SPEM vs. SCHF

Last updated Jun 13, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and SCHF (Schwab International Equity ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while SCHF is a Foreign Large Cap Equities fund tracking the FTSE Developed ex U.S. Index. Both are passively managed. Over the past 10 years, SPEM returned 9.63%/yr vs 10.82%/yr for SCHF. Their correlation of 0.81 suggests significant overlap in exposure. SPEM charges 0.11%/yr vs 0.06%/yr for SCHF.

Performance

SPEM vs. SCHF - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEM achieves a 11.32% return, which is significantly lower than SCHF's 15.39% return. Over the past 10 years, SPEM has underperformed SCHF with an annualized return of 9.63%, while SCHF has yielded a comparatively higher 10.82% annualized return.

SPEM

• 1D: 0.87%
• 1M: -0.21%
• YTD: 11.32%
• 6M: 13.11%
• 1Y: 25.79%
• 3Y*: 17.37%
• 5Y*: 5.60%
• 10Y*: 9.63%

SCHF

• 1D: 0.29%
• 1M: 1.57%
• YTD: 15.39%
• 6M: 17.24%
• 1Y: 30.20%
• 3Y*: 19.18%
• 5Y*: 9.76%
• 10Y*: 10.82%

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

SPEM vs. SCHF - 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%
SCHF Schwab International Equity ETF	15.39%	34.55%	3.28%	18.35%	-14.80%	11.40%	9.48%	22.26%	-14.29%	26.03%

Correlation

The correlation between SPEM and SCHF is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.81

The correlation between SPEM and SCHF has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

SPEM vs. SCHF - Sectors Allocation Comparison

Sectors	SPEM	SCHF
Technology	28.2%	21.4%
Financial Services	20.2%	24.0%
Consumer Cyclical	10.4%	4.4%
Industrials	8.5%	8.9%
Basic Materials	8.2%	5.8%
Communication Services	7.2%	1.8%
Energy	4.7%	5.5%
Healthcare	4.0%	7.3%
Consumer Defensive	3.9%	4.5%
Utilities	2.8%	1.0%
Real Estate	1.9%	0.2%

Return for Risk

SPEM vs. SCHF — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 53
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 54

SCHF

SCHF Risk / Return Rank: 63
SCHF Sharpe Ratio Rank: 64
SCHF Sortino Ratio Rank: 62
SCHF Omega Ratio Rank: 63
SCHF Calmar Ratio Rank: 61
SCHF Martin Ratio Rank: 64

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. SCHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Schwab International Equity ETF (SCHF). 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	SCHF	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.82	-0.27
Sortino ratio: Return per unit of downside risk	2.16	2.52	-0.36
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.28	2.64	-0.36
Martin ratio: Return relative to average drawdown	8.16	10.14	-1.98

SPEM vs. SCHF - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.55, which is comparable to the SCHF Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SPEM and SCHF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPEM vs. SCHF - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than SCHF's maximum drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for SPEM and SCHF.

Drawdown Indicators

	SPEM	SCHF	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-34.87%	-29.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-11.48%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-13.41%	-4.21%
Max Drawdown (5Y) Largest decline over 5 years	-31.75%	-29.14%	-2.61%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-34.87%	-1.19%
Current Drawdown Current decline from peak	-2.40%	-1.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-14.73%	-7.37%	-7.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.99%	+0.18%

Volatility

SPEM vs. SCHF - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) and Schwab International Equity ETF (SCHF) have volatilities of 6.87% and 6.91%, 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.

Volatility by Period

	SPEM	SCHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	6.91%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	14.42%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	16.67%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	16.56%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	17.24%	+1.59%

SPEM vs. SCHF - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is higher than SCHF's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPEM vs. SCHF - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.49%, less than SCHF's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHF Schwab International Equity ETF	2.96%	3.42%	3.26%	2.97%	2.80%	3.19%	2.08%	2.95%	3.06%	2.35%	2.58%	2.26%
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

Can I hold both SPEM and SCHF in my portfolio?

SPEM and SCHF have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEM or SCHF?

SCHF has higher volatility (6.91%) compared to SPEM (6.87%). In terms of maximum drawdown, SPEM dropped -64.41% vs SCHF's -34.87%.

Which ETF is better, SPEM or SCHF?

On 10-year performance, SCHF leads with 10.82% vs 9.63% for SPEM. On fees, SCHF is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or SCHF?

Over the 10-year period, SCHF has performed better with a 10.82% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or SCHF?

SCHF is cheaper with a 0.06% expense ratio, compared with 0.11% for SPEM.

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

SCHF has the higher dividend yield at 2.96%, compared with 2.49% for SPEM.

What is the main difference between SPEM and SCHF?

SPEM is categorized as Emerging Markets Equities, while SCHF is Foreign Large Cap Equities. SPEM tracks S&P Emerging Markets BMI, while SCHF tracks FTSE Developed ex U.S. Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.11% for SPEM and 0.06% for SCHF.

Which has better risk-adjusted returns?

SCHF currently has the higher Sharpe Ratio (1.82 vs 1.55), 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.