EMGF vs. SPY

Last updated Jun 21, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EMGF returned 11.75%/yr vs 15.48%/yr for SPY. A 0.63 correlation means they provide meaningful diversification when combined. EMGF charges 0.45%/yr vs 0.09%/yr for SPY.

Performance

EMGF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) 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, EMGF achieves a 32.24% return, which is significantly higher than SPY's 10.09% return. Over the past 10 years, EMGF has underperformed SPY with an annualized return of 11.75%, while SPY has yielded a comparatively higher 15.48% annualized return.

EMGF

• 1D: 3.21%
• 1M: 7.58%
• YTD: 32.24%
• 6M: 34.49%
• 1Y: 55.13%
• 3Y*: 26.05%
• 5Y*: 11.40%
• 10Y*: 11.75%

SPY

• 1D: 1.04%
• 1M: 0.80%
• YTD: 10.09%
• 6M: 10.30%
• 1Y: 27.05%
• 3Y*: 20.82%
• 5Y*: 14.00%
• 10Y*: 15.48%

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

EMGF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	32.24%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%
SPY State Street SPDR S&P 500 ETF	10.09%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EMGF and SPY 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	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 10, 2015	0.63

The correlation between EMGF and SPY shifts across timeframes, from 0.63 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

EMGF vs. SPY - Sectors Allocation Comparison

Sectors	EMGF	SPY
Technology	41.4%	39.0%
Financial Services	17.4%	11.1%
Consumer Cyclical	9.6%	9.9%
Industrials	7.2%	7.8%
Communication Services	6.5%	10.6%
Basic Materials	5.3%	1.7%
Energy	3.6%	3.1%
Consumer Defensive	3.4%	4.5%
Healthcare	2.4%	8.3%
Utilities	2.3%	2.1%
Real Estate	1.0%	1.8%

Return for Risk

EMGF vs. SPY — Risk / Return Rank

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

EMGF

EMGF Risk / Return Rank: 80
EMGF Sharpe Ratio Rank: 82
EMGF Sortino Ratio Rank: 76
EMGF Omega Ratio Rank: 82
EMGF Calmar Ratio Rank: 81
EMGF Martin Ratio Rank: 80

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

EMGF vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) 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.

	EMGF	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.17	+0.31
Sortino ratio: Return per unit of downside risk	3.19	2.92	+0.27
Omega ratio: Gain probability vs. loss probability	1.46	1.39	+0.07
Calmar ratio: Return relative to maximum drawdown	4.02	3.02	+0.99
Martin ratio: Return relative to average drawdown	14.86	13.61	+1.25

EMGF vs. SPY - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 2.48, which is comparable to the SPY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of EMGF 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

EMGF vs. SPY - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EMGF and SPY.

Drawdown Indicators

	EMGF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-55.19%	+14.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-8.88%	-4.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-18.76%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	-28.20%	-24.50%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	-40.23%	-33.72%	-6.51%
Current Drawdown Current decline from peak	0.00%	-1.44%	+1.44%
Average Drawdown Average peak-to-trough decline	-10.03%	-9.04%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	1.97%	+1.69%

Volatility

EMGF vs. SPY - Volatility Comparison

iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a higher volatility of 11.26% compared to State Street SPDR S&P 500 ETF (SPY) at 4.73%. This indicates that EMGF'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

	EMGF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.26%	4.73%	+6.53%
Volatility (6M) Calculated over the trailing 6-month period	19.91%	9.81%	+10.10%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	12.41%	+9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	17.15%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	17.98%	+1.66%

EMGF vs. SPY - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EMGF vs. SPY - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 1.90%, more than SPY's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.90%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%	0.00%
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 EMGF and SPY in my portfolio?

EMGF 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, EMGF or SPY?

EMGF has higher volatility (11.26%) compared to SPY (4.73%). In terms of maximum drawdown, EMGF dropped -40.23% vs SPY's -55.19%.

Which ETF is better, EMGF or SPY?

On 10-year performance, SPY leads with 15.48% vs 11.75% for EMGF. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMGF or SPY?

Over the 10-year period, SPY has performed better with a 15.48% return vs 11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMGF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.45% for EMGF.

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

EMGF has the higher dividend yield at 1.90%, compared with 1.01% for SPY.

What is the main difference between EMGF and SPY?

EMGF is categorized as Emerging Markets Equities, while SPY is S&P 500. EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.45% for EMGF and 0.09% for SPY.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (2.48 vs 2.17), 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.