SPEM vs. GSEE

Last updated Jun 4, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index. Both are passively managed. Over the past 5 years, SPEM returned 5.70%/yr vs 7.49%/yr for GSEE. With a 0.97 correlation, they move nearly in lockstep. SPEM charges 0.11%/yr vs 0.36%/yr for GSEE.

Performance

SPEM vs. GSEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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 GSEE's 27.44% 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%

GSEE

• 1D: -1.36%
• 1M: 8.70%
• YTD: 27.44%
• 6M: 30.18%
• 1Y: 54.30%
• 3Y*: 23.60%
• 5Y*: 7.49%
• 10Y*: —

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

SPEM vs. GSEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	25.63%	11.40%	10.51%	-17.90%	1.51%	42.91%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%

Correlation

The correlation between SPEM and GSEE is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.97

The correlation between SPEM and GSEE has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

SPEM vs. GSEE - Sectors Allocation Comparison

Sectors	SPEM	GSEE
Technology	28.2%	36.0%
Financial Services	20.2%	18.8%
Consumer Cyclical	10.4%	9.7%
Industrials	8.5%	9.0%
Basic Materials	8.2%	6.3%
Communication Services	7.2%	6.6%
Energy	4.7%	4.0%
Healthcare	4.0%	3.1%
Consumer Defensive	3.9%	3.0%
Utilities	2.8%	2.3%
Real Estate	1.9%	1.2%

Return for Risk

SPEM vs. GSEE — 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

GSEE

GSEE Risk / Return Rank: 82
GSEE Sharpe Ratio Rank: 84
GSEE Sortino Ratio Rank: 81
GSEE Omega Ratio Rank: 83
GSEE Calmar Ratio Rank: 80
GSEE Martin Ratio Rank: 81

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. GSEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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	GSEE	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.80	-0.82
Sortino ratio: Return per unit of downside risk	2.73	3.63	-0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.50	-0.14
Calmar ratio: Return relative to maximum drawdown	2.77	4.18	-1.41
Martin ratio: Return relative to average drawdown	10.14	16.02	-5.89
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. GSEE - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.98, which is comparable to the GSEE Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of SPEM and GSEE, 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	GSEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.80	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.41	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.77	-0.54

Drawdowns

SPEM vs. GSEE - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than GSEE's maximum drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for SPEM and GSEE.

Drawdown Indicators

	SPEM	GSEE	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-37.51%	-26.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.05%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-17.39%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-34.97%	+3.09%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	—	—
Current Drawdown Current decline from peak	-1.40%	-1.36%	-0.04%
Average Drawdown Average peak-to-trough decline	-14.75%	-14.73%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.40%	-0.30%

Volatility

SPEM vs. GSEE - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 5.69%, while Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a volatility of 8.68%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than GSEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	GSEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	8.68%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	16.80%	-3.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	19.52%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	18.24%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.39%	+0.41%

SPEM vs. GSEE - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than GSEE's 0.36% expense ratio.

Dividends

SPEM vs. GSEE - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.47%, more than GSEE's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%
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 GSEE in my portfolio?

With a correlation of 0.94, SPEM and GSEE 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 GSEE?

GSEE has higher volatility (8.68%) compared to SPEM (5.69%). In terms of maximum drawdown, SPEM dropped -64.41% vs GSEE's -37.51%.

Which ETF is better, SPEM or GSEE?

On 5-year performance, GSEE leads with 7.49% vs 5.70% 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 GSEE?

Over the 5-year period, GSEE has performed better with a 7.49% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or GSEE?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.36% for GSEE.

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

SPEM has the higher dividend yield at 2.47%, compared with 1.98% for GSEE.

What is the main difference between SPEM and GSEE?

SPEM is categorized as Emerging Markets Equities, while GSEE is Asia Pacific Equities. SPEM tracks S&P Emerging Markets BMI, while GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.11% for SPEM and 0.36% for GSEE.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.80 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.