QEMM vs. RNEM

Last updated Jul 15, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and RNEM (First Trust Emerging Markets Equity Select ETF) are both Emerging Markets Equities funds - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while RNEM tracks the Nasdaq Riskalyze Emerging Markets Equity Select Index. Both are passively managed. Over the past 5 years, QEMM returned 6.99%/yr vs 4.97%/yr for RNEM. A 0.72 correlation means they provide meaningful diversification when combined. QEMM charges 0.30%/yr vs 0.75%/yr for RNEM.

Performance

QEMM vs. RNEM - Performance Comparison

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

Returns By Period

In the year-to-date period, QEMM achieves a 19.48% return, which is significantly higher than RNEM's 0.93% return.

QEMM

• 1D: 0.52%
• 1M: -2.79%
• 6M: 15.46%
• YTD: 19.48%
• 1Y: 29.43%
• 3Y*: 16.42%
• 5Y*: 6.99%
• 10Y*: 7.89%

RNEM

• 1D: 0.67%
• 1M: 0.51%
• 6M: -0.70%
• YTD: 0.93%
• 1Y: 3.78%
• 3Y*: 6.27%
• 5Y*: 4.97%
• 10Y*: —

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

QEMM vs. RNEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	19.48%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	13.47%
RNEM First Trust Emerging Markets Equity Select ETF	0.93%	15.58%	-1.47%	23.43%	-8.75%	6.16%	-8.16%	12.76%	-9.34%	11.97%

Correlation

The correlation between QEMM and RNEM is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.72

The correlation between QEMM and RNEM has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

QEMM vs. RNEM - Sectors Allocation Comparison

Sectors	QEMM	RNEM
Technology	26.2%	6.4%
Financial Services	12.7%	35.0%
Consumer Cyclical	4.9%	9.9%
Basic Materials	2.8%	14.2%
Communication Services	2.4%	8.7%
Energy	2.3%	7.0%
Consumer Defensive	2.2%	6.0%
Industrials	1.8%	3.9%
Utilities	1.5%	3.5%
Healthcare	0.9%	4.5%
Real Estate	0.6%	0.8%

Return for Risk

QEMM vs. RNEM — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 62
QEMM Sharpe Ratio Rank: 58
QEMM Sortino Ratio Rank: 55
QEMM Omega Ratio Rank: 61
QEMM Calmar Ratio Rank: 71
QEMM Martin Ratio Rank: 66

RNEM

RNEM Risk / Return Rank: 14
RNEM Sharpe Ratio Rank: 15
RNEM Sortino Ratio Rank: 13
RNEM Omega Ratio Rank: 13
RNEM Calmar Ratio Rank: 14
RNEM Martin Ratio Rank: 15

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. RNEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and First Trust Emerging Markets Equity Select ETF (RNEM). 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	RNEM	Difference
Sharpe ratio: Return per unit of total volatility	1.57	0.30	+1.27
Sortino ratio: Return per unit of downside risk	2.13	0.52	+1.61
Omega ratio: Gain probability vs. loss probability	1.30	1.06	+0.24
Calmar ratio: Return relative to maximum drawdown	2.84	0.35	+2.49
Martin ratio: Return relative to average drawdown	9.42	0.95	+8.48

QEMM vs. RNEM - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.57, which is higher than the RNEM Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of QEMM and RNEM, 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. RNEM - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, roughly equal to the maximum RNEM drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for QEMM and RNEM.

Drawdown Indicators

	QEMM	RNEM	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-38.38%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-10.71%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-13.09%	-3.94%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-21.41%	-5.71%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-5.34%	-5.17%	-0.17%
Average Drawdown Average peak-to-trough decline	-10.58%	-9.26%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	4.00%	-0.87%

Volatility

QEMM vs. RNEM - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 6.87% compared to First Trust Emerging Markets Equity Select ETF (RNEM) at 3.35%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than RNEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	RNEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	3.35%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	17.24%	10.95%	+6.29%
Volatility (1Y) Calculated over the trailing 1-year period	18.84%	12.51%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	14.48%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	17.18%	-0.22%

QEMM vs. RNEM - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than RNEM's 0.75% expense ratio.

Dividends

QEMM vs. RNEM - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.52%, more than RNEM's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.52%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%
RNEM First Trust Emerging Markets Equity Select ETF	2.35%	2.75%	3.45%	1.63%	2.99%	3.20%	3.01%	2.85%	2.85%	2.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QEMM and RNEM in my portfolio?

QEMM and RNEM have a correlation of 0.80, 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 RNEM?

QEMM has higher volatility (6.87%) compared to RNEM (3.35%). In terms of maximum drawdown, QEMM dropped -36.89% vs RNEM's -38.38%.

Which ETF is better, QEMM or RNEM?

On 5-year performance, QEMM leads with 6.99% vs 4.97% for RNEM. On fees, QEMM is cheaper at 0.30% per year. On volatility, RNEM has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or RNEM?

Over the 5-year period, QEMM has performed better with a 6.99% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or RNEM?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.75% for RNEM.

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

QEMM has the higher dividend yield at 4.52%, compared with 2.35% for RNEM.

What is the main difference between QEMM and RNEM?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while RNEM tracks Nasdaq Riskalyze Emerging Markets Equity Select Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.30% for QEMM and 0.75% for RNEM.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (1.57 vs 0.30), 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.