EELV vs. SPEM

Last updated Jun 5, 2026

EELV (Invesco S&P Emerging Markets Low Volatility ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - EELV is a Volatility Hedged Equity fund tracking the S&P BMI Emerging Markets Low Volatility Index, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, EELV returned 6.55%/yr vs 9.37%/yr for SPEM. Their correlation of 0.85 suggests significant overlap in exposure. EELV charges 0.30%/yr vs 0.11%/yr for SPEM.

Performance

EELV vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Emerging Markets Low Volatility ETF (EELV) 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, EELV achieves a 4.49% return, which is significantly lower than SPEM's 12.50% return. Over the past 10 years, EELV has underperformed SPEM with an annualized return of 6.55%, while SPEM has yielded a comparatively higher 9.37% annualized return.

EELV

• 1D: 0.50%
• 1M: -1.73%
• YTD: 4.49%
• 6M: 5.24%
• 1Y: 14.63%
• 3Y*: 10.86%
• 5Y*: 6.92%
• 10Y*: 6.55%

SPEM

• 1D: 0.04%
• 1M: 1.99%
• YTD: 12.50%
• 6M: 13.96%
• 1Y: 30.17%
• 3Y*: 18.74%
• 5Y*: 5.71%
• 10Y*: 9.37%

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

EELV vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EELV Invesco S&P Emerging Markets Low Volatility ETF	4.49%	21.97%	1.90%	8.85%	-3.98%	16.15%	-3.89%	8.89%	-5.40%	24.89%
SPEM SPDR Portfolio Emerging Markets ETF	12.50%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between EELV and SPEM is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 17, 2012	0.85

The correlation between EELV and SPEM shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

EELV vs. SPEM - Sectors Allocation Comparison

Sectors	EELV	SPEM
Financial Services	37.4%	20.2%
Consumer Defensive	10.8%	3.9%
Communication Services	9.6%	7.2%
Utilities	9.6%	2.8%
Industrials	8.9%	8.5%
Energy	6.5%	4.7%
Healthcare	5.4%	4.0%
Basic Materials	5.3%	8.2%
Consumer Cyclical	3.8%	10.4%
Real Estate	2.6%	1.9%
Technology	0.2%	28.2%

Return for Risk

EELV vs. SPEM — Risk / Return Rank

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

EELV

EELV Risk / Return Rank: 38
EELV Sharpe Ratio Rank: 39
EELV Sortino Ratio Rank: 38
EELV Omega Ratio Rank: 38
EELV Calmar Ratio Rank: 37
EELV Martin Ratio Rank: 39

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 59
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

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.

EELV vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Emerging Markets Low Volatility ETF (EELV) 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.

	EELV	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.91	-0.55
Sortino ratio: Return per unit of downside risk	1.93	2.65	-0.72
Omega ratio: Gain probability vs. loss probability	1.25	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	1.79	2.67	-0.88
Martin ratio: Return relative to average drawdown	6.02	9.75	-3.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EELV vs. SPEM - Sharpe Ratio Comparison

The current EELV Sharpe Ratio is 1.35, which is comparable to the SPEM Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of EELV 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.

Sharpe Ratios by Period

	EELV	SPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.91	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.34	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.50	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.23	+0.07

Drawdowns

EELV vs. SPEM - Drawdown Comparison

The maximum EELV drawdown since its inception was -36.35%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for EELV and SPEM.

Drawdown Indicators

	EELV	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-36.35%	-64.41%	+28.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.22%	-11.36%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-11.79%	-17.62%	+5.83%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-31.88%	+12.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.35%	-36.06%	-0.29%
Current Drawdown Current decline from peak	-4.24%	-1.37%	-2.87%
Average Drawdown Average peak-to-trough decline	-8.93%	-14.75%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	3.10%	-0.66%

Volatility

EELV vs. SPEM - Volatility Comparison

The current volatility for Invesco S&P Emerging Markets Low Volatility ETF (EELV) is 3.39%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 5.58%. This indicates that EELV 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.

Volatility by Period

	EELV	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	5.58%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	13.28%	-4.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	15.92%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.36%	17.13%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.64%	18.80%	-5.16%

EELV vs. SPEM - Expense Ratio Comparison

EELV has a 0.30% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

EELV vs. SPEM - Dividend Comparison

EELV's dividend yield for the trailing twelve months is around 3.58%, more than SPEM's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EELV Invesco S&P Emerging Markets Low Volatility ETF	3.58%	3.75%	4.70%	4.00%	3.45%	4.35%	2.82%	3.14%	5.50%	2.92%	2.29%	2.53%
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	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 EELV and SPEM in my portfolio?

EELV and SPEM have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EELV or SPEM?

SPEM has higher volatility (5.58%) compared to EELV (3.39%). In terms of maximum drawdown, EELV dropped -36.35% vs SPEM's -64.41%.

Which ETF is better, EELV or SPEM?

On 10-year performance, SPEM leads with 9.37% vs 6.55% for EELV. On fees, SPEM is cheaper at 0.11% per year. On volatility, EELV has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EELV or SPEM?

Over the 10-year period, SPEM has performed better with a 9.37% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EELV or SPEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.30% for EELV.

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

EELV has the higher dividend yield at 3.58%, compared with 2.47% for SPEM.

What is the main difference between EELV and SPEM?

EELV is categorized as Volatility Hedged Equity, while SPEM is Emerging Markets Equities. EELV tracks S&P BMI Emerging Markets Low Volatility Index, while SPEM tracks S&P Emerging Markets BMI. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.30% for EELV and 0.11% for SPEM.

Which has better risk-adjusted returns?

SPEM currently has the higher Sharpe Ratio (1.91 vs 1.35), 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.