SPYJ.DE vs. IEMG
SPYJ.DE (SPDR Dow Jones Global Real Estate UCITS ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - SPYJ.DE is a REIT fund tracking the Dow Jones Global Select Real Estate Securities, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, SPYJ.DE returned 3.07%/yr vs 10.28%/yr for IEMG. At a 0.32 correlation, their price movements are largely independent. SPYJ.DE charges 0.40%/yr vs 0.09%/yr for IEMG.
Performance
SPYJ.DE vs. IEMG - Performance Comparison
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Different Trading Currencies
SPYJ.DE is traded in EUR, while IEMG is traded in USD. To make them comparable, the IEMG values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPYJ.DE achieves a 13.86% return, which is significantly lower than IEMG's 27.35% return. Over the past 10 years, SPYJ.DE has underperformed IEMG with an annualized return of 3.07%, while IEMG has yielded a comparatively higher 10.28% annualized return.
SPYJ.DE
- 1D
- -0.27%
- 1M
- 2.98%
- YTD
- 13.86%
- 6M
- 15.17%
- 1Y
- 17.84%
- 3Y*
- 9.23%
- 5Y*
- 2.86%
- 10Y*
- 3.07%
IEMG
- 1D
- 0.82%
- 1M
- 1.42%
- YTD
- 27.35%
- 6M
- 28.23%
- 1Y
- 45.12%
- 3Y*
- 20.72%
- 5Y*
- 8.17%
- 10Y*
- 10.28%
SPYJ.DE vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYJ.DE SPDR Dow Jones Global Real Estate UCITS ETF | 13.86% | -2.34% | 4.88% | 7.77% | -20.63% | 41.27% | -18.75% | 22.75% | -2.91% | -4.97% |
IEMG iShares Core MSCI Emerging Markets ETF | 27.35% | 16.83% | 13.53% | 8.18% | -15.02% | 6.79% | 8.15% | 20.48% | -10.93% | 20.50% |
Correlation
The correlation between SPYJ.DE and IEMG is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.32 |
Over the past year, the correlation between SPYJ.DE and IEMG has dropped to 0.12 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.
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Return for Risk
SPYJ.DE vs. IEMG — Risk / Return Rank
SPYJ.DE
IEMG
SPYJ.DE vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate UCITS ETF (SPYJ.DE) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.
| SPYJ.DE | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.42 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 4.29 | -1.73 |
| Martin ratioReturn relative to average drawdown | 8.86 | 14.72 | -5.86 |
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Drawdowns
SPYJ.DE vs. IEMG - Drawdown Comparison
The maximum SPYJ.DE drawdown since its inception was -42.93%, which is greater than IEMG's maximum drawdown of -34.49%. Use the drawdown chart below to compare losses from any high point for SPYJ.DE and IEMG.
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Drawdown Indicators
| SPYJ.DE | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.93% | -34.49% | -8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -6.95% | -10.58% | +3.63% |
Max Drawdown (3Y)Largest decline over 3 years | -20.28% | -17.88% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -30.70% | -22.55% | -8.15% |
Max Drawdown (10Y)Largest decline over 10 years | -42.93% | -32.63% | -10.30% |
Current DrawdownCurrent decline from peak | -2.82% | -3.95% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -11.16% | -9.15% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 3.07% | -1.06% |
Volatility
SPYJ.DE vs. IEMG - Volatility Comparison
The current volatility for SPDR Dow Jones Global Real Estate UCITS ETF (SPYJ.DE) is 4.12%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.99%. This indicates that SPYJ.DE experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYJ.DE | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 10.99% | -6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 18.42% | -9.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.66% | 20.56% | -8.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.19% | 17.26% | -2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.96% | 19.39% | -2.43% |
SPYJ.DE vs. IEMG - Expense Ratio Comparison
SPYJ.DE has a 0.40% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
SPYJ.DE vs. IEMG - Dividend Comparison
SPYJ.DE's dividend yield for the trailing twelve months is around 2.45%, more than IEMG's 2.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.19% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
SPYJ.DE SPDR Dow Jones Global Real Estate UCITS ETF | 2.45% | 2.80% | 2.70% | 2.67% | 2.91% | 1.76% | 2.70% | 2.61% | 2.24% | 2.79% | 2.53% | 2.10% |
Frequently Asked Questions
SPYJ.DE and IEMG have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.40% for SPYJ.DE.
SPYJ.DE is categorized as REIT, while IEMG is Emerging Markets Diversified. SPYJ.DE tracks Dow Jones Global Select Real Estate Securities, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for SPYJ.DE and 0.09% for IEMG.
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