SPEM — State Street SPDR Portfolio Emerging Markets ETF

SPEM Price Performance — Growth of $10,000

Value of a $10,000 investment in SPEM over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SPEM Drawdown

The "underwater" chart: SPEM's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR Portfolio Emerging Markets ETF (SPEM) is an Emerging Markets fund managed by State Street Investment Management with $17.3 billion in assets under management. Currently priced at $49.40, the fund holds an overall rank of #172 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 64.3 out of 100. Investors can access this fund with a low expense ratio of 0.07% while receiving a dividend yield of 2.53%. The substantial asset size and competitive fee structure suggest significant investor adoption within the 10 ETFs tracked in the Emerging Markets category. The fund's position as the 172nd ranked option indicates it sits in the middle tier of the broader ETF universe despite its large AUM. Its moderate volatility label aligns with the risk profile expected for an emerging markets exposure vehicle. The combination of a low cost basis and a double-digit dividend yield provides a specific income and cost profile for this category participant.

Over the most recent trading day, the fund declined by 1.36%, following a steeper 3.35% drop over the past week. This short-term weakness continued into the monthly timeframe with a 3.74% loss, though the three-month return shows a slight recovery to a -1.51% decline. The six-month period reflects a marginal improvement with a -0.68% return, while year-to-date performance has turned positive at +4.41%. The one-year return demonstrates strong momentum with a gain of 16.49%, and the three-year horizon shows significant long-term growth of 52.26%. This pattern illustrates a divergence where recent short-term volatility has been offset by robust longer-term appreciation. The trajectory suggests a deceleration in gains over the last month compared to the sustained growth seen over the one and three-year periods.

The fund carries a Moderate volatility label and a beta of 0.86, indicating that its price movements have historically been less sensitive to market swings than the broader benchmark. A Sharpe ratio of 0.65 suggests the fund has generated a moderate amount of excess return relative to the risk taken during the measurement period. However, the maximum drawdown of -17.62% highlights the potential for significant temporary losses during market downturns. This combination of a beta below 1.0 and a substantial drawdown implies the fund may offer some downside cushion while still experiencing deep corrections. The risk profile reflects a balance between reduced market sensitivity and the inherent volatility of the Emerging Markets sector. Investors should consider that the moderate volatility rating coexists with a drawdown magnitude that exceeds the fund's recent one-year return percentage.

AI-generated summary based on the data on this page.

SPEM Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 25.3% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SPEM's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SPEM

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SPEM's top 10 — SCHE overlaps most, holding 9 of the same companies as SPEM's top 10 (23.3% of SPEM's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.61% (as of 2026-07-28) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.21 (as of 2026-07-28) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

Trade-Weighted US Dollar Index: 120.71 (as of 2026-07-24) — Measures the US dollar’s strength against major trading-partner currencies — dollar moves directly affect the US-dollar value of this fund’s international holdings.

SPEM Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.02% and average daily volume is 2.3M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $17.3B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SPEM is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SPEM Performance History

How SPEM Compares to Other Emerging Markets ETFs