SPEM vs. EMDV

Last updated Jun 24, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) are both Emerging Markets Equities funds - SPEM tracks the S&P Emerging BMI Index while EMDV tracks the MSCI Emerging Markets Dividend Masters Index. Both are passively managed. Over the past 10 years, SPEM returned 9.62%/yr vs 2.45%/yr for EMDV. Their correlation of 0.82 suggests significant overlap in exposure. SPEM charges 0.07%/yr vs 0.60%/yr for EMDV.

Performance

SPEM vs. EMDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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 higher than EMDV's -1.87% return. Over the past 10 years, SPEM has outperformed EMDV with an annualized return of 9.62%, while EMDV has yielded a comparatively lower 2.45% 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%

EMDV

• 1D: -1.32%
• 1M: -2.39%
• YTD: -1.87%
• 6M: -2.68%
• 1Y: 4.25%
• 3Y*: 2.28%
• 5Y*: -3.40%
• 10Y*: 2.45%

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

SPEM vs. EMDV - 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%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	-1.87%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	26.98%

Correlation

The correlation between SPEM and EMDV is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 27, 2016	0.82

The correlation between SPEM and EMDV has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

SPEM vs. EMDV - Sectors Allocation Comparison

Sectors	SPEM	EMDV
Technology	32.1%	24.7%
Financial Services	19.2%	23.4%
Consumer Cyclical	9.6%	6.5%
Industrials	8.3%	5.9%
Basic Materials	8.0%	2.1%
Communication Services	6.7%	5.7%
Energy	4.2%	-
Healthcare	3.7%	7.7%
Consumer Defensive	3.6%	15.8%
Utilities	2.8%	8.2%
Real Estate	1.8%	-

Return for Risk

SPEM vs. EMDV — 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

EMDV

EMDV Risk / Return Rank: 15
EMDV Sharpe Ratio Rank: 14
EMDV Sortino Ratio Rank: 13
EMDV Omega Ratio Rank: 13
EMDV Calmar Ratio Rank: 16
EMDV Martin Ratio Rank: 17

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. EMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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	EMDV	Difference
Sharpe ratio: Return per unit of total volatility	1.66	0.37	+1.29
Sortino ratio: Return per unit of downside risk	2.28	0.60	+1.68
Omega ratio: Gain probability vs. loss probability	1.31	1.07	+0.24
Calmar ratio: Return relative to maximum drawdown	2.49	0.59	+1.90
Martin ratio: Return relative to average drawdown	8.92	1.67	+7.24

SPEM vs. EMDV - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.66, which is higher than the EMDV Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of SPEM and EMDV, 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. EMDV - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than EMDV's maximum drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for SPEM and EMDV.

Drawdown Indicators

	SPEM	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-39.20%	-25.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-7.24%	-4.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-20.71%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.75%	-34.13%	+2.38%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-39.20%	+3.14%
Current Drawdown Current decline from peak	-3.05%	-17.36%	+14.31%
Average Drawdown Average peak-to-trough decline	-14.72%	-13.55%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.54%	+0.63%

Volatility

SPEM vs. EMDV - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 7.51% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 4.26%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than EMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	4.26%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	9.72%	+5.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	11.54%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	15.45%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.17%	+0.63%

SPEM vs. EMDV - Expense Ratio Comparison

SPEM has a 0.07% expense ratio, which is lower than EMDV's 0.60% expense ratio.

Dividends

SPEM vs. EMDV - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.52%, more than EMDV's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	2.48%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%	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 EMDV in my portfolio?

SPEM and EMDV have a correlation of 0.77, 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 EMDV?

SPEM has higher volatility (7.51%) compared to EMDV (4.26%). In terms of maximum drawdown, SPEM dropped -64.41% vs EMDV's -39.20%.

Which ETF is better, SPEM or EMDV?

On 10-year performance, SPEM leads with 9.62% vs 2.45% for EMDV. On fees, SPEM is cheaper at 0.07% per year. On volatility, EMDV has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or EMDV?

Over the 10-year period, SPEM has performed better with a 9.62% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or EMDV?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.60% for EMDV.

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

SPEM has the higher dividend yield at 2.52%, compared with 2.48% for EMDV.

What is the main difference between SPEM and EMDV?

SPEM tracks S&P Emerging BMI Index, while EMDV tracks MSCI Emerging Markets Dividend Masters Index. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.07% for SPEM and 0.60% for EMDV.

Which has better risk-adjusted returns?

SPEM currently has the higher Sharpe Ratio (1.66 vs 0.37), 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.