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SPEM vs. IEMS.L
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SPEM vs. IEMS.L

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Portfolio Emerging Markets ETF (SPEM) and iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L).

SPEM and IEMS.L 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. IEMS.L is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Small Cap. It was launched on Mar 6, 2009. Both SPEM and IEMS.L 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. IEMS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L). The values are adjusted to include any dividend payments, if applicable.

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SPEM vs. IEMS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEM
SPDR Portfolio Emerging Markets ETF		0.56%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%34.82%
IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF		4.87%19.35%2.60%23.28%-18.98%19.00%18.41%10.59%-19.12%34.91%

Returns By Period

In the year-to-date period, SPEM achieves a 0.56% return, which is significantly lower than IEMS.L's 4.87% return. Both investments have delivered pretty close results over the past 10 years, with SPEM having a 8.20% annualized return and IEMS.L not far ahead at 8.26%.

SPEM

1D
0.34%
1M
-5.46%
YTD
0.56%
6M
1.60%
1Y
22.62%
3Y*
14.52%
5Y*
4.36%
10Y*
8.20%

IEMS.L

1D
4.04%
1M
-2.82%
YTD
4.87%
6M
6.29%
1Y
28.58%
3Y*
14.98%
5Y*
6.87%
10Y*
8.26%
*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

iShares MSCI Emerging Markets Small Cap UCITS ETF

Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. BKEMSPEM vs. EMCRSPEM vs. EMGF
Often compared with IEMS.L:
IEMS.L vs. IEMGIEMS.L vs. HEEMIEMS.L vs. AVEMIEMS.L vs. EEMSIEMS.L vs. BKEMIEMS.L vs. EMSM.LIEMS.L vs. IAAAX

SPEM vs. IEMS.L - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than IEMS.L's 0.74% expense ratio.

IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF
SPEM
SPDR Portfolio Emerging Markets ETF

Return for Risk

SPEM vs. IEMS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPEM
SPEM Risk / Return Rank: 6969
Overall Rank
SPEM Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPEM Omega Ratio Rank: 6969
Omega Ratio Rank
SPEM Calmar Ratio Rank: 7070
Calmar Ratio Rank
SPEM Martin Ratio Rank: 6868
Martin Ratio Rank
IEMS.L
IEMS.L Risk / Return Rank: 8080
Overall Rank
IEMS.L Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
IEMS.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
IEMS.L Omega Ratio Rank: 7777
Omega Ratio Rank
IEMS.L Calmar Ratio Rank: 8383
Calmar Ratio Rank
IEMS.L Martin Ratio Rank: 8181
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. IEMS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L). 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.

SPEMIEMS.LDifference

Sharpe ratio

Return per unit of total volatility

1.28

1.58

-0.30

Sortino ratio

Return per unit of downside risk

1.79

2.12

-0.33

Omega ratio

Gain probability vs. loss probability

1.26

1.31

-0.05

Calmar ratio

Return relative to maximum drawdown

1.87

2.57

-0.70

Martin ratio

Return relative to average drawdown

7.12

9.74

-2.62

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. IEMS.L - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.28, which is comparable to the IEMS.L Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SPEM and IEMS.L, 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

SPEMIEMS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.28

1.58

-0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

0.40

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.46

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.51

-0.30

Correlation

The correlation between SPEM and IEMS.L is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPEM vs. IEMS.L - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.76%, more than IEMS.L's 1.78% yield.

TTM20252024202320222021202020192018201720162015
SPEM
SPDR Portfolio Emerging Markets ETF		2.76%2.77%2.78%2.80%3.38%3.14%1.92%2.94%2.34%1.12%1.51%2.40%
IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF		1.78%1.70%1.81%2.09%2.47%1.29%1.62%2.05%2.19%1.32%2.08%0.87%

Drawdowns

SPEM vs. IEMS.L - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than IEMS.L's maximum drawdown of -49.94%. Use the drawdown chart below to compare losses from any high point for SPEM and IEMS.L.

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Drawdown Indicators

SPEMIEMS.LDifference

Max Drawdown

Largest peak-to-trough decline

-64.41%

-49.94%

-14.47%

Max Drawdown (1Y)

Largest decline over 1 year

-12.35%

-12.00%

-0.35%

Max Drawdown (5Y)

Largest decline over 5 years

-31.94%

-27.85%

-4.09%

Max Drawdown (10Y)

Largest decline over 10 years

-36.06%

-49.94%

+13.88%

Current Drawdown

Current decline from peak

-8.25%

-5.74%

-2.51%

Average Drawdown

Average peak-to-trough decline

-14.87%

-11.48%

-3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

2.86%

+0.39%

Volatility

SPEM vs. IEMS.L - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) and iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) have volatilities of 7.45% and 7.77%, 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

SPEMIEMS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.45%

7.77%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

12.78%

-0.55%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

18.07%

-0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.94%

16.99%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.75%

18.08%

+0.67%