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SPEM vs. EMIF
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SPEM vs. EMIF

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio Emerging Markets ETF (SPEM) and iShares Emerging Markets Infrastructure ETF (EMIF).

SPEM and EMIF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPEM is a passively managed fund by State Street that tracks the performance of the S&P Emerging Markets BMI. It was launched on Mar 19, 2007. EMIF is a passively managed fund by iShares that tracks the performance of the S&P Emerging Markets Infrastructure Index. It was launched on Jun 16, 2009. Both SPEM and EMIF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPEM vs. EMIF - Performance Comparison

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

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SPEM vs. EMIF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEM
SPDR Portfolio Emerging Markets ETF		0.21%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%34.82%
EMIF
iShares Emerging Markets Infrastructure ETF		6.16%33.90%1.21%5.67%-12.59%3.76%-19.98%16.36%-13.70%20.70%

Returns By Period

In the year-to-date period, SPEM achieves a 0.21% return, which is significantly lower than EMIF's 6.16% return. Over the past 10 years, SPEM has outperformed EMIF with an annualized return of 8.16%, while EMIF has yielded a comparatively lower 2.68% annualized return.

SPEM

1D
3.17%
1M
-7.13%
YTD
0.21%
6M
1.89%
1Y
22.70%
3Y*
14.39%
5Y*
4.29%
10Y*
8.16%

EMIF

1D
1.91%
1M
-8.08%
YTD
6.16%
6M
12.77%
1Y
39.99%
3Y*
13.95%
5Y*
6.54%
10Y*
2.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio Emerging Markets ETF

iShares Emerging Markets Infrastructure ETF

Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. BKEMSPEM vs. EMGFSPEM vs. EMCR
Often compared with EMIF:
EMIF vs. SPYEMIF vs. IVVEMIF vs. VDCEMIF vs. BNEMIF vs. IYKEMIF vs. UTESEMIF vs. JXI

SPEM vs. EMIF - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than EMIF's 0.75% expense ratio.

EMIF
iShares Emerging Markets Infrastructure ETF
SPEM
SPDR Portfolio Emerging Markets ETF

Return for Risk

SPEM vs. EMIF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPEM
SPEM Risk / Return Rank: 7474
Overall Rank
SPEM Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPEM Omega Ratio Rank: 7474
Omega Ratio Rank
SPEM Calmar Ratio Rank: 7474
Calmar Ratio Rank
SPEM Martin Ratio Rank: 7272
Martin Ratio Rank
EMIF
EMIF Risk / Return Rank: 9595
Overall Rank
EMIF Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
EMIF Sortino Ratio Rank: 9595
Sortino Ratio Rank
EMIF Omega Ratio Rank: 9595
Omega Ratio Rank
EMIF Calmar Ratio Rank: 9494
Calmar Ratio Rank
EMIF Martin Ratio Rank: 9393
Martin Ratio Rank
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. EMIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and iShares Emerging Markets Infrastructure ETF (EMIF). 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.

SPEMEMIFDifference

Sharpe ratio

Return per unit of total volatility

1.28

2.41

-1.13

Sortino ratio

Return per unit of downside risk

1.80

3.15

-1.35

Omega ratio

Gain probability vs. loss probability

1.26

1.47

-0.20

Calmar ratio

Return relative to maximum drawdown

1.82

3.78

-1.96

Martin ratio

Return relative to average drawdown

7.01

13.68

-6.67

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. EMIF - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.28, which is lower than the EMIF Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SPEM and EMIF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

SPEMEMIFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.28

2.41

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.33

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.13

+0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.18

+0.02

Correlation

The correlation between SPEM and EMIF is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPEM vs. EMIF - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.77%, less than EMIF's 4.67% yield.

TTM20252024202320222021202020192018201720162015
SPEM
SPDR Portfolio Emerging Markets ETF		2.77%2.77%2.78%2.80%3.38%3.14%1.92%2.94%2.34%1.12%1.51%2.40%
EMIF
iShares Emerging Markets Infrastructure ETF		4.67%4.96%4.12%2.64%3.08%3.94%2.54%2.07%2.64%2.58%3.16%2.07%

Drawdowns

SPEM vs. EMIF - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than EMIF's maximum drawdown of -48.02%. Use the drawdown chart below to compare losses from any high point for SPEM and EMIF.

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Drawdown Indicators

SPEMEMIFDifference

Max Drawdown

Largest peak-to-trough decline

-64.41%

-48.02%

-16.39%

Max Drawdown (1Y)

Largest decline over 1 year

-12.35%

-10.49%

-1.86%

Max Drawdown (5Y)

Largest decline over 5 years

-31.94%

-23.68%

-8.26%

Max Drawdown (10Y)

Largest decline over 10 years

-36.06%

-48.02%

+11.96%

Current Drawdown

Current decline from peak

-8.56%

-8.65%

+0.09%

Average Drawdown

Average peak-to-trough decline

-14.87%

-16.00%

+1.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

2.89%

+0.31%

Volatility

SPEM vs. EMIF - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 8.25% compared to iShares Emerging Markets Infrastructure ETF (EMIF) at 7.64%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than EMIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPEMEMIFDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.25%

7.64%

+0.61%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

12.00%

+0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

16.67%

+1.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

19.63%

-2.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.76%

20.61%

-1.85%