QEMM vs. DVYE

Last updated Jun 17, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and DVYE (iShares Emerging Markets Dividend ETF) are both Emerging Markets Equities funds - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while DVYE tracks the Dow Jones Emerging Markets Select Dividend Index. Both are passively managed. Over the past 10 years, QEMM returned 9.15%/yr vs 7.86%/yr for DVYE. A 0.76 correlation means they provide meaningful diversification when combined. QEMM charges 0.30%/yr vs 0.49%/yr for DVYE.

Performance

QEMM vs. DVYE - Performance Comparison

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

Returns By Period

In the year-to-date period, QEMM achieves a 24.84% return, which is significantly higher than DVYE's 9.72% return. Over the past 10 years, QEMM has outperformed DVYE with an annualized return of 9.15%, while DVYE has yielded a comparatively lower 7.86% annualized return.

QEMM

• 1D: -1.10%
• 1M: 6.42%
• YTD: 24.84%
• 6M: 27.81%
• 1Y: 38.47%
• 3Y*: 18.47%
• 5Y*: 7.80%
• 10Y*: 9.15%

DVYE

• 1D: -0.95%
• 1M: 0.76%
• YTD: 9.72%
• 6M: 11.84%
• 1Y: 24.18%
• 3Y*: 19.96%
• 5Y*: 4.89%
• 10Y*: 7.86%

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

QEMM vs. DVYE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.84%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%
DVYE iShares Emerging Markets Dividend ETF	9.72%	28.36%	8.89%	20.88%	-31.38%	11.02%	-2.51%	15.41%	-5.56%	27.04%

Correlation

The correlation between QEMM and DVYE is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.76

The correlation between QEMM and DVYE has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

QEMM vs. DVYE - Sectors Allocation Comparison

Sectors	QEMM	DVYE
Technology	25.7%	8.4%
Financial Services	12.6%	28.5%
Consumer Cyclical	4.9%	4.3%
Basic Materials	3.0%	8.8%
Communication Services	2.6%	1.7%
Energy	2.5%	18.2%
Consumer Defensive	2.1%	2.1%
Industrials	1.9%	17.0%
Utilities	1.5%	7.0%
Healthcare	0.9%	-
Real Estate	0.6%	4.0%

Return for Risk

QEMM vs. DVYE — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 72
QEMM Sharpe Ratio Rank: 70
QEMM Sortino Ratio Rank: 66
QEMM Omega Ratio Rank: 74
QEMM Calmar Ratio Rank: 77
QEMM Martin Ratio Rank: 74

DVYE

DVYE Risk / Return Rank: 54
DVYE Sharpe Ratio Rank: 49
DVYE Sortino Ratio Rank: 47
DVYE Omega Ratio Rank: 46
DVYE Calmar Ratio Rank: 70
DVYE Martin Ratio Rank: 57

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.

QEMM vs. DVYE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and iShares Emerging Markets Dividend ETF (DVYE). 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.

	QEMM	DVYE	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.64	+0.50
Sortino ratio: Return per unit of downside risk	2.86	2.25	+0.61
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	3.71	3.42	+0.29
Martin ratio: Return relative to average drawdown	13.18	9.77	+3.41

QEMM vs. DVYE - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 2.15, which is higher than the DVYE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of QEMM and DVYE, 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

QEMM vs. DVYE - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum DVYE drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for QEMM and DVYE.

Drawdown Indicators

	QEMM	DVYE	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-47.42%	+10.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-7.10%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-14.63%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-40.89%	+13.70%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-40.89%	+4.00%
Current Drawdown Current decline from peak	-1.10%	-4.71%	+3.61%
Average Drawdown Average peak-to-trough decline	-10.61%	-15.35%	+4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.48%	+0.45%

Volatility

QEMM vs. DVYE - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 8.52% compared to iShares Emerging Markets Dividend ETF (DVYE) at 5.66%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than DVYE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	DVYE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	5.66%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	12.14%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	14.81%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	17.07%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	18.41%	-1.41%

QEMM vs. DVYE - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than DVYE's 0.49% expense ratio.

Dividends

QEMM vs. DVYE - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.32%, less than DVYE's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVYE iShares Emerging Markets Dividend ETF	4.91%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.32%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Frequently Asked Questions

Can I hold both QEMM and DVYE in my portfolio?

QEMM and DVYE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QEMM or DVYE?

QEMM has higher volatility (8.52%) compared to DVYE (5.66%). In terms of maximum drawdown, QEMM dropped -36.89% vs DVYE's -47.42%.

Which ETF is better, QEMM or DVYE?

On 10-year performance, QEMM leads with 9.15% vs 7.86% for DVYE. On fees, QEMM is cheaper at 0.30% per year. On volatility, DVYE has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or DVYE?

Over the 10-year period, QEMM has performed better with a 9.15% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or DVYE?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.49% for DVYE.

Which ETF pays a higher dividend yield, QEMM or DVYE?

DVYE has the higher dividend yield at 4.91%, compared with 4.32% for QEMM.

What is the main difference between QEMM and DVYE?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while DVYE tracks Dow Jones Emerging Markets Select Dividend Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for QEMM and 0.49% for DVYE.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (2.15 vs 1.64), 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.