SPEM vs. COM
SPEM (SPDR Portfolio Emerging Markets ETF) and COM (Direxion Auspice Broad Commodity Strategy ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while COM is a Commodities fund tracking the Auspice Broad Commodity ER Index. Both are passively managed. Over the past 5 years, SPEM returned 5.70%/yr vs 8.28%/yr for COM. At a 0.23 correlation, their price movements are largely independent. SPEM charges 0.11%/yr vs 0.70%/yr for COM.
Performance
SPEM vs. COM - Performance Comparison
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Returns By Period
In the year-to-date period, SPEM achieves a 12.45% return, which is significantly lower than COM's 14.96% return.
SPEM
- 1D
- -1.40%
- 1M
- 3.20%
- YTD
- 12.45%
- 6M
- 14.11%
- 1Y
- 31.35%
- 3Y*
- 18.73%
- 5Y*
- 5.70%
- 10Y*
- 9.45%
COM
- 1D
- -0.76%
- 1M
- -2.14%
- YTD
- 14.96%
- 6M
- 14.36%
- 1Y
- 22.41%
- 3Y*
- 7.16%
- 5Y*
- 8.28%
- 10Y*
- —
SPEM vs. COM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPEM SPDR Portfolio Emerging Markets ETF | 12.45% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 19.16% |
COM Direxion Auspice Broad Commodity Strategy ETF | 14.96% | 7.72% | 5.81% | -2.09% | 9.17% | 28.00% | 6.63% | -0.18% | -0.03% | -2.05% |
Correlation
The correlation between SPEM and COM is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2017 | 0.23 |
The correlation between SPEM and COM shifts across timeframes, from 0.10 (1 year) to 0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPEM vs. COM — Risk / Return Rank
SPEM
COM
SPEM vs. COM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Direxion Auspice Broad Commodity Strategy ETF (COM). 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 | COM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.41 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 4.95 | -2.18 |
| Martin ratioReturn relative to average drawdown | 10.14 | 14.37 | -4.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPEM | COM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 2.16 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.87 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.72 | -0.49 |
Drawdowns
SPEM vs. COM - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, which is greater than COM's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for SPEM and COM.
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Drawdown Indicators
| SPEM | COM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -15.95% | -48.46% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -4.55% | -6.81% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -8.50% | -9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -31.88% | -14.02% | -17.86% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | — | — |
Current DrawdownCurrent decline from peak | -1.40% | -4.55% | +3.15% |
Average DrawdownAverage peak-to-trough decline | -14.75% | -6.28% | -8.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 1.56% | +1.54% |
Volatility
SPEM vs. COM - Volatility Comparison
SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 5.69% compared to Direxion Auspice Broad Commodity Strategy ETF (COM) at 4.04%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than COM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEM | COM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.69% | 4.04% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 13.29% | 8.60% | +4.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.92% | 10.41% | +5.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.13% | 9.60% | +7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.80% | 9.77% | +9.03% |
SPEM vs. COM - Expense Ratio Comparison
SPEM has a 0.11% expense ratio, which is lower than COM's 0.70% expense ratio.
Dividends
SPEM vs. COM - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.47%, which matches COM's 2.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COM Direxion Auspice Broad Commodity Strategy ETF | 2.46% | 2.99% | 3.88% | 3.80% | 8.59% | 10.32% | 0.13% | 1.09% | 2.36% | 0.09% | 0.00% | 0.00% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.47% | 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
SPEM and COM have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEM has higher volatility (5.69%) compared to COM (4.04%). In terms of maximum drawdown, SPEM dropped -64.41% vs COM's -15.95%.
On 5-year performance, COM leads with 8.28% vs 5.70% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, COM has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COM has performed better with a 8.28% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.11% expense ratio, compared with 0.70% for COM.
SPEM and COM have nearly identical dividend yields, around 2.47%.
SPEM is categorized as Emerging Markets Equities, while COM is Commodities. SPEM tracks S&P Emerging Markets BMI, while COM tracks Auspice Broad Commodity ER Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.11% for SPEM and 0.70% for COM.
COM currently has the higher Sharpe Ratio (2.16 vs 1.98), 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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