SPEM vs. SGOV
SPEM (SPDR Portfolio Emerging Markets ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, SPEM returned 5.60%/yr vs 3.56%/yr for SGOV. At a 0.01 correlation, their price movements are largely independent. SPEM charges 0.11%/yr vs 0.09%/yr for SGOV.
Performance
SPEM vs. SGOV - 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 SGOV's 1.61% return.
SPEM
- 1D
- 0.87%
- 1M
- 2.50%
- YTD
- 11.32%
- 6M
- 13.11%
- 1Y
- 27.73%
- 3Y*
- 17.37%
- 5Y*
- 5.60%
- 10Y*
- 9.63%
SGOV
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
SPEM vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPEM SPDR Portfolio Emerging Markets ETF | 11.32% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 37.88% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between SPEM and SGOV is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.01 |
The correlation between SPEM and SGOV shifts across timeframes, from -0.17 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPEM vs. SGOV — Risk / Return Rank
SPEM
SGOV
SPEM vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.72 | ||
| Sortino ratioReturn per unit of downside risk | -273.53 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 195.55 | -194.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 398.20 | -395.92 |
| Martin ratioReturn relative to average drawdown | 8.16 | 4,461.98 | -4,453.82 |
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Drawdowns
SPEM vs. SGOV - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SPEM and SGOV.
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Drawdown Indicators
| SPEM | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -0.03% | -64.38% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -0.01% | -11.35% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -0.01% | -17.61% |
Max Drawdown (5Y)Largest decline over 5 years | -31.75% | -0.03% | -31.72% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | — | — |
Current DrawdownCurrent decline from peak | -2.40% | 0.00% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -0.00% | -14.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 0.00% | +3.17% |
Volatility
SPEM vs. SGOV - Volatility Comparison
SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 6.87% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEM | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.87% | 0.05% | +6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 0.13% | +14.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 0.20% | +16.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 0.24% | +17.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 0.24% | +18.59% |
SPEM vs. SGOV - Expense Ratio Comparison
SPEM has a 0.11% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.49%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 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 SGOV have a correlation of -0.17, 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 SGOV (0.05%). In terms of maximum drawdown, SPEM dropped -64.41% vs SGOV's -0.03%.
On 5-year performance, SPEM leads with 5.60% vs 3.56% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPEM has performed better with a 5.60% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.11% for SPEM.
SGOV has the higher dividend yield at 3.85%, compared with 2.49% for SPEM.
SPEM is categorized as Emerging Markets Equities, while SGOV is Ultrashort Bond. SPEM tracks S&P Emerging Markets BMI, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.11% for SPEM and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 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.
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