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DVYE vs. SPEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DVYE vs. SPEM

Last updated Aug 5, 2026
Documentation

DVYE (iShares Emerging Markets Dividend ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - DVYE tracks the Dow Jones Emerging Markets Select Dividend Index (Net) while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, DVYE returned 6.60%/yr vs 8.50%/yr for SPEM. Their correlation of 0.85 means they have usually moved in the same direction. DVYE charges 0.50%/yr vs 0.07%/yr for SPEM.

Performance

DVYE vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Dividend ETF (DVYE) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with DVYE having a 12.05% return and SPEM slightly higher at 12.25%. Over the past 10 years, DVYE has underperformed SPEM with an annualized return of 6.60%, while SPEM has yielded a comparatively higher 8.50% annualized return.

DVYE

1D
0.00%
1M
6.44%
6M
1.52%
YTD
12.05%
1Y
25.36%
3Y*
20.62%
5Y*
6.01%
10Y*
6.60%
ALL TIME*
2.99%

SPEM

1D
1.74%
1M
1.76%
6M
6.10%
YTD
12.25%
1Y
23.65%
3Y*
16.98%
5Y*
6.91%
10Y*
8.50%
ALL TIME*
5.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DVYE

iShares Emerging Markets Dividend ETF
$3.47M$5.34M$6.64M

SPEM

SPDR Portfolio Emerging Markets ETF
$95.25M$107.80M$120.67M

DVYE vs. SPEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DVYE
iShares Emerging Markets Dividend ETF		12.05%28.36%8.89%20.88%-31.38%11.02%-2.51%15.41%-5.56%27.04%
SPEM
SPDR Portfolio Emerging Markets ETF		12.25%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%34.82%

Correlation

The correlation between DVYE and SPEM is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.73

Correlation (3Y)
Balances recent behavior with more history.

0.78

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.83

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2012

0.85

The correlation between DVYE and SPEM shifts across timeframes, from 0.73 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

DVYE vs. SPEM - Sectors Allocation Comparison

Sectors
DVYE
SPEM

Financial Services

31.4%
19.9%

Energy

16.2%
3.8%

Industrials

14.6%
8.3%

Basic Materials

8.3%
7.7%

Technology

8.0%
32.7%

Utilities

6.4%
2.7%

Consumer Cyclical

4.0%
8.9%

Real Estate

3.4%
1.8%

Consumer Defensive

2.2%
3.7%

Communication Services

1.8%
6.6%

Healthcare

-

3.9%

Financial Services

DVYE
31.4%
SPEM
19.9%

Energy

DVYE
16.2%
SPEM
3.8%

Industrials

DVYE
14.6%
SPEM
8.3%

Basic Materials

DVYE
8.3%
SPEM
7.7%

Technology

DVYE
8.0%
SPEM
32.7%

Utilities

DVYE
6.4%
SPEM
2.7%

Consumer Cyclical

DVYE
4.0%
SPEM
8.9%

Real Estate

DVYE
3.4%
SPEM
1.8%

Consumer Defensive

DVYE
2.2%
SPEM
3.7%

Communication Services

DVYE
1.8%
SPEM
6.6%

Healthcare

DVYE

-

SPEM
3.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Emerging Markets Dividend ETF

SPDR Portfolio Emerging Markets ETF

Often compared with DVYE:
DVYE vs. DEMDVYE vs. DVYDVYE vs. DVYADVYE vs. SCHDDVYE vs. SCHEDVYE vs. IQDYDVYE vs. QQQ
Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. EMCRSPEM vs. BKEMSPEM vs. EMGF

Return for Risk

DVYE vs. SPEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DVYE
DVYE Risk / Return Rank: 6464
Overall Rank
DVYE Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
DVYE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DVYE Omega Ratio Rank: 6363
Omega Ratio Rank
DVYE Calmar Ratio Rank: 7070
Calmar Ratio Rank
DVYE Martin Ratio Rank: 5858
Martin Ratio Rank
SPEM
SPEM Risk / Return Rank: 4949
Overall Rank
SPEM Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 4646
Sortino Ratio Rank
SPEM Omega Ratio Rank: 4747
Omega Ratio Rank
SPEM Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPEM Martin Ratio Rank: 5353
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DVYE vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Dividend ETF (DVYE) 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.

DVYESPEMDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.34

+0.38

Sortino ratioReturn per unit of downside risk
2.33
1.88

+0.46

Omega ratioGain probability vs. loss probability

1.30

1.25

+0.06

Calmar ratioReturn relative to maximum drawdown

2.75

2.09

+0.66

Martin ratioReturn relative to average drawdown

7.80

6.89

+0.91

DVYE vs. SPEM - Sharpe Ratio Comparison

The current DVYE Sharpe Ratio is 1.71, which is comparable to the SPEM Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of DVYE 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.

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Drawdowns

DVYE vs. SPEM - Drawdown Comparison

The maximum DVYE drawdown since its inception was -47.42%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for DVYE and SPEM.

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Drawdown Indicators

DVYESPEMDifference

Max Drawdown

Largest peak-to-trough decline

-47.42%

-64.41%

+16.99%

Max Drawdown (1Y)

Largest decline over 1 year

-9.26%

-11.36%

+2.10%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-17.62%

+2.99%

Max Drawdown (5Y)

Largest decline over 5 years

-40.89%

-30.03%

-10.86%

Max Drawdown (10Y)

Largest decline over 10 years

-40.89%

-36.06%

-4.83%

Current Drawdown

Current decline from peak

-2.69%

-2.09%

-0.60%

Average Drawdown

Average peak-to-trough decline

-15.26%

-14.65%

-0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.26%

3.44%

-0.18%

Volatility

DVYE vs. SPEM - Volatility Comparison

The current volatility for iShares Emerging Markets Dividend ETF (DVYE) is 3.49%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 5.73%. This indicates that DVYE 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

DVYESPEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.49%

5.73%

-2.24%

Volatility (6M)

Calculated over the trailing 6-month period

12.19%

15.37%

-3.18%

Volatility (1Y)

Calculated over the trailing 1-year period

14.87%

17.77%

-2.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.11%

17.38%

-0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.28%

18.81%

-0.53%

DVYE vs. SPEM - Expense Ratio Comparison

DVYE has a 0.50% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

DVYE vs. SPEM - Dividend Comparison

DVYE's dividend yield for the trailing twelve months is around 4.81%, more than SPEM's 2.50% yield.

PositionTTM20252024202320222021202020192018201720162015
DVYE
iShares Emerging Markets Dividend ETF		4.81%5.88%11.81%9.05%9.89%7.31%5.27%5.97%5.69%4.81%4.56%6.53%
SPEM
SPDR Portfolio Emerging Markets ETF		2.50%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

DVYE and SPEM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPEM has higher volatility (5.73%) compared to DVYE (3.49%). In terms of maximum drawdown, DVYE dropped -47.42% vs SPEM's -64.41%.

On 10-year performance, SPEM leads with 8.50% vs 6.60% for DVYE. On fees, SPEM is cheaper at 0.07% per year. On volatility, DVYE has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPEM has performed better with a 8.50% return vs 6.60%. 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 0.50% for DVYE.

DVYE has the higher dividend yield at 4.81%, compared with 2.50% for SPEM.

DVYE tracks Dow Jones Emerging Markets Select Dividend Index (Net), while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for DVYE and 0.07% for SPEM.

DVYE currently has the higher Sharpe Ratio (1.71 vs 1.34), 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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