EPASX vs. SPEM

Last updated Aug 1, 2026

EPASX (EP Emerging Markets Small Companies Fund) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds. Over the past 10 years, EPASX returned 4.87%/yr vs 8.53%/yr for SPEM. Their 0.72 correlation means they have sometimes moved together and sometimes differently. EPASX charges 1.75%/yr vs 0.07%/yr for SPEM.

Performance

EPASX vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EP Emerging Markets Small Companies Fund (EPASX) 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, EPASX achieves a 2.82% return, which is significantly lower than SPEM's 9.89% return. Over the past 10 years, EPASX has underperformed SPEM with an annualized return of 4.87%, while SPEM has yielded a comparatively higher 8.53% annualized return.

EPASX

• 1D: 2.82%
• 1M: 2.29%
• 6M: -2.43%
• YTD: 2.82%
• 1Y: 13.69%
• 3Y*: 8.28%
• 5Y*: -0.97%
• 10Y*: 4.87%
• ALL TIME*: 4.38%

SPEM

• 1D: 0.77%
• 1M: -0.37%
• 6M: 4.56%
• YTD: 9.89%
• 1Y: 22.14%
• 3Y*: 15.56%
• 5Y*: 6.70%
• 10Y*: 8.53%
• ALL TIME*: 5.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EPASX EP Emerging Markets Small Companies Fund	$0.00	$0.00	$0.00
SPEM SPDR Portfolio Emerging Markets ETF	$90.49M	$105.53M	$120.92M

EPASX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPASX EP Emerging Markets Small Companies Fund	2.82%	25.43%	0.64%	7.15%	-28.73%	9.75%	27.20%	14.82%	-21.57%	34.40%
SPEM SPDR Portfolio Emerging Markets ETF	9.89%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between EPASX and SPEM is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.72

The correlation between EPASX and SPEM shifts across timeframes, from 0.72 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

EPASX vs. SPEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EPASX

EPASX Risk / Return Rank: 22
EPASX Sharpe Ratio Rank: 23
EPASX Sortino Ratio Rank: 22
EPASX Omega Ratio Rank: 24
EPASX Calmar Ratio Rank: 25
EPASX Martin Ratio Rank: 18

SPEM

SPEM Risk / Return Rank: 51
SPEM Sharpe Ratio Rank: 50
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 50
SPEM Calmar Ratio Rank: 54
SPEM Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EPASX vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EP Emerging Markets Small Companies Fund (EPASX) 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.

	EPASX	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.23	-0.41
Sortino ratio: Return per unit of downside risk	1.21	1.74	-0.53
Omega ratio: Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio: Return relative to maximum drawdown	1.17	1.91	-0.74
Martin ratio: Return relative to average drawdown	2.63	6.31	-3.67

EPASX vs. SPEM - Sharpe Ratio Comparison

The current EPASX Sharpe Ratio is 0.82, which is lower than the SPEM Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of EPASX 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

EPASX vs. SPEM - Drawdown Comparison

The maximum EPASX drawdown since its inception was -41.54%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for EPASX and SPEM.

Drawdown Indicators

	EPASX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-64.41%	+22.87%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-11.36%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-17.62%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-38.99%	-30.03%	-8.96%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-36.06%	-5.48%
Current Drawdown Current decline from peak	-7.55%	-4.14%	-3.41%
Average Drawdown Average peak-to-trough decline	-15.57%	-14.66%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	3.43%	+1.15%

Volatility

EPASX vs. SPEM - Volatility Comparison

The current volatility for EP Emerging Markets Small Companies Fund (EPASX) is 4.94%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 5.72%. This indicates that EPASX experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPASX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.72%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	12.84%	15.43%	-2.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.78%	17.70%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.87%	17.36%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	18.80%	-3.50%

EPASX vs. SPEM - Expense Ratio Comparison

EPASX has a 1.75% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

EPASX vs. SPEM - Dividend Comparison

EPASX's dividend yield for the trailing twelve months is around 1.90%, less than SPEM's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPASX EP Emerging Markets Small Companies Fund	1.90%	1.95%	2.00%	1.20%	0.50%	21.67%	0.54%	0.27%	11.18%	4.20%	1.50%	1.30%
SPEM SPDR Portfolio Emerging Markets ETF	2.55%	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 EPASX and SPEM in my portfolio?

EPASX and SPEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPASX or SPEM?

SPEM has higher volatility (5.72%) compared to EPASX (4.94%). In terms of maximum drawdown, EPASX dropped -41.54% vs SPEM's -64.41%.

Which has better risk-adjusted returns?

SPEM currently has the higher Sharpe Ratio (1.23 vs 0.82), 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.