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XEC.TO vs. SPEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEC.TO vs. SPEM

Last updated Jun 4, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - XEC.TO tracks the Morningstar EM GR CAD while SPEM tracks the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, XEC.TO returned 10.71%/yr vs 10.25%/yr for SPEM. Their correlation of 0.84 suggests significant overlap in exposure. XEC.TO charges 0.28%/yr vs 0.11%/yr for SPEM.

Performance

XEC.TO vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XEC.TO is traded in CAD, while SPEM is traded in USD. To make them comparable, the SPEM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEC.TO achieves a 27.92% return, which is significantly higher than SPEM's 13.89% return. Both investments have delivered pretty close results over the past 10 years, with XEC.TO having a 10.71% annualized return and SPEM not far behind at 10.25%.

XEC.TO

1D
-0.88%
1M
10.15%
YTD
27.92%
6M
28.48%
1Y
54.44%
3Y*
24.69%
5Y*
10.21%
10Y*
10.71%

SPEM

1D
-1.00%
1M
5.26%
YTD
13.89%
6M
13.67%
1Y
33.04%
3Y*
20.11%
5Y*
8.72%
10Y*
10.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEC.TO vs. SPEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		27.92%25.78%16.14%7.92%-14.68%-1.74%15.08%11.53%-8.26%27.93%
SPEM
SPDR Portfolio Emerging Markets ETF		13.89%19.86%20.97%8.07%-12.05%0.59%12.61%13.80%-5.90%26.23%

Correlation

The correlation between XEC.TO 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

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.90

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.84

The correlation between XEC.TO and SPEM has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

XEC.TO vs. SPEM - Sectors Allocation Comparison

Sectors
XEC.TO
SPEM

Technology

35.0%
28.2%

Financial Services

18.4%
20.2%

Consumer Cyclical

9.6%
10.4%

Industrials

9.0%
8.5%

Basic Materials

6.9%
8.2%

Communication Services

6.4%
7.2%

Energy

3.9%
4.7%

Healthcare

3.7%
4.0%

Consumer Defensive

3.3%
3.9%

Utilities

2.2%
2.8%

Real Estate

1.7%
1.9%

Technology

XEC.TO
35.0%
SPEM
28.2%

Financial Services

XEC.TO
18.4%
SPEM
20.2%

Consumer Cyclical

XEC.TO
9.6%
SPEM
10.4%

Industrials

XEC.TO
9.0%
SPEM
8.5%

Basic Materials

XEC.TO
6.9%
SPEM
8.2%

Communication Services

XEC.TO
6.4%
SPEM
7.2%

Energy

XEC.TO
3.9%
SPEM
4.7%

Healthcare

XEC.TO
3.7%
SPEM
4.0%

Consumer Defensive

XEC.TO
3.3%
SPEM
3.9%

Utilities

XEC.TO
2.2%
SPEM
2.8%

Real Estate

XEC.TO
1.7%
SPEM
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI Emerging Markets IMI Index ETF

SPDR Portfolio Emerging Markets ETF

Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. XEM.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO
Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. EMGFSPEM vs. EMCRSPEM vs. BKEM

Return for Risk

XEC.TO vs. SPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEC.TO
XEC.TO Risk / Return Rank: 8686
Overall Rank
XEC.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
SPEM
SPEM Risk / Return Rank: 5757
Overall Rank
SPEM Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 5656
Sortino Ratio Rank
SPEM Omega Ratio Rank: 5858
Omega Ratio Rank
SPEM Calmar Ratio Rank: 5555
Calmar Ratio Rank
SPEM Martin Ratio Rank: 5757
Martin Ratio Rank
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.

XEC.TO vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) 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.

XEC.TOSPEMDifference
Sharpe ratioReturn per unit of total volatility
3.01
2.18

+0.82

Sortino ratioReturn per unit of downside risk
3.86
3.05

+0.82

Omega ratioGain probability vs. loss probability

1.56

1.41

+0.15

Calmar ratioReturn relative to maximum drawdown

4.86

3.09

+1.77

Martin ratioReturn relative to average drawdown

17.00

11.29

+5.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEC.TO vs. SPEM - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 3.01, which is higher than the SPEM Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of XEC.TO 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.

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Sharpe Ratios by Period

XEC.TOSPEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

2.18

+0.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.59

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.63

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.52

0.00

Drawdowns

XEC.TO vs. SPEM - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, which is greater than SPEM's maximum drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for XEC.TO and SPEM.

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Drawdown Indicators

XEC.TOSPEMDifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-28.36%

-4.18%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-10.74%

-0.51%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-14.74%

-0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-24.74%

-4.40%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

-28.36%

-4.18%

Current Drawdown

Current decline from peak

-0.88%

-1.00%

+0.12%

Average Drawdown

Average peak-to-trough decline

-9.56%

-8.19%

-1.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

2.93%

+0.28%

Volatility

XEC.TO vs. SPEM - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 7.80% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.56%. This indicates that XEC.TO'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

XEC.TOSPEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.80%

5.56%

+2.24%

Volatility (6M)

Calculated over the trailing 6-month period

15.85%

12.66%

+3.19%

Volatility (1Y)

Calculated over the trailing 1-year period

18.19%

15.19%

+3.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.91%

14.80%

+1.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.60%

16.32%

+1.28%

XEC.TO vs. SPEM - Expense Ratio Comparison

XEC.TO has a 0.28% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

XEC.TO vs. SPEM - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.50%, less than SPEM's 2.47% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.50%1.92%2.03%2.16%2.28%2.78%1.64%2.87%2.66%2.13%1.80%2.19%

Frequently Asked Questions

XEC.TO 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.

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 0.28% for XEC.TO.

XEC.TO tracks Morningstar EM GR CAD, while SPEM tracks S&P Emerging Markets BMI. They also come from different issuers: iShares and State Street. Their fees differ too: 0.28% for XEC.TO and 0.11% for SPEM.

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