7.0%	6.4%
Basic Materials	6.6%	5.6%
Energy	4.1%	5.7%
Consumer Defensive	3.0%	6.1%
Healthcare	2.9%	3.5%
Utilities	2.1%	3.0%
Real Estate	1.1%	0.8%

Return for Risk

DBEM vs. QEMM — Risk / Return Rank

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

DBEM

DBEM Risk / Return Rank: 93
DBEM Sharpe Ratio Rank: 93
DBEM Sortino Ratio Rank: 93
DBEM Omega Ratio Rank: 93
DBEM Calmar Ratio Rank: 92
DBEM Martin Ratio Rank: 93

QEMM

QEMM Risk / Return Rank: 78
QEMM Sharpe Ratio Rank: 78
QEMM Sortino Ratio Rank: 75
QEMM Omega Ratio Rank: 79
QEMM Calmar Ratio Rank: 79
QEMM Martin Ratio Rank: 77

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.

DBEM vs. QEMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). 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.

	DBEM	QEMM	Difference
Sharpe ratio: Return per unit of total volatility	3.58	2.54	+1.04
Sortino ratio: Return per unit of downside risk	4.62	3.41	+1.21
Omega ratio: Gain probability vs. loss probability	1.64	1.48	+0.17
Calmar ratio: Return relative to maximum drawdown	6.13	4.08	+2.04
Martin ratio: Return relative to average drawdown	24.38	14.92	+9.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEM vs. QEMM - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 3.58, which is higher than the QEMM Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of DBEM and QEMM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBEM	QEMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	2.54	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.49	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.53	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.34	0.00

Drawdowns

DBEM vs. QEMM - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum QEMM drawdown of -36.89%. Use the drawdown chart below to compare losses from any high point for DBEM and QEMM.

Drawdown Indicators

	DBEM	QEMM	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-36.89%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-10.40%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-17.03%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-27.49%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	-36.89%	+3.38%
Current Drawdown Current decline from peak	-0.69%	-1.21%	+0.52%
Average Drawdown Average peak-to-trough decline	-11.69%	-10.64%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.84%	-0.21%

Volatility

DBEM vs. QEMM - Volatility Comparison

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) have volatilities of 7.53% and 7.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEM	QEMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	7.29%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	15.53%	14.78%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	16.69%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	15.23%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	16.89%	+0.25%

DBEM vs. QEMM - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is higher than QEMM's 0.30% expense ratio.

Dividends

DBEM vs. QEMM - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 1.39%, less than QEMM's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.39%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.34%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Frequently Asked Questions

Can I hold both DBEM and QEMM in my portfolio?

DBEM and QEMM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEM or QEMM?

DBEM has higher volatility (7.53%) compared to QEMM (7.29%). In terms of maximum drawdown, DBEM dropped -33.51% vs QEMM's -36.89%.

Which ETF is better, DBEM or QEMM?

On 10-year performance, DBEM leads with 10.73% vs 8.96% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, QEMM has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEM or QEMM?

Over the 10-year period, DBEM has performed better with a 10.73% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEM or QEMM?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.66% for DBEM.

Which ETF pays a higher dividend yield, DBEM or QEMM?

QEMM has the higher dividend yield at 4.34%, compared with 1.39% for DBEM.

What is the main difference between DBEM and QEMM?

DBEM tracks MSCI EM US Dollar Hedged Index, while QEMM tracks MSCI EM Factor Mix A-Series (USD). They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.66% for DBEM and 0.30% for QEMM.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (3.58 vs 2.54), 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.