SGOL vs. SPEM

Last updated Jun 9, 2026

SGOL (abrdn Physical Gold Shares ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, SGOL returned 12.74%/yr vs 9.23%/yr for SPEM. At a 0.20 correlation, their price movements are largely independent. SGOL charges 0.17%/yr vs 0.11%/yr for SPEM.

Performance

SGOL vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Gold Shares ETF (SGOL) 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, SGOL achieves a 0.32% return, which is significantly lower than SPEM's 8.69% return. Over the past 10 years, SGOL has outperformed SPEM with an annualized return of 12.74%, while SPEM has yielded a comparatively lower 9.23% annualized return.

SGOL

• 1D: 0.22%
• 1M: -8.40%
• YTD: 0.32%
• 6M: 3.15%
• 1Y: 30.41%
• 3Y*: 29.97%
• 5Y*: 17.81%
• 10Y*: 12.74%

SPEM

• 1D: 0.69%
• 1M: -3.31%
• YTD: 8.69%
• 6M: 10.06%
• 1Y: 24.84%
• 3Y*: 16.86%
• 5Y*: 5.19%
• 10Y*: 9.23%

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

SGOL vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGOL abrdn Physical Gold Shares ETF	0.32%	63.99%	26.90%	12.99%	-0.51%	-3.94%	25.03%	18.21%	-1.94%	12.86%
SPEM SPDR Portfolio Emerging Markets ETF	8.69%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between SGOL and SPEM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009	0.20

The correlation between SGOL and SPEM shifts across timeframes, from 0.20 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGOL vs. SPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SGOL

SGOL Risk / Return Rank: 34
SGOL Sharpe Ratio Rank: 35
SGOL Sortino Ratio Rank: 31
SGOL Omega Ratio Rank: 39
SGOL Calmar Ratio Rank: 34
SGOL Martin Ratio Rank: 29

SPEM

SPEM Risk / Return Rank: 49
SPEM Sharpe Ratio Rank: 48
SPEM Sortino Ratio Rank: 47
SPEM Omega Ratio Rank: 50
SPEM Calmar Ratio Rank: 49
SPEM Martin Ratio Rank: 51

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.

SGOL vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.

	SGOL	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.52	-0.37
Sortino ratio: Return per unit of downside risk	1.54	2.10	-0.57
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.53	2.20	-0.67
Martin ratio: Return relative to average drawdown	3.82	7.95	-4.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGOL vs. SPEM - Sharpe Ratio Comparison

The current SGOL Sharpe Ratio is 1.15, which is comparable to the SPEM Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SGOL 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

	SGOL	SPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.52	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.30	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.49	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.23	+0.31

Drawdowns

SGOL vs. SPEM - Drawdown Comparison

The maximum SGOL drawdown since its inception was -45.51%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for SGOL and SPEM.

Drawdown Indicators

	SGOL	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-64.41%	+18.90%
Max Drawdown (1Y) Largest decline over 1 year	-20.02%	-11.36%	-8.66%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	-17.62%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-31.76%	+10.84%
Max Drawdown (10Y) Largest decline over 10 years	-21.56%	-36.06%	+14.50%
Current Drawdown Current decline from peak	-19.84%	-4.70%	-15.14%
Average Drawdown Average peak-to-trough decline	-18.41%	-14.74%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	3.13%	+4.85%

Volatility

SGOL vs. SPEM - Volatility Comparison

The current volatility for abrdn Physical Gold Shares ETF (SGOL) is 5.62%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 6.56%. This indicates that SGOL experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOL	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	6.56%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	23.24%	13.95%	+9.29%
Volatility (1Y) Calculated over the trailing 1-year period	26.58%	16.47%	+10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	17.22%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	18.84%	-2.89%

SGOL vs. SPEM - Expense Ratio Comparison

SGOL has a 0.17% expense ratio, which is higher than SPEM's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SGOL vs. SPEM - Dividend Comparison

SGOL has not paid dividends to shareholders, while SPEM's dividend yield for the trailing twelve months is around 2.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGOL abrdn Physical Gold Shares ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	2.55%	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 SGOL and SPEM in my portfolio?

SGOL and SPEM have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGOL or SPEM?

SPEM has higher volatility (6.56%) compared to SGOL (5.62%). In terms of maximum drawdown, SGOL dropped -45.51% vs SPEM's -64.41%.

Which ETF is better, SGOL or SPEM?

On 10-year performance, SGOL leads with 12.74% vs 9.23% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SGOL has been the lower-risk option at 5.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGOL or SPEM?

Over the 10-year period, SGOL has performed better with a 12.74% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOL or SPEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.17% for SGOL.

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

SPEM has the higher dividend yield at 2.55%, compared with 0.00% for SGOL.

What is the main difference between SGOL and SPEM?

SGOL is categorized as Gold, while SPEM is Emerging Markets Equities. SGOL tracks LBMA Gold Price PM ($/ozt), while SPEM tracks S&P Emerging Markets BMI. They also come from different issuers: abrdn and State Street. Their fees differ too: 0.17% for SGOL and 0.11% for SPEM.

Which has better risk-adjusted returns?

SPEM currently has the higher Sharpe Ratio (1.52 vs 1.15), 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.