SPEM vs. FNDE

Last updated Jun 13, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) are both Emerging Markets Equities funds - SPEM tracks the S&P Emerging Markets BMI while FNDE tracks the Russell Fundamental Emerging Markets Large Company Index. Both are passively managed. Over the past 10 years, SPEM returned 9.63%/yr vs 11.35%/yr for FNDE. Their correlation of 0.93 suggests significant overlap in exposure. SPEM charges 0.11%/yr vs 0.39%/yr for FNDE.

Performance

SPEM vs. FNDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEM achieves a 11.32% return, which is significantly lower than FNDE's 13.70% return. Over the past 10 years, SPEM has underperformed FNDE with an annualized return of 9.63%, while FNDE has yielded a comparatively higher 11.35% annualized return.

SPEM

• 1D: 0.87%
• 1M: -0.21%
• YTD: 11.32%
• 6M: 13.11%
• 1Y: 25.79%
• 3Y*: 17.37%
• 5Y*: 5.60%
• 10Y*: 9.63%

FNDE

• 1D: 0.66%
• 1M: -0.85%
• YTD: 13.70%
• 6M: 15.79%
• 1Y: 29.82%
• 3Y*: 19.78%
• 5Y*: 9.29%
• 10Y*: 11.35%

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

SPEM vs. FNDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEM SPDR Portfolio Emerging Markets ETF	11.32%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	13.70%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%

Correlation

The correlation between SPEM and FNDE is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.93

The correlation between SPEM and FNDE has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

SPEM vs. FNDE - Sectors Allocation Comparison

Sectors	SPEM	FNDE
Technology	28.2%	18.7%
Financial Services	20.2%	23.8%
Consumer Cyclical	10.4%	9.5%
Industrials	8.5%	4.7%
Basic Materials	8.2%	13.6%
Communication Services	7.2%	6.6%
Energy	4.7%	15.5%
Healthcare	4.0%	0.5%
Consumer Defensive	3.9%	3.1%
Utilities	2.8%	2.5%
Real Estate	1.9%	1.5%

Return for Risk

SPEM vs. FNDE — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 53
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 54

FNDE

FNDE Risk / Return Rank: 67
FNDE Sharpe Ratio Rank: 68
FNDE Sortino Ratio Rank: 65
FNDE Omega Ratio Rank: 69
FNDE Calmar Ratio Rank: 67
FNDE Martin Ratio Rank: 67

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. FNDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). 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	FNDE	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.92	-0.37
Sortino ratio: Return per unit of downside risk	2.16	2.58	-0.43
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.28	2.93	-0.65
Martin ratio: Return relative to average drawdown	8.16	10.67	-2.51

SPEM vs. FNDE - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.55, which is comparable to the FNDE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPEM and FNDE, 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. FNDE - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than FNDE's maximum drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for SPEM and FNDE.

Drawdown Indicators

	SPEM	FNDE	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-43.55%	-20.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-10.23%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-18.40%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-31.75%	-29.44%	-2.31%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-39.93%	+3.87%
Current Drawdown Current decline from peak	-2.40%	-3.19%	+0.79%
Average Drawdown Average peak-to-trough decline	-14.73%	-11.69%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.80%	+0.37%

Volatility

SPEM vs. FNDE - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 6.87% compared to Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) at 6.30%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than FNDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	FNDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	6.30%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	13.07%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	15.61%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	17.01%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	19.30%	-0.47%

SPEM vs. FNDE - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than FNDE's 0.39% expense ratio.

Dividends

SPEM vs. FNDE - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.49%, less than FNDE's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	3.68%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
SPEM SPDR Portfolio Emerging Markets ETF	2.49%	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 FNDE in my portfolio?

With a correlation of 0.93, SPEM and FNDE 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 FNDE?

SPEM has higher volatility (6.87%) compared to FNDE (6.30%). In terms of maximum drawdown, SPEM dropped -64.41% vs FNDE's -43.55%.

Which ETF is better, SPEM or FNDE?

On 10-year performance, FNDE leads with 11.35% vs 9.63% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, FNDE has been the lower-risk option at 6.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or FNDE?

Over the 10-year period, FNDE has performed better with a 11.35% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or FNDE?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.39% for FNDE.

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

FNDE has the higher dividend yield at 3.68%, compared with 2.49% for SPEM.

What is the main difference between SPEM and FNDE?

SPEM tracks S&P Emerging Markets BMI, while FNDE tracks Russell Fundamental Emerging Markets Large Company Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.11% for SPEM and 0.39% for FNDE.

Which has better risk-adjusted returns?

FNDE currently has the higher Sharpe Ratio (1.92 vs 1.55), 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.