SPEU vs. BKEM

Last updated Jun 24, 2026

SPEU (SPDR Portfolio Europe ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market Index, while BKEM is a Asia Pacific Equities fund tracking the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, SPEU returned 8.37%/yr vs 6.77%/yr for BKEM. A 0.71 correlation means they provide meaningful diversification when combined. SPEU charges 0.07%/yr vs 0.11%/yr for BKEM.

Performance

SPEU vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEU achieves a 5.69% return, which is significantly lower than BKEM's 24.97% return.

SPEU

• 1D: -1.28%
• 1M: -0.38%
• YTD: 5.69%
• 6M: 5.86%
• 1Y: 18.69%
• 3Y*: 16.48%
• 5Y*: 8.37%
• 10Y*: 10.12%

BKEM

• 1D: -5.37%
• 1M: 2.20%
• YTD: 24.97%
• 6M: 25.93%
• 1Y: 47.05%
• 3Y*: 22.54%
• 5Y*: 6.77%
• 10Y*: —

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

SPEU vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPEU SPDR Portfolio Europe ETF	5.69%	35.80%	1.93%	19.85%	-15.97%	16.20%	39.85%
BKEM BNY Mellon Emerging Markets Equity ETF	24.97%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%

Correlation

The correlation between SPEU and BKEM is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.71

The correlation between SPEU and BKEM has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

SPEU vs. BKEM - Sectors Allocation Comparison

Sectors	SPEU	BKEM
Financial Services	23.1%	16.9%
Industrials	20.0%	8.1%
Healthcare	11.2%	2.7%
Technology	10.1%	43.0%
Consumer Defensive	7.7%	2.6%
Consumer Cyclical	6.5%	8.7%
Basic Materials	6.0%	5.7%
Energy	5.5%	3.4%
Utilities	4.8%	2.0%
Communication Services	3.4%	5.8%
Real Estate	1.7%	1.1%

Return for Risk

SPEU vs. BKEM — Risk / Return Rank

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

SPEU

SPEU Risk / Return Rank: 34
SPEU Sharpe Ratio Rank: 34
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 33
SPEU Calmar Ratio Rank: 32
SPEU Martin Ratio Rank: 38

BKEM

BKEM Risk / Return Rank: 71
BKEM Sharpe Ratio Rank: 71
BKEM Sortino Ratio Rank: 62
BKEM Omega Ratio Rank: 72
BKEM Calmar Ratio Rank: 75
BKEM Martin Ratio Rank: 74

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.

SPEU vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	SPEU	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.14	-0.95
Sortino ratio: Return per unit of downside risk	1.75	2.71	-0.96
Omega ratio: Gain probability vs. loss probability	1.21	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.55	3.61	-2.06
Martin ratio: Return relative to average drawdown	5.68	13.18	-7.50

SPEU vs. BKEM - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.19, which is lower than the BKEM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SPEU and BKEM, 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

SPEU vs. BKEM - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, which is greater than BKEM's maximum drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for SPEU and BKEM.

Drawdown Indicators

	SPEU	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-39.48%	-22.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-13.11%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-18.38%	+4.21%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-36.20%	+3.50%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	—	—
Current Drawdown Current decline from peak	-2.23%	-5.37%	+3.14%
Average Drawdown Average peak-to-trough decline	-13.82%	-15.89%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.58%	-0.28%

Volatility

SPEU vs. BKEM - Volatility Comparison

The current volatility for SPDR Portfolio Europe ETF (SPEU) is 4.97%, while BNY Mellon Emerging Markets Equity ETF (BKEM) has a volatility of 12.30%. This indicates that SPEU experiences smaller price fluctuations and is considered to be less risky than BKEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEU	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	12.30%	-7.33%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	20.07%	-6.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	22.13%	-6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	19.35%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	19.55%	-1.36%

SPEU vs. BKEM - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than BKEM's 0.11% 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%.

Dividends

SPEU vs. BKEM - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.50%, more than BKEM's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.51%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEU SPDR Portfolio Europe ETF	3.50%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SPEU and BKEM in my portfolio?

SPEU and BKEM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEU or BKEM?

BKEM has higher volatility (12.30%) compared to SPEU (4.97%). In terms of maximum drawdown, SPEU dropped -62.45% vs BKEM's -39.48%.

Which ETF is better, SPEU or BKEM?

On 5-year performance, SPEU leads with 8.37% vs 6.77% for BKEM. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or BKEM?

Over the 5-year period, SPEU has performed better with a 8.37% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or BKEM?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.11% for BKEM.

Which ETF pays a higher dividend yield, SPEU or BKEM?

SPEU has the higher dividend yield at 3.50%, compared with 1.51% for BKEM.

What is the main difference between SPEU and BKEM?

SPEU is categorized as Europe Equities, while BKEM is Asia Pacific Equities. SPEU tracks STOXX Europe Total Market Index, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: State Street and BNY Mellon. Their fees differ too: 0.07% for SPEU and 0.11% for BKEM.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (2.14 vs 1.19), 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.