SPEM vs. CEMIX

Last updated Jul 14, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and CEMIX (Causeway Emerging Markets Fund) are both funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index, while CEMIX is a Emerging Markets Diversified fund managed by Causeway. Over the past 10 years, SPEM returned 8.59%/yr vs 10.95%/yr for CEMIX. Their correlation of 0.89 suggests significant overlap in exposure. SPEM charges 0.07%/yr vs 1.10%/yr for CEMIX.

Performance

SPEM vs. CEMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEM achieves a 9.96% return, which is significantly lower than CEMIX's 26.71% return. Over the past 10 years, SPEM has underperformed CEMIX with an annualized return of 8.59%, while CEMIX has yielded a comparatively higher 10.95% annualized return.

SPEM

• 1D: -1.94%
• 1M: -1.22%
• 6M: 5.04%
• YTD: 9.96%
• 1Y: 22.24%
• 3Y*: 16.12%
• 5Y*: 5.89%
• 10Y*: 8.59%

CEMIX

• 1D: 0.11%
• 1M: -2.92%
• 6M: 19.99%
• YTD: 26.71%
• 1Y: 47.29%
• 3Y*: 27.77%
• 5Y*: 10.92%
• 10Y*: 10.95%

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

SPEM vs. CEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEM SPDR Portfolio Emerging Markets ETF	9.96%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%
CEMIX Causeway Emerging Markets Fund	26.71%	36.22%	14.90%	17.13%	-23.05%	-0.83%	16.95%	16.73%	-17.91%	39.79%

Correlation

The correlation between SPEM and CEMIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.89

The correlation between SPEM and CEMIX shifts across timeframes, from 0.79 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPEM vs. CEMIX — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 47
SPEM Sharpe Ratio Rank: 46
SPEM Sortino Ratio Rank: 44
SPEM Omega Ratio Rank: 47
SPEM Calmar Ratio Rank: 49
SPEM Martin Ratio Rank: 51

CEMIX

CEMIX Risk / Return Rank: 77
CEMIX Sharpe Ratio Rank: 75
CEMIX Sortino Ratio Rank: 59
CEMIX Omega Ratio Rank: 75
CEMIX Calmar Ratio Rank: 88
CEMIX Martin Ratio Rank: 85

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. CEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Causeway Emerging Markets Fund (CEMIX). 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.

	SPEM	CEMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.96	-0.66
Sortino ratio: Return per unit of downside risk	1.82	2.43	-0.61
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	1.97	3.51	-1.54
Martin ratio: Return relative to average drawdown	6.83	12.18	-5.35

SPEM vs. CEMIX - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.30, which is lower than the CEMIX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SPEM and CEMIX, 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

SPEM vs. CEMIX - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, smaller than the maximum CEMIX drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for SPEM and CEMIX.

Drawdown Indicators

	SPEM	CEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-68.90%	+4.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.61%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-17.92%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-30.03%	-35.06%	+5.03%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-39.59%	+3.53%
Current Drawdown Current decline from peak	-4.08%	-7.57%	+3.49%
Average Drawdown Average peak-to-trough decline	-14.69%	-15.73%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.90%	-0.64%

Volatility

SPEM vs. CEMIX - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 6.46%, while Causeway Emerging Markets Fund (CEMIX) has a volatility of 12.47%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than CEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	CEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	12.47%	-6.01%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	22.25%	-7.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	24.41%	-7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	18.76%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	18.80%	-0.04%

SPEM vs. CEMIX - Expense Ratio Comparison

SPEM has a 0.07% expense ratio, which is lower than CEMIX's 1.10% expense ratio.

Dividends

SPEM vs. CEMIX - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.55%, more than CEMIX's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMIX Causeway Emerging Markets Fund	1.97%	2.49%	3.73%	4.85%	4.87%	23.35%	1.36%	2.03%	2.01%	1.58%	1.55%	1.69%
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 CEMIX in my portfolio?

SPEM and CEMIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEM or CEMIX?

CEMIX has higher volatility (12.47%) compared to SPEM (6.46%). In terms of maximum drawdown, SPEM dropped -64.41% vs CEMIX's -68.90%.

Which has better risk-adjusted returns?

CEMIX currently has the higher Sharpe Ratio (1.96 vs 1.29), 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.