SPDW vs. SPEM

Last updated Jun 14, 2026

SPDW (SPDR Portfolio World ex-US ETF) and SPEM (SPDR Portfolio 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 SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 9.63%/yr for SPEM. Their correlation of 0.80 suggests significant overlap in exposure. SPDW charges 0.04%/yr vs 0.11%/yr for SPEM.

Performance

SPDW vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) 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, SPDW achieves a 14.86% return, which is significantly higher than SPEM's 11.32% return. Over the past 10 years, SPDW has outperformed SPEM with an annualized return of 10.64%, while SPEM has yielded a comparatively lower 9.63% annualized return.

SPDW

• 1D: 0.29%
• 1M: 1.53%
• YTD: 14.86%
• 6M: 16.65%
• 1Y: 31.27%
• 3Y*: 19.01%
• 5Y*: 9.30%
• 10Y*: 10.64%

SPEM

• 1D: 0.87%
• 1M: -0.13%
• YTD: 11.32%
• 6M: 13.11%
• 1Y: 27.73%
• 3Y*: 17.37%
• 5Y*: 5.60%
• 10Y*: 9.63%

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

SPDW vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPEM SPDR Portfolio Emerging Markets ETF	11.32%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between SPDW and SPEM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007	0.80

The correlation between SPDW and SPEM has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

SPDW vs. SPEM - Sectors Allocation Comparison

Sectors	SPDW	SPEM
Financial Services	22.2%	19.2%
Industrials	18.4%	8.3%
Technology	16.8%	32.1%
Healthcare	7.9%	3.7%
Consumer Cyclical	7.8%	9.6%
Basic Materials	7.3%	8.0%
Consumer Defensive	5.4%	3.6%
Energy	4.9%	4.2%
Communication Services	3.9%	6.7%
Utilities	3.0%	2.8%
Real Estate	2.3%	1.8%

Return for Risk

SPDW vs. SPEM — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 62
SPDW Sharpe Ratio Rank: 63
SPDW Sortino Ratio Rank: 62
SPDW Omega Ratio Rank: 63
SPDW Calmar Ratio Rank: 59
SPDW Martin Ratio Rank: 63

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 53
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 54

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. SPEM - Risk-Adjusted Trends Comparison

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

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.

	SPDW	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.55	+0.25
Sortino ratio: Return per unit of downside risk	2.51	2.16	+0.35
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	2.58	2.28	+0.30
Martin ratio: Return relative to average drawdown	9.95	8.16	+1.79

SPDW vs. SPEM - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is comparable to the SPEM Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of SPDW 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.

Drawdowns

SPDW vs. SPEM - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for SPDW and SPEM.

Drawdown Indicators

	SPDW	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-64.41%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-11.36%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-17.62%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-31.75%	+1.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-36.06%	+1.08%
Current Drawdown Current decline from peak	-0.99%	-2.40%	+1.41%
Average Drawdown Average peak-to-trough decline	-12.89%	-14.73%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.17%	-0.18%

Volatility

SPDW vs. SPEM - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) and SPDR Portfolio Emerging Markets ETF (SPEM) have volatilities of 6.86% and 6.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	6.87%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	14.21%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	16.67%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	17.26%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	18.83%	-1.52%

SPDW vs. SPEM - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than SPEM's 0.11% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPDW vs. SPEM - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than SPEM's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEM SPDR Portfolio Emerging Markets ETF	2.49%	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 SPDW and SPEM in my portfolio?

SPDW and SPEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDW or SPEM?

SPEM has higher volatility (6.87%) compared to SPDW (6.86%). In terms of maximum drawdown, SPDW dropped -60.02% vs SPEM's -64.41%.

Which ETF is better, SPDW or SPEM?

On 10-year performance, SPDW leads with 10.64% vs 9.63% for SPEM. On fees, SPDW is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or SPEM?

Over the 10-year period, SPDW has performed better with a 10.64% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or SPEM?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.11% for SPEM.

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

SPDW has the higher dividend yield at 2.87%, compared with 2.49% for SPEM.

What is the main difference between SPDW and SPEM?

SPDW is categorized as Foreign Large Cap Equities, while SPEM is Emerging Markets Equities. SPDW tracks S&P Developed Ex-U.S. BMI Index, while SPEM tracks S&P Emerging Markets BMI. Their fees differ too: 0.04% for SPDW and 0.11% for SPEM.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.80 vs 1.55), 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.