SPEM vs. SGOL
SPEM (SPDR Portfolio Emerging Markets ETF) and SGOL (abrdn Physical Gold Shares ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, SPEM returned 9.63%/yr vs 12.34%/yr for SGOL. At a 0.20 correlation, their price movements are largely independent. SPEM charges 0.11%/yr vs 0.17%/yr for SGOL.
Performance
SPEM vs. SGOL - Performance Comparison
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Returns By Period
In the year-to-date period, SPEM achieves a 11.32% return, which is significantly higher than SGOL's -2.39% return. Over the past 10 years, SPEM has underperformed SGOL with an annualized return of 9.63%, while SGOL has yielded a comparatively higher 12.34% 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%
SGOL
- 1D
- 0.10%
- 1M
- -10.21%
- YTD
- -2.39%
- 6M
- -2.15%
- 1Y
- 24.07%
- 3Y*
- 29.18%
- 5Y*
- 17.34%
- 10Y*
- 12.34%
SPEM vs. SGOL - 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% |
SGOL abrdn Physical Gold Shares ETF | -2.39% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Correlation
The correlation between SPEM and SGOL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2009 | 0.20 |
The correlation between SPEM and SGOL shifts across timeframes, from 0.20 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPEM vs. SGOL — Risk / Return Rank
SPEM
SGOL
SPEM vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.19 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.99 | +1.29 |
| Martin ratioReturn relative to average drawdown | 8.16 | 2.85 | +5.31 |
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Drawdowns
SPEM vs. SGOL - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, which is greater than SGOL's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for SPEM and SGOL.
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Drawdown Indicators
| SPEM | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -45.51% | -18.90% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -24.37% | +13.01% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -24.37% | +6.75% |
Max Drawdown (5Y)Largest decline over 5 years | -31.75% | -24.37% | -7.38% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -24.37% | -11.69% |
Current DrawdownCurrent decline from peak | -2.40% | -22.00% | +19.60% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -18.41% | +3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 8.46% | -5.29% |
Volatility
SPEM vs. SGOL - Volatility Comparison
The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 6.87%, while abrdn Physical Gold Shares ETF (SGOL) has a volatility of 7.69%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than SGOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEM | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.87% | 7.69% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 23.85% | -9.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 27.08% | -10.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 18.10% | -0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 16.04% | +2.79% |
SPEM vs. SGOL - Expense Ratio Comparison
SPEM has a 0.11% expense ratio, which is lower than SGOL's 0.17% expense ratio. Despite the difference, 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. SGOL - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.49%, while SGOL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 SGOL have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGOL has higher volatility (7.69%) compared to SPEM (6.87%). In terms of maximum drawdown, SPEM dropped -64.41% vs SGOL's -45.51%.
On 10-year performance, SGOL leads with 12.34% vs 9.63% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 12.34% return vs 9.63%. 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 0.17% for SGOL.
SPEM has the higher dividend yield at 2.49%, compared with 0.00% for SGOL.
SPEM is categorized as Emerging Markets Equities, while SGOL is Gold. SPEM tracks S&P Emerging Markets BMI, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: State Street and abrdn. Their fees differ too: 0.11% for SPEM and 0.17% for SGOL.
SPEM currently has the higher Sharpe Ratio (1.55 vs 0.89), 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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