SPEM vs. SPMD
SPEM (SPDR Portfolio Emerging Markets ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, SPEM returned 9.63%/yr vs 11.78%/yr for SPMD. A 0.66 correlation means they provide meaningful diversification when combined. SPEM charges 0.11%/yr vs 0.05%/yr for SPMD.
Performance
SPEM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, SPEM achieves a 11.32% return, which is significantly lower than SPMD's 15.51% return. Over the past 10 years, SPEM has underperformed SPMD with an annualized return of 9.63%, while SPMD has yielded a comparatively higher 11.78% annualized return.
SPEM
- 1D
- 0.87%
- 1M
- -0.13%
- YTD
- 11.32%
- 6M
- 13.11%
- 1Y
- 27.73%
- 3Y*
- 17.37%
- 5Y*
- 5.60%
- 10Y*
- 9.63%
SPMD
- 1D
- 0.73%
- 1M
- 3.56%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
SPEM vs. SPMD - 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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between SPEM and SPMD is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007 | 0.66 |
The correlation between SPEM and SPMD has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
SPEM vs. SPMD — Risk / Return Rank
SPEM
SPMD
SPEM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.95 | -0.67 |
| Martin ratioReturn relative to average drawdown | 8.16 | 10.81 | -2.65 |
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Drawdowns
SPEM vs. SPMD - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SPEM and SPMD.
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Drawdown Indicators
| SPEM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -57.62% | -6.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -8.86% | -2.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -24.08% | +6.46% |
Max Drawdown (5Y)Largest decline over 5 years | -31.75% | -24.08% | -7.67% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -41.86% | +5.80% |
Current DrawdownCurrent decline from peak | -2.40% | 0.00% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -8.11% | -6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 2.41% | +0.76% |
Volatility
SPEM vs. SPMD - Volatility Comparison
SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 6.87% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.87% | 5.07% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 11.77% | +2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 15.91% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 19.75% | -2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 21.20% | -2.37% |
SPEM vs. SPMD - Expense Ratio Comparison
SPEM has a 0.11% expense ratio, which is higher than SPMD's 0.05% 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. SPMD - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.49%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
SPEM and SPMD have a correlation of 0.63, 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 SPMD (5.07%). In terms of maximum drawdown, SPEM dropped -64.41% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.78% vs 9.63% for SPEM. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMD has performed better with a 11.78% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.11% for SPEM.
SPEM has the higher dividend yield at 2.49%, compared with 1.21% for SPMD.
SPEM is categorized as Emerging Markets Equities, while SPMD is Mid Cap Blend Equities. SPEM tracks S&P Emerging Markets BMI, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.11% for SPEM and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.64 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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