IMVP vs. SPEM
IMVP (Invesco India ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - IMVP tracks the FTSE India Quality and Yield Select Index while SPEM tracks the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, IMVP returned 8.19%/yr vs 9.45%/yr for SPEM. A 0.71 correlation means they provide meaningful diversification when combined. IMVP charges 0.78%/yr vs 0.11%/yr for SPEM.
Performance
IMVP vs. SPEM - Performance Comparison
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Returns By Period
In the year-to-date period, IMVP achieves a -16.08% return, which is significantly lower than SPEM's 12.45% return. Over the past 10 years, IMVP has underperformed SPEM with an annualized return of 8.19%, while SPEM has yielded a comparatively higher 9.45% annualized return.
IMVP
- 1D
- -2.11%
- 1M
- -2.53%
- YTD
- -16.08%
- 6M
- -14.80%
- 1Y
- -16.87%
- 3Y*
- 2.95%
- 5Y*
- 2.42%
- 10Y*
- 8.19%
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%
IMVP vs. SPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -16.08% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
SPEM SPDR Portfolio Emerging Markets ETF | 12.45% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 34.82% |
Correlation
The correlation between IMVP and SPEM is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2008 | 0.71 |
The correlation between IMVP and SPEM shifts across timeframes, from 0.54 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IMVP vs. SPEM — Risk / Return Rank
IMVP
SPEM
IMVP vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.
| IMVP | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.36 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 2.77 | -3.56 |
| Martin ratioReturn relative to average drawdown | -1.84 | 10.14 | -11.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IMVP | SPEM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 1.98 | -3.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.33 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.50 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.23 | -0.12 |
Drawdowns
IMVP vs. SPEM - Drawdown Comparison
The maximum IMVP drawdown since its inception was -64.54%, roughly equal to the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for IMVP and SPEM.
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Drawdown Indicators
| IMVP | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.54% | -64.41% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -21.44% | -11.36% | -10.08% |
Max Drawdown (3Y)Largest decline over 3 years | -25.80% | -17.62% | -8.18% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -31.88% | +6.08% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -36.06% | -3.63% |
Current DrawdownCurrent decline from peak | -23.71% | -1.40% | -22.31% |
Average DrawdownAverage peak-to-trough decline | -16.70% | -14.75% | -1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.16% | 3.10% | +6.06% |
Volatility
IMVP vs. SPEM - Volatility Comparison
Invesco India ETF (IMVP) has a higher volatility of 6.00% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.69%. This indicates that IMVP'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.
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Volatility by Period
| IMVP | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 5.69% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 14.16% | 13.29% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 15.92% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.11% | 17.13% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 18.80% | +0.79% |
IMVP vs. SPEM - Expense Ratio Comparison
IMVP has a 0.78% expense ratio, which is higher than SPEM's 0.11% expense ratio.
Dividends
IMVP vs. SPEM - Dividend Comparison
IMVP's dividend yield for the trailing twelve months is around 8.81%, more than SPEM's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | 8.81% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
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
IMVP and SPEM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IMVP has higher volatility (6.00%) compared to SPEM (5.69%). In terms of maximum drawdown, IMVP dropped -64.54% vs SPEM's -64.41%.
On 10-year performance, SPEM leads with 9.45% vs 8.19% for IMVP. 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.
Over the 10-year period, SPEM has performed better with a 9.45% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.11% expense ratio, compared with 0.78% for IMVP.
IMVP has the higher dividend yield at 8.81%, compared with 2.47% for SPEM.
IMVP tracks FTSE India Quality and Yield Select Index, while SPEM tracks S&P Emerging Markets BMI. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.78% for IMVP and 0.11% for SPEM.
SPEM currently has the higher Sharpe Ratio (1.98 vs -1.05), 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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