EAD vs. SPY

Last updated Aug 4, 2026

EAD (Emerging Markets Dividend Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - EAD is a Emerging Markets Equities fund managed by Emerging Markets Fund Manager, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, EAD returned 6.61%/yr vs 15.09%/yr for SPY. Their 0.39 correlation means their historical movements had little consistent relationship. EAD charges 0.04%/yr vs 0.09%/yr for SPY.

Performance

EAD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerging Markets Dividend Fund (EAD) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAD achieves a -0.90% return, which is significantly lower than SPY's 11.70% return. Over the past 10 years, EAD has underperformed SPY with an annualized return of 6.61%, while SPY has yielded a comparatively higher 15.09% annualized return.

EAD

• 1D: 0.79%
• 1M: -1.65%
• 6M: -2.96%
• YTD: -0.90%
• 1Y: -0.53%
• 3Y*: 9.71%
• 5Y*: 2.42%
• 10Y*: 6.61%
• ALL TIME*: 6.74%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EAD Emerging Markets Dividend Fund	$2.13M	$1.89M	$1.54M
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

EAD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAD Emerging Markets Dividend Fund	-0.90%	8.05%	15.86%	11.94%	-23.08%	21.62%	6.35%	27.22%	-6.52%	7.80%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EAD and SPY is 0.56, 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.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Feb 26, 2003	0.39

The correlation between EAD and SPY shifts across timeframes, from 0.39 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EAD vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EAD

EAD Risk / Return Rank: 3
EAD Sharpe Ratio Rank: 3
EAD Sortino Ratio Rank: 3
EAD Omega Ratio Rank: 3
EAD Calmar Ratio Rank: 3
EAD Martin Ratio Rank: 3

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

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.

EAD vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerging Markets Dividend Fund (EAD) and State Street SPDR S&P 500 ETF (SPY). 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.

	EAD	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.82	-1.88
Sortino ratio: Return per unit of downside risk	-0.02	2.50	-2.53
Omega ratio: Gain probability vs. loss probability	1.00	1.32	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.07	2.62	-2.69
Martin ratio: Return relative to average drawdown	-0.22	11.20	-11.42

EAD vs. SPY - Sharpe Ratio Comparison

The current EAD Sharpe Ratio is -0.06, which is lower than the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EAD and SPY, 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

EAD vs. SPY - Drawdown Comparison

The maximum EAD drawdown since its inception was -67.37%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EAD and SPY.

Drawdown Indicators

	EAD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-67.37%	-55.19%	-12.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-8.88%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-18.76%	+6.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-24.50%	-4.94%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-33.72%	-7.82%
Current Drawdown Current decline from peak	-3.58%	0.00%	-3.58%
Average Drawdown Average peak-to-trough decline	-7.12%	-9.01%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.08%	+0.33%

Volatility

EAD vs. SPY - Volatility Comparison

The current volatility for Emerging Markets Dividend Fund (EAD) is 1.90%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.84%. This indicates that EAD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	3.84%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	10.23%	-2.64%
Volatility (1Y) Calculated over the trailing 1-year period	8.99%	12.87%	-3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.58%	17.19%	-3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	17.96%	-1.86%

EAD vs. SPY - Expense Ratio Comparison

EAD has a 0.04% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EAD vs. SPY - Dividend Comparison

EAD's dividend yield for the trailing twelve months is around 10.11%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAD Emerging Markets Dividend Fund	10.11%	9.47%	9.08%	9.07%	10.97%	7.59%	8.51%	8.44%	9.11%	8.58%	9.62%	10.95%
SPY State Street SPDR S&P 500 ETF	0.99%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EAD and SPY in my portfolio?

EAD and SPY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAD or SPY?

SPY has higher volatility (3.84%) compared to EAD (1.90%). In terms of maximum drawdown, EAD dropped -67.37% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.82 vs -0.06), 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.