QEMM vs. VEXC

Last updated Jun 24, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. QEMM charges 0.30%/yr vs 0.07%/yr for VEXC.

Performance

QEMM vs. VEXC - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with QEMM having a 21.11% return and VEXC slightly lower at 20.67%.

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%

VEXC

• 1D: -3.33%
• 1M: 3.67%
• YTD: 20.67%
• 6M: 21.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QEMM vs. VEXC - Yearly Performance Comparison

	2026 (YTD)	2025
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	21.11%	2.98%
VEXC Vanguard Emerging Markets Ex-China ETF	20.67%	4.50%

Correlation

The correlation between QEMM and VEXC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.90

Return for Risk

QEMM vs. VEXC — 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

VEXC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VEXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and Vanguard Emerging Markets Ex-China ETF (VEXC). 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	VEXC	Difference
Sharpe ratio: Return per unit of total volatility	1.94	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	3.44	—	—
Martin ratio: Return relative to average drawdown	12.14	—	—

Drawdowns

QEMM vs. VEXC - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for QEMM and VEXC.

Drawdown Indicators

	QEMM	VEXC	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-12.42%	-24.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-4.06%	-3.33%	-0.73%
Average Drawdown Average peak-to-trough decline	-10.60%	-2.23%	-8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	—	—

Volatility

Volatility by Period

	QEMM	VEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	20.27%	-1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	20.27%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	20.27%	-3.29%

QEMM vs. VEXC - Expense Ratio Comparison

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

Dividends

QEMM vs. VEXC - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.46%, more than VEXC's 1.43% 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%
VEXC Vanguard Emerging Markets Ex-China ETF	1.43%	0.43%	0.00%	0.00%	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 VEXC in my portfolio?

With a correlation of 0.90, QEMM and VEXC 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 ETF is better, QEMM or VEXC?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QEMM or VEXC?

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

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

QEMM has the higher dividend yield at 4.46%, compared with 1.43% for VEXC.

What is the main difference between QEMM and VEXC?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.30% for QEMM and 0.07% for VEXC.