ICF vs. SPEM
ICF (iShares Cohen & Steers REIT ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - ICF is a REIT fund tracking the Cohen & Steers Realty Majors Index, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, ICF returned 5.21%/yr vs 8.48%/yr for SPEM. Their 0.47 correlation means their historical movements had little consistent relationship. ICF charges 0.34%/yr vs 0.07%/yr for SPEM.
Performance
ICF vs. SPEM - Performance Comparison
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Returns By Period
In the year-to-date period, ICF achieves a 16.55% return, which is significantly higher than SPEM's 11.99% return. Over the past 10 years, ICF has underperformed SPEM with an annualized return of 5.21%, while SPEM has yielded a comparatively higher 8.48% annualized return.
ICF
- 1D
- -0.16%
- 1M
- 1.43%
- 6M
- 12.80%
- YTD
- 16.55%
- 1Y
- 16.46%
- 3Y*
- 10.97%
- 5Y*
- 2.64%
- 10Y*
- 5.21%
- ALL TIME*
- 8.83%
SPEM
- 1D
- -0.23%
- 1M
- -0.19%
- 6M
- 6.72%
- YTD
- 11.99%
- 1Y
- 23.06%
- 3Y*
- 16.89%
- 5Y*
- 7.00%
- 10Y*
- 8.48%
- ALL TIME*
- 5.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.80M | $10.18M | $9.97M | |
| $97.11M | $108.54M | $119.55M |
ICF vs. SPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 16.55% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
SPEM SPDR Portfolio Emerging Markets ETF | 11.99% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 34.82% |
Correlation
The correlation between ICF and SPEM is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007 | 0.47 |
Over the past year, the correlation between ICF and SPEM has dropped to 0.09 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
ICF vs. SPEM — Risk / Return Rank
ICF
SPEM
ICF vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) 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.
| ICF | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.04 | -0.02 |
| Martin ratioReturn relative to average drawdown | 6.52 | 6.71 | -0.18 |
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Drawdowns
ICF vs. SPEM - Drawdown Comparison
The maximum ICF drawdown since its inception was -76.74%, which is greater than SPEM's maximum drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for ICF and SPEM.
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Drawdown Indicators
| ICF | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.74% | -64.41% | -12.33% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -11.36% | +3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -17.62% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -30.03% | -4.71% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -36.06% | -4.16% |
Current DrawdownCurrent decline from peak | -2.10% | -2.32% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -14.09% | -14.65% | +0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 3.45% | -0.91% |
Volatility
ICF vs. SPEM - Volatility Comparison
The current volatility for iShares Cohen & Steers REIT ETF (ICF) is 4.08%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 5.37%. This indicates that ICF 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.
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Volatility by Period
| ICF | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 5.37% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 10.97% | 15.37% | -4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.03% | 17.75% | -3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 17.38% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.64% | 18.81% | +1.83% |
ICF vs. SPEM - Expense Ratio Comparison
ICF has a 0.34% expense ratio, which is higher than SPEM's 0.07% expense ratio.
Dividends
ICF vs. SPEM - Dividend Comparison
ICF's dividend yield for the trailing twelve months is around 2.41%, less than SPEM's 2.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.41% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.50% | 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
ICF and SPEM have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEM has higher volatility (5.37%) compared to ICF (4.08%). In terms of maximum drawdown, ICF dropped -76.74% vs SPEM's -64.41%.
On 10-year performance, SPEM leads with 8.48% vs 5.21% for ICF. On fees, SPEM is cheaper at 0.07% per year. On volatility, ICF has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPEM has performed better with a 8.48% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.07% expense ratio, compared with 0.34% for ICF.
SPEM has the higher dividend yield at 2.50%, compared with 2.41% for ICF.
ICF is categorized as REIT, while SPEM is Emerging Markets Equities. ICF tracks Cohen & Steers Realty Majors Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.34% for ICF and 0.07% for SPEM.
SPEM currently has the higher Sharpe Ratio (1.30 vs 1.18), 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.
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