QEMM vs. SPDW

Last updated Jun 17, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both exchange-traded funds - QEMM is a Emerging Markets Equities fund tracking the MSCI EM Factor Mix A-Series (USD), while SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, QEMM returned 9.15%/yr vs 10.59%/yr for SPDW. A 0.74 correlation means they provide meaningful diversification when combined. QEMM charges 0.30%/yr vs 0.04%/yr for SPDW.

Performance

QEMM vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QEMM achieves a 24.84% return, which is significantly higher than SPDW's 16.08% return. Over the past 10 years, QEMM has underperformed SPDW with an annualized return of 9.15%, while SPDW has yielded a comparatively higher 10.59% annualized return.

QEMM

• 1D: -1.10%
• 1M: 6.42%
• YTD: 24.84%
• 6M: 27.81%
• 1Y: 38.47%
• 3Y*: 18.47%
• 5Y*: 7.80%
• 10Y*: 9.15%

SPDW

• 1D: -0.17%
• 1M: 4.84%
• YTD: 16.08%
• 6M: 17.80%
• 1Y: 31.94%
• 3Y*: 19.07%
• 5Y*: 9.80%
• 10Y*: 10.59%

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

QEMM vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.84%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%
SPDW SPDR Portfolio World ex-US ETF	16.08%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between QEMM and SPDW is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.74

The correlation between QEMM and SPDW has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

QEMM vs. SPDW - Sectors Allocation Comparison

Sectors	QEMM	SPDW
Technology	25.7%	16.8%
Financial Services	12.6%	22.2%
Consumer Cyclical	4.9%	7.8%
Basic Materials	3.0%	7.3%
Communication Services	2.6%	3.9%
Energy	2.5%	4.9%
Consumer Defensive	2.1%	5.4%
Industrials	1.9%	18.4%
Utilities	1.5%	3.0%
Healthcare	0.9%	7.9%
Real Estate	0.6%	2.3%

Return for Risk

QEMM vs. SPDW — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 72
QEMM Sharpe Ratio Rank: 70
QEMM Sortino Ratio Rank: 66
QEMM Omega Ratio Rank: 74
QEMM Calmar Ratio Rank: 77
QEMM Martin Ratio Rank: 74

SPDW

SPDW Risk / Return Rank: 60
SPDW Sharpe Ratio Rank: 61
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 60
SPDW Calmar Ratio Rank: 57
SPDW Martin Ratio Rank: 62

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. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and SPDR Portfolio World ex-US ETF (SPDW). 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	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.95	+0.20
Sortino ratio: Return per unit of downside risk	2.86	2.69	+0.17
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	3.71	2.78	+0.94
Martin ratio: Return relative to average drawdown	13.18	10.75	+2.43

QEMM vs. SPDW - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 2.15, which is comparable to the SPDW Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of QEMM and SPDW, 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. SPDW - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for QEMM and SPDW.

Drawdown Indicators

	QEMM	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-60.02%	+23.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-11.55%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-13.53%	-3.50%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-30.21%	+3.02%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-34.98%	-1.91%
Current Drawdown Current decline from peak	-1.10%	-0.17%	-0.93%
Average Drawdown Average peak-to-trough decline	-10.61%	-12.89%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.98%	-0.05%

Volatility

QEMM vs. SPDW - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 8.52% compared to SPDR Portfolio World ex-US ETF (SPDW) at 6.54%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	6.54%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	14.25%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	16.48%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	16.67%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	17.31%	-0.31%

QEMM vs. SPDW - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

QEMM vs. SPDW - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.32%, more than SPDW's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.32%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%
SPDW SPDR Portfolio World ex-US ETF	2.84%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both QEMM and SPDW in my portfolio?

QEMM and SPDW have a correlation of 0.81, 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 SPDW?

QEMM has higher volatility (8.52%) compared to SPDW (6.54%). In terms of maximum drawdown, QEMM dropped -36.89% vs SPDW's -60.02%.

Which ETF is better, QEMM or SPDW?

On 10-year performance, SPDW leads with 10.59% vs 9.15% for QEMM. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or SPDW?

Over the 10-year period, SPDW has performed better with a 10.59% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.30% for QEMM.

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

QEMM has the higher dividend yield at 4.32%, compared with 2.84% for SPDW.

What is the main difference between QEMM and SPDW?

QEMM is categorized as Emerging Markets Equities, while SPDW is Foreign Large Cap Equities. QEMM tracks MSCI EM Factor Mix A-Series (USD), while SPDW tracks S&P Developed Ex-U.S. BMI Index. Their fees differ too: 0.30% for QEMM and 0.04% for SPDW.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (2.15 vs 1.95), 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.