DIEM vs. SPEM

Last updated Jun 24, 2026

DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - DIEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Dividend Enhanced Select Index, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, DIEM returned 9.27%/yr vs 9.62%/yr for SPEM. Their correlation of 0.92 suggests significant overlap in exposure. DIEM charges 0.19%/yr vs 0.07%/yr for SPEM.

Performance

DIEM vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) 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, DIEM achieves a 29.85% return, which is significantly higher than SPEM's 11.15% return. Both investments have delivered pretty close results over the past 10 years, with DIEM having a 9.27% annualized return and SPEM not far ahead at 9.62%.

DIEM

• 1D: -4.97%
• 1M: 4.80%
• YTD: 29.85%
• 6M: 30.75%
• 1Y: 53.23%
• 3Y*: 27.25%
• 5Y*: 11.58%
• 10Y*: 9.27%

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%

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

DIEM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	29.85%	30.81%	12.29%	15.41%	-20.61%	6.92%	1.27%	12.23%	-11.29%	27.61%
SPEM SPDR Portfolio Emerging Markets ETF	11.15%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between DIEM and SPEM is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.92

The correlation between DIEM and SPEM has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

DIEM vs. SPEM — Risk / Return Rank

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

DIEM

DIEM Risk / Return Rank: 83
DIEM Sharpe Ratio Rank: 85
DIEM Sortino Ratio Rank: 76
DIEM Omega Ratio Rank: 86
DIEM Calmar Ratio Rank: 84
DIEM Martin Ratio Rank: 86

SPEM

SPEM Risk / Return Rank: 51
SPEM Sharpe Ratio Rank: 50
SPEM Sortino Ratio Rank: 48
SPEM Omega Ratio Rank: 51
SPEM Calmar Ratio Rank: 53
SPEM Martin Ratio Rank: 53

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.

DIEM vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) 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.

	DIEM	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.66	+0.89
Sortino ratio: Return per unit of downside risk	3.17	2.28	+0.89
Omega ratio: Gain probability vs. loss probability	1.49	1.31	+0.18
Calmar ratio: Return relative to maximum drawdown	4.34	2.49	+1.84
Martin ratio: Return relative to average drawdown	16.81	8.92	+7.89

DIEM vs. SPEM - Sharpe Ratio Comparison

The current DIEM Sharpe Ratio is 2.55, which is higher than the SPEM Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of DIEM 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

DIEM vs. SPEM - Drawdown Comparison

The maximum DIEM drawdown since its inception was -38.61%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for DIEM and SPEM.

Drawdown Indicators

	DIEM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-38.61%	-64.41%	+25.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.33%	-11.36%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-17.62%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-33.34%	-31.75%	-1.59%
Max Drawdown (10Y) Largest decline over 10 years	-38.61%	-36.06%	-2.55%
Current Drawdown Current decline from peak	-4.97%	-3.05%	-1.92%
Average Drawdown Average peak-to-trough decline	-9.68%	-14.72%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.17%	+0.01%

Volatility

DIEM vs. SPEM - Volatility Comparison

Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a higher volatility of 12.21% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 7.51%. This indicates that DIEM'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

	DIEM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	7.51%	+4.70%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	14.76%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	20.98%	17.03%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	17.35%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	18.80%	-0.89%

DIEM vs. SPEM - Expense Ratio Comparison

DIEM has a 0.19% expense ratio, which is higher than SPEM's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DIEM vs. SPEM - Dividend Comparison

DIEM's dividend yield for the trailing twelve months is around 1.63%, less than SPEM's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	1.63%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%	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

Can I hold both DIEM and SPEM in my portfolio?

With a correlation of 0.93, DIEM 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, DIEM or SPEM?

DIEM has higher volatility (12.21%) compared to SPEM (7.51%). In terms of maximum drawdown, DIEM dropped -38.61% vs SPEM's -64.41%.

Which ETF is better, DIEM or SPEM?

On 10-year performance, SPEM leads with 9.62% vs 9.27% for DIEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 7.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIEM or SPEM?

Over the 10-year period, SPEM has performed better with a 9.62% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIEM or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.19% for DIEM.

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

SPEM has the higher dividend yield at 2.52%, compared with 1.63% for DIEM.

What is the main difference between DIEM and SPEM?

DIEM is categorized as Emerging Markets Diversified, while SPEM is Emerging Markets Equities. DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.19% for DIEM and 0.07% for SPEM.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (2.55 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.