EEMV vs. SPY

Last updated Aug 2, 2026

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EEMV is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EEMV returned 5.71%/yr vs 15.07%/yr for SPY. Their 0.67 correlation means they have sometimes moved together and sometimes differently. EEMV charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

EEMV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) 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, EEMV achieves a 12.46% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, EEMV has underperformed SPY with an annualized return of 5.71%, while SPY has yielded a comparatively higher 15.07% annualized return.

EEMV

• 1D: -0.38%
• 1M: -2.94%
• 6M: 7.78%
• YTD: 12.46%
• 1Y: 18.06%
• 3Y*: 11.41%
• 5Y*: 5.62%
• 10Y*: 5.71%
• ALL TIME*: 5.22%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	$16.28M	$14.89M	$17.73M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

EEMV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	12.46%	13.45%	7.98%	7.75%	-13.94%	5.05%	6.90%	7.83%	-5.81%	27.28%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EEMV and SPY is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.67

The correlation between EEMV and SPY shifts across timeframes, from 0.62 (3 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

EEMV vs. SPY - Sectors Allocation Comparison

Sectors	EEMV	SPY
Technology	37.4%	36.9%
Financial Services	18.3%	12.5%
Communication Services	10.0%	9.7%
Consumer Cyclical	6.7%	8.9%
Industrials	5.8%	7.6%
Healthcare	5.5%	9.4%
Consumer Defensive	5.4%	4.8%
Utilities	4.2%	2.6%
Energy	3.5%	3.4%
Basic Materials	2.6%	1.9%
Real Estate	0.6%	2.0%

Return for Risk

EEMV vs. SPY — Risk / Return Rank

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

EEMV

EEMV Risk / Return Rank: 48
EEMV Sharpe Ratio Rank: 44
EEMV Sortino Ratio Rank: 43
EEMV Omega Ratio Rank: 49
EEMV Calmar Ratio Rank: 53
EEMV Martin Ratio Rank: 49

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

EEMV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) 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.

	EEMV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.52	-0.42
Sortino ratio: Return per unit of downside risk	1.57	2.11	-0.54
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.90	2.20	-0.30
Martin ratio: Return relative to average drawdown	5.72	9.40	-3.68

EEMV vs. SPY - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.10, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of EEMV 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

EEMV vs. SPY - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EEMV and SPY.

Drawdown Indicators

	EEMV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-55.19%	+23.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-8.88%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	-18.76%	+6.29%
Max Drawdown (5Y) Largest decline over 5 years	-21.90%	-24.50%	+2.60%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-33.72%	+2.16%
Current Drawdown Current decline from peak	-7.20%	-1.40%	-5.80%
Average Drawdown Average peak-to-trough decline	-7.94%	-9.01%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.08%	+1.08%

Volatility

EEMV vs. SPY - Volatility Comparison

iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) has a higher volatility of 6.49% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that EEMV'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

	EEMV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	3.58%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	10.14%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	12.89%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	17.18%	-4.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	17.95%	-3.89%

EEMV vs. SPY - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EEMV vs. SPY - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 2.27%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	2.27%	2.65%	3.50%	2.75%	1.93%	2.14%	2.45%	2.63%	2.46%	2.34%	2.79%	2.55%
SPY State Street SPDR S&P 500 ETF	1.01%	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 EEMV and SPY in my portfolio?

EEMV and SPY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMV or SPY?

EEMV has higher volatility (6.49%) compared to SPY (3.58%). In terms of maximum drawdown, EEMV dropped -31.56% vs SPY's -55.19%.

Which ETF is better, EEMV or SPY?

On 10-year performance, SPY leads with 15.07% vs 5.71% for EEMV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMV or SPY?

Over the 10-year period, SPY has performed better with a 15.07% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for EEMV.

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

EEMV has the higher dividend yield at 2.27%, compared with 1.01% for SPY.

What is the main difference between EEMV and SPY?

EEMV is categorized as Emerging Markets Equities, while SPY is S&P 500. EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for EEMV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.10), 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.