EEMA vs. SPY

Last updated Jun 5, 2026

EEMA (iShares MSCI Emerging Markets Asia ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EEMA is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Asia Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EEMA returned 10.66%/yr vs 15.48%/yr for SPY. A 0.64 correlation means they provide meaningful diversification when combined. EEMA charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

EEMA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Asia ETF (EEMA) 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, EEMA achieves a 26.70% return, which is significantly higher than SPY's 11.33% return. Over the past 10 years, EEMA has underperformed SPY with an annualized return of 10.66%, while SPY has yielded a comparatively higher 15.48% annualized return.

EEMA

• 1D: -0.85%
• 1M: 6.12%
• YTD: 26.70%
• 6M: 30.29%
• 1Y: 53.35%
• 3Y*: 23.94%
• 5Y*: 6.86%
• 10Y*: 10.66%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

EEMA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMA iShares MSCI Emerging Markets Asia ETF	26.70%	33.27%	10.23%	6.57%	-21.49%	-4.22%	25.17%	18.60%	-15.76%	43.41%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EEMA and SPY is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 10, 2012	0.64

The correlation between EEMA and SPY has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

EEMA vs. SPY - Sectors Allocation Comparison

Sectors	EEMA	SPY
Technology	41.2%	35.9%
Financial Services	15.9%	11.8%
Consumer Cyclical	11.3%	10.3%
Industrials	8.8%	7.8%
Communication Services	6.0%	11.3%
Basic Materials	4.5%	1.8%
Healthcare	3.7%	8.4%
Energy	3.2%	3.6%
Consumer Defensive	2.8%	4.8%
Utilities	1.8%	2.4%
Real Estate	0.8%	1.9%

Return for Risk

EEMA vs. SPY — Risk / Return Rank

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

EEMA

EEMA Risk / Return Rank: 78
EEMA Sharpe Ratio Rank: 82
EEMA Sortino Ratio Rank: 78
EEMA Omega Ratio Rank: 81
EEMA Calmar Ratio Rank: 75
EEMA Martin Ratio Rank: 75

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

EEMA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) 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.

	EEMA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.42	+0.21
Sortino ratio: Return per unit of downside risk	3.46	3.29	+0.17
Omega ratio: Gain probability vs. loss probability	1.48	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	3.75	3.22	+0.53
Martin ratio: Return relative to average drawdown	14.12	14.99	-0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMA vs. SPY - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 2.63, which is comparable to the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of EEMA 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.

Sharpe Ratios by Period

	EEMA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.42	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.82	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.87	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.59	-0.22

Drawdowns

EEMA vs. SPY - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EEMA and SPY.

Drawdown Indicators

	EEMA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-44.18%	-55.19%	+11.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-8.88%	-5.42%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	-18.76%	-1.47%
Max Drawdown (5Y) Largest decline over 5 years	-40.67%	-24.50%	-16.17%
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	-33.72%	-10.46%
Current Drawdown Current decline from peak	-2.01%	-0.33%	-1.68%
Average Drawdown Average peak-to-trough decline	-13.97%	-9.05%	-4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	1.91%	+1.88%

Volatility

EEMA vs. SPY - Volatility Comparison

iShares MSCI Emerging Markets Asia ETF (EEMA) has a higher volatility of 8.48% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that EEMA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.48%	2.79%	+5.69%
Volatility (6M) Calculated over the trailing 6-month period	17.43%	8.91%	+8.52%
Volatility (1Y) Calculated over the trailing 1-year period	20.42%	11.82%	+8.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.41%	17.05%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.87%	17.93%	+2.94%

EEMA vs. SPY - Expense Ratio Comparison

EEMA has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EEMA vs. SPY - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.17%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMA iShares MSCI Emerging Markets Asia ETF	1.17%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%
SPY State Street SPDR S&P 500 ETF	0.98%	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 EEMA and SPY in my portfolio?

EEMA and SPY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMA or SPY?

EEMA has higher volatility (8.48%) compared to SPY (2.79%). In terms of maximum drawdown, EEMA dropped -44.18% vs SPY's -55.19%.

Which ETF is better, EEMA or SPY?

On 10-year performance, SPY leads with 15.48% vs 10.66% for EEMA. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMA or SPY?

Over the 10-year period, SPY has performed better with a 15.48% return vs 10.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for EEMA.

Which ETF pays a higher dividend yield, EEMA or SPY?

EEMA has the higher dividend yield at 1.17%, compared with 0.98% for SPY.

What is the main difference between EEMA and SPY?

EEMA is categorized as Asia Pacific Equities, while SPY is S&P 500. EEMA tracks MSCI Emerging Markets Asia Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EEMA and 0.09% for SPY.

Which has better risk-adjusted returns?

EEMA currently has the higher Sharpe Ratio (2.63 vs 2.42), 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.