MXFP.L vs. QEMM

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco MSCI Emerging Markets UCITS ETF (MXFP.L) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM).

MXFP.L and QEMM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MXFP.L is a passively managed fund by Invesco that tracks the performance of the MSCI EM NR USD. It was launched on Apr 26, 2010. QEMM is a passively managed fund by State Street that tracks the performance of the MSCI EM Factor Mix A-Series (USD). It was launched on Jun 4, 2014. Both MXFP.L and QEMM 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

MXFP.L vs. QEMM - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Emerging Markets UCITS ETF (MXFP.L) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). The values are adjusted to include any dividend payments, if applicable.

MXFP.L vs. QEMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXFP.L Invesco MSCI Emerging Markets UCITS ETF	5.95%	24.86%	8.78%	2.95%	-10.46%	-1.96%	14.06%	12.84%	-9.61%	24.99%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	7.02%	13.24%	6.82%	6.87%	-8.05%	7.34%	6.72%	11.01%	-8.19%	20.13%

Different Trading Currencies

MXFP.L is traded in GBp, while QEMM is traded in USD. To make them comparable, the QEMM values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, MXFP.L achieves a 5.95% return, which is significantly lower than QEMM's 7.02% return. Over the past 10 years, MXFP.L has outperformed QEMM with an annualized return of 8.69%, while QEMM has yielded a comparatively lower 7.90% annualized return.

MXFP.L

• 1D: 3.30%
• 1M: -5.28%
• YTD: 5.95%
• 6M: 10.44%
• 1Y: 30.70%
• 3Y*: 13.64%
• 5Y*: 4.85%
• 10Y*: 8.69%

QEMM

• 1D: 0.19%
• 1M: -4.07%
• YTD: 7.02%
• 6M: 10.24%
• 1Y: 23.50%
• 3Y*: 10.68%
• 5Y*: 5.73%
• 10Y*: 7.90%

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

MXFP.L vs. QEMM - Expense Ratio Comparison

MXFP.L has a 0.19% expense ratio, which is lower than QEMM's 0.30% expense ratio.

QEMM

SPDR MSCI Emerging Markets StrategicFactors ETF

MXFP.L

Invesco MSCI Emerging Markets UCITS ETF

Return for Risk

MXFP.L vs. QEMM — Risk / Return Rank

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

MXFP.L

MXFP.L Risk / Return Rank: 85
MXFP.L Sharpe Ratio Rank: 86
MXFP.L Sortino Ratio Rank: 85
MXFP.L Omega Ratio Rank: 84
MXFP.L Calmar Ratio Rank: 86
MXFP.L Martin Ratio Rank: 82

QEMM

QEMM Risk / Return Rank: 80
QEMM Sharpe Ratio Rank: 79
QEMM Sortino Ratio Rank: 80
QEMM Omega Ratio Rank: 79
QEMM Calmar Ratio Rank: 83
QEMM Martin Ratio Rank: 79

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.

MXFP.L vs. QEMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets UCITS ETF (MXFP.L) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). 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.

	MXFP.L	QEMM	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.47	+0.37
Sortino ratio Return per unit of downside risk	2.37	2.09	+0.28
Omega ratio Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio Return relative to maximum drawdown	2.93	2.62	+0.30
Martin ratio Return relative to average drawdown	10.22	8.76	+1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXFP.L vs. QEMM - Sharpe Ratio Comparison

The current MXFP.L Sharpe Ratio is 1.84, which is comparable to the QEMM Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MXFP.L and QEMM, 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

	MXFP.L	QEMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.47	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.44	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.50	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.39	+0.13

Correlation

The correlation between MXFP.L and QEMM is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MXFP.L vs. QEMM - Dividend Comparison

MXFP.L has not paid dividends to shareholders, while QEMM's dividend yield for the trailing twelve months is around 4.65%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXFP.L Invesco MSCI Emerging Markets UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.65%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Drawdowns

MXFP.L vs. QEMM - Drawdown Comparison

The maximum MXFP.L drawdown since its inception was -27.23%, roughly equal to the maximum QEMM drawdown of -28.01%. Use the drawdown chart below to compare losses from any high point for MXFP.L and QEMM.

Drawdown Indicators

	MXFP.L	QEMM	Difference
Max Drawdown Largest peak-to-trough decline	-27.23%	-36.89%	+9.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.72%	-10.40%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-23.92%	-27.55%	+3.63%
Max Drawdown (10Y) Largest decline over 10 years	-27.23%	-36.89%	+9.66%
Current Drawdown Current decline from peak	-7.29%	-7.37%	+0.08%
Average Drawdown Average peak-to-trough decline	-9.11%	-10.77%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.89%	+0.17%

Volatility

MXFP.L vs. QEMM - Volatility Comparison

Invesco MSCI Emerging Markets UCITS ETF (MXFP.L) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) have volatilities of 7.10% and 6.83%, 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

	MXFP.L	QEMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.10%	6.83%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	11.70%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.61%	16.06%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	12.96%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	15.97%	+1.85%