SPEM vs. EET

Last updated Jun 24, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and EET (ProShares Ultra MSCI Emerging Markets) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index, while EET is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (200%). Both are passively managed. Over the past 10 years, SPEM returned 9.62%/yr vs 10.74%/yr for EET. With a 0.96 correlation, they move nearly in lockstep. SPEM charges 0.07%/yr vs 0.95%/yr for EET.

Performance

SPEM vs. EET - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEM achieves a 11.15% return, which is significantly lower than EET's 41.96% return. Over the past 10 years, SPEM has underperformed EET with an annualized return of 9.62%, while EET has yielded a comparatively higher 10.74% annualized return.

SPEM

• 1D: -3.05%
• 1M: 1.24%
• YTD: 11.15%
• 6M: 11.38%
• 1Y: 28.20%
• 3Y*: 18.16%
• 5Y*: 5.70%
• 10Y*: 9.62%

EET

• 1D: -10.85%
• 1M: 3.31%
• YTD: 41.96%
• 6M: 44.12%
• 1Y: 92.41%
• 3Y*: 35.25%
• 5Y*: 2.91%
• 10Y*: 10.74%

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

SPEM vs. EET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEM SPDR Portfolio Emerging Markets ETF	11.15%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%
EET ProShares Ultra MSCI Emerging Markets	41.96%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%

Correlation

The correlation between SPEM and EET 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.96

The correlation between SPEM and EET has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

SPEM vs. EET - Sectors Allocation Comparison

Sectors	SPEM	EET
Technology	32.1%	-
Financial Services	19.2%	41.4%
Consumer Cyclical	9.6%	-
Industrials	8.3%	-
Basic Materials	8.0%	-
Communication Services	6.7%	-
Energy	4.2%	-
Healthcare	3.7%	-
Consumer Defensive	3.6%	-
Utilities	2.8%	-
Real Estate	1.8%	-

Return for Risk

SPEM vs. EET — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 51
SPEM Sharpe Ratio Rank: 50
SPEM Sortino Ratio Rank: 48
SPEM Omega Ratio Rank: 51
SPEM Calmar Ratio Rank: 53
SPEM Martin Ratio Rank: 53

EET

EET Risk / Return Rank: 66
EET Sharpe Ratio Rank: 67
EET Sortino Ratio Rank: 53
EET Omega Ratio Rank: 63
EET Calmar Ratio Rank: 73
EET Martin Ratio Rank: 71

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. EET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and ProShares Ultra MSCI Emerging Markets (EET). 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	EET	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.06	-0.39
Sortino ratio: Return per unit of downside risk	2.28	2.43	-0.16
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.49	3.52	-1.03
Martin ratio: Return relative to average drawdown	8.92	12.31	-3.39

SPEM vs. EET - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.66, which is comparable to the EET Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SPEM and EET, 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. EET - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, smaller than the maximum EET drawdown of -71.66%. Use the drawdown chart below to compare losses from any high point for SPEM and EET.

Drawdown Indicators

	SPEM	EET	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-71.66%	+7.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-26.38%	+15.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-34.89%	+17.27%
Max Drawdown (5Y) Largest decline over 5 years	-31.75%	-64.51%	+32.76%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-69.07%	+33.01%
Current Drawdown Current decline from peak	-3.05%	-10.85%	+7.80%
Average Drawdown Average peak-to-trough decline	-14.72%	-37.17%	+22.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	7.54%	-4.37%

Volatility

SPEM vs. EET - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 7.51%, while ProShares Ultra MSCI Emerging Markets (EET) has a volatility of 25.42%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than EET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	EET	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	25.42%	-17.91%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	41.32%	-26.56%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	45.21%	-28.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	39.05%	-21.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	40.97%	-22.17%

SPEM vs. EET - Expense Ratio Comparison

SPEM has a 0.07% expense ratio, which is lower than EET's 0.95% expense ratio.

Dividends

SPEM vs. EET - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.52%, more than EET's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EET ProShares Ultra MSCI Emerging Markets	1.33%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	2.52%	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 EET in my portfolio?

With a correlation of 0.95, SPEM and EET 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 EET?

EET has higher volatility (25.42%) compared to SPEM (7.51%). In terms of maximum drawdown, SPEM dropped -64.41% vs EET's -71.66%.

Which ETF is better, SPEM or EET?

On 10-year performance, EET leads with 10.74% vs 9.62% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 7.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or EET?

Over the 10-year period, EET has performed better with a 10.74% return vs 9.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or EET?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.95% for EET.

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

SPEM has the higher dividend yield at 2.52%, compared with 1.33% for EET.

What is the main difference between SPEM and EET?

SPEM is categorized as Emerging Markets Equities, while EET is Leveraged Equities. SPEM tracks S&P Emerging BMI Index, while EET tracks MSCI Emerging Markets Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.07% for SPEM and 0.95% for EET.

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (2.06 vs 1.66), 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.