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SPEM vs. QEMM
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SPEM vs. QEMM

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio Emerging Markets ETF (SPEM) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM).

SPEM and QEMM 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. QEMM is a passively managed fund by State Street that tracks the performance of the MSCI EM Factor Mix A-Series (USD). It was launched on Jun 4, 2014. Both SPEM and QEMM 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. QEMM - Performance Comparison

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

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SPEM vs. QEMM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPEM
SPDR Portfolio Emerging Markets ETF		0.21%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%34.82%
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		4.84%21.92%4.98%12.50%-17.82%6.34%9.95%15.40%-13.33%31.50%

Returns By Period

In the year-to-date period, SPEM achieves a 0.21% return, which is significantly lower than QEMM's 4.84% return. Over the past 10 years, SPEM has outperformed QEMM with an annualized return of 8.16%, while QEMM has yielded a comparatively lower 7.09% annualized return.

SPEM

1D
3.17%
1M
-7.13%
YTD
0.21%
6M
1.89%
1Y
22.70%
3Y*
14.39%
5Y*
4.29%
10Y*
8.16%

QEMM

1D
2.95%
1M
-6.92%
YTD
4.84%
6M
8.64%
1Y
26.47%
3Y*
13.21%
5Y*
4.75%
10Y*
7.09%
*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

SPDR MSCI Emerging Markets StrategicFactors ETF

Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. BKEMSPEM vs. EMGFSPEM vs. EMCR
Often compared with QEMM:
QEMM vs. MXFP.LQEMM vs. SPDWQEMM vs. EMGFQEMM vs. JHMBQEMM vs. EMIM.LQEMM vs. URTHQEMM vs. AEME.L

SPEM vs. QEMM - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than QEMM's 0.30% expense ratio.

QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF
SPEM
SPDR Portfolio Emerging Markets ETF

Return for Risk

SPEM vs. QEMM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPEM
SPEM Risk / Return Rank: 7474
Overall Rank
SPEM Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPEM Omega Ratio Rank: 7474
Omega Ratio Rank
SPEM Calmar Ratio Rank: 7474
Calmar Ratio Rank
SPEM Martin Ratio Rank: 7272
Martin Ratio Rank
QEMM
QEMM Risk / Return Rank: 8282
Overall Rank
QEMM Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
QEMM Sortino Ratio Rank: 8282
Sortino Ratio Rank
QEMM Omega Ratio Rank: 8181
Omega Ratio Rank
QEMM Calmar Ratio Rank: 8585
Calmar Ratio Rank
QEMM Martin Ratio Rank: 8383
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. QEMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). 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.

SPEMQEMMDifference

Sharpe ratio

Return per unit of total volatility

1.28

1.54

-0.26

Sortino ratio

Return per unit of downside risk

1.80

2.16

-0.36

Omega ratio

Gain probability vs. loss probability

1.26

1.31

-0.05

Calmar ratio

Return relative to maximum drawdown

1.82

2.56

-0.74

Martin ratio

Return relative to average drawdown

7.01

9.33

-2.33

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. QEMM - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.28, which is comparable to the QEMM Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of SPEM and QEMM, 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

SPEMQEMMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.28

1.54

-0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.32

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.43

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.26

-0.05

Correlation

The correlation between SPEM and QEMM is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPEM vs. QEMM - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.77%, less than QEMM's 4.67% yield.

TTM20252024202320222021202020192018201720162015
SPEM
SPDR Portfolio Emerging Markets ETF		2.77%2.77%2.78%2.80%3.38%3.14%1.92%2.94%2.34%1.12%1.51%2.40%
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		4.67%4.90%5.17%4.88%4.07%2.35%2.48%3.05%2.86%2.11%2.03%2.14%

Drawdowns

SPEM vs. QEMM - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than QEMM's maximum drawdown of -36.89%. Use the drawdown chart below to compare losses from any high point for SPEM and QEMM.

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Drawdown Indicators

SPEMQEMMDifference

Max Drawdown

Largest peak-to-trough decline

-64.41%

-36.89%

-27.52%

Max Drawdown (1Y)

Largest decline over 1 year

-12.35%

-10.40%

-1.95%

Max Drawdown (5Y)

Largest decline over 5 years

-31.94%

-27.55%

-4.39%

Max Drawdown (10Y)

Largest decline over 10 years

-36.06%

-36.89%

+0.83%

Current Drawdown

Current decline from peak

-8.56%

-7.76%

-0.80%

Average Drawdown

Average peak-to-trough decline

-14.87%

-10.77%

-4.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

2.85%

+0.35%

Volatility

SPEM vs. QEMM - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 8.25%, while SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a volatility of 9.11%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than QEMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPEMQEMMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.25%

9.11%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

12.57%

-0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

17.79%

17.21%

+0.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

14.81%

+2.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.76%

16.73%

+2.03%