QEMM vs. GLDM

Last updated Jun 4, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - QEMM is a Emerging Markets Equities fund tracking the MSCI EM Factor Mix A-Series (USD), while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, QEMM returned 7.37%/yr vs 18.49%/yr for GLDM. At a 0.25 correlation, their price movements are largely independent. QEMM charges 0.30%/yr vs 0.10%/yr for GLDM.

Performance

QEMM vs. GLDM - Performance Comparison

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

Returns By Period

In the year-to-date period, QEMM achieves a 24.39% return, which is significantly higher than GLDM's 3.00% return.

QEMM

• 1D: -1.21%
• 1M: 6.69%
• YTD: 24.39%
• 6M: 26.00%
• 1Y: 42.27%
• 3Y*: 19.52%
• 5Y*: 7.37%
• 10Y*: 8.96%

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

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

QEMM vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.39%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-6.69%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%

Correlation

The correlation between QEMM and GLDM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.25

The correlation between QEMM and GLDM shifts across timeframes, from 0.25 (all time) to 0.35 (3 years), reflecting how their relationship changes across market environments.

QEMM vs. GLDM - Sectors Allocation Comparison

Sectors	QEMM	GLDM
Technology	33.8%	-
Financial Services	19.6%	-
Consumer Cyclical	8.3%	-
Industrials	7.2%	-
Communication Services	6.4%	-
Consumer Defensive	6.1%	-
Energy	5.7%	-
Basic Materials	5.6%	100.0%
Healthcare	3.5%	-
Utilities	3.0%	-
Real Estate	0.8%	-

Return for Risk

QEMM vs. GLDM — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 78
QEMM Sharpe Ratio Rank: 78
QEMM Sortino Ratio Rank: 75
QEMM Omega Ratio Rank: 79
QEMM Calmar Ratio Rank: 79
QEMM Martin Ratio Rank: 77

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and SPDR Gold MiniShares Trust (GLDM). 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.

	QEMM	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.24	+1.31
Sortino ratio: Return per unit of downside risk	3.41	1.63	+1.78
Omega ratio: Gain probability vs. loss probability	1.48	1.25	+0.23
Calmar ratio: Return relative to maximum drawdown	4.08	1.70	+2.38
Martin ratio: Return relative to average drawdown	14.92	4.23	+10.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QEMM vs. GLDM - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 2.54, which is higher than the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of QEMM and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QEMM	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.24	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	1.04	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.02	-0.68

Drawdowns

QEMM vs. GLDM - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for QEMM and GLDM.

Drawdown Indicators

	QEMM	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-21.63%	-15.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-19.14%	+8.74%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-19.14%	+2.11%
Max Drawdown (5Y) Largest decline over 5 years	-27.49%	-20.92%	-6.57%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-1.21%	-17.65%	+16.44%
Average Drawdown Average peak-to-trough decline	-10.64%	-6.22%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	7.69%	-4.85%

Volatility

QEMM vs. GLDM - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 7.29% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	5.47%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	22.99%	-8.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	26.39%	-9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	17.91%	-2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	16.85%	+0.04%

QEMM vs. GLDM - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

QEMM vs. GLDM - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.34%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDM SPDR Gold MiniShares Trust	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	4.34%	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 GLDM in my portfolio?

QEMM and GLDM have a correlation of 0.35, 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 GLDM?

QEMM has higher volatility (7.29%) compared to GLDM (5.47%). In terms of maximum drawdown, QEMM dropped -36.89% vs GLDM's -21.63%.

Which ETF is better, QEMM or GLDM?

On 5-year performance, GLDM leads with 18.49% vs 7.37% for QEMM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or GLDM?

Over the 5-year period, GLDM has performed better with a 18.49% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.30% for QEMM.

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

QEMM has the higher dividend yield at 4.34%, compared with 0.00% for GLDM.

What is the main difference between QEMM and GLDM?

QEMM is categorized as Emerging Markets Equities, while GLDM is Gold. QEMM tracks MSCI EM Factor Mix A-Series (USD), while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.30% for QEMM and 0.10% for GLDM.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (2.54 vs 1.24), 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.