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SPDW vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPDW vs. EEM

Last updated Jun 13, 2026

SPDW (SPDR Portfolio World ex-US ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI 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, SPDW returned 10.64%/yr vs 9.91%/yr for EEM. Their correlation of 0.80 suggests significant overlap in exposure. SPDW charges 0.04%/yr vs 0.72%/yr for EEM.

Performance

SPDW vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPDW achieves a 14.86% return, which is significantly lower than EEM's 24.07% return. Over the past 10 years, SPDW has outperformed EEM with an annualized return of 10.64%, while EEM has yielded a comparatively lower 9.91% annualized return.

SPDW

1D
0.29%
1M
1.47%
YTD
14.86%
6M
16.65%
1Y
29.63%
3Y*
19.01%
5Y*
9.30%
10Y*
10.64%

EEM

1D
0.56%
1M
1.00%
YTD
24.07%
6M
26.94%
1Y
45.22%
3Y*
21.60%
5Y*
6.56%
10Y*
9.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDW vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPDW
SPDR Portfolio World ex-US ETF		14.86%34.75%3.55%17.81%-15.98%11.45%9.90%22.41%-14.22%25.81%
EEM
iShares MSCI Emerging Markets ETF		24.07%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%

Correlation

The correlation between SPDW and EEM is 0.83, 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

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Apr 26, 2007

0.80

The correlation between SPDW and EEM has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

SPDW vs. EEM - Sectors Allocation Comparison

Sectors
SPDW
EEM

Financial Services

22.9%
17.5%

Industrials

19.2%
6.2%

Technology

13.7%
43.6%

Healthcare

8.3%
2.5%

Consumer Cyclical

7.8%
8.1%

Basic Materials

7.3%
6.1%

Consumer Defensive

5.7%
2.7%

Energy

5.5%
3.3%

Communication Services

3.8%
5.7%

Utilities

3.3%
2.0%

Real Estate

2.5%
0.9%

Financial Services

SPDW
22.9%
EEM
17.5%

Industrials

SPDW
19.2%
EEM
6.2%

Technology

SPDW
13.7%
EEM
43.6%

Healthcare

SPDW
8.3%
EEM
2.5%

Consumer Cyclical

SPDW
7.8%
EEM
8.1%

Basic Materials

SPDW
7.3%
EEM
6.1%

Consumer Defensive

SPDW
5.7%
EEM
2.7%

Energy

SPDW
5.5%
EEM
3.3%

Communication Services

SPDW
3.8%
EEM
5.7%

Utilities

SPDW
3.3%
EEM
2.0%

Real Estate

SPDW
2.5%
EEM
0.9%

Compare stocks, funds, or ETFs

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SPDR Portfolio World ex-US ETF

iShares MSCI Emerging Markets ETF

Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

SPDW vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPDW
SPDW Risk / Return Rank: 6262
Overall Rank
SPDW Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 6262
Sortino Ratio Rank
SPDW Omega Ratio Rank: 6363
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6363
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 7575
Overall Rank
EEM Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7070
Sortino Ratio Rank
EEM Omega Ratio Rank: 7878
Omega Ratio Rank
EEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEM Martin Ratio Rank: 7575
Martin Ratio Rank
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.

SPDW vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.

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.

SPDWEEMDifference
Sharpe ratioReturn per unit of total volatility
1.80
2.10

-0.29

Sortino ratioReturn per unit of downside risk
2.51
2.73

-0.22

Omega ratioGain probability vs. loss probability

1.33

1.40

-0.07

Calmar ratioReturn relative to maximum drawdown

2.58

3.36

-0.78

Martin ratioReturn relative to average drawdown

9.95

12.38

-2.43

SPDW vs. EEM - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is comparable to the EEM Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SPDW 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.

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Drawdowns

SPDW vs. EEM - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for SPDW and EEM.

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Drawdown Indicators

SPDWEEMDifference

Max Drawdown

Largest peak-to-trough decline

-60.02%

-66.43%

+6.41%

Max Drawdown (1Y)

Largest decline over 1 year

-11.55%

-13.52%

+1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-13.53%

-17.29%

+3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-30.21%

-37.49%

+7.28%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-39.82%

+4.84%

Current Drawdown

Current decline from peak

-0.99%

-4.12%

+3.13%

Average Drawdown

Average peak-to-trough decline

-12.89%

-16.00%

+3.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

3.67%

-0.68%

Volatility

SPDW vs. EEM - Volatility Comparison

The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 6.86%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 10.80%. This indicates that SPDW 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.

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Volatility by Period

SPDWEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.86%

10.80%

-3.94%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

19.39%

-5.16%

Volatility (1Y)

Calculated over the trailing 1-year period

16.51%

21.64%

-5.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.66%

19.26%

-2.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

20.64%

-3.33%

SPDW vs. EEM - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

SPDW vs. EEM - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than EEM's 1.79% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.79%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
SPDW
SPDR Portfolio World ex-US ETF		2.87%3.30%3.19%2.75%3.12%3.04%1.87%3.13%3.08%1.86%3.11%2.78%

Frequently Asked Questions

SPDW and EEM have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (10.80%) compared to SPDW (6.86%). In terms of maximum drawdown, SPDW dropped -60.02% vs EEM's -66.43%.

On 10-year performance, SPDW leads with 10.64% vs 9.91% for EEM. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPDW has performed better with a 10.64% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPDW is cheaper with a 0.04% expense ratio, compared with 0.72% for EEM.

SPDW has the higher dividend yield at 2.87%, compared with 1.79% for EEM.

SPDW is categorized as Foreign Large Cap Equities, while EEM is Emerging Markets Diversified. SPDW tracks S&P Developed Ex-U.S. BMI Index, while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPDW and 0.72% for EEM.

EEM currently has the higher Sharpe Ratio (2.10 vs 1.80), 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.

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