SPEM vs. GEM

Last updated Jun 4, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) are both Emerging Markets Equities funds - SPEM tracks the S&P Emerging Markets BMI while GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index. Both are passively managed. Over the past 10 years, SPEM returned 9.45%/yr vs 10.00%/yr for GEM. With a 0.96 correlation, they move nearly in lockstep. SPEM charges 0.11%/yr vs 0.45%/yr for GEM.

Performance

SPEM vs. GEM - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEM achieves a 12.45% return, which is significantly lower than GEM's 27.56% return. Over the past 10 years, SPEM has underperformed GEM with an annualized return of 9.45%, while GEM has yielded a comparatively higher 10.00% annualized return.

SPEM

• 1D: -1.40%
• 1M: 3.20%
• YTD: 12.45%
• 6M: 14.11%
• 1Y: 31.35%
• 3Y*: 18.73%
• 5Y*: 5.70%
• 10Y*: 9.45%

GEM

• 1D: -1.04%
• 1M: 9.44%
• YTD: 27.56%
• 6M: 30.41%
• 1Y: 54.83%
• 3Y*: 23.85%
• 5Y*: 7.91%
• 10Y*: 10.00%

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

SPEM vs. GEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	27.56%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-14.25%	36.43%

Correlation

The correlation between SPEM and GEM is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015	0.96

The correlation between SPEM and GEM has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SPEM vs. GEM - Sectors Allocation Comparison

Sectors	SPEM	GEM
Technology	28.2%	14.1%
Financial Services	20.2%	34.0%
Consumer Cyclical	10.4%	13.0%
Industrials	8.5%	7.5%
Basic Materials	8.2%	8.7%
Communication Services	7.2%	4.5%
Energy	4.7%	1.3%
Healthcare	4.0%	5.4%
Consumer Defensive	3.9%	4.2%
Utilities	2.8%	4.3%
Real Estate	1.9%	1.5%

Return for Risk

SPEM vs. GEM — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

GEM

GEM Risk / Return Rank: 82
GEM Sharpe Ratio Rank: 85
GEM Sortino Ratio Rank: 81
GEM Omega Ratio Rank: 83
GEM Calmar Ratio Rank: 79
GEM Martin Ratio Rank: 80

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. GEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM). 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.

	SPEM	GEM	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.82	-0.85
Sortino ratio: Return per unit of downside risk	2.73	3.68	-0.95
Omega ratio: Gain probability vs. loss probability	1.36	1.51	-0.14
Calmar ratio: Return relative to maximum drawdown	2.77	4.08	-1.31
Martin ratio: Return relative to average drawdown	10.14	15.81	-5.67
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. GEM - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.98, which is comparable to the GEM Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of SPEM and GEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPEM	GEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.82	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.45	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.53	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.53	-0.30

Drawdowns

SPEM vs. GEM - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than GEM's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for SPEM and GEM.

Drawdown Indicators

	SPEM	GEM	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-37.02%	-27.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.50%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-16.54%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-35.43%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-37.02%	+0.96%
Current Drawdown Current decline from peak	-1.40%	-1.04%	-0.36%
Average Drawdown Average peak-to-trough decline	-14.75%	-12.01%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.48%	-0.38%

Volatility

SPEM vs. GEM - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 5.69%, while Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a volatility of 8.60%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than GEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	GEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	8.60%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	16.96%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	19.51%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	17.70%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	19.03%	-0.23%

SPEM vs. GEM - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than GEM's 0.45% expense ratio.

Dividends

SPEM vs. GEM - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.47%, more than GEM's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.80%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	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 GEM in my portfolio?

With a correlation of 0.95, SPEM and GEM 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 GEM?

GEM has higher volatility (8.60%) compared to SPEM (5.69%). In terms of maximum drawdown, SPEM dropped -64.41% vs GEM's -37.02%.

Which ETF is better, SPEM or GEM?

On 10-year performance, GEM leads with 10.00% vs 9.45% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or GEM?

Over the 10-year period, GEM has performed better with a 10.00% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or GEM?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.45% for GEM.

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

SPEM has the higher dividend yield at 2.47%, compared with 1.80% for GEM.

What is the main difference between SPEM and GEM?

SPEM tracks S&P Emerging Markets BMI, while GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.11% for SPEM and 0.45% for GEM.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.82 vs 1.98), 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.