DFAE vs SPEM: Grades, Fees and Holdings Compared

Dimensional Emerging Core Equity Market ETF

DFAECNYSE Arca

State Street SPDR Portfolio Emerging Markets ETF

SPEMBNYSE Arca

Overlap

45.0%by weight

Expense ratio

SPEM −0.22pt a year

DFAE0.29%SPEM0.07%

Avg volume · 30D

SPEM 1.6×the volume

DFAE1.05MSPEM1.73M

5Y return · a year

DFAE +2.5pt

DFAE+8.0%SPEM+5.5%

DFAE vs SPEM Performance

Oct 29, 2021 – Oct 30, 2026

+47.1%DFAE+30.8%SPEM

Expense ratio: DFAE 0.29%; SPEM 0.07%, better
Fund size: DFAE $9.26B; SPEM $16.4B
1Y total return: DFAE +12.5%, better; SPEM +4.6%
Yield (12M): DFAE 2.05%; SPEM 2.68%, better
Holdings: DFAE 6118; SPEM 2699
Avg volume (30D): DFAE 1.05M sh; SPEM 1.73M sh, better
NAV per share: DFAE $36.25; SPEM $49.23
52W range

ETF.net Grade

Pillar letters and Scores for DFAE, SPEM, with each pillar’s weight
Pillar	DFAE	SPEM
Cost30% weight	F21	B57Higher
Mission25% weight	A93	A100Higher
Risk15% weight	D37	C48Higher
Tradability15% weight	D37	B58Higher
Holdings10% weight	B57	A79Higher
Durability5% weight	D36	B69Higher

Rank among Emerging Markets Total Market funds

How we build Categories ›

Same Category. DFAE and SPEM are both graded against the same 5 Emerging Markets Total Market funds, so their Grades compare head to head.

Emerging Markets Total Market⁠

Category · 5 funds

See all 5 ›

SPEM ranks 3rd and DFAE 5th of 5 funds in the Emerging Markets Total Market Category.

Rank 1AVWOVanguard FTSE Emerging Markets ETFScore 78
Rank 2ASCHESchwab Emerging Markets Equity ETFScore 71
Rank 3BSPEMState Street SPDR Portfolio Emerging Markets ETFScore 69
Rank 4CXCNYState Street SPDR S&P Emerging Markets ex-China ETFScore 52
Rank 5CDFAEDimensional Emerging Core Equity Market ETFScore 47

Our read on each fund

ETF.net Research

DFAECDimensional Emerging Core Equity Market ETF

SPEMBState Street SPDR Portfolio Emerging Markets ETF

In short

DFAE No data

SPEM Emerging markets, whole hog: roughly 3,000 large, mid and small caps from the S&P Emerging BMI at 0.07% a year. State Street's cheap-beta workhorse in the developing world, running since 2007.

Stated mandate

DFAE No data

SPEM The fund seeks investment results that generally correspond, before fees and expenses, to the total return of the S&P Emerging BMI Index. It provides broad exposure to emerging-market equities across large-, mid-, and small-cap companies.

Why people hold it

DFAE No data

SPEM 0.07% a year against a 0.19% median for broad emerging-market funds. VWO and SCHE trim to 0.06%, and below that the fee stops being the deciding factor.
The S&P Emerging BMI is a total-market index: about 3,000 names across large, mid and small caps, not just the mega-cap headliners most EM funds stop at.
Plain index replication that has tracked its benchmark about as tightly as anything in this peer group.
A multi-billion-dollar fund that trades actively, part of State Street's low-cost SPDR Portfolio lineup.

Worth knowing

DFAE No data

SPEM Emerging-market stocks bring currency swings and deeper drawdowns; on risk this sits at the rough end of its peer group.
Distributions arrive annually or semiannually, not monthly.
Small caps cut both ways: the index reaches into smaller, less-covered companies that large-cap-only EM funds leave out.

Full DFAE profile⁠

Full SPEM profile⁠

DFAE vs SPEM Holdings

How DFAE and SPEM differ

Overlap by weight

45.0%

Shared holdings make up 62.6% of SPEM and 48.0% of DFAE.

Level by level

Holdings973 in both45.0%
Countryby domicile79.5%
Sector11 Sectors89.4%
Asset classEquity100%

Sector

Sector weights in DFAE and SPEM, widest gap first
Sector	More in DFAEMore in SPEM	DFAE	SPEM
Technology	DFAE +9.2 points	41.2%	32.0%
Financials	SPEM +3.6 points	17.2%	20.8%
Consumer Discretionary	SPEM +1.7 points	7.5%	9.2%
Industrials	DFAE +1.4 points	8.6%	7.2%
Materials	SPEM +1.0 points	6.8%	7.8%
Communication	SPEM +0.9 points	5.4%	6.3%
Consumer Staples	SPEM +0.9 points	2.8%	3.7%
Health Care	SPEM +0.9 points	3.5%	4.4%
Utilities	SPEM +0.7 points	2.0%	2.7%
Energy	SPEM +0.6 points	3.6%	4.2%
Real Estate	SPEM +0.4 points	1.4%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in DFAE and SPEM, widest gap first
Country	More in DFAEMore in SPEM	DFAE	SPEM
South Korea	DFAE +19.3 points	19.3%	0.0%
China	SPEM +7.6 points	19.1%	26.7%
India	SPEM +4.2 points	13.0%	17.2%
Taiwan	SPEM +3.6 points	31.7%	35.3%
South Africa	SPEM +1.1 points	3.7%	4.8%
Mexico	SPEM +0.8 points	1.6%	2.4%
Brazil	SPEM +0.6 points	3.8%	4.4%
Greece	DFAE +0.6 points	0.6%	0.0%
Other countries (14)	SPEM +2.2 points	7.1%	9.3%

Outside the US: DFAE 0% developed, 100% emerging. SPEM 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

DFAE30.8%
SPEM25.6%

Securities held

DFAE6,091
SPEM2,672

Asset class

DFAE: Equity
SPEM: Equity

Holdings

Only in DFAE5,118
In both973
Only in SPEM1,699

Only in DFAE

5,118 securities, 52.0% of DFAE by weight

Samsung Electronics Co5.21%
Sk Hynix Inc4.70%
Samsung Electronics Co Lt0.76%
Bharti Airtel Ltd0.48%
Samsung Electro-Mechanics0.40%
Reliance Industries Ltd0.36%
Alibaba Group Hld0.35%
Petroleo Brasileiro SA0.34%
Hdfc Bank Ltd0.32%
Ase Technology Holding Co0.31%
Al Rajhi Bank0.31%
Hdfc Bank Ltd0.29%
Saudi Arabian Oil Co0.28%
Hana Financial Group Inc0.27%
Hyundai Motor Co0.25%
Kb Financial Group Inc0.24%
Anglogold0.22%
Mahindra & Mahindra Ltd0.22%
Grupo Mexico Sab De Cv0.21%
Axis Bank Ltd0.21%
United Microelectronics C0.20%
Samsung Sdi Co Ltd0.20%
Grupo Financiero Banorte0.20%
Mtn Group Ltd0.20%
Standard Bank Group Ltd0.19%
Kuwait Finance House Kscp0.19%
Shinhan Financial Group0.19%
Firstrand Ltd0.18%
The Saudi National Bank0.18%
Larsen & Toubro Ltd0.18%
Reliance Industries Ltd0.18%
Kotak Mahindra Bank Ltd0.17%
Natl Bk of Kuwait0.16%
Saudi Telecom Co0.15%
Qatar National Bank Qpsc0.15%
Otp Bank Nyrt0.15%
Itau Unibanco Holding SA0.15%
Ls Industrial Systems Co0.14%
Celltrion Inc0.14%
Capitec Limited0.14%
Woori Financial Group Inc0.14%
Tata Steel Ltd0.14%
Hanwha Aerospace Co Ltd0.14%
Hindalco Industries Ltd0.14%
Lg Electronics Inc0.14%
State Bank of India0.14%
Lig DEFENSE&AEROSPACE Co0.14%
Valterra Platinum Limited0.13%
Kweichow Moutai Co Ltd0.13%
Doosan Enerbility0.13%

Only in SPEM

1,699 securities, 37.3% of SPEM by weight

Hdfc Bank Limited0.74%
Reliance Inds Spons Gdr 144A0.73%
Bharti Airtel Ltd0.59%
Al Rajhi Bank0.42%
Grupo Mexico Sab De Cv Ser B0.37%
Naspers Ltd N Shs0.32%
Axis Bank Ltd0.31%
Saudi Arabian Oil Co0.29%
Bajaj Finance Ltd0.28%
Otp Bank PLC0.28%
Delta Electronics Thai Forgn0.27%
Kotak Mahindra Bank Ltd0.27%
Larsen & Toubro Gdr Reg’s0.27%
Grupo Financiero Banorte O0.25%
Sun Pharmaceutical Indus0.24%
The Saudi National Bank0.24%
Firstrand Ltd0.24%
National Bank of Kuwait0.24%
Mahindra & Mahindra Spon Gdr0.24%
Fomento Economico Mexica Ubd0.22%
State Bank of Indi Gdr Reg’s0.22%
America Movil Sab De C Ser B0.22%
First Abu Dhabi Bank Pjsc0.22%
Standard Bank Group Ltd0.21%
Hcl Technologies Ltd0.20%
Qatar National Bank0.20%
Baidu Inc Class A Hkd0.20%
Capitec Limited0.19%
Hindustan Unilever Ltd0.19%
Maruti Suzuki India Ltd0.19%
Titan Co Ltd0.18%
Public Bank Berhad0.18%
Emirates Telecom Group Co0.18%
Eternal Ltd0.18%
Cemex Sab Cpo0.17%
Saudi Telecom Co0.17%
Southern Copper Corp0.17%
Saudi Arabian Mining Co0.17%
Mtn Group Ltd0.16%
Adani Ports and Special Econ0.16%
Abu Dhabi Commercial Bank0.15%
Kuwait Finance House0.15%
Cez As0.15%
Kweichow Moutai Co Ltd A0.15%
Valterra Platinum Limited0.15%
Ptt Pcl/Foreign0.14%
Itausa SA0.14%
Ultratech Cement Ltd0.14%
Malayan Banking Bhd0.14%
Russian Ruble0.14%

Weight gaps

The 100 widest of 973 Holdings in both funds.

Holding weights in DFAE and SPEM, widest gap first
Holding	More in DFAEMore in SPEM	DFAE	SPEM
Taiwan Semiconductor Manu	SPEM +0.93 points	13.70%	14.63%
Alibaba Group Holding Ltd	SPEM +0.89 points	1.06%	1.95%
Mediatek Inc	SPEM +0.50 points	1.16%	1.66%
Ase Technology Holding Co	SPEM +0.42 points	0.31%	0.73%
Tencent Holdings Ltd	SPEM +0.41 points	2.02%	2.43%
Infosys LtdINFY	SPEM +0.38 points	0.02%	0.40%
Itau Unibanco Holding SAITUB	SPEM +0.30 points	0.05%	0.35%
Petroleo Brasileiro SAPBR	SPEM +0.30 points	0.03%	0.33%
Icici Bank LtdIBN	SPEM +0.28 points	0.46%	0.74%
Ctbc Financial Holding Co	SPEM +0.28 points	0.32%	0.60%
Delta Electronics Inc	SPEM +0.23 points	0.56%	0.79%
Pdd Holdings IncPDD	SPEM +0.23 points	0.27%	0.50%
Nu Holdings Ltd/Cayman IsNU	SPEM +0.22 points	0.15%	0.37%
United Microelectronics CUMC	SPEM +0.22 points	0.19%	0.41%
China Construction Bank C	SPEM +0.20 points	0.85%	1.05%
Sinopac Financial Holding	SPEM +0.19 points	0.16%	0.35%
C Sun Manufacturing Ltd	SPEM +0.17 points	<0.01%	0.18%
Hua Nan Financial Holding	SPEM +0.17 points	0.11%	0.28%
Xiaomi Corp	SPEM +0.16 points	0.31%	0.47%
Fubon Financial Holding C	SPEM +0.15 points	0.35%	0.50%
Jd.com Inc	SPEM +0.14 points	0.16%	0.30%
Bank of China Ltd	SPEM +0.14 points	0.39%	0.53%
Industrial & Commercial B	SPEM +0.13 points	0.49%	0.62%
Bank of Communications Co	SPEM +0.13 points	0.09%	0.22%
Beone Medicines Ltd	SPEM +0.12 points	0.09%	0.21%
Netease Inc	SPEM +0.13 points	0.24%	0.37%
Yum China HoldingsYUMC	SPEM +0.12 points	0.05%	0.17%
Powszechna Kasa Oszczedno	SPEM +0.12 points	0.16%	0.28%
Credicorp LtdBAP	SPEM +0.13 points	0.12%	0.25%
Banco Bradesco SABBD	SPEM +0.12 points	0.02%	0.14%
Meituan	SPEM +0.12 points	0.26%	0.38%
Embraer SA	SPEM +0.12 points	0.04%	0.16%
Chunghwa Telecom Co Ltd	SPEM +0.11 points	0.09%	0.20%
Cathay Financial Holding	SPEM +0.11 points	0.27%	0.38%
Parque Arauco SA	SPEM +0.11 points	0.01%	0.12%
Kgi Financial Holding Co	SPEM +0.11 points	0.16%	0.27%
Stark Technology Inc	SPEM +0.10 points	<0.01%	0.11%
Nan Ya Plastics Corp	SPEM +0.10 points	0.40%	0.50%
Tata Consultancy Services	SPEM +0.10 points	0.17%	0.27%
Hon Hai Precision Industr	SPEM +0.09 points	0.80%	0.89%
Bank Polska Kasa Opieki’s	SPEM +0.09 points	0.09%	0.18%
Chang Hwa Commercial Bank	SPEM +0.08 points	0.06%	0.14%
Unimicron Technology Corp	SPEM +0.08 points	0.33%	0.41%
China Life Insurance Co L	SPEM +0.09 points	0.15%	0.24%
Saci Falabella	SPEM +0.09 points	0.03%	0.12%
Supreme Electronics Co Lt	SPEM +0.09 points	0.01%	0.10%
Banco Santander Brasil SA	DFAE +0.09 points	0.09%	<0.01%
Oil & Natural Gas Corp Lt	SPEM +0.09 points	0.04%	0.13%
Wipro LtdWIT	SPEM +0.09 points	<0.01%	0.09%
Powertech Technology Inc	SPEM +0.08 points	0.06%	0.14%
Zto Express Cayman IncZTO	SPEM +0.08 points	<0.01%	0.08%
Sociedad Quimica Y Minera	SPEM +0.08 points	<0.01%	0.08%
Zenitron Corp	SPEM +0.07 points	<0.01%	0.08%
Bank Central Asia Tbk Pt	SPEM +0.07 points	0.07%	0.14%
Mega Financial Holding Co	SPEM +0.08 points	0.14%	0.22%
Winbond Electronics Corp	DFAE +0.07 points	0.19%	0.12%
Bank Rakyat Indonesia Per	SPEM +0.07 points	0.04%	0.11%
Petroleo Brasileiro SAPBR.A	SPEM +0.07 points	0.28%	0.35%
Yuanta Financial Holding	DFAE +0.07 points	0.22%	0.15%
China Shenhua Energy Co L	SPEM +0.07 points	0.14%	0.21%
Vale SAVALE	SPEM +0.07 points	0.22%	0.29%
Kghm Polska Miedz SA	SPEM +0.07 points	0.08%	0.15%
Axia EnergiaAXIAY	SPEM +0.06 points	0.03%	0.09%
Doctor Reddy's Lab-AdrRDY	SPEM +0.07 points	0.05%	0.12%
Cia De Saneamento Basico	SPEM +0.07 points	0.05%	0.12%
Cia Energetica De Minas GCIG	SPEM +0.07 points	<0.01%	0.08%
Agricultural Bank of Chin	SPEM +0.07 points	0.17%	0.24%
Zijin Mining Group Co Ltd	SPEM +0.07 points	0.18%	0.25%
Bharat Heavy Electricals	SPEM +0.07 points	0.03%	0.10%
Mbank SA	SPEM +0.06 points	0.06%	0.12%
Orange Polska SA	SPEM +0.07 points	0.02%	0.09%
Enel Chile SAENIC	SPEM +0.06 points	<0.01%	0.06%
First Financial Holding C	DFAE +0.06 points	0.13%	0.07%
Telefonica Brasil SA	SPEM +0.06 points	0.02%	0.08%
Jentech Precision Industr	SPEM +0.06 points	0.08%	0.14%
Gerdau SAGGB	SPEM +0.06 points	0.02%	0.08%
Air Arabia Pjsc	SPEM +0.06 points	0.03%	0.09%
Tim Sa/BrazilTIMB	SPEM +0.05 points	<0.01%	0.06%
Weg SA	SPEM +0.06 points	0.09%	0.15%
Gold Fields LtdGFI	SPEM +0.05 points	0.24%	0.29%
Evergreen Marine Corp Tai	SPEM +0.05 points	0.08%	0.13%
Trip.com Group Ltd	SPEM +0.06 points	0.12%	0.18%
Charoen Pokphand Enterpri	SPEM +0.05 points	<0.01%	0.06%
Emaar Properties Pjsc	DFAE +0.05 points	0.22%	0.17%
Li Auto Inc	SPEM +0.06 points	<0.01%	0.06%
Formosa Plastics Corp	SPEM +0.05 points	0.08%	0.13%
Wiwynn Corp	DFAE +0.05 points	0.19%	0.14%
Erste Bank Polska SA	SPEM +0.05 points	0.05%	0.10%
Far Eastern New Century C	SPEM +0.05 points	0.02%	0.07%
Taiwan Sakura Corp	SPEM +0.05 points	<0.01%	0.05%
Nanya Technology Corp	SPEM +0.04 points	0.19%	0.23%
Novatek Microelectronics	DFAE +0.05 points	0.11%	0.06%
Lite-On Technology Corp	SPEM +0.05 points	0.14%	0.19%
Harbin Electric Co Ltd	SPEM +0.04 points	<0.01%	0.05%
Eneva SA	SPEM +0.04 points	0.04%	0.08%
China Steel Chemical Corp	SPEM +0.05 points	<0.01%	0.05%
Gail India Ltd	SPEM +0.05 points	0.03%	0.08%
Iteq Corp	DFAE +0.04 points	0.07%	0.03%
Pop Mart International Gr	SPEM +0.04 points	0.08%	0.12%
Bank Mandiri Persero Tbk	SPEM +0.05 points	0.05%	0.10%

All 6,147 DFAE holdings⁠All 2,722 SPEM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAE vs SPEM Cost

Overpaying DFAE vs SPEM

$4,472

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFAE 0.29%
$5,952
SPEM 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

DFAE 0.29%
SPEM 0.07%
Overpaying

Year by year

Year	DFAE	SPEM	Overpaying
10	$527	$128	$399
20	$2,044	$503	$1,541
30	$5,952	$1,480	$4,472

Expense ratio

0.29%DFAE
0.07%SPEM, cheaper

SPEM0.07%DFAE0.29%

0.06%0.29%

Middle half of Emerging Markets Total Market funds
Median 0.07%

SPEM 3rd cheapest of 5 funds

DFAE 5th cheapest of 5 funds

DFAE vs SPEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAE 2.05%; SPEM 2.68%, better
Payout (12M): DFAE $0.74; SPEM $1.30
Last payment: DFAE $0.27; SPEM $0.53
Ex-dividend: DFAE Sep 22, 2026; SPEM Jun 22, 2026
Paid on: DFAE Sep 24, 2026; SPEM Jun 26, 2026
Frequency: DFAE Quarterly; SPEM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DFAEQuarterly · 24 paymentsAll DFAE payments⁠

SPEMTwice a year · 19 paymentsAll SPEM payments⁠

DFAE vs SPEM Risk

Fall from peak · 5 years

DFAE
SPEM

Risk facts

VolatilityStd dev, 3 years: DFAE 15.7%SPEM 12.1%, better
Return per unit of riskSharpe ratio, 3 years: DFAE 1.01SPEM 1.03, better
Worst fallMax drawdown, 5 years: DFAE −29.1%, betterSPEM −29.2%
Market sensitivityBeta, 5 years: DFAE 1.10SPEM 0.86; Market = 1

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