QEMM vs. JHEM

Last updated Jun 24, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and JHEM (John Hancock Multifactor Emerging Markets ETF) are both Emerging Markets Equities funds - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while JHEM tracks the John Hancock Dimensional Emerging Markets Index. Both are passively managed. Over the past 5 years, QEMM returned 7.03%/yr vs 7.52%/yr for JHEM. Their correlation of 0.94 suggests significant overlap in exposure. QEMM charges 0.30%/yr vs 0.49%/yr for JHEM.

Performance

QEMM vs. JHEM - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with QEMM having a 21.11% return and JHEM slightly higher at 21.32%.

QEMM

• 1D: -3.77%
• 1M: 1.15%
• YTD: 21.11%
• 6M: 21.59%
• 1Y: 35.60%
• 3Y*: 18.42%
• 5Y*: 7.03%
• 10Y*: 8.86%

JHEM

• 1D: -4.49%
• 1M: 1.99%
• YTD: 21.32%
• 6M: 22.78%
• 1Y: 43.14%
• 3Y*: 20.79%
• 5Y*: 7.52%
• 10Y*: —

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

QEMM vs. JHEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	21.11%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-6.80%
JHEM John Hancock Multifactor Emerging Markets ETF	21.32%	30.49%	4.58%	12.94%	-17.90%	2.10%	11.50%	17.68%	-7.63%

Correlation

The correlation between QEMM and JHEM is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.94

The correlation between QEMM and JHEM has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

QEMM vs. JHEM - Sectors Allocation Comparison

Sectors	QEMM	JHEM
Technology	25.2%	33.9%
Financial Services	13.1%	20.1%
Consumer Cyclical	4.8%	10.5%
Basic Materials	3.0%	7.9%
Communication Services	2.4%	6.8%
Energy	2.4%	4.4%
Consumer Defensive	2.1%	3.0%
Industrials	1.8%	7.6%
Utilities	1.5%	2.6%
Healthcare	0.9%	2.7%
Real Estate	0.6%	0.6%

Return for Risk

QEMM vs. JHEM — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 66
QEMM Sharpe Ratio Rank: 63
QEMM Sortino Ratio Rank: 58
QEMM Omega Ratio Rank: 67
QEMM Calmar Ratio Rank: 72
QEMM Martin Ratio Rank: 70

JHEM

JHEM Risk / Return Rank: 70
JHEM Sharpe Ratio Rank: 69
JHEM Sortino Ratio Rank: 62
JHEM Omega Ratio Rank: 72
JHEM Calmar Ratio Rank: 74
JHEM Martin Ratio Rank: 75

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. JHEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and John Hancock Multifactor Emerging Markets ETF (JHEM). 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	JHEM	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.05	-0.11
Sortino ratio: Return per unit of downside risk	2.57	2.67	-0.10
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	3.44	3.51	-0.08
Martin ratio: Return relative to average drawdown	12.14	12.98	-0.83

QEMM vs. JHEM - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.94, which is comparable to the JHEM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of QEMM and JHEM, 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. JHEM - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, which is greater than JHEM's maximum drawdown of -34.99%. Use the drawdown chart below to compare losses from any high point for QEMM and JHEM.

Drawdown Indicators

	QEMM	JHEM	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-34.99%	-1.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-12.34%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-18.16%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-31.83%	+4.64%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-4.06%	-4.88%	+0.82%
Average Drawdown Average peak-to-trough decline	-10.60%	-9.91%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	3.33%	-0.39%

Volatility

QEMM vs. JHEM - Volatility Comparison

The current volatility for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) is 9.31%, while John Hancock Multifactor Emerging Markets ETF (JHEM) has a volatility of 11.51%. This indicates that QEMM experiences smaller price fluctuations and is considered to be less risky than JHEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	JHEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	11.51%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	19.15%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	21.15%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	18.17%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	20.85%	-3.87%

QEMM vs. JHEM - Expense Ratio Comparison

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

Dividends

QEMM vs. JHEM - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.46%, more than JHEM's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHEM John Hancock Multifactor Emerging Markets ETF	1.97%	2.39%	2.93%	2.87%	2.84%	2.71%	1.67%	2.37%	0.21%	0.00%	0.00%	0.00%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.46%	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 JHEM in my portfolio?

With a correlation of 0.93, QEMM and JHEM 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 JHEM?

JHEM has higher volatility (11.51%) compared to QEMM (9.31%). In terms of maximum drawdown, QEMM dropped -36.89% vs JHEM's -34.99%.

Which ETF is better, QEMM or JHEM?

On 5-year performance, JHEM leads with 7.52% vs 7.03% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, QEMM has been the lower-risk option at 9.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or JHEM?

Over the 5-year period, JHEM has performed better with a 7.52% return vs 7.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or JHEM?

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

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

QEMM has the higher dividend yield at 4.46%, compared with 1.97% for JHEM.

What is the main difference between QEMM and JHEM?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while JHEM tracks John Hancock Dimensional Emerging Markets Index. They also come from different issuers: State Street and Manulife. Their fees differ too: 0.30% for QEMM and 0.49% for JHEM.

Which has better risk-adjusted returns?

JHEM currently has the higher Sharpe Ratio (2.05 vs 1.94), 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.