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QEMM vs. DVYE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QEMM vs. DVYE

Last updated Aug 2, 2026
Documentation

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 (Net). Both are passively managed. Over the past 10 years, QEMM returned 7.77%/yr vs 6.87%/yr for DVYE. Their 0.75 correlation means they have sometimes moved together and sometimes differently. QEMM charges 0.30%/yr vs 0.50%/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.

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Returns By Period

In the year-to-date period, QEMM achieves a 19.15% return, which is significantly higher than DVYE's 12.15% return. Over the past 10 years, QEMM has outperformed DVYE with an annualized return of 7.77%, while DVYE has yielded a comparatively lower 6.87% annualized return.

QEMM

1D
0.82%
1M
-0.89%
6M
11.72%
YTD
19.15%
1Y
30.93%
3Y*
16.10%
5Y*
7.53%
10Y*
7.77%
ALL TIME*
5.36%

DVYE

1D
-0.09%
1M
6.53%
6M
2.99%
YTD
12.15%
1Y
26.57%
3Y*
19.85%
5Y*
6.22%
10Y*
6.87%
ALL TIME*
3.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DVYE

iShares Emerging Markets Dividend ETF
$4.40M$5.47M$6.59M

QEMM

SPDR MSCI Emerging Markets StrategicFactors ETF
$139.93K$185.83K$306.66K

QEMM vs. DVYE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		19.15%21.92%4.98%12.50%-17.82%6.34%9.95%15.40%-13.33%31.50%
DVYE
iShares Emerging Markets Dividend ETF		12.15%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 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.71

Correlation (3Y)
Balances recent behavior with more history.

0.77

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.78

Correlation (10Y)
Provides a long-term view across more market conditions.

0.81

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

0.75

The correlation between QEMM and DVYE has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

QEMM vs. DVYE - Sectors Allocation Comparison

Sectors
QEMM
DVYE

Technology

36.5%
8.0%

Financial Services

19.8%
31.4%

Consumer Cyclical

8.0%
4.0%

Basic Materials

6.7%
8.3%

Industrials

6.6%
14.6%

Communication Services

6.6%
1.8%

Consumer Defensive

5.0%
2.2%

Energy

4.3%
16.2%

Healthcare

3.4%

-

Utilities

2.4%
6.4%

Real Estate

0.8%
3.4%

Technology

QEMM
36.5%
DVYE
8.0%

Financial Services

QEMM
19.8%
DVYE
31.4%

Consumer Cyclical

QEMM
8.0%
DVYE
4.0%

Basic Materials

QEMM
6.7%
DVYE
8.3%

Industrials

QEMM
6.6%
DVYE
14.6%

Communication Services

QEMM
6.6%
DVYE
1.8%

Consumer Defensive

QEMM
5.0%
DVYE
2.2%

Energy

QEMM
4.3%
DVYE
16.2%

Healthcare

QEMM
3.4%
DVYE

-

Utilities

QEMM
2.4%
DVYE
6.4%

Real Estate

QEMM
0.8%
DVYE
3.4%

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 Emerging Markets StrategicFactors ETF

iShares Emerging Markets Dividend ETF

Often compared with QEMM:
QEMM vs. JHMBQEMM vs. SPDWQEMM vs. MXFP.LQEMM vs. EMGFQEMM vs. AEME.LQEMM vs. URTHQEMM vs. EMIM.L
Often compared with DVYE:
DVYE vs. DEMDVYE vs. DVYDVYE vs. DVYADVYE vs. SCHDDVYE vs. SCHEDVYE vs. IQDYDVYE vs. QQQ

Return for Risk

QEMM vs. DVYE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QEMM
QEMM Risk / Return Rank: 7272
Overall Rank
QEMM Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
QEMM Sortino Ratio Rank: 6565
Sortino Ratio Rank
QEMM Omega Ratio Rank: 7171
Omega Ratio Rank
QEMM Calmar Ratio Rank: 8181
Calmar Ratio Rank
QEMM Martin Ratio Rank: 7272
Martin Ratio Rank
DVYE
DVYE Risk / Return Rank: 7575
Overall Rank
DVYE Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
DVYE Sortino Ratio Rank: 7575
Sortino Ratio Rank
DVYE Omega Ratio Rank: 7676
Omega Ratio Rank
DVYE Calmar Ratio Rank: 8080
Calmar Ratio Rank
DVYE Martin Ratio Rank: 6767
Martin Ratio Rank
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.

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.

QEMMDVYEDifference
Sharpe ratioReturn per unit of total volatility
1.58
1.79

-0.21

Sortino ratioReturn per unit of downside risk
2.15
2.42

-0.27

Omega ratioGain probability vs. loss probability

1.30

1.32

-0.02

Calmar ratioReturn relative to maximum drawdown

2.94

2.87

+0.06

Martin ratioReturn relative to average drawdown

8.89

8.17

+0.72

QEMM vs. DVYE - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.58, which is comparable to the DVYE Sharpe Ratio of 1.79. 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.

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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.

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Drawdown Indicators

QEMMDVYEDifference

Max Drawdown

Largest peak-to-trough decline

-36.89%

-47.42%

+10.53%

Max Drawdown (1Y)

Largest decline over 1 year

-10.40%

-9.26%

-1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-17.03%

-14.63%

-2.40%

Max Drawdown (5Y)

Largest decline over 5 years

-27.12%

-40.89%

+13.77%

Max Drawdown (10Y)

Largest decline over 10 years

-36.89%

-40.89%

+4.00%

Current Drawdown

Current decline from peak

-5.61%

-2.61%

-3.00%

Average Drawdown

Average peak-to-trough decline

-10.56%

-15.27%

+4.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

3.25%

+0.18%

Volatility

QEMM vs. DVYE - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 6.14% compared to iShares Emerging Markets Dividend ETF (DVYE) at 3.87%. 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.

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Volatility by Period

QEMMDVYEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

3.87%

+2.27%

Volatility (6M)

Calculated over the trailing 6-month period

17.61%

12.47%

+5.14%

Volatility (1Y)

Calculated over the trailing 1-year period

19.34%

14.96%

+4.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.79%

17.11%

-1.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

18.28%

-1.26%

QEMM vs. DVYE - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than DVYE's 0.50% expense ratio.

Dividends

QEMM vs. DVYE - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.53%, less than DVYE's 4.81% yield.

PositionTTM20252024202320222021202020192018201720162015
DVYE
iShares Emerging Markets Dividend ETF		4.81%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		4.53%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

QEMM and DVYE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QEMM has higher volatility (6.14%) compared to DVYE (3.87%). In terms of maximum drawdown, QEMM dropped -36.89% vs DVYE's -47.42%.

On 10-year performance, QEMM leads with 7.77% vs 6.87% for DVYE. On fees, QEMM is cheaper at 0.30% per year. On volatility, DVYE has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QEMM has performed better with a 7.77% return vs 6.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QEMM is cheaper with a 0.30% expense ratio, compared with 0.50% for DVYE.

DVYE has the higher dividend yield at 4.81%, compared with 4.53% for QEMM.

QEMM tracks MSCI EM Factor Mix A-Series (USD), while DVYE tracks Dow Jones Emerging Markets Select Dividend Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for QEMM and 0.50% for DVYE.

DVYE currently has the higher Sharpe Ratio (1.79 vs 1.58), 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.

Portfolio Optimizer

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