SLYG vs. EEM

Last updated Jun 9, 2026

SLYG (SPDR S&P 600 Small Cap Growth ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - SLYG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, SLYG returned 10.79%/yr vs 9.37%/yr for EEM. A 0.66 correlation means they provide meaningful diversification when combined. SLYG charges 0.15%/yr vs 0.72%/yr for EEM.

Performance

SLYG vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Growth ETF (SLYG) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLYG achieves a 15.41% return, which is significantly lower than EEM's 20.18% return. Over the past 10 years, SLYG has outperformed EEM with an annualized return of 10.79%, while EEM has yielded a comparatively lower 9.37% annualized return.

SLYG

• 1D: 0.56%
• 1M: -0.71%
• YTD: 15.41%
• 6M: 14.20%
• 1Y: 24.79%
• 3Y*: 13.80%
• 5Y*: 5.24%
• 10Y*: 10.79%

EEM

• 1D: 1.80%
• 1M: -3.22%
• YTD: 20.18%
• 6M: 22.10%
• 1Y: 43.51%
• 3Y*: 20.79%
• 5Y*: 5.98%
• 10Y*: 9.37%

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

SLYG vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYG SPDR S&P 600 Small Cap Growth ETF	15.41%	5.20%	9.38%	17.27%	-21.26%	22.42%	19.48%	20.97%	-4.20%	14.62%
EEM iShares MSCI Emerging Markets ETF	20.18%	33.98%	6.49%	8.95%	-20.56%	-3.63%	17.02%	18.22%	-15.31%	37.26%

Correlation

The correlation between SLYG and EEM is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 14, 2003	0.66

The correlation between SLYG and EEM has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

SLYG vs. EEM - Sectors Allocation Comparison

Sectors	SLYG	EEM
Technology	20.5%	43.6%
Industrials	19.2%	6.2%
Healthcare	14.3%	2.5%
Financial Services	13.6%	17.5%
Consumer Cyclical	10.7%	8.1%
Real Estate	6.2%	0.9%
Energy	4.9%	3.3%
Communication Services	3.0%	5.7%
Consumer Defensive	2.9%	2.7%
Basic Materials	2.7%	6.1%
Utilities	1.9%	2.0%

Return for Risk

SLYG vs. EEM — Risk / Return Rank

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

SLYG

SLYG Risk / Return Rank: 51
SLYG Sharpe Ratio Rank: 44
SLYG Sortino Ratio Rank: 47
SLYG Omega Ratio Rank: 43
SLYG Calmar Ratio Rank: 61
SLYG Martin Ratio Rank: 59

EEM

EEM Risk / Return Rank: 70
EEM Sharpe Ratio Rank: 70
EEM Sortino Ratio Rank: 64
EEM Omega Ratio Rank: 73
EEM Calmar Ratio Rank: 71
EEM Martin Ratio Rank: 72

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.

SLYG vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Growth ETF (SLYG) and iShares MSCI Emerging Markets ETF (EEM). 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.

	SLYG	EEM	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.07	-0.66
Sortino ratio: Return per unit of downside risk	2.11	2.66	-0.55
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	2.74	3.23	-0.50
Martin ratio: Return relative to average drawdown	9.55	12.20	-2.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLYG vs. EEM - Sharpe Ratio Comparison

The current SLYG Sharpe Ratio is 1.41, which is lower than the EEM Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of SLYG and EEM, 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

	SLYG	EEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	2.07	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.31	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.46	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.37	-0.06

Drawdowns

SLYG vs. EEM - Drawdown Comparison

The maximum SLYG drawdown since its inception was -62.15%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for SLYG and EEM.

Drawdown Indicators

	SLYG	EEM	Difference
Max Drawdown Largest peak-to-trough decline	-62.15%	-66.43%	+4.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-13.52%	+4.42%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-17.29%	-10.10%
Max Drawdown (5Y) Largest decline over 5 years	-29.18%	-37.49%	+8.31%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	-39.82%	-2.04%
Current Drawdown Current decline from peak	-1.49%	-7.13%	+5.64%
Average Drawdown Average peak-to-trough decline	-14.54%	-16.01%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	3.58%	-0.98%

Volatility

SLYG vs. EEM - Volatility Comparison

The current volatility for SPDR S&P 600 Small Cap Growth ETF (SLYG) is 4.76%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 10.60%. This indicates that SLYG experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYG	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	10.60%	-5.84%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	18.87%	-6.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	21.19%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	19.16%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	20.62%	+2.13%

SLYG vs. EEM - Expense Ratio Comparison

SLYG has a 0.15% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

SLYG vs. EEM - Dividend Comparison

SLYG's dividend yield for the trailing twelve months is around 0.71%, less than EEM's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEM iShares MSCI Emerging Markets ETF	1.85%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%
SLYG SPDR S&P 600 Small Cap Growth ETF	0.71%	0.86%	1.22%	1.18%	1.18%	0.68%	0.71%	1.08%	1.06%	4.74%	1.13%	5.75%

Frequently Asked Questions

Can I hold both SLYG and EEM in my portfolio?

SLYG and EEM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLYG or EEM?

EEM has higher volatility (10.60%) compared to SLYG (4.76%). In terms of maximum drawdown, SLYG dropped -62.15% vs EEM's -66.43%.

Which ETF is better, SLYG or EEM?

On 10-year performance, SLYG leads with 10.79% vs 9.37% for EEM. On fees, SLYG is cheaper at 0.15% per year. On volatility, SLYG has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYG or EEM?

Over the 10-year period, SLYG has performed better with a 10.79% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYG or EEM?

SLYG is cheaper with a 0.15% expense ratio, compared with 0.72% for EEM.

Which ETF pays a higher dividend yield, SLYG or EEM?

EEM has the higher dividend yield at 1.85%, compared with 0.71% for SLYG.

What is the main difference between SLYG and EEM?

SLYG is categorized as Small Cap Growth Equities, while EEM is Emerging Markets Diversified. SLYG tracks S&P SmallCap 600 Growth Index, while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for SLYG and 0.72% for EEM.

Which has better risk-adjusted returns?

EEM currently has the higher Sharpe Ratio (2.07 vs 1.41), 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.