SPEM vs. AVEM

Last updated Jun 9, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and AVEM (Avantis Emerging Markets Equity ETF) are both Emerging Markets Equities funds. SPEM is passively managed, while AVEM is actively managed. Over the past 5 years, SPEM returned 5.19%/yr vs 9.03%/yr for AVEM. With a 0.97 correlation, they move nearly in lockstep. SPEM charges 0.11%/yr vs 0.33%/yr for AVEM.

Performance

SPEM vs. AVEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and Avantis Emerging Markets Equity ETF (AVEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEM achieves a 8.69% return, which is significantly lower than AVEM's 21.13% return.

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%

AVEM

• 1D: 2.19%
• 1M: -2.54%
• YTD: 21.13%
• 6M: 23.05%
• 1Y: 43.87%
• 3Y*: 23.10%
• 5Y*: 9.03%
• 10Y*: —

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

SPEM vs. AVEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPEM SPDR Portfolio Emerging Markets ETF	8.69%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	10.18%
AVEM Avantis Emerging Markets Equity ETF	21.13%	34.48%	7.49%	15.30%	-18.15%	5.16%	14.39%	11.13%

Correlation

The correlation between SPEM and AVEM is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 20, 2019	0.97

The correlation between SPEM and AVEM has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SPEM vs. AVEM - Sectors Allocation Comparison

Sectors	SPEM	AVEM
Technology	28.2%	32.3%
Financial Services	20.2%	20.7%
Consumer Cyclical	10.4%	9.2%
Industrials	8.5%	9.2%
Basic Materials	8.2%	8.1%
Communication Services	7.2%	5.4%
Energy	4.7%	5.1%
Healthcare	4.0%	2.8%
Consumer Defensive	3.9%	3.1%
Utilities	2.8%	2.6%
Real Estate	1.9%	1.6%

Return for Risk

SPEM vs. AVEM — Risk / Return Rank

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

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

AVEM

AVEM Risk / Return Rank: 73
AVEM Sharpe Ratio Rank: 73
AVEM Sortino Ratio Rank: 66
AVEM Omega Ratio Rank: 75
AVEM Calmar Ratio Rank: 73
AVEM Martin Ratio Rank: 76

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.

SPEM vs. AVEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Avantis Emerging Markets Equity ETF (AVEM). 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.

	SPEM	AVEM	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.14	-0.62
Sortino ratio: Return per unit of downside risk	2.10	2.73	-0.63
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio: Return relative to maximum drawdown	2.20	3.36	-1.16
Martin ratio: Return relative to average drawdown	7.95	13.04	-5.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPEM vs. AVEM - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.52, which is comparable to the AVEM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SPEM and AVEM, 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

	SPEM	AVEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.14	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.49	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.61	-0.38

Drawdowns

SPEM vs. AVEM - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than AVEM's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for SPEM and AVEM.

Drawdown Indicators

	SPEM	AVEM	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-36.05%	-28.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.13%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-18.02%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-31.76%	-33.88%	+2.12%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	—	—
Current Drawdown Current decline from peak	-4.70%	-6.38%	+1.68%
Average Drawdown Average peak-to-trough decline	-14.74%	-10.08%	-4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	3.37%	-0.24%

Volatility

SPEM vs. AVEM - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 6.56%, while Avantis Emerging Markets Equity ETF (AVEM) has a volatility of 10.56%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than AVEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	AVEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	10.56%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	18.21%	-4.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	20.67%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	18.59%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	20.71%	-1.87%

SPEM vs. AVEM - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than AVEM's 0.33% expense ratio.

Dividends

SPEM vs. AVEM - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.55%, more than AVEM's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEM Avantis Emerging Markets Equity ETF	2.09%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%	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 SPEM and AVEM in my portfolio?

With a correlation of 0.95, SPEM and AVEM 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 is riskier, SPEM or AVEM?

AVEM has higher volatility (10.56%) compared to SPEM (6.56%). In terms of maximum drawdown, SPEM dropped -64.41% vs AVEM's -36.05%.

Which ETF is better, SPEM or AVEM?

On 5-year performance, AVEM leads with 9.03% vs 5.19% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or AVEM?

Over the 5-year period, AVEM has performed better with a 9.03% return vs 5.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or AVEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.33% for AVEM.

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

SPEM has the higher dividend yield at 2.55%, compared with 2.09% for AVEM.

What is the main difference between SPEM and AVEM?

They also come from different issuers: State Street and Avantis. Their fees differ too: 0.11% for SPEM and 0.33% for AVEM.

Which has better risk-adjusted returns?

AVEM currently has the higher Sharpe Ratio (2.14 vs 1.52), 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.