SPEM vs. SPYV

Last updated Jun 13, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, SPEM returned 9.63%/yr vs 12.08%/yr for SPYV. A 0.68 correlation means they provide meaningful diversification when combined. SPEM charges 0.11%/yr vs 0.04%/yr for SPYV.

Performance

SPEM vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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 higher than SPYV's 8.25% return. Over the past 10 years, SPEM has underperformed SPYV with an annualized return of 9.63%, while SPYV has yielded a comparatively higher 12.08% 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%

SPYV

• 1D: 0.69%
• 1M: 1.59%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 21.87%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

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

SPEM vs. SPYV - 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%
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between SPEM and SPYV is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.68

The correlation between SPEM and SPYV shifts across timeframes, from 0.54 (3 years) to 0.68 (all time), reflecting how their relationship changes across market environments.

SPEM vs. SPYV - Sectors Allocation Comparison

Sectors	SPEM	SPYV
Technology	28.2%	21.5%
Financial Services	20.2%	14.5%
Consumer Cyclical	10.4%	11.2%
Industrials	8.5%	10.8%
Basic Materials	8.2%	3.4%
Communication Services	7.2%	3.2%
Energy	4.7%	7.1%
Healthcare	4.0%	11.6%
Consumer Defensive	3.9%	9.1%
Utilities	2.8%	4.3%
Real Estate	1.9%	3.3%

Return for Risk

SPEM vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

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. SPYV - 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 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.08	-0.53
Sortino ratio: Return per unit of downside risk	2.16	2.92	-0.76
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.28	3.33	-1.05
Martin ratio: Return relative to average drawdown	8.16	12.73	-4.56

SPEM vs. SPYV - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.55, which is comparable to the SPYV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of SPEM and SPYV, 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. SPYV - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than SPYV's maximum drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for SPEM and SPYV.

Drawdown Indicators

	SPEM	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-58.45%	-5.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-6.22%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-17.54%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-31.75%	-17.89%	-13.86%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-36.89%	+0.83%
Current Drawdown Current decline from peak	-2.40%	-0.18%	-2.22%
Average Drawdown Average peak-to-trough decline	-14.73%	-8.71%	-6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	1.63%	+1.54%

Volatility

SPEM vs. SPYV - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 6.87% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.70%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	2.70%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	7.26%	+6.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	9.97%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	14.42%	+2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	16.94%	+1.89%

SPEM vs. SPYV - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is higher than SPYV's 0.04% 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. SPYV - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.49%, more than SPYV's 1.68% 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%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPEM and SPYV in my portfolio?

SPEM and SPYV have a correlation of 0.58, 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 SPYV?

SPEM has higher volatility (6.87%) compared to SPYV (2.70%). In terms of maximum drawdown, SPEM dropped -64.41% vs SPYV's -58.45%.

Which ETF is better, SPEM or SPYV?

On 10-year performance, SPYV leads with 12.08% vs 9.63% for SPEM. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or SPYV?

Over the 10-year period, SPYV has performed better with a 12.08% 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 SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.11% for SPEM.

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

SPEM has the higher dividend yield at 2.49%, compared with 1.68% for SPYV.

What is the main difference between SPEM and SPYV?

SPEM is categorized as Emerging Markets Equities, while SPYV is S&P 500. SPEM tracks S&P Emerging Markets BMI, while SPYV tracks S&P 500 Value Index. Their fees differ too: 0.11% for SPEM and 0.04% for SPYV.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.08 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.