XCEM vs. SPEM

Last updated Jun 23, 2026

XCEM (Columbia EM Core ex-China ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - XCEM tracks the MSCI Emerging Markets ex China Index while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, XCEM returned 13.36%/yr vs 9.96%/yr for SPEM. A 0.78 correlation means they provide meaningful diversification when combined. XCEM charges 0.16%/yr vs 0.07%/yr for SPEM.

Performance

XCEM vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia EM Core ex-China ETF (XCEM) 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, XCEM achieves a 43.27% return, which is significantly higher than SPEM's 14.64% return. Over the past 10 years, XCEM has outperformed SPEM with an annualized return of 13.36%, while SPEM has yielded a comparatively lower 9.96% annualized return.

XCEM

• 1D: 0.26%
• 1M: 11.26%
• YTD: 43.27%
• 6M: 46.87%
• 1Y: 73.75%
• 3Y*: 27.69%
• 5Y*: 13.15%
• 10Y*: 13.36%

SPEM

• 1D: 1.10%
• 1M: 4.42%
• YTD: 14.64%
• 6M: 15.36%
• 1Y: 33.19%
• 3Y*: 19.39%
• 5Y*: 6.53%
• 10Y*: 9.96%

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

XCEM vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCEM Columbia EM Core ex-China ETF	43.27%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%
SPEM SPDR Portfolio Emerging Markets ETF	14.64%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between XCEM and SPEM is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.78

The correlation between XCEM and SPEM shifts across timeframes, from 0.78 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

XCEM vs. SPEM - Sectors Allocation Comparison

Sectors	XCEM	SPEM
Technology	37.1%	32.1%
Financial Services	22.8%	19.2%
Industrials	9.7%	8.3%
Basic Materials	6.4%	8.0%
Consumer Cyclical	6.3%	9.6%
Communication Services	4.2%	6.7%
Energy	3.8%	4.2%
Consumer Defensive	3.0%	3.6%
Healthcare	2.9%	3.7%
Utilities	1.9%	2.8%
Real Estate	1.8%	1.8%

Return for Risk

XCEM vs. SPEM — Risk / Return Rank

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

XCEM

XCEM Risk / Return Rank: 90
XCEM Sharpe Ratio Rank: 93
XCEM Sortino Ratio Rank: 89
XCEM Omega Ratio Rank: 91
XCEM Calmar Ratio Rank: 89
XCEM Martin Ratio Rank: 90

SPEM

SPEM Risk / Return Rank: 61
SPEM Sharpe Ratio Rank: 62
SPEM Sortino Ratio Rank: 59
SPEM Omega Ratio Rank: 63
SPEM Calmar Ratio Rank: 61
SPEM Martin Ratio Rank: 60

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.

XCEM vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia EM Core ex-China ETF (XCEM) 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.

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.

	XCEM	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	3.17	1.99	+1.18
Sortino ratio: Return per unit of downside risk	3.88	2.70	+1.18
Omega ratio: Gain probability vs. loss probability	1.57	1.37	+0.21
Calmar ratio: Return relative to maximum drawdown	5.13	2.93	+2.19
Martin ratio: Return relative to average drawdown	19.88	10.51	+9.36

XCEM vs. SPEM - Sharpe Ratio Comparison

The current XCEM Sharpe Ratio is 3.17, which is higher than the SPEM Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of XCEM and SPEM, 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

XCEM vs. SPEM - Drawdown Comparison

The maximum XCEM drawdown since its inception was -41.24%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for XCEM and SPEM.

Drawdown Indicators

	XCEM	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-41.24%	-64.41%	+23.17%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-11.36%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-17.62%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-29.57%	-31.75%	+2.18%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	-36.06%	-5.18%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.57%	-14.72%	+6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	3.16%	+0.56%

Volatility

XCEM vs. SPEM - Volatility Comparison

Columbia EM Core ex-China ETF (XCEM) has a higher volatility of 12.12% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 6.73%. This indicates that XCEM'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.

Volatility by Period

	XCEM	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.12%	6.73%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	21.53%	14.43%	+7.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	16.77%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	17.30%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	18.84%	+1.07%

XCEM vs. SPEM - Expense Ratio Comparison

XCEM has a 0.16% expense ratio, which is higher than SPEM's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCEM vs. SPEM - Dividend Comparison

XCEM's dividend yield for the trailing twelve months is around 2.27%, less than SPEM's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPEM SPDR Portfolio Emerging Markets ETF	3.44%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%
XCEM Columbia EM Core ex-China ETF	2.27%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both XCEM and SPEM in my portfolio?

XCEM and SPEM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCEM or SPEM?

XCEM has higher volatility (12.12%) compared to SPEM (6.73%). In terms of maximum drawdown, XCEM dropped -41.24% vs SPEM's -64.41%.

Which ETF is better, XCEM or SPEM?

On 10-year performance, XCEM leads with 13.36% vs 9.96% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCEM or SPEM?

Over the 10-year period, XCEM has performed better with a 13.36% return vs 9.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCEM or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.16% for XCEM.

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

SPEM has the higher dividend yield at 3.44%, compared with 2.27% for XCEM.

What is the main difference between XCEM and SPEM?

XCEM tracks MSCI Emerging Markets ex China Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Ameriprise Financial and State Street. Their fees differ too: 0.16% for XCEM and 0.07% for SPEM.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (3.17 vs 1.99), 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.