XCNY vs. DEM

Last updated Aug 4, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both exchange-traded funds - XCNY is a Emerging Markets Equities fund tracking the S&P Emerging ex-China BMI, while DEM is a Dividend fund tracking the WisdomTree Emerging Markets Equity Income Index. Both are passively managed. Over the past year, XCNY returned 29.12% vs 25.38% for DEM. Their 0.80 correlation means they have sometimes moved together and sometimes differently. XCNY charges 0.15%/yr vs 0.63%/yr for DEM.

Performance

XCNY vs. DEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) and WisdomTree Emerging Markets Equity Income Fund (DEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNY achieves a 16.46% return, which is significantly lower than DEM's 17.69% return.

XCNY

• 1D: 0.63%
• 1M: -2.00%
• 6M: 9.20%
• YTD: 16.46%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.10%

DEM

• 1D: 0.52%
• 1M: 1.12%
• 6M: 10.61%
• YTD: 17.69%
• 1Y: 25.38%
• 3Y*: 17.15%
• 5Y*: 10.09%
• 10Y*: 9.05%
• ALL TIME*: 4.95%

*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)
DEM WisdomTree Emerging Markets Equity Income Fund	$8.16M	$9.32M	$10.88M
XCNY SPDR S&P Emerging Markets ex-China ETF	$17.91K	$17.11K	$17.73K

XCNY vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	16.46%	20.42%	-3.63%
DEM WisdomTree Emerging Markets Equity Income Fund	17.69%	21.29%	-2.91%

Correlation

The correlation between XCNY and DEM is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.80

The correlation between XCNY and DEM has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

XCNY vs. DEM - Sectors Allocation Comparison

Sectors	XCNY	DEM
Technology	39.5%	17.5%
Financial Services	21.5%	21.9%
Basic Materials	7.9%	3.7%
Industrials	7.6%	8.9%
Consumer Cyclical	5.3%	5.4%
Energy	4.1%	6.2%
Consumer Defensive	3.3%	5.8%
Communication Services	3.3%	3.0%
Utilities	3.0%	3.0%
Healthcare	2.6%	0.6%
Real Estate	2.1%	2.9%

Return for Risk

XCNY vs. DEM — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 61
XCNY Sharpe Ratio Rank: 60
XCNY Sortino Ratio Rank: 57
XCNY Omega Ratio Rank: 60
XCNY Calmar Ratio Rank: 65
XCNY Martin Ratio Rank: 63

DEM

DEM Risk / Return Rank: 75
DEM Sharpe Ratio Rank: 72
DEM Sortino Ratio Rank: 71
DEM Omega Ratio Rank: 71
DEM Calmar Ratio Rank: 84
DEM Martin Ratio Rank: 75

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.

XCNY vs. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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.

	XCNY	DEM	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.70	-0.17
Sortino ratio: Return per unit of downside risk	2.12	2.36	-0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.47	3.23	-0.76
Martin ratio: Return relative to average drawdown	8.16	9.72	-1.56

XCNY vs. DEM - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.53, which is comparable to the DEM Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of XCNY and DEM, 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

XCNY vs. DEM - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum DEM drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for XCNY and DEM.

Drawdown Indicators

	XCNY	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-51.85%	+32.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-7.89%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.79%	—
Current Drawdown Current decline from peak	-5.67%	-3.06%	-2.61%
Average Drawdown Average peak-to-trough decline	-4.14%	-12.82%	+8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	2.62%	+0.96%

Volatility

XCNY vs. DEM - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) has a higher volatility of 7.03% compared to WisdomTree Emerging Markets Equity Income Fund (DEM) at 5.13%. This indicates that XCNY's price experiences larger fluctuations and is considered to be riskier than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	5.13%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	17.48%	13.19%	+4.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	15.02%	+4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	15.61%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	17.86%	+0.78%

XCNY vs. DEM - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is lower than DEM's 0.63% expense ratio.

Dividends

XCNY vs. DEM - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.30%, less than DEM's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	4.16%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.30%	2.68%	1.07%	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 XCNY and DEM in my portfolio?

XCNY and DEM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or DEM?

XCNY has higher volatility (7.03%) compared to DEM (5.13%). In terms of maximum drawdown, XCNY dropped -19.70% vs DEM's -51.85%.

Which ETF is better, XCNY or DEM?

On 1-year performance, XCNY leads with 29.12% vs 25.38% for DEM. On fees, XCNY is cheaper at 0.15% per year. On volatility, DEM has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or DEM?

Over the 1-year period, XCNY has performed better with a 29.12% return vs 25.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or DEM?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.63% for DEM.

Which ETF pays a higher dividend yield, XCNY or DEM?

DEM has the higher dividend yield at 4.16%, compared with 2.30% for XCNY.

What is the main difference between XCNY and DEM?

XCNY is categorized as Emerging Markets Equities, while DEM is Dividend. XCNY tracks S&P Emerging ex-China BMI, while DEM tracks WisdomTree Emerging Markets Equity Income Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.15% for XCNY and 0.63% for DEM.

Which has better risk-adjusted returns?

DEM currently has the higher Sharpe Ratio (1.70 vs 1.53), 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.