XCNY vs. SPEM

Last updated Aug 4, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds from State Street - XCNY tracks the S&P Emerging ex-China BMI while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past year, XCNY returned 29.12% vs 22.62% for SPEM. Their correlation of 0.87 means they have usually moved in the same direction. XCNY charges 0.15%/yr vs 0.07%/yr for SPEM.

Performance

XCNY vs. SPEM - 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 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, XCNY achieves a 16.46% return, which is significantly higher than SPEM's 10.33% return.

XCNY

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

SPEM

• 1D: 0.39%
• 1M: 0.02%
• 6M: 4.39%
• YTD: 10.33%
• 1Y: 22.62%
• 3Y*: 16.30%
• 5Y*: 6.50%
• 10Y*: 8.32%
• ALL TIME*: 5.56%

*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)
SPEM SPDR Portfolio Emerging Markets ETF	$92.35M	$109.23M	$122.58M
XCNY SPDR S&P Emerging Markets ex-China ETF	$17.91K	$17.11K	$17.73K

XCNY vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	16.46%	20.42%	-3.63%
SPEM SPDR Portfolio Emerging Markets ETF	10.33%	25.63%	2.75%

Correlation

The correlation between XCNY and SPEM is 0.94, 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.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.87

The correlation between XCNY and SPEM has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

XCNY vs. SPEM - Sectors Allocation Comparison

Sectors	XCNY	SPEM
Technology	39.5%	32.7%
Financial Services	21.5%	19.9%
Basic Materials	7.9%	7.7%
Industrials	7.6%	8.3%
Consumer Cyclical	5.3%	8.9%
Energy	4.1%	3.8%
Consumer Defensive	3.3%	3.7%
Communication Services	3.3%	6.6%
Utilities	3.0%	2.7%
Healthcare	2.6%	3.9%
Real Estate	2.1%	1.8%

Return for Risk

XCNY vs. SPEM — 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

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 51
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 51
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 54

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. SPEM - 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 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.

	XCNY	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.28	+0.24
Sortino ratio: Return per unit of downside risk	2.12	1.81	+0.31
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	2.47	2.00	+0.47
Martin ratio: Return relative to average drawdown	8.16	6.59	+1.57

XCNY vs. SPEM - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.53, which is comparable to the SPEM Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of XCNY 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

XCNY vs. SPEM - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for XCNY and SPEM.

Drawdown Indicators

	XCNY	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-64.41%	+44.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-11.36%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.06%	—
Current Drawdown Current decline from peak	-5.67%	-3.76%	-1.91%
Average Drawdown Average peak-to-trough decline	-4.14%	-14.65%	+10.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	3.44%	+0.14%

Volatility

XCNY vs. SPEM - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) has a higher volatility of 7.03% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.72%. This indicates that XCNY'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

	XCNY	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	5.72%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	17.48%	15.29%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	17.72%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	17.36%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	18.80%	-0.16%

XCNY vs. SPEM - Expense Ratio Comparison

XCNY has a 0.15% 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

XCNY vs. SPEM - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.30%, less than SPEM's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPEM SPDR Portfolio Emerging Markets ETF	2.54%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%
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 SPEM in my portfolio?

With a correlation of 0.94, XCNY 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 is riskier, XCNY or SPEM?

XCNY has higher volatility (7.03%) compared to SPEM (5.72%). In terms of maximum drawdown, XCNY dropped -19.70% vs SPEM's -64.41%.

Which ETF is better, XCNY or SPEM?

On 1-year performance, XCNY leads with 29.12% vs 22.62% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or SPEM?

Over the 1-year period, XCNY has performed better with a 29.12% return vs 22.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or SPEM?

SPEM is cheaper with a 0.07% expense ratio, compared with 0.15% for XCNY.

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

SPEM has the higher dividend yield at 2.54%, compared with 2.30% for XCNY.

What is the main difference between XCNY and SPEM?

XCNY tracks S&P Emerging ex-China BMI, while SPEM tracks S&P Emerging BMI Index. Their fees differ too: 0.15% for XCNY and 0.07% for SPEM.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (1.53 vs 1.28), 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.