EMCR vs. SPEM

Last updated Jun 23, 2026

EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - EMCR tracks the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 5 years, EMCR returned 9.77%/yr vs 6.53%/yr for SPEM. Their correlation of 0.93 suggests significant overlap in exposure. EMCR charges 0.15%/yr vs 0.07%/yr for SPEM.

Performance

EMCR vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMCR achieves a 25.27% return, which is significantly higher than SPEM's 14.64% return.

EMCR

• 1D: 0.42%
• 1M: 7.36%
• YTD: 25.27%
• 6M: 26.91%
• 1Y: 50.14%
• 3Y*: 24.41%
• 5Y*: 9.77%
• 10Y*: —

SPEM

• 1D: 1.10%
• 1M: 4.42%
• YTD: 14.64%
• 6M: 15.36%
• 1Y: 33.19%
• 3Y*: 19.39%
• 5Y*: 6.53%
• 10Y*: 9.96%

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

EMCR vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	25.27%	33.25%	9.69%	10.55%	-18.73%	5.54%	13.49%	22.41%	-2.49%
SPEM SPDR Portfolio Emerging Markets ETF	14.64%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-3.04%

Correlation

The correlation between EMCR and SPEM is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.93

The correlation between EMCR and SPEM has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

EMCR vs. SPEM - Sectors Allocation Comparison

Sectors	EMCR	SPEM
Technology	42.2%	32.1%
Financial Services	18.9%	19.2%
Consumer Cyclical	9.6%	9.6%
Communication Services	8.8%	6.7%
Industrials	6.3%	8.3%
Healthcare	5.0%	3.7%
Basic Materials	3.5%	8.0%
Consumer Defensive	2.5%	3.6%
Real Estate	1.7%	1.8%
Utilities	1.4%	2.8%
Energy	0.1%	4.2%

Return for Risk

EMCR vs. SPEM — Risk / Return Rank

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

EMCR

EMCR Risk / Return Rank: 74
EMCR Sharpe Ratio Rank: 77
EMCR Sortino Ratio Rank: 69
EMCR Omega Ratio Rank: 78
EMCR Calmar Ratio Rank: 74
EMCR Martin Ratio Rank: 73

SPEM

SPEM Risk / Return Rank: 61
SPEM Sharpe Ratio Rank: 62
SPEM Sortino Ratio Rank: 59
SPEM Omega Ratio Rank: 63
SPEM Calmar Ratio Rank: 61
SPEM Martin Ratio Rank: 60

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.

EMCR vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

	EMCR	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.99	+0.37
Sortino ratio: Return per unit of downside risk	3.03	2.70	+0.33
Omega ratio: Gain probability vs. loss probability	1.44	1.37	+0.07
Calmar ratio: Return relative to maximum drawdown	3.64	2.93	+0.71
Martin ratio: Return relative to average drawdown	13.38	10.51	+2.87

EMCR vs. SPEM - Sharpe Ratio Comparison

The current EMCR Sharpe Ratio is 2.36, which is comparable to the SPEM Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of EMCR and SPEM, 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

EMCR vs. SPEM - Drawdown Comparison

The maximum EMCR drawdown since its inception was -34.28%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for EMCR and SPEM.

Drawdown Indicators

	EMCR	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-64.41%	+30.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-11.36%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-17.62%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-34.28%	-31.75%	-2.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.29%	-14.72%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.16%	+0.60%

Volatility

EMCR vs. SPEM - Volatility Comparison

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) has a higher volatility of 10.20% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 6.73%. This indicates that EMCR's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCR	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	6.73%	+3.47%
Volatility (6M) Calculated over the trailing 6-month period	19.05%	14.43%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	16.77%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	17.30%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	18.84%	+1.22%

EMCR vs. SPEM - Expense Ratio Comparison

EMCR has a 0.15% expense ratio, which is higher than SPEM's 0.07% 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

EMCR vs. SPEM - Dividend Comparison

EMCR's dividend yield for the trailing twelve months is around 1.40%, less than SPEM's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1.40%	2.43%	6.62%	1.95%	3.05%	1.83%	1.75%	3.15%	0.19%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	3.44%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both EMCR and SPEM in my portfolio?

With a correlation of 0.95, EMCR and SPEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EMCR or SPEM?

EMCR has higher volatility (10.20%) compared to SPEM (6.73%). In terms of maximum drawdown, EMCR dropped -34.28% vs SPEM's -64.41%.

Which ETF is better, EMCR or SPEM?

On 5-year performance, EMCR leads with 9.77% vs 6.53% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCR or SPEM?

Over the 5-year period, EMCR has performed better with a 9.77% return vs 6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCR or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.15% for EMCR.

Which ETF pays a higher dividend yield, EMCR or SPEM?

SPEM has the higher dividend yield at 3.44%, compared with 1.40% for EMCR.

What is the main difference between EMCR and SPEM?

EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.15% for EMCR and 0.07% for SPEM.

Which has better risk-adjusted returns?

EMCR currently has the higher Sharpe Ratio (2.36 vs 1.99), 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.