QEMM vs. TLTE

Last updated Jun 4, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) are both exchange-traded funds - QEMM is a Emerging Markets Equities fund tracking the MSCI EM Factor Mix A-Series (USD), while TLTE is a Foreign Large Cap Equities fund tracking the Morningstar Emerging Markets Factor Tilt Index. Both are passively managed. Over the past 10 years, QEMM returned 8.96%/yr vs 9.66%/yr for TLTE. Their correlation of 0.86 suggests significant overlap in exposure. QEMM charges 0.30%/yr vs 0.59%/yr for TLTE.

Performance

QEMM vs. TLTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with QEMM at 24.39% and TLTE at 24.39%. Over the past 10 years, QEMM has underperformed TLTE with an annualized return of 8.96%, while TLTE has yielded a comparatively higher 9.66% 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%

TLTE

• 1D: -1.31%
• 1M: 6.58%
• YTD: 24.39%
• 6M: 26.90%
• 1Y: 48.02%
• 3Y*: 22.34%
• 5Y*: 7.58%
• 10Y*: 9.66%

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

QEMM vs. TLTE - 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%
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	24.39%	30.21%	3.53%	13.62%	-17.31%	4.79%	12.10%	14.51%	-17.44%	32.82%

Correlation

The correlation between QEMM and TLTE is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.86

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

QEMM vs. TLTE - Sectors Allocation Comparison

Sectors	QEMM	TLTE
Technology	33.8%	27.3%
Financial Services	19.6%	18.9%
Consumer Cyclical	8.3%	10.5%
Industrials	7.2%	11.7%
Communication Services	6.4%	4.6%
Consumer Defensive	6.1%	4.2%
Energy	5.7%	4.4%
Basic Materials	5.6%	7.7%
Healthcare	3.5%	3.1%
Utilities	3.0%	3.1%
Real Estate	0.8%	4.3%

Return for Risk

QEMM vs. TLTE — 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

TLTE

TLTE Risk / Return Rank: 77
TLTE Sharpe Ratio Rank: 80
TLTE Sortino Ratio Rank: 76
TLTE Omega Ratio Rank: 80
TLTE Calmar Ratio Rank: 74
TLTE Martin Ratio Rank: 76

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. TLTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE). 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	TLTE	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.62	-0.08
Sortino ratio: Return per unit of downside risk	3.41	3.43	-0.02
Omega ratio: Gain probability vs. loss probability	1.48	1.48	0.00
Calmar ratio: Return relative to maximum drawdown	4.08	3.70	+0.38
Martin ratio: Return relative to average drawdown	14.92	14.53	+0.39
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. TLTE - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 2.54, which is comparable to the TLTE Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of QEMM and TLTE, 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	TLTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.62	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.45	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.53	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.34	0.00

Drawdowns

QEMM vs. TLTE - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum TLTE drawdown of -44.21%. Use the drawdown chart below to compare losses from any high point for QEMM and TLTE.

Drawdown Indicators

	QEMM	TLTE	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-44.21%	+7.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-13.04%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-17.43%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-27.49%	-33.51%	+6.02%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-44.21%	+7.32%
Current Drawdown Current decline from peak	-1.21%	-1.31%	+0.10%
Average Drawdown Average peak-to-trough decline	-10.64%	-12.15%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	3.31%	-0.47%

Volatility

QEMM vs. TLTE - Volatility Comparison

The current volatility for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) is 7.29%, while FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a volatility of 8.05%. This indicates that QEMM experiences smaller price fluctuations and is considered to be less risky than TLTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	TLTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	8.05%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	16.10%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	18.41%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	16.83%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	18.40%	-1.51%

QEMM vs. TLTE - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than TLTE's 0.59% expense ratio.

Dividends

QEMM vs. TLTE - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.34%, more than TLTE's 3.02% 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%
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	3.02%	3.76%	3.73%	4.03%	4.42%	3.21%	1.95%	3.23%	3.02%	2.12%	2.30%	2.00%

Frequently Asked Questions

Can I hold both QEMM and TLTE in my portfolio?

With a correlation of 0.93, QEMM and TLTE 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 TLTE?

TLTE has higher volatility (8.05%) compared to QEMM (7.29%). In terms of maximum drawdown, QEMM dropped -36.89% vs TLTE's -44.21%.

Which ETF is better, QEMM or TLTE?

On 10-year performance, TLTE leads with 9.66% vs 8.96% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, QEMM has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or TLTE?

Over the 10-year period, TLTE has performed better with a 9.66% 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 TLTE?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.59% for TLTE.

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

QEMM has the higher dividend yield at 4.34%, compared with 3.02% for TLTE.

What is the main difference between QEMM and TLTE?

QEMM is categorized as Emerging Markets Equities, while TLTE is Foreign Large Cap Equities. QEMM tracks MSCI EM Factor Mix A-Series (USD), while TLTE tracks Morningstar Emerging Markets Factor Tilt Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.30% for QEMM and 0.59% for TLTE.

Which has better risk-adjusted returns?

TLTE currently has the higher Sharpe Ratio (2.62 vs 2.54), 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.