EMAD.L vs. PADV.L
EMAD.L (State Street SPDR MSCI EM Asia UCITS ETF USD (Acc)) and PADV.L (SPDR S&P Pan Asia Dividend Aristocrats UCITS) are both Asia Pacific Equities funds from State Street - EMAD.L tracks the MSCI EM (Emerging Markets) Asia Index while PADV.L tracks the MSCI AC Asia Pacific NR USD. Both are passively managed. Over the past 10 years, EMAD.L returned 9.69%/yr vs 6.56%/yr for PADV.L. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.
Performance
EMAD.L vs. PADV.L - Performance Comparison
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Different Trading Currencies
EMAD.L is traded in USD, while PADV.L is traded in GBP. To make them comparable, the PADV.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMAD.L achieves a 21.59% return, which is significantly higher than PADV.L's 6.08% return. Over the past 10 years, EMAD.L has outperformed PADV.L with an annualized return of 9.69%, while PADV.L has yielded a comparatively lower 6.56% annualized return.
EMAD.L
- 1D
- -1.54%
- 1M
- -8.90%
- 6M
- 14.74%
- YTD
- 21.59%
- 1Y
- 36.41%
- 3Y*
- 20.83%
- 5Y*
- 6.55%
- 10Y*
- 9.69%
PADV.L
- 1D
- 0.28%
- 1M
- 0.57%
- 6M
- 3.80%
- YTD
- 6.08%
- 1Y
- 14.05%
- 3Y*
- 11.00%
- 5Y*
- 5.21%
- 10Y*
- 6.56%
EMAD.L vs. PADV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMAD.L State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) | 21.59% | 32.13% | 11.12% | 6.54% | -21.75% | -6.15% | 28.24% | 16.78% | -14.40% | 42.49% |
PADV.L SPDR S&P Pan Asia Dividend Aristocrats UCITS | 6.08% | 23.25% | 4.82% | 14.97% | -15.76% | 3.00% | -0.27% | 21.46% | -9.18% | 29.49% |
Correlation
The correlation between EMAD.L and PADV.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.72 |
Over the past year, the correlation between EMAD.L and PADV.L has dropped to 0.46 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
EMAD.L vs. PADV.L — Risk / Return Rank
EMAD.L
PADV.L
EMAD.L vs. PADV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) (EMAD.L) and SPDR S&P Pan Asia Dividend Aristocrats UCITS (PADV.L). 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.
| EMAD.L | PADV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.20 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 1.69 | +1.00 |
| Martin ratioReturn relative to average drawdown | 8.03 | 4.10 | +3.93 |
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Drawdowns
EMAD.L vs. PADV.L - Drawdown Comparison
The maximum EMAD.L drawdown since its inception was -46.17%, which is greater than PADV.L's maximum drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for EMAD.L and PADV.L.
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Drawdown Indicators
| EMAD.L | PADV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -42.71% | -3.46% |
Max Drawdown (1Y)Largest decline over 1 year | -13.38% | -8.27% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -20.03% | -14.38% | -5.65% |
Max Drawdown (5Y)Largest decline over 5 years | -39.17% | -33.61% | -5.56% |
Max Drawdown (10Y)Largest decline over 10 years | -46.17% | -35.54% | -10.63% |
Current DrawdownCurrent decline from peak | -11.48% | -2.79% | -8.69% |
Average DrawdownAverage peak-to-trough decline | -14.72% | -17.79% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 3.42% | +1.08% |
Volatility
EMAD.L vs. PADV.L - Volatility Comparison
State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) (EMAD.L) has a higher volatility of 9.84% compared to SPDR S&P Pan Asia Dividend Aristocrats UCITS (PADV.L) at 3.02%. This indicates that EMAD.L's price experiences larger fluctuations and is considered to be riskier than PADV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMAD.L | PADV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.84% | 3.02% | +6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 9.56% | +11.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.53% | 12.52% | +11.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.80% | 15.13% | +5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 15.34% | +4.81% |
EMAD.L vs. PADV.L - Expense Ratio Comparison
Both EMAD.L and PADV.L have an expense ratio of 0.55%.
Dividends
EMAD.L vs. PADV.L - Dividend Comparison
EMAD.L has not paid dividends to shareholders, while PADV.L's dividend yield for the trailing twelve months is around 2.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMAD.L State Street SPDR MSCI EM Asia UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PADV.L SPDR S&P Pan Asia Dividend Aristocrats UCITS | 2.84% | 2.96% | 3.06% | 2.94% | 3.44% | 2.90% | 2.96% | 2.79% | 2.38% | 1.76% | 2.14% | 3.13% |
Frequently Asked Questions
EMAD.L and PADV.L 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.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMAD.L and PADV.L have the same expense ratio: 0.55% per year.
EMAD.L tracks MSCI EM (Emerging Markets) Asia Index, while PADV.L tracks MSCI AC Asia Pacific NR USD.
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