QEMM vs. SPEM

Last updated Jun 4, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds from State Street - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while SPEM tracks the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, QEMM returned 8.96%/yr vs 9.45%/yr for SPEM. Their correlation of 0.86 suggests significant overlap in exposure. QEMM charges 0.30%/yr vs 0.11%/yr for SPEM.

Performance

QEMM vs. SPEM - 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 Emerging Markets ETF (SPEM). 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 SPEM's 12.45% return. Over the past 10 years, QEMM has underperformed SPEM with an annualized return of 8.96%, while SPEM has yielded a comparatively higher 9.45% annualized 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%

SPEM

• 1D: -1.40%
• 1M: 3.20%
• YTD: 12.45%
• 6M: 14.11%
• 1Y: 31.35%
• 3Y*: 18.73%
• 5Y*: 5.70%
• 10Y*: 9.45%

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

QEMM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	24.39%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between QEMM and SPEM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.86

The correlation between QEMM and SPEM has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

QEMM vs. SPEM - Sectors Allocation Comparison

Sectors	QEMM	SPEM
Technology	33.8%	28.2%
Financial Services	19.6%	20.2%
Consumer Cyclical	8.3%	10.4%
Industrials	7.2%	8.5%
Communication Services	6.4%	7.2%
Consumer Defensive	6.1%	3.9%
Energy	5.7%	4.7%
Basic Materials	5.6%	8.2%
Healthcare	3.5%	4.0%
Utilities	3.0%	2.8%
Real Estate	0.8%	1.9%

Return for Risk

QEMM vs. SPEM — 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

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

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. SPEM - 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 Emerging Markets ETF (SPEM). 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	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.98	+0.57
Sortino ratio: Return per unit of downside risk	3.41	2.73	+0.68
Omega ratio: Gain probability vs. loss probability	1.48	1.36	+0.11
Calmar ratio: Return relative to maximum drawdown	4.08	2.77	+1.31
Martin ratio: Return relative to average drawdown	14.92	10.14	+4.79
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. SPEM - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 2.54, which is comparable to the SPEM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of QEMM and SPEM, 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	SPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.98	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.33	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.50	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.23	+0.11

Drawdowns

QEMM vs. SPEM - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for QEMM and SPEM.

Drawdown Indicators

	QEMM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-64.41%	+27.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-11.36%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-17.62%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-27.49%	-31.88%	+4.39%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-36.06%	-0.83%
Current Drawdown Current decline from peak	-1.21%	-1.40%	+0.19%
Average Drawdown Average peak-to-trough decline	-10.64%	-14.75%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	3.10%	-0.26%

Volatility

QEMM vs. SPEM - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 7.29% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.69%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	5.69%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	13.29%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	15.92%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	17.13%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	18.80%	-1.91%

QEMM vs. SPEM - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

QEMM vs. SPEM - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.34%, more than SPEM's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both QEMM and SPEM in my portfolio?

With a correlation of 0.91, QEMM and SPEM 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 SPEM?

QEMM has higher volatility (7.29%) compared to SPEM (5.69%). In terms of maximum drawdown, QEMM dropped -36.89% vs SPEM's -64.41%.

Which ETF is better, QEMM or SPEM?

On 10-year performance, SPEM leads with 9.45% vs 8.96% for QEMM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or SPEM?

Over the 10-year period, SPEM has performed better with a 9.45% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or SPEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.30% for QEMM.

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

QEMM has the higher dividend yield at 4.34%, compared with 2.47% for SPEM.

What is the main difference between QEMM and SPEM?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while SPEM tracks S&P Emerging Markets BMI. Their fees differ too: 0.30% for QEMM and 0.11% for SPEM.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (2.54 vs 1.98), 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.