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SPEM vs. FEM
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SPEM vs. FEM

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio Emerging Markets ETF (SPEM) and First Trust Emerging Markets AlphaDEX Fund (FEM).

SPEM and FEM 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. FEM is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Index. It was launched on Apr 18, 2011. Both SPEM and FEM 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. FEM - Performance Comparison

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

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SPEM vs. FEM - 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%
FEM
First Trust Emerging Markets AlphaDEX Fund		9.64%28.36%3.01%10.84%-14.24%7.40%-1.68%20.55%-15.51%41.05%

Returns By Period

In the year-to-date period, SPEM achieves a 0.21% return, which is significantly lower than FEM's 9.64% return. Both investments have delivered pretty close results over the past 10 years, with SPEM having a 8.16% annualized return and FEM not far ahead at 8.47%.

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%

FEM

1D
1.40%
1M
-4.37%
YTD
9.64%
6M
11.51%
1Y
35.39%
3Y*
16.74%
5Y*
6.92%
10Y*
8.47%
*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

First Trust Emerging Markets AlphaDEX Fund

Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. BKEMSPEM vs. EMGFSPEM vs. EMCR
Often compared with FEM:
FEM vs. FPADXFEM vs. RFEMFEM vs. IQQE.DEFEM vs. VWOFEM vs. AVEMFEM vs. FDEMFEM vs. VXUS

SPEM vs. FEM - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than FEM's 0.80% expense ratio.

FEM
First Trust Emerging Markets AlphaDEX Fund
SPEM
SPDR Portfolio Emerging Markets ETF

Return for Risk

SPEM vs. FEM — 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
FEM
FEM Risk / Return Rank: 8888
Overall Rank
FEM Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
FEM Sortino Ratio Rank: 8787
Sortino Ratio Rank
FEM Omega Ratio Rank: 8888
Omega Ratio Rank
FEM Calmar Ratio Rank: 8787
Calmar Ratio Rank
FEM 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. FEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and First Trust Emerging Markets AlphaDEX Fund (FEM). 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.

SPEMFEMDifference

Sharpe ratio

Return per unit of total volatility

1.28

1.85

-0.57

Sortino ratio

Return per unit of downside risk

1.80

2.34

-0.55

Omega ratio

Gain probability vs. loss probability

1.26

1.36

-0.10

Calmar ratio

Return relative to maximum drawdown

1.82

2.66

-0.84

Martin ratio

Return relative to average drawdown

7.01

12.54

-5.54

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. FEM - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.28, which is lower than the FEM Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SPEM and FEM, 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

SPEMFEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.28

1.85

-0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.38

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.41

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.16

+0.05

Correlation

The correlation between SPEM and FEM is 0.89, 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. FEM - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.77%, less than FEM's 2.84% 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%
FEM
First Trust Emerging Markets AlphaDEX Fund		2.84%3.13%3.66%4.96%6.15%4.15%2.68%3.31%3.52%2.45%2.25%3.61%

Drawdowns

SPEM vs. FEM - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than FEM's maximum drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for SPEM and FEM.

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Drawdown Indicators

SPEMFEMDifference

Max Drawdown

Largest peak-to-trough decline

-64.41%

-46.23%

-18.18%

Max Drawdown (1Y)

Largest decline over 1 year

-12.35%

-13.19%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-31.94%

-31.72%

-0.22%

Max Drawdown (10Y)

Largest decline over 10 years

-36.06%

-46.23%

+10.17%

Current Drawdown

Current decline from peak

-8.56%

-5.40%

-3.16%

Average Drawdown

Average peak-to-trough decline

-14.87%

-15.20%

+0.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

2.79%

+0.41%

Volatility

SPEM vs. FEM - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) and First Trust Emerging Markets AlphaDEX Fund (FEM) have volatilities of 8.25% and 8.51%, 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

SPEMFEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.25%

8.51%

-0.26%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

13.64%

-1.41%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

19.24%

-1.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

18.21%

-1.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.76%

20.95%

-2.19%