EMMF vs. SPEM

Last updated Jun 4, 2026

EMMF (WisdomTree Emerging Markets Multifactor Fund) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - EMMF is a Asia Pacific Equities fund actively managed by WisdomTree, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. EMMF is actively managed, while SPEM is passively managed. Over the past 5 years, EMMF returned 10.81%/yr vs 5.70%/yr for SPEM. Their correlation of 0.89 suggests significant overlap in exposure. EMMF charges 0.48%/yr vs 0.11%/yr for SPEM.

Performance

EMMF vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets Multifactor Fund (EMMF) 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, EMMF achieves a 28.01% return, which is significantly higher than SPEM's 12.45% return.

EMMF

• 1D: -0.96%
• 1M: 11.20%
• YTD: 28.01%
• 6M: 29.54%
• 1Y: 49.05%
• 3Y*: 24.00%
• 5Y*: 10.81%
• 10Y*: —

SPEM

• 1D: -1.40%
• 1M: 3.20%
• YTD: 12.45%
• 6M: 14.11%
• 1Y: 31.35%
• 3Y*: 18.73%
• 5Y*: 5.70%
• 10Y*: 9.45%

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

EMMF vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMMF WisdomTree Emerging Markets Multifactor Fund	28.01%	21.22%	9.45%	20.59%	-13.47%	5.97%	9.25%	2.30%	-6.64%
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-7.55%

Correlation

The correlation between EMMF and SPEM is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 13, 2018	0.89

The correlation between EMMF and SPEM has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

EMMF vs. SPEM - Sectors Allocation Comparison

Sectors	EMMF	SPEM
Technology	32.9%	28.2%
Consumer Cyclical	14.0%	10.4%
Financial Services	8.2%	20.2%
Communication Services	6.6%	7.2%
Consumer Defensive	4.4%	3.9%
Industrials	3.8%	8.5%
Energy	2.1%	4.7%
Utilities	2.0%	2.8%
Basic Materials	1.9%	8.2%
Healthcare	0.3%	4.0%
Real Estate	-	1.9%

Return for Risk

EMMF vs. SPEM — Risk / Return Rank

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

EMMF

EMMF Risk / Return Rank: 87
EMMF Sharpe Ratio Rank: 88
EMMF Sortino Ratio Rank: 86
EMMF Omega Ratio Rank: 89
EMMF Calmar Ratio Rank: 85
EMMF Martin Ratio Rank: 87

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

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.

EMMF vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Multifactor Fund (EMMF) 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.

	EMMF	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.98	+1.00
Sortino ratio: Return per unit of downside risk	3.90	2.73	+1.17
Omega ratio: Gain probability vs. loss probability	1.56	1.36	+0.20
Calmar ratio: Return relative to maximum drawdown	4.64	2.77	+1.87
Martin ratio: Return relative to average drawdown	19.15	10.14	+9.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMMF vs. SPEM - Sharpe Ratio Comparison

The current EMMF Sharpe Ratio is 2.98, which is higher than the SPEM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EMMF 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.

Sharpe Ratios by Period

	EMMF	SPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	1.98	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.33	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.23	+0.31

Drawdowns

EMMF vs. SPEM - Drawdown Comparison

The maximum EMMF drawdown since its inception was -32.57%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for EMMF and SPEM.

Drawdown Indicators

	EMMF	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-32.57%	-64.41%	+31.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.62%	-11.36%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-17.62%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-24.99%	-31.88%	+6.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	-1.20%	-1.40%	+0.20%
Average Drawdown Average peak-to-trough decline	-7.45%	-14.75%	+7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.10%	-0.53%

Volatility

EMMF vs. SPEM - Volatility Comparison

WisdomTree Emerging Markets Multifactor Fund (EMMF) has a higher volatility of 7.23% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.69%. This indicates that EMMF'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

	EMMF	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	5.69%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	14.46%	13.29%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.57%	15.92%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	17.13%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	18.80%	-2.18%

EMMF vs. SPEM - Expense Ratio Comparison

EMMF has a 0.48% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

EMMF vs. SPEM - Dividend Comparison

EMMF's dividend yield for the trailing twelve months is around 1.85%, less than SPEM's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMMF WisdomTree Emerging Markets Multifactor Fund	1.85%	2.45%	1.30%	1.62%	3.48%	2.64%	1.93%	2.93%	0.66%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	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 EMMF and SPEM in my portfolio?

EMMF and SPEM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMMF or SPEM?

EMMF has higher volatility (7.23%) compared to SPEM (5.69%). In terms of maximum drawdown, EMMF dropped -32.57% vs SPEM's -64.41%.

Which ETF is better, EMMF or SPEM?

On 5-year performance, EMMF leads with 10.81% vs 5.70% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMMF or SPEM?

Over the 5-year period, EMMF has performed better with a 10.81% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMMF or SPEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.48% for EMMF.

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

SPEM has the higher dividend yield at 2.47%, compared with 1.85% for EMMF.

What is the main difference between EMMF and SPEM?

EMMF is categorized as Asia Pacific Equities, while SPEM is Emerging Markets Equities. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.48% for EMMF and 0.11% for SPEM.

Which has better risk-adjusted returns?

EMMF currently has the higher Sharpe Ratio (2.98 vs 1.98), 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.