SPEU vs. GMF

Last updated Aug 2, 2026

SPEU (SPDR Portfolio Europe ETF) and GMF (SPDR S&P Emerging Asia Pacific ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market Index, while GMF is a Asia Pacific Equities fund tracking the S&P Asia Pacific Emerging BMI Index. Both are passively managed. Over the past 10 years, SPEU returned 9.87%/yr vs 9.14%/yr for GMF. Their 0.70 correlation means they have sometimes moved together and sometimes differently. SPEU charges 0.07%/yr vs 0.49%/yr for GMF.

Performance

SPEU vs. GMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and SPDR S&P Emerging Asia Pacific ETF (GMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPEU having a 9.83% return and GMF slightly higher at 9.90%. Over the past 10 years, SPEU has outperformed GMF with an annualized return of 9.87%, while GMF has yielded a comparatively lower 9.14% annualized return.

SPEU

• 1D: -0.45%
• 1M: 1.14%
• 6M: 5.09%
• YTD: 9.83%
• 1Y: 23.46%
• 3Y*: 16.49%
• 5Y*: 9.09%
• 10Y*: 9.87%
• ALL TIME*: 7.02%

GMF

• 1D: 0.96%
• 1M: -1.17%
• 6M: 6.20%
• YTD: 9.90%
• 1Y: 20.83%
• 3Y*: 15.74%
• 5Y*: 6.38%
• 10Y*: 9.14%
• ALL TIME*: 7.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMF SPDR S&P Emerging Asia Pacific ETF	$1.14M	$1.33M	$1.43M
SPEU SPDR Portfolio Europe ETF	$1.27M	$1.33M	$1.75M

SPEU vs. GMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEU SPDR Portfolio Europe ETF	9.83%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%
GMF SPDR S&P Emerging Asia Pacific ETF	9.90%	21.99%	16.55%	8.20%	-18.99%	-1.93%	24.96%	19.92%	-14.25%	41.71%

Correlation

The correlation between SPEU and GMF is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.70

The correlation between SPEU and GMF has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

SPEU vs. GMF - Sectors Allocation Comparison

Sectors	SPEU	GMF
Financial Services	23.7%	13.2%
Industrials	20.2%	4.1%
Healthcare	12.6%	2.2%
Technology	9.8%	36.9%
Consumer Defensive	8.0%	1.7%
Consumer Cyclical	7.1%	8.2%
Basic Materials	5.3%	3.9%
Energy	4.6%	1.5%
Utilities	4.5%	0.8%
Communication Services	2.8%	5.4%
Real Estate	1.5%	0.5%

Return for Risk

SPEU vs. GMF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPEU

SPEU Risk / Return Rank: 60
SPEU Sharpe Ratio Rank: 62
SPEU Sortino Ratio Rank: 63
SPEU Omega Ratio Rank: 60
SPEU Calmar Ratio Rank: 53
SPEU Martin Ratio Rank: 60

GMF

GMF Risk / Return Rank: 44
GMF Sharpe Ratio Rank: 43
GMF Sortino Ratio Rank: 42
GMF Omega Ratio Rank: 42
GMF Calmar Ratio Rank: 45
GMF Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPEU vs. GMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and SPDR S&P Emerging Asia Pacific ETF (GMF). 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	GMF	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.07	+0.38
Sortino ratio: Return per unit of downside risk	2.11	1.57	+0.54
Omega ratio: Gain probability vs. loss probability	1.26	1.20	+0.06
Calmar ratio: Return relative to maximum drawdown	1.90	1.59	+0.31
Martin ratio: Return relative to average drawdown	7.13	5.21	+1.92

SPEU vs. GMF - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.45, which is higher than the GMF Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of SPEU and GMF, 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. GMF - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, smaller than the maximum GMF drawdown of -67.18%. Use the drawdown chart below to compare losses from any high point for SPEU and GMF.

Drawdown Indicators

	SPEU	GMF	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-67.18%	+4.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-12.62%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-21.43%	+7.26%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-33.78%	+1.08%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	-40.18%	+3.35%
Current Drawdown Current decline from peak	-0.45%	-5.49%	+5.04%
Average Drawdown Average peak-to-trough decline	-13.76%	-16.49%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.85%	-0.63%

Volatility

SPEU vs. GMF - Volatility Comparison

The current volatility for SPDR Portfolio Europe ETF (SPEU) is 4.38%, while SPDR S&P Emerging Asia Pacific ETF (GMF) has a volatility of 6.53%. This indicates that SPEU experiences smaller price fluctuations and is considered to be less risky than GMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEU	GMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	6.53%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	16.09%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.88%	18.80%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	18.82%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	19.28%	-1.13%

SPEU vs. GMF - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than GMF's 0.49% expense ratio.

Dividends

SPEU vs. GMF - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.37%, more than GMF's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMF SPDR S&P Emerging Asia Pacific ETF	1.22%	1.49%	1.92%	2.75%	2.54%	2.71%	1.32%	1.75%	2.26%	1.70%	2.49%	3.76%
SPEU SPDR Portfolio Europe ETF	3.37%	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 GMF in my portfolio?

SPEU and GMF have a correlation of 0.67, 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 GMF?

GMF has higher volatility (6.53%) compared to SPEU (4.38%). In terms of maximum drawdown, SPEU dropped -62.45% vs GMF's -67.18%.

Which ETF is better, SPEU or GMF?

On 10-year performance, SPEU leads with 9.87% vs 9.14% for GMF. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or GMF?

Over the 10-year period, SPEU has performed better with a 9.87% return vs 9.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or GMF?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.49% for GMF.

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

SPEU has the higher dividend yield at 3.37%, compared with 1.22% for GMF.

What is the main difference between SPEU and GMF?

SPEU is categorized as Europe Equities, while GMF is Asia Pacific Equities. SPEU tracks STOXX Europe Total Market Index, while GMF tracks S&P Asia Pacific Emerging BMI Index. Their fees differ too: 0.07% for SPEU and 0.49% for GMF.

Which has better risk-adjusted returns?

SPEU currently has the higher Sharpe Ratio (1.45 vs 1.07), 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.