SPEM vs. XCEM

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio Emerging Markets ETF (SPEM) and Columbia EM Core ex-China ETF (XCEM).

SPEM and XCEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPEM is a passively managed fund by State Street that tracks the performance of the S&P Emerging Markets BMI. It was launched on Mar 19, 2007. XCEM is a passively managed fund by Ameriprise Financial that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Sep 2, 2015. Both SPEM and XCEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPEM vs. XCEM - Performance Comparison

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

SPEM vs. XCEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEM SPDR Portfolio Emerging Markets ETF	0.21%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%
XCEM Columbia EM Core ex-China ETF	6.39%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%

Returns By Period

In the year-to-date period, SPEM achieves a 0.21% return, which is significantly lower than XCEM's 6.39% return. Over the past 10 years, SPEM has underperformed XCEM with an annualized return of 8.16%, while XCEM has yielded a comparatively higher 9.91% annualized return.

SPEM

• 1D: 3.17%
• 1M: -7.13%
• YTD: 0.21%
• 6M: 1.89%
• 1Y: 22.70%
• 3Y*: 14.39%
• 5Y*: 4.29%
• 10Y*: 8.16%

XCEM

• 1D: 4.05%
• 1M: -10.45%
• YTD: 6.39%
• 6M: 16.19%
• 1Y: 42.93%
• 3Y*: 17.51%
• 5Y*: 7.34%
• 10Y*: 9.91%

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

SPEM vs. XCEM - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than XCEM's 0.16% 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%.

XCEM

Columbia EM Core ex-China ETF

SPEM

SPDR Portfolio Emerging Markets ETF

Return for Risk

SPEM vs. XCEM — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 74
SPEM Sharpe Ratio Rank: 75
SPEM Sortino Ratio Rank: 74
SPEM Omega Ratio Rank: 74
SPEM Calmar Ratio Rank: 74
SPEM Martin Ratio Rank: 72

XCEM

XCEM Risk / Return Rank: 92
XCEM Sharpe Ratio Rank: 93
XCEM Sortino Ratio Rank: 93
XCEM Omega Ratio Rank: 93
XCEM Calmar Ratio Rank: 90
XCEM Martin Ratio Rank: 92

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. XCEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) and Columbia EM Core ex-China ETF (XCEM). 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	XCEM	Difference
Sharpe ratio Return per unit of total volatility	1.28	2.14	-0.85
Sortino ratio Return per unit of downside risk	1.80	2.82	-1.02
Omega ratio Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio Return relative to maximum drawdown	1.82	2.94	-1.13
Martin ratio Return relative to average drawdown	7.01	12.34	-5.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPEM vs. XCEM - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.28, which is lower than the XCEM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SPEM and XCEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPEM	XCEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.14	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.43	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.51	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.51	-0.30

Correlation

The correlation between SPEM and XCEM is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPEM vs. XCEM - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.77%, less than XCEM's 3.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPEM SPDR Portfolio Emerging Markets ETF	2.77%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%
XCEM Columbia EM Core ex-China ETF	3.06%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Drawdowns

SPEM vs. XCEM - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than XCEM's maximum drawdown of -41.24%. Use the drawdown chart below to compare losses from any high point for SPEM and XCEM.

Drawdown Indicators

	SPEM	XCEM	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-41.24%	-23.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-14.46%	+2.11%
Max Drawdown (5Y) Largest decline over 5 years	-31.94%	-29.67%	-2.27%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-41.24%	+5.18%
Current Drawdown Current decline from peak	-8.56%	-10.99%	+2.43%
Average Drawdown Average peak-to-trough decline	-14.87%	-8.70%	-6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.45%	-0.25%

Volatility

SPEM vs. XCEM - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 8.25%, while Columbia EM Core ex-China ETF (XCEM) has a volatility of 11.44%. This indicates that SPEM experiences smaller price fluctuations and is considered to be less risky than XCEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	XCEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	11.44%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	15.58%	-3.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	20.20%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	17.15%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	19.53%	-0.77%