EEMD vs. SPY

Last updated Jun 24, 2026

EEMD (AAM S&P Emerging Markets High Dividend Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EEMD is a Emerging Markets Equities fund tracking the S&P Emerging Markets Dividend and Free Cash Flow Yield, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. At a 0.46 correlation, their price movements are largely independent. EEMD charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

EEMD vs. SPY - Performance Comparison

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

Returns By Period

EEMD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

EEMD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMD AAM S&P Emerging Markets High Dividend Value ETF	0.00%	0.00%	9.61%	17.60%	-11.21%	5.54%	-0.35%	12.55%	-14.57%	5.00%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	2.04%

Correlation

The correlation between EEMD and SPY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017	0.46

The correlation between EEMD and SPY shifts across timeframes, from 0.29 (3 years) to 0.46 (all time), reflecting how their relationship changes across market environments.

EEMD vs. SPY - Sectors Allocation Comparison

Sectors	EEMD	SPY
Utilities	11.3%	2.1%
Energy	10.6%	3.1%
Real Estate	9.8%	1.8%
Consumer Defensive	9.7%	4.5%
Healthcare	9.5%	8.3%
Communication Services	9.1%	10.6%
Financial Services	9.0%	11.1%
Consumer Cyclical	8.8%	9.9%
Industrials	8.2%	7.8%
Basic Materials	7.4%	1.7%
Technology	6.6%	39.0%

Return for Risk

EEMD vs. SPY — Risk / Return Rank

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

EEMD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

EEMD vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P Emerging Markets High Dividend Value ETF (EEMD) 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.

	EEMD	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.90	—
Sortino ratio: Return per unit of downside risk	—	2.58	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.67	—
Martin ratio: Return relative to average drawdown	—	11.92	—

Drawdowns

Drawdown Indicators

	EEMD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	—	-3.17%	—
Average Drawdown Average peak-to-trough decline	—	-9.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.98%	—

Volatility

Volatility by Period

	EEMD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.50%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.15%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.95%	—

EEMD vs. SPY - Expense Ratio Comparison

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

Dividends

EEMD vs. SPY - Dividend Comparison

EEMD has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMD AAM S&P Emerging Markets High Dividend Value ETF	0.00%	0.00%	4.03%	8.41%	7.66%	6.34%	3.84%	5.35%	4.91%	0.42%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	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 EEMD and SPY in my portfolio?

EEMD and SPY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EEMD or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EEMD or SPY?

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

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

SPY has the higher dividend yield at 1.03%, compared with 0.00% for EEMD.

What is the main difference between EEMD and SPY?

EEMD is categorized as Emerging Markets Equities, while SPY is S&P 500. EEMD tracks S&P Emerging Markets Dividend and Free Cash Flow Yield, while SPY tracks S&P 500 Index. They also come from different issuers: Advisors Asset Management and State Street. Their fees differ too: 0.50% for EEMD and 0.09% for SPY.