JHEM vs. SPEM

Last updated Aug 5, 2026

JHEM (John Hancock Multifactor Emerging Markets ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - JHEM tracks the John Hancock Dimensional Emerging Markets Index while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 5 years, JHEM returned 8.01%/yr vs 6.91%/yr for SPEM. Their 0.95 correlation means they have historically moved very closely together. JHEM charges 0.49%/yr vs 0.07%/yr for SPEM.

Performance

JHEM vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Emerging Markets ETF (JHEM) 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, JHEM achieves a 20.50% return, which is significantly higher than SPEM's 12.25% return.

JHEM

• 1D: 2.55%
• 1M: 1.68%
• 6M: 12.12%
• YTD: 20.50%
• 1Y: 37.35%
• 3Y*: 19.32%
• 5Y*: 8.01%
• 10Y*: —
• ALL TIME*: 8.43%

SPEM

• 1D: 1.74%
• 1M: 1.76%
• 6M: 6.10%
• YTD: 12.25%
• 1Y: 23.65%
• 3Y*: 16.98%
• 5Y*: 6.91%
• 10Y*: 8.50%
• ALL TIME*: 5.66%

*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)
JHEM John Hancock Multifactor Emerging Markets ETF	$936.06K	$1.86M	$1.55M
SPEM SPDR Portfolio Emerging Markets ETF	$95.25M	$107.80M	$120.67M

JHEM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JHEM John Hancock Multifactor Emerging Markets ETF	20.50%	30.49%	4.58%	12.94%	-17.90%	2.10%	11.50%	17.68%	-7.63%
SPEM SPDR Portfolio Emerging Markets ETF	12.25%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-6.28%

Correlation

The correlation between JHEM and SPEM is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.95

The correlation between JHEM and SPEM has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

JHEM vs. SPEM - Sectors Allocation Comparison

Sectors	JHEM	SPEM
Technology	18.0%	32.7%
Financial Services	11.0%	19.9%
Consumer Cyclical	6.2%	8.9%
Communication Services	3.8%	6.6%
Basic Materials	1.9%	7.7%
Industrials	1.5%	8.3%
Energy	1.1%	3.8%
Healthcare	1.1%	3.9%
Consumer Defensive	0.9%	3.7%
Real Estate	0.3%	1.8%
Utilities	0.2%	2.7%

Return for Risk

JHEM vs. SPEM — Risk / Return Rank

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

JHEM

JHEM Risk / Return Rank: 64
JHEM Sharpe Ratio Rank: 61
JHEM Sortino Ratio Rank: 57
JHEM Omega Ratio Rank: 63
JHEM Calmar Ratio Rank: 76
JHEM Martin Ratio Rank: 66

SPEM

SPEM Risk / Return Rank: 49
SPEM Sharpe Ratio Rank: 48
SPEM Sortino Ratio Rank: 46
SPEM Omega Ratio Rank: 47
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 53

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.

JHEM vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Emerging Markets ETF (JHEM) 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.

	JHEM	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.34	+0.30
Sortino ratio: Return per unit of downside risk	2.22	1.88	+0.34
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	3.04	2.09	+0.95
Martin ratio: Return relative to average drawdown	9.02	6.89	+2.13

JHEM vs. SPEM - Sharpe Ratio Comparison

The current JHEM Sharpe Ratio is 1.64, which is comparable to the SPEM Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of JHEM 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

JHEM vs. SPEM - Drawdown Comparison

The maximum JHEM drawdown since its inception was -34.99%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for JHEM and SPEM.

Drawdown Indicators

	JHEM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-34.99%	-64.41%	+29.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-11.36%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.16%	-17.62%	-0.54%
Max Drawdown (5Y) Largest decline over 5 years	-30.17%	-30.03%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	-5.53%	-2.09%	-3.44%
Average Drawdown Average peak-to-trough decline	-9.87%	-14.65%	+4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	3.44%	+0.71%

Volatility

JHEM vs. SPEM - Volatility Comparison

John Hancock Multifactor Emerging Markets ETF (JHEM) has a higher volatility of 8.47% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.73%. This indicates that JHEM'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

	JHEM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.47%	5.73%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	20.83%	15.37%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	22.87%	17.77%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	17.38%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	18.81%	+2.16%

JHEM vs. SPEM - Expense Ratio Comparison

JHEM has a 0.49% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

JHEM vs. SPEM - Dividend Comparison

JHEM's dividend yield for the trailing twelve months is around 1.80%, less than SPEM's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHEM John Hancock Multifactor Emerging Markets ETF	1.80%	2.39%	2.93%	2.87%	2.84%	2.71%	1.67%	2.37%	0.21%	0.00%	0.00%	0.00%
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

Can I hold both JHEM and SPEM in my portfolio?

With a correlation of 0.92, JHEM and SPEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JHEM or SPEM?

JHEM has higher volatility (8.47%) compared to SPEM (5.73%). In terms of maximum drawdown, JHEM dropped -34.99% vs SPEM's -64.41%.

Which ETF is better, JHEM or SPEM?

On 5-year performance, JHEM leads with 8.01% vs 6.91% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHEM or SPEM?

Over the 5-year period, JHEM has performed better with a 8.01% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHEM or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.49% for JHEM.

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

SPEM has the higher dividend yield at 2.50%, compared with 1.80% for JHEM.

What is the main difference between JHEM and SPEM?

JHEM tracks John Hancock Dimensional Emerging Markets Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Manulife and State Street. Their fees differ too: 0.49% for JHEM and 0.07% for SPEM.

Which has better risk-adjusted returns?

JHEM currently has the higher Sharpe Ratio (1.64 vs 1.34), 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.