VSO.AX vs. SPEM
VSO.AX (Vanguard MSCI Australian Small Companies INDEX ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - VSO.AX is a Asia Pacific Equities fund tracking the MSCI Australian Shares Small Cap Index, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, VSO.AX returned 9.38%/yr vs 9.82%/yr for SPEM. At a 0.12 correlation, their price movements are largely independent. VSO.AX charges 0.30%/yr vs 0.11%/yr for SPEM.
Performance
VSO.AX vs. SPEM - Performance Comparison
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Different Trading Currencies
VSO.AX is traded in AUD, while SPEM is traded in USD. To make them comparable, the SPEM values have been converted to AUD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VSO.AX achieves a -2.89% return, which is significantly lower than SPEM's 5.26% return. Both investments have delivered pretty close results over the past 10 years, with VSO.AX having a 9.38% annualized return and SPEM not far ahead at 9.82%.
VSO.AX
- 1D
- 0.01%
- 1M
- 1.19%
- YTD
- -2.89%
- 6M
- -1.54%
- 1Y
- 13.35%
- 3Y*
- 11.06%
- 5Y*
- 6.73%
- 10Y*
- 9.38%
SPEM
- 1D
- -0.95%
- 1M
- 3.75%
- YTD
- 5.26%
- 6M
- 5.66%
- 1Y
- 19.12%
- 3Y*
- 15.75%
- 5Y*
- 7.46%
- 10Y*
- 9.82%
VSO.AX vs. SPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSO.AX Vanguard MSCI Australian Small Companies INDEX ETF | -2.89% | 24.14% | 8.91% | 6.32% | -11.74% | 21.77% | 14.75% | 21.67% | -7.43% | 17.67% |
SPEM SPDR Portfolio Emerging Markets ETF | 5.26% | 16.51% | 22.61% | 10.59% | -12.47% | 7.46% | 4.49% | 20.25% | -3.96% | 24.55% |
Correlation
The correlation between VSO.AX and SPEM is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since May 24, 2011 | 0.12 |
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Return for Risk
VSO.AX vs. SPEM — Risk / Return Rank
VSO.AX
SPEM
VSO.AX vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard MSCI Australian Small Companies INDEX ETF (VSO.AX) 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.
| VSO.AX | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.30 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.73 | -0.95 |
| Martin ratioReturn relative to average drawdown | 2.25 | 6.04 | -3.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSO.AX | SPEM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 1.58 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.57 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.64 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.32 | +0.07 |
Drawdowns
VSO.AX vs. SPEM - Drawdown Comparison
The maximum VSO.AX drawdown since its inception was -40.60%, smaller than the maximum SPEM drawdown of -46.68%. Use the drawdown chart below to compare losses from any high point for VSO.AX and SPEM.
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Drawdown Indicators
| VSO.AX | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.60% | -46.68% | +6.08% |
Max Drawdown (1Y)Largest decline over 1 year | -16.81% | -11.08% | -5.73% |
Max Drawdown (3Y)Largest decline over 3 years | -16.81% | -11.08% | -5.73% |
Max Drawdown (5Y)Largest decline over 5 years | -23.53% | -19.55% | -3.98% |
Max Drawdown (10Y)Largest decline over 10 years | -40.60% | -21.64% | -18.96% |
Current DrawdownCurrent decline from peak | -7.97% | -0.95% | -7.02% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -11.73% | +5.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.91% | 3.17% | +2.74% |
Volatility
VSO.AX vs. SPEM - Volatility Comparison
Vanguard MSCI Australian Small Companies INDEX ETF (VSO.AX) has a higher volatility of 4.67% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 4.19%. This indicates that VSO.AX's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSO.AX | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.19% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 13.71% | 10.33% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 12.20% | +4.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.27% | 13.17% | +3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.92% | 15.39% | +1.53% |
VSO.AX vs. SPEM - Expense Ratio Comparison
VSO.AX has a 0.30% expense ratio, which is higher than SPEM's 0.11% expense ratio.
Dividends
VSO.AX vs. SPEM - Dividend Comparison
VSO.AX's dividend yield for the trailing twelve months is around 7.06%, more 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% |
VSO.AX Vanguard MSCI Australian Small Companies INDEX ETF | 7.06% | 6.86% | 2.44% | 3.89% | 5.39% | 3.55% | 6.24% | 2.96% | 2.21% | 3.86% | 3.30% | 2.68% |
Frequently Asked Questions
VSO.AX and SPEM have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPEM is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPEM is cheaper with a 0.11% expense ratio, compared with 0.30% for VSO.AX.
VSO.AX is categorized as Asia Pacific Equities, while SPEM is Emerging Markets Equities. VSO.AX tracks MSCI Australian Shares Small Cap Index, while SPEM tracks S&P Emerging Markets BMI. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.30% for VSO.AX and 0.11% for SPEM.
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