DBEM vs. SPEM

Last updated Jun 23, 2026

DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - DBEM tracks the MSCI EM US Dollar Hedged Index while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, DBEM returned 11.28%/yr vs 9.96%/yr for SPEM. Their correlation of 0.86 suggests significant overlap in exposure. DBEM charges 0.66%/yr vs 0.07%/yr for SPEM.

Performance

DBEM vs. SPEM - 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 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, DBEM achieves a 34.95% return, which is significantly higher than SPEM's 14.64% return. Over the past 10 years, DBEM has outperformed SPEM with an annualized return of 11.28%, while SPEM has yielded a comparatively lower 9.96% annualized return.

DBEM

• 1D: 0.66%
• 1M: 8.63%
• YTD: 34.95%
• 6M: 36.36%
• 1Y: 63.96%
• 3Y*: 27.03%
• 5Y*: 10.52%
• 10Y*: 11.28%

SPEM

• 1D: 1.10%
• 1M: 4.42%
• YTD: 14.64%
• 6M: 15.36%
• 1Y: 33.19%
• 3Y*: 19.39%
• 5Y*: 6.53%
• 10Y*: 9.96%

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

DBEM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	34.95%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%
SPEM SPDR Portfolio Emerging Markets ETF	14.64%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between DBEM and SPEM is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011	0.86

The correlation between DBEM and SPEM has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

DBEM vs. SPEM - Sectors Allocation Comparison

Sectors	DBEM	SPEM
Technology	43.6%	32.1%
Financial Services	17.9%	19.2%
Consumer Cyclical	8.4%	9.6%
Industrials	6.7%	8.3%
Communication Services	6.1%	6.7%
Basic Materials	6.0%	8.0%
Energy	3.5%	4.2%
Consumer Defensive	2.5%	3.6%
Healthcare	2.5%	3.7%
Utilities	1.8%	2.8%
Real Estate	1.0%	1.8%

Return for Risk

DBEM vs. SPEM — Risk / Return Rank

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

DBEM

DBEM Risk / Return Rank: 92
DBEM Sharpe Ratio Rank: 93
DBEM Sortino Ratio Rank: 90
DBEM Omega Ratio Rank: 92
DBEM Calmar Ratio Rank: 93
DBEM Martin Ratio Rank: 93

SPEM

SPEM Risk / Return Rank: 61
SPEM Sharpe Ratio Rank: 62
SPEM Sortino Ratio Rank: 59
SPEM Omega Ratio Rank: 63
SPEM Calmar Ratio Rank: 61
SPEM 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.

DBEM vs. SPEM - 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 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.

	DBEM	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	3.22	1.99	+1.23
Sortino ratio: Return per unit of downside risk	3.98	2.70	+1.28
Omega ratio: Gain probability vs. loss probability	1.58	1.37	+0.22
Calmar ratio: Return relative to maximum drawdown	6.12	2.93	+3.19
Martin ratio: Return relative to average drawdown	22.57	10.51	+12.06

DBEM vs. SPEM - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 3.22, which is higher than the SPEM Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DBEM 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

DBEM vs. SPEM - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for DBEM and SPEM.

Drawdown Indicators

	DBEM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-64.41%	+30.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-11.36%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-17.62%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-31.75%	+1.27%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	-36.06%	+2.55%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.66%	-14.72%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	3.16%	-0.32%

Volatility

DBEM vs. SPEM - Volatility Comparison

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a higher volatility of 10.09% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 6.73%. This indicates that DBEM'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

	DBEM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	6.73%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	17.84%	14.43%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.01%	16.77%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	17.30%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	18.84%	-1.49%

DBEM vs. SPEM - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

DBEM vs. SPEM - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 1.96%, less than SPEM's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.96%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
SPEM SPDR Portfolio Emerging Markets ETF	3.44%	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 DBEM and SPEM in my portfolio?

With a correlation of 0.90, DBEM and SPEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBEM or SPEM?

DBEM has higher volatility (10.09%) compared to SPEM (6.73%). In terms of maximum drawdown, DBEM dropped -33.51% vs SPEM's -64.41%.

Which ETF is better, DBEM or SPEM?

On 10-year performance, DBEM leads with 11.28% vs 9.96% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEM or SPEM?

Over the 10-year period, DBEM has performed better with a 11.28% return vs 9.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEM or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.66% for DBEM.

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

SPEM has the higher dividend yield at 3.44%, compared with 1.96% for DBEM.

What is the main difference between DBEM and SPEM?

DBEM tracks MSCI EM US Dollar Hedged Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.66% for DBEM and 0.07% for SPEM.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (3.22 vs 1.99), 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.