SPEM vs. ICF
SPEM (SPDR Portfolio Emerging Markets ETF) and ICF (iShares Cohen & Steers REIT ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while ICF is a REIT fund tracking the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, SPEM returned 9.63%/yr vs 5.99%/yr for ICF. At a 0.47 correlation, their price movements are largely independent. SPEM charges 0.11%/yr vs 0.34%/yr for ICF.
Performance
SPEM vs. ICF - Performance Comparison
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Returns By Period
In the year-to-date period, SPEM achieves a 11.32% return, which is significantly lower than ICF's 16.93% return. Over the past 10 years, SPEM has outperformed ICF with an annualized return of 9.63%, while ICF has yielded a comparatively lower 5.99% annualized return.
SPEM
- 1D
- 0.87%
- 1M
- -0.13%
- YTD
- 11.32%
- 6M
- 13.11%
- 1Y
- 27.73%
- 3Y*
- 17.37%
- 5Y*
- 5.60%
- 10Y*
- 9.63%
ICF
- 1D
- 0.96%
- 1M
- 3.62%
- YTD
- 16.93%
- 6M
- 17.09%
- 1Y
- 15.91%
- 3Y*
- 11.06%
- 5Y*
- 3.38%
- 10Y*
- 5.99%
SPEM vs. ICF - 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% |
ICF iShares Cohen & Steers REIT ETF | 16.93% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
Correlation
The correlation between SPEM and ICF is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007 | 0.47 |
Over the past year, the correlation between SPEM and ICF has dropped to 0.23 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
SPEM vs. ICF — Risk / Return Rank
SPEM
ICF
SPEM vs. ICF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and iShares Cohen & Steers REIT ETF (ICF). 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 | ICF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.19 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.82 | +0.45 |
| Martin ratioReturn relative to average drawdown | 8.16 | 5.18 | +2.98 |
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Drawdowns
SPEM vs. ICF - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, smaller than the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for SPEM and ICF.
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Drawdown Indicators
| SPEM | ICF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -76.74% | +12.33% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -8.20% | -3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -17.25% | -0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -31.75% | -34.74% | +2.99% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -40.22% | +4.16% |
Current DrawdownCurrent decline from peak | -2.40% | 0.00% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -14.16% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 2.89% | +0.28% |
Volatility
SPEM vs. ICF - Volatility Comparison
SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 6.87% compared to iShares Cohen & Steers REIT ETF (ICF) at 4.74%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than ICF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEM | ICF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.87% | 4.74% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 10.33% | +3.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 13.94% | +2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 18.95% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 20.60% | -1.77% |
SPEM vs. ICF - Expense Ratio Comparison
SPEM has a 0.11% expense ratio, which is lower than ICF's 0.34% expense ratio.
Dividends
SPEM vs. ICF - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.49%, more than ICF's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.38% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
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
SPEM and ICF have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEM has higher volatility (6.87%) compared to ICF (4.74%). In terms of maximum drawdown, SPEM dropped -64.41% vs ICF's -76.74%.
On 10-year performance, SPEM leads with 9.63% vs 5.99% for ICF. On fees, SPEM is cheaper at 0.11% per year. On volatility, ICF has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPEM has performed better with a 9.63% return vs 5.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.11% expense ratio, compared with 0.34% for ICF.
SPEM has the higher dividend yield at 2.49%, compared with 2.38% for ICF.
SPEM is categorized as Emerging Markets Equities, while ICF is REIT. SPEM tracks S&P Emerging Markets BMI, while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.11% for SPEM and 0.34% for ICF.
SPEM currently has the higher Sharpe Ratio (1.55 vs 1.07), 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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