XCNY vs. SPYM

Last updated Jun 6, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - XCNY is a Emerging Markets Diversified fund tracking the S&P Emerging ex-China BMI, while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, XCNY returned 30.73% vs 25.87% for SPYM. A 0.68 correlation means they provide meaningful diversification when combined. XCNY charges 0.15%/yr vs 0.02%/yr for SPYM.

Performance

XCNY vs. SPYM - 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 State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNY achieves a 14.37% return, which is significantly higher than SPYM's 8.48% return.

XCNY

• 1D: -4.45%
• 1M: -3.03%
• YTD: 14.37%
• 6M: 17.01%
• 1Y: 30.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYM

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.48%
• 6M: 8.21%
• 1Y: 25.87%
• 3Y*: 21.54%
• 5Y*: 13.39%
• 10Y*: 15.25%

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

XCNY vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	14.37%	20.42%	-3.51%
SPYM State Street SPDR Portfolio S&P 500 ETF	8.48%	17.79%	7.36%

Correlation

The correlation between XCNY and SPYM is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.68

The correlation between XCNY and SPYM has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

XCNY vs. SPYM - Sectors Allocation Comparison

Sectors	XCNY	SPYM
Technology	36.1%	38.5%
Financial Services	21.7%	11.1%
Basic Materials	8.7%	1.7%
Industrials	7.7%	7.6%
Consumer Cyclical	5.6%	9.9%
Energy	4.9%	3.2%
Consumer Defensive	3.6%	4.6%
Communication Services	3.5%	10.6%
Utilities	3.3%	2.5%
Healthcare	2.7%	8.4%
Real Estate	2.3%	1.8%

Return for Risk

XCNY vs. SPYM — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 57
XCNY Sharpe Ratio Rank: 57
XCNY Sortino Ratio Rank: 56
XCNY Omega Ratio Rank: 59
XCNY Calmar Ratio Rank: 56
XCNY Martin Ratio Rank: 59

SPYM

SPYM Risk / Return Rank: 66
SPYM Sharpe Ratio Rank: 66
SPYM Sortino Ratio Rank: 64
SPYM Omega Ratio Rank: 67
SPYM Calmar Ratio Rank: 60
SPYM Martin Ratio Rank: 73

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.

XCNY vs. SPYM - 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 State Street SPDR Portfolio S&P 500 ETF (SPYM). 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.

	XCNY	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.15	-0.36
Sortino ratio: Return per unit of downside risk	2.47	2.90	-0.43
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.60	2.92	-0.32
Martin ratio: Return relative to average drawdown	9.94	13.53	-3.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. SPYM - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.79, which is comparable to the SPYM Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of XCNY and SPYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XCNY	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.15	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.61	+0.38

Drawdowns

XCNY vs. SPYM - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for XCNY and SPYM.

Drawdown Indicators

	XCNY	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-54.46%	+34.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-8.90%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	-5.49%	-2.90%	-2.59%
Average Drawdown Average peak-to-trough decline	-4.14%	-7.15%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	1.92%	+1.18%

Volatility

XCNY vs. SPYM - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) has a higher volatility of 7.62% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 3.73%. This indicates that XCNY's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	3.73%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	9.30%	+5.91%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	12.09%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	16.83%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	18.02%	+0.02%

XCNY vs. SPYM - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is higher than SPYM's 0.02% 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. SPYM - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.35%, more than SPYM's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYM State Street SPDR Portfolio S&P 500 ETF	1.02%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.35%	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 SPYM in my portfolio?

XCNY and SPYM have a correlation of 0.74, 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 SPYM?

XCNY has higher volatility (7.62%) compared to SPYM (3.73%). In terms of maximum drawdown, XCNY dropped -19.70% vs SPYM's -54.46%.

Which ETF is better, XCNY or SPYM?

On 1-year performance, XCNY leads with 30.73% vs 25.87% for SPYM. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or SPYM?

Over the 1-year period, XCNY has performed better with a 30.73% return vs 25.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.15% for XCNY.

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

XCNY has the higher dividend yield at 2.35%, compared with 1.02% for SPYM.

What is the main difference between XCNY and SPYM?

XCNY is categorized as Emerging Markets Diversified, while SPYM is S&P 500. XCNY tracks S&P Emerging ex-China BMI, while SPYM tracks S&P 500 Index. Their fees differ too: 0.15% for XCNY and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.15 vs 1.79), 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.