QEMM vs. STXE

Last updated Aug 4, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and STXE (Strive Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while STXE tracks the Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, QEMM returned 16.98%/yr vs 24.25%/yr for STXE. Their correlation of 0.83 means they have usually moved in the same direction. QEMM charges 0.30%/yr vs 0.32%/yr for STXE.

Performance

QEMM vs. STXE - Performance Comparison

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

Returns By Period

In the year-to-date period, QEMM achieves a 19.94% return, which is significantly lower than STXE's 31.89% return.

QEMM

• 1D: 0.67%
• 1M: -0.23%
• 6M: 11.50%
• YTD: 19.94%
• 1Y: 31.80%
• 3Y*: 16.98%
• 5Y*: 7.29%
• 10Y*: 7.66%
• ALL TIME*: 5.41%

STXE

• 1D: 0.31%
• 1M: -4.78%
• 6M: 17.76%
• YTD: 31.89%
• 1Y: 56.83%
• 3Y*: 24.25%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	$197.01K	$214.03K	$314.95K
STXE Strive Emerging Markets Ex-China ETF	$408.52K	$564.14K	$567.10K

QEMM vs. STXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	19.94%	21.92%	4.98%	4.75%
STXE Strive Emerging Markets Ex-China ETF	31.89%	34.23%	2.09%	12.38%

Correlation

The correlation between QEMM and STXE is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	0.83

The correlation between QEMM and STXE has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

QEMM vs. STXE - Sectors Allocation Comparison

Sectors	QEMM	STXE
Technology	36.5%	40.3%
Financial Services	19.8%	15.7%
Consumer Cyclical	8.0%	1.4%
Basic Materials	6.7%	6.2%
Industrials	6.6%	5.0%
Communication Services	6.6%	3.2%
Consumer Defensive	5.0%	1.7%
Energy	4.3%	3.5%
Healthcare	3.4%	0.6%
Utilities	2.4%	1.1%
Real Estate	0.8%	0.4%

Return for Risk

QEMM vs. STXE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QEMM

QEMM Risk / Return Rank: 71
QEMM Sharpe Ratio Rank: 68
QEMM Sortino Ratio Rank: 64
QEMM Omega Ratio Rank: 70
QEMM Calmar Ratio Rank: 80
QEMM Martin Ratio Rank: 71

STXE

STXE Risk / Return Rank: 77
STXE Sharpe Ratio Rank: 80
STXE Sortino Ratio Rank: 72
STXE Omega Ratio Rank: 79
STXE Calmar Ratio Rank: 76
STXE Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QEMM vs. STXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and Strive Emerging Markets Ex-China ETF (STXE). 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	STXE	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.92	-0.26
Sortino ratio: Return per unit of downside risk	2.23	2.45	-0.22
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	3.07	2.80	+0.27
Martin ratio: Return relative to average drawdown	9.25	10.42	-1.17

QEMM vs. STXE - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.65, which is comparable to the STXE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of QEMM and STXE, 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. STXE - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, which is greater than STXE's maximum drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for QEMM and STXE.

Drawdown Indicators

	QEMM	STXE	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-20.38%	-16.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-20.38%	+9.98%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-20.38%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-4.98%	-14.32%	+9.34%
Average Drawdown Average peak-to-trough decline	-10.56%	-3.96%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	5.47%	-2.02%

Volatility

QEMM vs. STXE - Volatility Comparison

The current volatility for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) is 6.18%, while Strive Emerging Markets Ex-China ETF (STXE) has a volatility of 12.86%. This indicates that QEMM experiences smaller price fluctuations and is considered to be less risky than STXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	STXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	12.86%	-6.68%
Volatility (6M) Calculated over the trailing 6-month period	17.52%	28.03%	-10.51%
Volatility (1Y) Calculated over the trailing 1-year period	19.37%	29.88%	-10.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	20.16%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	20.16%	-3.14%

QEMM vs. STXE - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than STXE's 0.32% expense ratio.

Dividends

QEMM vs. STXE - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.50%, more than STXE's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.50%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%
STXE Strive Emerging Markets Ex-China ETF	1.90%	2.66%	3.22%	1.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QEMM and STXE in my portfolio?

QEMM and STXE have a correlation of 0.89, 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 STXE?

STXE has higher volatility (12.86%) compared to QEMM (6.18%). In terms of maximum drawdown, QEMM dropped -36.89% vs STXE's -20.38%.

Which ETF is better, QEMM or STXE?

On 3-year performance, STXE leads with 24.25% vs 16.98% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, QEMM has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or STXE?

Over the 3-year period, STXE has performed better with a 24.25% return vs 16.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or STXE?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.32% for STXE.

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

QEMM has the higher dividend yield at 4.50%, compared with 1.90% for STXE.

What is the main difference between QEMM and STXE?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while STXE tracks Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. They also come from different issuers: State Street and Strive. Their fees differ too: 0.30% for QEMM and 0.32% for STXE.

Which has better risk-adjusted returns?

STXE currently has the higher Sharpe Ratio (1.92 vs 1.65), 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.