SPEM vs. VEXC

Last updated Jun 4, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - SPEM tracks the S&P Emerging Markets BMI while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their correlation of 0.95 suggests significant overlap in exposure. SPEM charges 0.11%/yr vs 0.07%/yr for VEXC.

Performance

SPEM vs. VEXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) and Vanguard Emerging Markets Ex-China ETF (VEXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEM achieves a 12.45% return, which is significantly lower than VEXC's 20.21% return.

SPEM

• 1D: -1.40%
• 1M: 3.20%
• YTD: 12.45%
• 6M: 14.11%
• 1Y: 31.35%
• 3Y*: 18.73%
• 5Y*: 5.70%
• 10Y*: 9.45%

VEXC

• 1D: -1.20%
• 1M: 4.95%
• YTD: 20.21%
• 6M: 23.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPEM vs. VEXC - Yearly Performance Comparison

	2026 (YTD)	2025
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	0.83%
VEXC Vanguard Emerging Markets Ex-China ETF	20.21%	4.80%

Correlation

The correlation between SPEM and VEXC is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.95

Return for Risk

SPEM vs. VEXC — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

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. VEXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Vanguard Emerging Markets Ex-China ETF (VEXC). 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.

	SPEM	VEXC	Difference
Sharpe ratio: Return per unit of total volatility	1.98	—	—
Sortino ratio: Return per unit of downside risk	2.73	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.77	—	—
Martin ratio: Return relative to average drawdown	10.14	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPEM	VEXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	2.21	-1.98

Drawdowns

SPEM vs. VEXC - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for SPEM and VEXC.

Drawdown Indicators

	SPEM	VEXC	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-12.42%	-51.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	—	—
Current Drawdown Current decline from peak	-1.40%	-1.20%	-0.20%
Average Drawdown Average peak-to-trough decline	-14.75%	-2.23%	-12.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	—	—

Volatility

Volatility by Period

	SPEM	VEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	18.89%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	18.89%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.89%	-0.09%

SPEM vs. VEXC - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is higher than VEXC's 0.07% 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. VEXC - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.47%, more than VEXC's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%
VEXC Vanguard Emerging Markets Ex-China ETF	0.74%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPEM and VEXC in my portfolio?

With a correlation of 0.95, SPEM and VEXC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPEM or VEXC?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPEM or VEXC?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.11% for SPEM.

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

SPEM has the higher dividend yield at 2.47%, compared with 0.74% for VEXC.

What is the main difference between SPEM and VEXC?

SPEM tracks S&P Emerging Markets BMI, while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.11% for SPEM and 0.07% for VEXC.