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SPEM vs. EMXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPEM vs. EMXC

Last updated Jun 23, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both Emerging Markets Equities funds - SPEM tracks the S&P Emerging BMI Index while EMXC tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, SPEM returned 6.53%/yr vs 14.13%/yr for EMXC. Their correlation of 0.85 suggests significant overlap in exposure. SPEM charges 0.07%/yr vs 0.49%/yr for EMXC.

Performance

SPEM vs. EMXC - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPEM achieves a 14.64% return, which is significantly lower than EMXC's 47.39% return.

SPEM

1D
1.10%
1M
4.42%
YTD
14.64%
6M
15.36%
1Y
33.19%
3Y*
19.39%
5Y*
6.53%
10Y*
9.96%

EMXC

1D
0.70%
1M
12.05%
YTD
47.39%
6M
50.85%
1Y
80.79%
3Y*
30.52%
5Y*
14.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEM vs. EMXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEM
SPDR Portfolio Emerging Markets ETF		14.64%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%9.75%
EMXC
iShares MSCI Emerging Markets ex China ETF		47.39%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%

Correlation

The correlation between SPEM and EMXC is 0.89, 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

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2017

0.85

The correlation between SPEM and EMXC has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

SPEM vs. EMXC - Sectors Allocation Comparison

Sectors
SPEM
EMXC

Technology

32.1%
52.4%

Financial Services

19.2%
17.4%

Consumer Cyclical

9.6%
4.1%

Industrials

8.3%
6.9%

Basic Materials

8.0%
6.0%

Communication Services

6.7%
3.0%

Energy

4.2%
3.4%

Healthcare

3.7%
1.8%

Consumer Defensive

3.6%
2.4%

Utilities

2.8%
1.9%

Real Estate

1.8%
0.8%

Technology

SPEM
32.1%
EMXC
52.4%

Financial Services

SPEM
19.2%
EMXC
17.4%

Consumer Cyclical

SPEM
9.6%
EMXC
4.1%

Industrials

SPEM
8.3%
EMXC
6.9%

Basic Materials

SPEM
8.0%
EMXC
6.0%

Communication Services

SPEM
6.7%
EMXC
3.0%

Energy

SPEM
4.2%
EMXC
3.4%

Healthcare

SPEM
3.7%
EMXC
1.8%

Consumer Defensive

SPEM
3.6%
EMXC
2.4%

Utilities

SPEM
2.8%
EMXC
1.9%

Real Estate

SPEM
1.8%
EMXC
0.8%

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 MSCI Emerging Markets ex China ETF

Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. ESGESPEM vs. EMGFSPEM vs. BKEMSPEM vs. EMCRSPEM vs. XSOE
Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. VEXCEMXC vs. VNMEMXC vs. EMM

Return for Risk

SPEM vs. EMXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPEM
SPEM Risk / Return Rank: 6161
Overall Rank
SPEM Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 5959
Sortino Ratio Rank
SPEM Omega Ratio Rank: 6363
Omega Ratio Rank
SPEM Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPEM Martin Ratio Rank: 6060
Martin Ratio Rank
EMXC
EMXC Risk / Return Rank: 9292
Overall Rank
EMXC Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 8989
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9393
Omega Ratio Rank
EMXC Calmar Ratio Rank: 9191
Calmar Ratio Rank
EMXC Martin Ratio Rank: 9292
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. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.

SPEMEMXCDifference
Sharpe ratioReturn per unit of total volatility
1.99
3.33

-1.34

Sortino ratioReturn per unit of downside risk
2.70
3.94

-1.24

Omega ratioGain probability vs. loss probability

1.37

1.60

-0.23

Calmar ratioReturn relative to maximum drawdown

2.93

5.64

-2.70

Martin ratioReturn relative to average drawdown

10.51

21.69

-11.17

SPEM vs. EMXC - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.99, which is lower than the EMXC Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of SPEM and EMXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPEM vs. EMXC - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for SPEM and EMXC.

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Drawdown Indicators

SPEMEMXCDifference

Max Drawdown

Largest peak-to-trough decline

-64.41%

-42.81%

-21.60%

Max Drawdown (1Y)

Largest decline over 1 year

-11.36%

-14.41%

+3.05%

Max Drawdown (3Y)

Largest decline over 3 years

-17.62%

-19.12%

+1.50%

Max Drawdown (5Y)

Largest decline over 5 years

-31.75%

-28.91%

-2.84%

Max Drawdown (10Y)

Largest decline over 10 years

-36.06%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-14.72%

-10.15%

-4.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

3.74%

-0.58%

Volatility

SPEM vs. EMXC - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 6.73%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.87%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPEMEMXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.73%

12.87%

-6.14%

Volatility (6M)

Calculated over the trailing 6-month period

14.43%

22.38%

-7.95%

Volatility (1Y)

Calculated over the trailing 1-year period

16.77%

24.42%

-7.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.30%

18.17%

-0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

20.13%

-1.29%

SPEM vs. EMXC - Expense Ratio Comparison

SPEM has a 0.07% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

SPEM vs. EMXC - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 3.44%, more than EMXC's 1.81% yield.

PositionTTM20252024202320222021202020192018201720162015
EMXC
iShares MSCI Emerging Markets ex China ETF		1.81%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%0.00%0.00%
SPEM
SPDR Portfolio Emerging Markets ETF		3.44%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 EMXC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (12.87%) compared to SPEM (6.73%). In terms of maximum drawdown, SPEM dropped -64.41% vs EMXC's -42.81%.

On 5-year performance, EMXC leads with 14.13% vs 6.53% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EMXC has performed better with a 14.13% return vs 6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPEM is cheaper with a 0.07% expense ratio, compared with 0.49% for EMXC.

SPEM has the higher dividend yield at 3.44%, compared with 1.81% for EMXC.

SPEM tracks S&P Emerging BMI Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPEM and 0.49% for EMXC.

EMXC currently has the higher Sharpe Ratio (3.33 vs 1.99), 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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