QEMM vs. EQLT

Last updated Aug 4, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and EQLT (iShares MSCI Emerging Markets Quality Factor ETF) are both exchange-traded funds - QEMM is a Emerging Markets Equities fund tracking the MSCI EM Factor Mix A-Series (USD), while EQLT is a Quality Factor fund tracking the MSCI Emerging Markets Quality Factor Select Index. Both are passively managed. Over the past year, QEMM returned 31.80% vs 47.25% for EQLT. Their correlation of 0.92 means they have usually moved in the same direction. QEMM charges 0.30%/yr vs 0.35%/yr for EQLT.

Performance

QEMM vs. EQLT - Performance Comparison

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

Returns By Period

In the year-to-date period, QEMM achieves a 19.94% return, which is significantly lower than EQLT's 25.30% return.

QEMM

• 1D: 0.67%
• 1M: -0.23%
• 6M: 11.50%
• YTD: 19.94%
• 1Y: 31.80%
• 3Y*: 16.98%
• 5Y*: 7.29%
• 10Y*: 7.66%
• ALL TIME*: 5.41%

EQLT

• 1D: 1.99%
• 1M: 0.61%
• 6M: 15.96%
• YTD: 25.30%
• 1Y: 47.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EQLT iShares MSCI Emerging Markets Quality Factor ETF	$66.04K	$56.95K	$121.40K
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	$197.01K	$214.03K	$314.95K

QEMM vs. EQLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	19.94%	21.92%	-0.83%
EQLT iShares MSCI Emerging Markets Quality Factor ETF	25.30%	33.93%	-1.29%

Correlation

The correlation between QEMM and EQLT is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.92

The correlation between QEMM and EQLT has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

QEMM vs. EQLT - Sectors Allocation Comparison

Sectors	QEMM	EQLT
Technology	36.5%	34.8%
Financial Services	19.8%	19.5%
Consumer Cyclical	8.0%	8.2%
Basic Materials	6.7%	6.5%
Industrials	6.6%	11.4%
Communication Services	6.6%	5.2%
Consumer Defensive	5.0%	3.5%
Energy	4.3%	3.5%
Healthcare	3.4%	3.3%
Utilities	2.4%	1.8%
Real Estate	0.8%	0.9%

Return for Risk

QEMM vs. EQLT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QEMM

QEMM Risk / Return Rank: 71
QEMM Sharpe Ratio Rank: 68
QEMM Sortino Ratio Rank: 64
QEMM Omega Ratio Rank: 70
QEMM Calmar Ratio Rank: 80
QEMM Martin Ratio Rank: 71

EQLT

EQLT Risk / Return Rank: 82
EQLT Sharpe Ratio Rank: 82
EQLT Sortino Ratio Rank: 76
EQLT Omega Ratio Rank: 80
EQLT Calmar Ratio Rank: 90
EQLT Martin Ratio Rank: 82

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. EQLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and iShares MSCI Emerging Markets Quality Factor ETF (EQLT). 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	EQLT	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.03	-0.37
Sortino ratio: Return per unit of downside risk	2.23	2.63	-0.40
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	3.07	3.96	-0.89
Martin ratio: Return relative to average drawdown	9.25	11.90	-2.65

QEMM vs. EQLT - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.65, which is comparable to the EQLT Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of QEMM and EQLT, 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. EQLT - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, which is greater than EQLT's maximum drawdown of -17.38%. Use the drawdown chart below to compare losses from any high point for QEMM and EQLT.

Drawdown Indicators

	QEMM	EQLT	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-17.38%	-19.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-12.00%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-4.98%	-6.54%	+1.56%
Average Drawdown Average peak-to-trough decline	-10.56%	-3.81%	-6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.98%	-0.53%

Volatility

QEMM vs. EQLT - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and iShares MSCI Emerging Markets Quality Factor ETF (EQLT) have volatilities of 6.18% and 6.29%, 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

	QEMM	EQLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	6.29%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	17.52%	21.12%	-3.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.37%	23.48%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	21.27%	-5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	21.27%	-4.25%

QEMM vs. EQLT - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than EQLT's 0.35% expense ratio.

Dividends

QEMM vs. EQLT - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.50%, more than EQLT's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQLT iShares MSCI Emerging Markets Quality Factor ETF	2.80%	3.10%	0.51%	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	4.50%	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 EQLT in my portfolio?

With a correlation of 0.92, QEMM and EQLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QEMM or EQLT?

EQLT has higher volatility (6.29%) compared to QEMM (6.18%). In terms of maximum drawdown, QEMM dropped -36.89% vs EQLT's -17.38%.

Which ETF is better, QEMM or EQLT?

On 1-year performance, EQLT leads with 47.25% vs 31.80% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, QEMM has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or EQLT?

Over the 1-year period, EQLT has performed better with a 47.25% return vs 31.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or EQLT?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.35% for EQLT.

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

QEMM has the higher dividend yield at 4.50%, compared with 2.80% for EQLT.

What is the main difference between QEMM and EQLT?

QEMM is categorized as Emerging Markets Equities, while EQLT is Quality Factor. QEMM tracks MSCI EM Factor Mix A-Series (USD), while EQLT tracks MSCI Emerging Markets Quality Factor Select Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for QEMM and 0.35% for EQLT.

Which has better risk-adjusted returns?

EQLT currently has the higher Sharpe Ratio (2.03 vs 1.65), 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.