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QEFA vs. QEMM
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QEFA vs. QEMM

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR MSCI EAFE StrategicFactors ETF (QEFA) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM).

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

QEFA vs. QEMM - Performance Comparison

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

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QEFA vs. QEMM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QEFA
SPDR MSCI EAFE StrategicFactors ETF		2.87%29.25%2.27%17.40%-14.03%12.50%6.76%21.91%-10.39%24.03%
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		4.84%21.92%4.98%12.50%-17.82%6.34%9.95%15.40%-13.33%31.50%

Returns By Period

In the year-to-date period, QEFA achieves a 2.87% return, which is significantly lower than QEMM's 4.84% return. Over the past 10 years, QEFA has outperformed QEMM with an annualized return of 8.65%, while QEMM has yielded a comparatively lower 7.09% annualized return.

QEFA

1D
2.37%
1M
-6.51%
YTD
2.87%
6M
7.62%
1Y
22.10%
3Y*
13.86%
5Y*
8.19%
10Y*
8.65%

QEMM

1D
2.95%
1M
-6.92%
YTD
4.84%
6M
8.64%
1Y
26.47%
3Y*
13.21%
5Y*
4.75%
10Y*
7.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

Often compared with QEFA:
QEFA vs. EFAQEFA vs. IQLTQEFA vs. IEFAQEFA vs. GSIEQEFA vs. SCHFQEFA vs. ACWIQEFA vs. ACWX
Often compared with QEMM:
QEMM vs. MXFP.LQEMM vs. SPDWQEMM vs. EMGFQEMM vs. JHMBQEMM vs. EMIM.LQEMM vs. URTHQEMM vs. AEME.L

QEFA vs. QEMM - Expense Ratio Comparison

Both QEFA and QEMM have an expense ratio of 0.30%.

QEFA
SPDR MSCI EAFE StrategicFactors ETF
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF

Return for Risk

QEFA vs. QEMM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QEFA
QEFA Risk / Return Rank: 8080
Overall Rank
QEFA Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
QEFA Sortino Ratio Rank: 8282
Sortino Ratio Rank
QEFA Omega Ratio Rank: 7878
Omega Ratio Rank
QEFA Calmar Ratio Rank: 8181
Calmar Ratio Rank
QEFA Martin Ratio Rank: 8080
Martin Ratio Rank
QEMM
QEMM Risk / Return Rank: 8282
Overall Rank
QEMM Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
QEMM Sortino Ratio Rank: 8282
Sortino Ratio Rank
QEMM Omega Ratio Rank: 8181
Omega Ratio Rank
QEMM Calmar Ratio Rank: 8585
Calmar Ratio Rank
QEMM Martin Ratio Rank: 8383
Martin Ratio Rank
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.

QEFA vs. QEMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI EAFE StrategicFactors ETF (QEFA) 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.

QEFAQEMMDifference

Sharpe ratio

Return per unit of total volatility

1.45

1.54

-0.10

Sortino ratio

Return per unit of downside risk

2.07

2.16

-0.09

Omega ratio

Gain probability vs. loss probability

1.29

1.31

-0.02

Calmar ratio

Return relative to maximum drawdown

2.21

2.56

-0.35

Martin ratio

Return relative to average drawdown

8.40

9.33

-0.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QEFA vs. QEMM - Sharpe Ratio Comparison

The current QEFA Sharpe Ratio is 1.45, which is comparable to the QEMM Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of QEFA 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.

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Sharpe Ratios by Period

QEFAQEMMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.45

1.54

-0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

0.32

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.43

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.26

+0.15

Correlation

The correlation between QEFA and QEMM is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QEFA vs. QEMM - Dividend Comparison

QEFA's dividend yield for the trailing twelve months is around 3.04%, less than QEMM's 4.67% yield.

TTM20252024202320222021202020192018201720162015
QEFA
SPDR MSCI EAFE StrategicFactors ETF		3.04%3.13%3.17%2.79%3.02%2.37%1.82%2.95%3.22%2.33%2.01%2.94%
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		4.67%4.90%5.17%4.88%4.07%2.35%2.48%3.05%2.86%2.11%2.03%2.14%

Drawdowns

QEFA vs. QEMM - Drawdown Comparison

The maximum QEFA drawdown since its inception was -31.71%, smaller than the maximum QEMM drawdown of -36.89%. Use the drawdown chart below to compare losses from any high point for QEFA and QEMM.

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Drawdown Indicators

QEFAQEMMDifference

Max Drawdown

Largest peak-to-trough decline

-31.71%

-36.89%

+5.18%

Max Drawdown (1Y)

Largest decline over 1 year

-9.58%

-10.40%

+0.82%

Max Drawdown (5Y)

Largest decline over 5 years

-28.09%

-27.55%

-0.54%

Max Drawdown (10Y)

Largest decline over 10 years

-31.71%

-36.89%

+5.18%

Current Drawdown

Current decline from peak

-6.51%

-7.76%

+1.25%

Average Drawdown

Average peak-to-trough decline

-6.13%

-10.77%

+4.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.52%

2.85%

-0.33%

Volatility

QEFA vs. QEMM - Volatility Comparison

The current volatility for SPDR MSCI EAFE StrategicFactors ETF (QEFA) is 6.47%, while SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a volatility of 9.11%. This indicates that QEFA experiences smaller price fluctuations and is considered to be less risky than QEMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QEFAQEMMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.47%

9.11%

-2.64%

Volatility (6M)

Calculated over the trailing 6-month period

9.43%

12.57%

-3.14%

Volatility (1Y)

Calculated over the trailing 1-year period

15.36%

17.21%

-1.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.71%

14.81%

-0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.00%

16.73%

-0.73%