EEMX vs. VOO

Last updated Jun 24, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - EEMX is a Asia Pacific Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, EEMX returned 7.56%/yr vs 13.13%/yr for VOO. A 0.61 correlation means they provide meaningful diversification when combined. EEMX charges 0.30%/yr vs 0.03%/yr for VOO.

Performance

EEMX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMX achieves a 24.65% return, which is significantly higher than VOO's 8.19% return.

EEMX

• 1D: -5.71%
• 1M: 2.95%
• YTD: 24.65%
• 6M: 25.60%
• 1Y: 49.39%
• 3Y*: 23.83%
• 5Y*: 7.56%
• 10Y*: —

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

EEMX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	24.65%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between EEMX and VOO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.61

The correlation between EEMX and VOO shifts across timeframes, from 0.61 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

EEMX vs. VOO - Sectors Allocation Comparison

Sectors	EEMX	VOO
Technology	26.8%	39.1%
Financial Services	11.1%	10.9%
Consumer Cyclical	6.5%	9.8%
Communication Services	4.4%	10.5%
Basic Materials	2.6%	1.7%
Industrials	2.3%	7.6%
Consumer Defensive	1.6%	4.5%
Healthcare	1.4%	8.3%
Utilities	0.9%	2.5%
Real Estate	0.7%	1.8%
Energy	0.3%	3.2%

Return for Risk

EEMX vs. VOO — Risk / Return Rank

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

EEMX

EEMX Risk / Return Rank: 71
EEMX Sharpe Ratio Rank: 70
EEMX Sortino Ratio Rank: 61
EEMX Omega Ratio Rank: 73
EEMX Calmar Ratio Rank: 75
EEMX Martin Ratio Rank: 76

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO 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.

EEMX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and Vanguard S&P 500 ETF (VOO). 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.

	EEMX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.91	+0.19
Sortino ratio: Return per unit of downside risk	2.68	2.60	+0.08
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	3.57	2.67	+0.90
Martin ratio: Return relative to average drawdown	13.44	11.96	+1.48

EEMX vs. VOO - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.11, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of EEMX and VOO, 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

EEMX vs. VOO - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for EEMX and VOO.

Drawdown Indicators

	EEMX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-33.99%	-5.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-8.90%	-4.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-18.69%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.99%	-24.52%	-12.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-5.71%	-3.14%	-2.57%
Average Drawdown Average peak-to-trough decline	-14.67%	-3.68%	-10.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	1.99%	+1.70%

Volatility

EEMX vs. VOO - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 12.89% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.89%	4.83%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	21.50%	9.82%	+11.68%
Volatility (1Y) Calculated over the trailing 1-year period	23.54%	12.46%	+11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	16.91%	+2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	18.02%	+2.60%

EEMX vs. VOO - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

EEMX vs. VOO - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.81%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.81%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both EEMX and VOO in my portfolio?

EEMX and VOO 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, EEMX or VOO?

EEMX has higher volatility (12.89%) compared to VOO (4.83%). In terms of maximum drawdown, EEMX dropped -39.90% vs VOO's -33.99%.

Which ETF is better, EEMX or VOO?

On 5-year performance, VOO leads with 13.13% vs 7.56% for EEMX. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMX or VOO?

Over the 5-year period, VOO has performed better with a 13.13% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMX or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.30% for EEMX.

Which ETF pays a higher dividend yield, EEMX or VOO?

EEMX has the higher dividend yield at 1.81%, compared with 1.05% for VOO.

What is the main difference between EEMX and VOO?

EEMX is categorized as Asia Pacific Equities, while VOO is S&P 500. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while VOO tracks S&P 500 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.30% for EEMX and 0.03% for VOO.

Which has better risk-adjusted returns?

EEMX currently has the higher Sharpe Ratio (2.11 vs 1.91), 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.