MEM vs. SPY

Last updated Jun 23, 2026

MEM (Matthews Emerging Markets Equity Active ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MEM is a Emerging Markets Diversified fund actively managed by Matthews, while SPY is a S&P 500 fund tracking the S&P 500 Index. MEM is actively managed, while SPY is passively managed. Over the past 3 years, MEM returned 24.32%/yr vs 21.27%/yr for SPY. A 0.68 correlation means they provide meaningful diversification when combined. MEM charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

MEM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Equity Active ETF (MEM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEM achieves a 32.34% return, which is significantly higher than SPY's 9.74% return.

MEM

• 1D: 0.66%
• 1M: 8.84%
• YTD: 32.34%
• 6M: 34.02%
• 1Y: 56.17%
• 3Y*: 24.32%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

MEM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MEM Matthews Emerging Markets Equity Active ETF	32.34%	28.31%	10.11%	6.92%	7.13%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	1.83%

Correlation

The correlation between MEM and SPY is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022	0.68

The correlation between MEM and SPY has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Return for Risk

MEM vs. SPY — Risk / Return Rank

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

MEM

MEM Risk / Return Rank: 77
MEM Sharpe Ratio Rank: 80
MEM Sortino Ratio Rank: 75
MEM Omega Ratio Rank: 79
MEM Calmar Ratio Rank: 78
MEM Martin Ratio Rank: 74

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

MEM vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Equity Active ETF (MEM) and State Street SPDR S&P 500 ETF (SPY). 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.

	MEM	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.16	+0.32
Sortino ratio: Return per unit of downside risk	3.22	2.91	+0.31
Omega ratio: Gain probability vs. loss probability	1.45	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	3.86	3.01	+0.85
Martin ratio: Return relative to average drawdown	13.61	13.54	+0.07

MEM vs. SPY - Sharpe Ratio Comparison

The current MEM Sharpe Ratio is 2.48, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MEM and SPY, 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

MEM vs. SPY - Drawdown Comparison

The maximum MEM drawdown since its inception was -19.10%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MEM and SPY.

Drawdown Indicators

	MEM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-19.10%	-55.19%	+36.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.62%	-8.88%	-5.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-18.76%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-4.72%	-9.04%	+4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	1.97%	+2.17%

Volatility

MEM vs. SPY - Volatility Comparison

Matthews Emerging Markets Equity Active ETF (MEM) has a higher volatility of 11.28% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that MEM's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.28%	4.64%	+6.64%
Volatility (6M) Calculated over the trailing 6-month period	20.43%	9.75%	+10.68%
Volatility (1Y) Calculated over the trailing 1-year period	22.84%	12.43%	+10.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	17.14%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	17.99%	+0.89%

MEM vs. SPY - Expense Ratio Comparison

MEM has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MEM vs. SPY - Dividend Comparison

MEM's dividend yield for the trailing twelve months is around 2.69%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEM Matthews Emerging Markets Equity Active ETF	2.69%	3.56%	7.81%	0.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MEM and SPY in my portfolio?

MEM and SPY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEM or SPY?

MEM has higher volatility (11.28%) compared to SPY (4.64%). In terms of maximum drawdown, MEM dropped -19.10% vs SPY's -55.19%.

Which ETF is better, MEM or SPY?

On 3-year performance, MEM leads with 24.32% vs 21.27% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEM or SPY?

Over the 3-year period, MEM has performed better with a 24.32% return vs 21.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEM or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for MEM.

Which ETF pays a higher dividend yield, MEM or SPY?

MEM has the higher dividend yield at 2.69%, compared with 1.01% for SPY.

What is the main difference between MEM and SPY?

MEM is categorized as Emerging Markets Diversified, while SPY is S&P 500. They also come from different issuers: Matthews and State Street. Their fees differ too: 0.79% for MEM and 0.09% for SPY.

Which has better risk-adjusted returns?

MEM currently has the higher Sharpe Ratio (2.48 vs 2.16), 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.