VEXC vs. SPEM

Last updated Jun 4, 2026

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

Performance

VEXC vs. SPEM - Performance Comparison

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

Returns By Period

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

VEXC

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

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%

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

VEXC vs. SPEM - Yearly Performance Comparison

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

Correlation

The correlation between VEXC and SPEM 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

VEXC vs. SPEM — 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.

VEXC vs. SPEM - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VEXC	SPEM	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	2.21	0.23	+1.98

Drawdowns

VEXC vs. SPEM - Drawdown Comparison

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

Drawdown Indicators

	VEXC	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-12.42%	-64.41%	+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	-1.20%	-1.40%	+0.20%
Average Drawdown Average peak-to-trough decline	-2.23%	-14.75%	+12.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.10%	—

Volatility

Volatility by Period

	VEXC	SPEM	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	18.89%	15.92%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	17.13%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	18.80%	+0.09%

VEXC vs. SPEM - Expense Ratio Comparison

VEXC has a 0.07% expense ratio, which is lower than SPEM'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

VEXC vs. SPEM - Dividend Comparison

VEXC's dividend yield for the trailing twelve months is around 0.74%, less than SPEM's 2.47% 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 VEXC and SPEM in my portfolio?

With a correlation of 0.95, VEXC and SPEM 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, VEXC or SPEM?

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, VEXC or SPEM?

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

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

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

What is the main difference between VEXC and SPEM?

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