QEMM vs. SPYD

Last updated Jun 24, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - QEMM is a Emerging Markets Equities fund tracking the MSCI EM Factor Mix A-Series (USD), while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, QEMM returned 8.86%/yr vs 8.86%/yr for SPYD. At a 0.49 correlation, their price movements are largely independent. QEMM charges 0.30%/yr vs 0.07%/yr for SPYD.

Performance

QEMM vs. SPYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QEMM achieves a 21.11% return, which is significantly higher than SPYD's 12.56% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: QEMM at 8.86% and SPYD at 8.86%.

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%

SPYD

• 1D: 0.93%
• 1M: 1.01%
• YTD: 12.56%
• 6M: 12.79%
• 1Y: 18.22%
• 3Y*: 15.16%
• 5Y*: 8.06%
• 10Y*: 8.86%

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

QEMM vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	21.11%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	12.56%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between QEMM and SPYD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.49

Over the past year, the correlation between QEMM and SPYD has dropped to 0.28 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

QEMM vs. SPYD - Sectors Allocation Comparison

Sectors	QEMM	SPYD
Technology	25.2%	3.2%
Financial Services	13.1%	11.9%
Consumer Cyclical	4.8%	7.3%
Basic Materials	3.0%	3.0%
Communication Services	2.4%	4.8%
Energy	2.4%	8.5%
Consumer Defensive	2.1%	16.0%
Industrials	1.8%	2.3%
Utilities	1.5%	11.2%
Healthcare	0.9%	5.3%
Real Estate	0.6%	26.5%

Return for Risk

QEMM vs. SPYD — 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

SPYD

SPYD Risk / Return Rank: 47
SPYD Sharpe Ratio Rank: 46
SPYD Sortino Ratio Rank: 48
SPYD Omega Ratio Rank: 42
SPYD Calmar Ratio Rank: 54
SPYD Martin Ratio Rank: 46

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. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.54	+0.40
Sortino ratio: Return per unit of downside risk	2.57	2.31	+0.27
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.11
Calmar ratio: Return relative to maximum drawdown	3.44	2.59	+0.84
Martin ratio: Return relative to average drawdown	12.14	7.47	+4.67

QEMM vs. SPYD - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.94, which is comparable to the SPYD Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of QEMM and SPYD, 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. SPYD - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for QEMM and SPYD.

Drawdown Indicators

	QEMM	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-46.42%	+9.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-7.05%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-16.13%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-22.25%	-4.94%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-46.42%	+9.53%
Current Drawdown Current decline from peak	-4.06%	-1.89%	-2.17%
Average Drawdown Average peak-to-trough decline	-10.60%	-6.14%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.44%	+0.50%

Volatility

QEMM vs. SPYD - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 9.31% compared to State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) at 3.68%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	3.68%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	8.05%	+8.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	11.87%	+6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	16.07%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	19.78%	-2.80%

QEMM vs. SPYD - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

QEMM vs. SPYD - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.46%, more than SPYD's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.26%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both QEMM and SPYD in my portfolio?

QEMM and SPYD have a correlation of 0.28, 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 SPYD?

QEMM has higher volatility (9.31%) compared to SPYD (3.68%). In terms of maximum drawdown, QEMM dropped -36.89% vs SPYD's -46.42%.

Which ETF is better, QEMM or SPYD?

On 10-year performance, SPYD leads with 8.86% vs 8.86% for QEMM. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or SPYD?

Over the 10-year period, SPYD has performed better with a 8.86% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.30% for QEMM.

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

QEMM has the higher dividend yield at 4.46%, compared with 4.26% for SPYD.

What is the main difference between QEMM and SPYD?

QEMM is categorized as Emerging Markets Equities, while SPYD is S&P 500. QEMM tracks MSCI EM Factor Mix A-Series (USD), while SPYD tracks S&P 500 High Dividend Index. Their fees differ too: 0.30% for QEMM and 0.07% for SPYD.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (1.94 vs 1.54), 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.