SPEM vs. DEM

Last updated Jun 4, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - SPEM tracks the S&P Emerging Markets BMI while DEM tracks the WisdomTree Emerging Markets Equity income Index. Both are passively managed. Over the past 10 years, SPEM returned 9.45%/yr vs 10.45%/yr for DEM. Their correlation of 0.90 suggests significant overlap in exposure. SPEM charges 0.11%/yr vs 0.63%/yr for DEM.

Performance

SPEM vs. DEM - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEM achieves a 12.45% return, which is significantly lower than DEM's 19.97% return. Over the past 10 years, SPEM has underperformed DEM with an annualized return of 9.45%, while DEM has yielded a comparatively higher 10.45% annualized 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%

DEM

• 1D: -1.19%
• 1M: 6.63%
• YTD: 19.97%
• 6M: 20.75%
• 1Y: 32.23%
• 3Y*: 19.32%
• 5Y*: 9.57%
• 10Y*: 10.45%

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

SPEM vs. DEM - 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%	34.82%
DEM WisdomTree Emerging Markets Equity Income Fund	19.97%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%

Correlation

The correlation between SPEM and DEM is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 16, 2007	0.90

The correlation between SPEM and DEM has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

SPEM vs. DEM - Sectors Allocation Comparison

Sectors	SPEM	DEM
Technology	28.2%	17.4%
Financial Services	20.2%	21.9%
Consumer Cyclical	10.4%	5.0%
Industrials	8.5%	9.5%
Basic Materials	8.2%	3.5%
Communication Services	7.2%	3.0%
Energy	4.7%	6.1%
Healthcare	4.0%	0.6%
Consumer Defensive	3.9%	5.8%
Utilities	2.8%	3.0%
Real Estate	1.9%	3.0%

Return for Risk

SPEM vs. DEM — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

DEM

DEM Risk / Return Rank: 74
DEM Sharpe Ratio Rank: 72
DEM Sortino Ratio Rank: 71
DEM Omega Ratio Rank: 71
DEM Calmar Ratio Rank: 79
DEM Martin Ratio Rank: 75

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. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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	DEM	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.38	-0.40
Sortino ratio: Return per unit of downside risk	2.73	3.28	-0.55
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	2.77	4.10	-1.33
Martin ratio: Return relative to average drawdown	10.14	14.52	-4.39
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. DEM - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.98, which is comparable to the DEM Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SPEM and DEM, 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	DEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.38	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.63	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.58	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.22	+0.01

Drawdowns

SPEM vs. DEM - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than DEM's maximum drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for SPEM and DEM.

Drawdown Indicators

	SPEM	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-51.85%	-12.56%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-7.89%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-15.64%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-27.18%	-4.70%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-37.79%	+1.73%
Current Drawdown Current decline from peak	-1.40%	-1.19%	-0.21%
Average Drawdown Average peak-to-trough decline	-14.75%	-12.90%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.22%	+0.88%

Volatility

SPEM vs. DEM - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) and WisdomTree Emerging Markets Equity Income Fund (DEM) have volatilities of 5.69% and 5.64%, 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

	SPEM	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	5.64%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	11.33%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	13.59%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	15.33%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	17.96%	+0.84%

SPEM vs. DEM - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than DEM's 0.63% expense ratio.

Dividends

SPEM vs. DEM - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.47%, less than DEM's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.76%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
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

Can I hold both SPEM and DEM in my portfolio?

SPEM and DEM have a correlation of 0.84, 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 DEM?

SPEM has higher volatility (5.69%) compared to DEM (5.64%). In terms of maximum drawdown, SPEM dropped -64.41% vs DEM's -51.85%.

Which ETF is better, SPEM or DEM?

On 10-year performance, DEM leads with 10.45% vs 9.45% for SPEM. On fees, SPEM is cheaper at 0.11% 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, SPEM or DEM?

Over the 10-year period, DEM has performed better with a 10.45% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or DEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.63% for DEM.

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

DEM has the higher dividend yield at 3.76%, compared with 2.47% for SPEM.

What is the main difference between SPEM and DEM?

SPEM tracks S&P Emerging Markets BMI, while DEM tracks WisdomTree Emerging Markets Equity income Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.11% for SPEM and 0.63% for DEM.

Which has better risk-adjusted returns?

DEM currently has the higher Sharpe Ratio (2.38 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.