GMF vs. SPEU

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Emerging Asia Pacific ETF (GMF) and SPDR Portfolio Europe ETF (SPEU).

GMF and SPEU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMF is a passively managed fund by State Street that tracks the performance of the S&P Asia Pacific Emerging BMI Index. It was launched on Mar 19, 2007. SPEU is a passively managed fund by State Street that tracks the performance of the STOXX Europe Total Market. It was launched on Oct 15, 2002. Both GMF and SPEU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GMF vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Asia Pacific ETF (GMF) and SPDR Portfolio Europe ETF (SPEU). The values are adjusted to include any dividend payments, if applicable.

GMF vs. SPEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMF SPDR S&P Emerging Asia Pacific ETF	-1.90%	21.99%	16.55%	8.20%	-18.99%	-1.93%	24.96%	19.92%	-14.25%	41.71%
SPEU SPDR Portfolio Europe ETF	-1.25%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%

Returns By Period

In the year-to-date period, GMF achieves a -1.90% return, which is significantly lower than SPEU's -1.25% return. Over the past 10 years, GMF has underperformed SPEU with an annualized return of 8.54%, while SPEU has yielded a comparatively higher 9.00% annualized return.

GMF

• 1D: 2.82%
• 1M: -8.44%
• YTD: -1.90%
• 6M: -1.22%
• 1Y: 19.57%
• 3Y*: 13.03%
• 5Y*: 2.75%
• 10Y*: 8.54%

SPEU

• 1D: 3.20%
• 1M: -8.30%
• YTD: -1.25%
• 6M: 4.53%
• 1Y: 20.92%
• 3Y*: 14.15%
• 5Y*: 8.52%
• 10Y*: 9.00%

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

GMF vs. SPEU - Expense Ratio Comparison

GMF has a 0.49% expense ratio, which is higher than SPEU's 0.09% expense ratio.

GMF

SPDR S&P Emerging Asia Pacific ETF

SPEU

SPDR Portfolio Europe ETF

Return for Risk

GMF vs. SPEU — Risk / Return Rank

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

GMF

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

SPEU

SPEU Risk / Return Rank: 69
SPEU Sharpe Ratio Rank: 72
SPEU Sortino Ratio Rank: 72
SPEU Omega Ratio Rank: 69
SPEU Calmar Ratio Rank: 66
SPEU Martin Ratio Rank: 65

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.

GMF vs. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Asia Pacific ETF (GMF) and SPDR Portfolio Europe ETF (SPEU). 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.

	GMF	SPEU	Difference
Sharpe ratio Return per unit of total volatility	1.06	1.23	-0.17
Sortino ratio Return per unit of downside risk	1.56	1.73	-0.17
Omega ratio Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio Return relative to maximum drawdown	1.48	1.60	-0.12
Martin ratio Return relative to average drawdown	5.64	6.13	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMF vs. SPEU - Sharpe Ratio Comparison

The current GMF Sharpe Ratio is 1.06, which is comparable to the SPEU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GMF and SPEU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMF	SPEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	1.23	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.49	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.49	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.30	-0.03

Correlation

The correlation between GMF and SPEU is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GMF vs. SPEU - Dividend Comparison

GMF's dividend yield for the trailing twelve months is around 1.52%, less than SPEU's 3.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMF SPDR S&P Emerging Asia Pacific ETF	1.52%	1.49%	1.92%	2.75%	2.54%	2.71%	1.32%	1.75%	2.26%	1.70%	2.49%	3.76%
SPEU SPDR Portfolio Europe ETF	3.63%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Drawdowns

GMF vs. SPEU - Drawdown Comparison

The maximum GMF drawdown since its inception was -67.18%, which is greater than SPEU's maximum drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for GMF and SPEU.

Drawdown Indicators

	GMF	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-67.18%	-62.45%	-4.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.03%	-12.09%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-36.10%	-32.70%	-3.40%
Max Drawdown (10Y) Largest decline over 10 years	-40.18%	-36.83%	-3.35%
Current Drawdown Current decline from peak	-10.16%	-8.66%	-1.50%
Average Drawdown Average peak-to-trough decline	-16.72%	-13.93%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.16%	+0.27%

Volatility

GMF vs. SPEU - Volatility Comparison

SPDR S&P Emerging Asia Pacific ETF (GMF) and SPDR Portfolio Europe ETF (SPEU) have volatilities of 7.44% and 7.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMF	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.44%	7.66%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	10.92%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	17.21%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.37%	17.32%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	18.43%	+0.69%