SPEM vs. DGS
SPEM (SPDR Portfolio Emerging Markets ETF) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, SPEM returned 9.52%/yr vs 10.06%/yr for DGS. Their correlation of 0.89 suggests significant overlap in exposure. SPEM charges 0.11%/yr vs 0.58%/yr for DGS.
Performance
SPEM vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, SPEM achieves a 10.36% return, which is significantly lower than DGS's 14.20% return. Over the past 10 years, SPEM has underperformed DGS with an annualized return of 9.52%, while DGS has yielded a comparatively higher 10.06% annualized return.
SPEM
- 1D
- 2.36%
- 1M
- 0.16%
- YTD
- 10.36%
- 6M
- 11.13%
- 1Y
- 24.73%
- 3Y*
- 17.37%
- 5Y*
- 5.42%
- 10Y*
- 9.52%
DGS
- 1D
- 3.96%
- 1M
- 1.43%
- YTD
- 14.20%
- 6M
- 15.60%
- 1Y
- 23.59%
- 3Y*
- 15.37%
- 5Y*
- 7.92%
- 10Y*
- 10.06%
SPEM vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPEM SPDR Portfolio Emerging Markets ETF | 10.36% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 34.82% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 14.20% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between SPEM and DGS is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2007 | 0.89 |
The correlation between SPEM and DGS has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
SPEM vs. DGS — Risk / Return Rank
SPEM
DGS
SPEM vs. DGS - 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 SmallCap Dividend Fund (DGS). 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 | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.36 | -0.17 |
| Martin ratioReturn relative to average drawdown | 7.82 | 7.76 | +0.06 |
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Drawdowns
SPEM vs. DGS - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, roughly equal to the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for SPEM and DGS.
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Drawdown Indicators
| SPEM | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -61.83% | -2.58% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -10.06% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -19.31% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -31.75% | -24.86% | -6.89% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -44.08% | +8.02% |
Current DrawdownCurrent decline from peak | -3.24% | -1.69% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -12.57% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 3.05% | +0.12% |
Volatility
SPEM vs. DGS - Volatility Comparison
SPDR Portfolio Emerging Markets ETF (SPEM) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) have volatilities of 6.93% and 7.29%, 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.
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Volatility by Period
| SPEM | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.93% | 7.29% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 14.26% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.65% | 16.59% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 15.09% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.84% | 17.39% | +1.45% |
SPEM vs. DGS - Expense Ratio Comparison
SPEM has a 0.11% expense ratio, which is lower than DGS's 0.58% expense ratio.
Dividends
SPEM vs. DGS - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.51%, less than DGS's 3.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.22% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.51% | 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 DGS have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGS has higher volatility (7.29%) compared to SPEM (6.93%). In terms of maximum drawdown, SPEM dropped -64.41% vs DGS's -61.83%.
On 10-year performance, DGS leads with 10.06% vs 9.52% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGS has performed better with a 10.06% return vs 9.52%. 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 0.58% for DGS.
DGS has the higher dividend yield at 3.22%, compared with 2.51% for SPEM.
SPEM is categorized as Emerging Markets Equities, while DGS is Emerging Markets Diversified. SPEM tracks S&P Emerging Markets BMI, while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.11% for SPEM and 0.58% for DGS.
SPEM currently has the higher Sharpe Ratio (1.49 vs 1.43), 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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