GMF vs XCEM: Grades, Fees and Holdings Compared

State Street SPDR S&P Emerging Asia Pacific ETF

GMFBNYSE Arca

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

26.1%by weight

Expense ratio

XCEM −0.33pt a year

GMF0.49%XCEM0.16%

Avg volume · 30D

XCEM 19.8×the volume

GMF8.19KXCEM162K

10Y return · a year

XCEM +1.5pt

GMF+8.5%XCEM+10.0%

GMF vs XCEM Performance

Nov 2, 2021 – Nov 2, 2026

+30.1%GMF+61.9%XCEM

Expense ratio: GMF 0.49%; XCEM 0.16%, better
Fund size: GMF $387M; XCEM $1.98B
1Y total return: GMF +4.9%; XCEM +24.1%, better
Yield (12M): GMF 1.27%; XCEM 2.69%, better
Holdings: GMF 1312; XCEM 464
Avg volume (30D): GMF 8.19K sh; XCEM 162K sh, better
NAV per share: GMF $148.88; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for GMF, XCEM, with each pillar’s weight
Pillar	GMF	XCEM
Cost30% weight	C45	A90Higher
Mission25% weight	A89	A100Higher
Risk15% weight	B57Higher	C51
Tradability15% weight	B56	B62Higher
Holdings10% weight	A78Higher	B60
Durability5% weight	A80Higher	A78

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. GMF and XCEM are both graded against the same 20 Emerging Markets Stocks funds, so their Grades compare head to head.

Emerging Markets Stocks⁠

Category · 20 funds

See all 20 ›

XCEM ranks 2nd and GMF 8th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 78
Rank 3ABKEMBNY Mellon Emerging Markets Equity ETFScore 75
Rank 7BDEXCDimensional Emerging Markets ex China Core Equity ETFScore 66
Rank 8BGMFState Street SPDR S&P Emerging Asia Pacific ETFScore 64
Rank 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63

Our read on each fund

ETF.net Research

GMFBState Street SPDR S&P Emerging Asia Pacific ETF

XCEMAColumbia EM Core ex-China ETF

In short

GMF The emerging-markets fund that leaves out Brazil and South Africa on purpose. GMF holds emerging Asia only, roughly 1,300 stocks deep, and has been running since 2007.

XCEM The original ex-China emerging markets fund. Columbia launched XCEM in 2015, back when carving China out of an EM sleeve was a fringe idea rather than a crowded shelf. Roughly 150 EM stocks, no China, 0.16% a year.

Stated mandate

GMF The fund seeks to track, before fees and expenses, the total return performance of the S&P Emerging Asia Pacific BMI Index.

XCEM The fund seeks investment results that correspond to the performance of the EGAI Emerging Markets ex-China Index before fees and expenses. It generally invests at least 80% of net assets in index companies and seeks to replicate the index.

Why people hold it

GMF Pure emerging Asia by design. The index is Asia Pacific only, so no Latin America or EMEA names dilute the regional call.ssga.com
Roughly 1,300 holdings reaches well past the megacaps most emerging-markets funds stop at, giving broader coverage of the region's listed market.
It has hugged its S&P index closely, one of the tighter implementations in its emerging-markets peer group.
Trading since 2007, a long live record for a single-region emerging-markets fund, backed by a State Street SPDR lineup.

XCEM Launched in 2015 as the first broad emerging markets ETF built to leave China out, and it has since grown into a billion-dollar-plus fund.morningstar.com
0.16% a year, well under the typical fund in its emerging markets cohort, for a portfolio of about 150 stocks.
Plain mandate, closely followed: at least 80% of net assets in index companies, replicated rather than approximated, with tracking that has stayed tight.
One of the strongest implementations in its emerging markets peer group, and liquid enough that getting in and out is rarely the hard part.

Worth knowing

GMF The regional focus costs 0.49% a year. Broad emerging-markets index funds like VEXC (0.07%) and BKEM (0.11%) charge a fraction of that.
It is thinly traded, so bid-ask spreads can widen, especially on larger orders or outside Asian market hours.
Distributions land annually or semiannually rather than quarterly, so cash flow arrives in lumps.

XCEM No China means no Tencent, no Alibaba, no A-shares. If that exposure belongs in the portfolio, it has to come from somewhere else.
Emerging market stocks swing hard and currency moves add to the ride. This is one of the higher-volatility corners of equity investing.
Cheap, not cheapest: VEXC runs the same ex-China EM idea at 0.07%. XCEM's edge is a decade of history, not the lowest fee on the shelf.

Full GMF profile⁠

Full XCEM profile⁠

GMF vs XCEM Holdings

How GMF and XCEM differ

Overlap by weight

26.1%

Shared holdings make up 34.7% of XCEM and 30.7% of GMF.

Level by level

Holdings76 in both26.1%
Countryby domicile60.0%
Sector11 Sectors85.6%
Asset classEquity100%

Sector

Sector weights in GMF and XCEM, widest gap first
Sector	More in GMFMore in XCEM	GMF	XCEM
Technology	XCEM +12.5 points	39.4%	51.9%
Consumer Discretionary	GMF +5.8 points	10.1%	4.3%
Communication	GMF +3.5 points	6.2%	2.7%
Health Care	GMF +2.7 points	5.1%	2.4%
Industrials	XCEM +1.8 points	7.2%	9.0%
Consumer Staples	GMF +1.1 points	2.8%	1.7%
Materials	GMF +0.6 points	5.9%	5.3%
Financials	GMF +0.4 points	17.7%	17.3%
Utilities	GMF +0.2 points	1.8%	1.6%
Real Estate	GMF +0.2 points	1.0%	0.8%
Energy	XCEM +0.2 points	2.9%	3.1%

Country, concentration and asset class

Country by domicile

Country weights in GMF and XCEM, widest gap first
Country	More in GMFMore in XCEM	GMF	XCEM
China	GMF +30.6 points	30.6%	0.0%
South Korea	XCEM +25.3 points	0.0%	25.3%
South Africa	XCEM +4.6 points	0.0%	4.6%
India	GMF +4.2 points	19.7%	15.5%
Brazil	XCEM +3.7 points	0.0%	3.7%
Mexico	XCEM +2.2 points	0.0%	2.2%
Taiwan	GMF +1.8 points	41.9%	40.1%
Poland	XCEM +1.7 points	0.0%	1.7%
Other countries (14)	GMF +0.9 points	7.7%	6.8%

Outside the US: GMF 1% developed, 99% emerging. XCEM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

GMF30.8%
XCEM35.1%

Securities held

GMF1,299
XCEM453

Asset class

GMF: Equity
XCEM: Equity

Holdings

Only in GMF1,223
In both76
Only in XCEM377

Only in GMF

1,223 securities, 69.1% of GMF by weight

Taiwan Semiconductor Sp Adr8.22%
Tencent Holdings Ltd3.02%
Alibaba Group Holding Ltd2.39%
China Construction Bank H1.36%
Ind & Comm Bk of China H0.88%
Hdfc Bank Limited0.87%
Reliance Inds Spons Gdr 144A0.87%
Bharti Airtel Ltd0.68%
Bank of China Ltd H0.64%
Pdd Holdings Inc0.59%
Xiaomi Corp Class B0.55%
United Microelectron Sp Adr0.52%
Infosys Ltd Sp Adr0.48%
Meituan Class B0.48%
Netease Inc0.46%
Ping An Insurance Group Co H0.44%
Zijin Mining Group Co Ltd H0.41%
Tata Consultancy Svcs Ltd0.37%
Axis Bank Ltd0.36%
Byd Co Ltd H0.35%
China Life Insurance Co H0.35%
Jd.com Inc Class A0.34%
Kotak Mahindra Bank Ltd0.34%
Mahindra & Mahindra Ltd0.33%
Agricultural Bank of China H0.32%
Larsen & Toubro Gdr Reg’s0.32%
Delta Electronics Thai Forgn0.32%
Aspeed Technology Inc0.29%
Bajaj Finance Ltd0.29%
State Bank of India0.29%
Laurus Labs Ltd0.28%
Lenovo Group Ltd0.28%
Adani Ports and Special Econ0.27%
China Shenhua Energy Co H0.25%
Baidu Inc Class A Hkd0.25%
Beone Medicines Ltd0.25%
Tvs Motor Co Ltd0.25%
Eternal Ltd0.24%
China Merchants Bank H0.24%
Sun Pharmaceutical Indus0.24%
Hcl Technologies Ltd0.24%
Hindustan Unilever Ltd0.24%
Yum China Holdings Inc0.23%
Wuxi Biologics Cayman Inc0.23%
Public Bank Berhad0.23%
Bank of Communications Co H0.22%
Trip.com Group Ltd0.21%
Kweichow Moutai Co Ltd A0.21%
Bharat Electronics Ltd0.21%
Petrochina Co Ltd H0.19%

Only in XCEM

377 securities, 64.5% of XCEM by weight

Samsung Electronics Co Ltd8.42%
Sk Hynix Inc3.15%
International Holding Co Pjsc0.94%
Hdfc Bank Ltd0.86%
Reliance Industries Ltd0.81%
Vaneck Semiconductor Etf0.69%
Sk Square Co Ltd0.65%
Al Rajhi Bank0.64%
Ishares Semiconductor Etf0.64%
Samsung Electro-Mechanics Co Ltd0.64%
Powszechna Kasa Oszczednosci Bank Polski SA0.62%
Kb Financial Group Inc0.61%
Grupo Mexico Sab De Cv0.59%
Bharti Airtel Ltd0.58%
Petroleo Brasileiro SA - Petrobras0.53%
Shinhan Financial Group Co Ltd0.51%
United Microelectronics Corp0.51%
Itau Unibanco Holding SA0.48%
Hana Financial Group Inc0.46%
Saudi Arabian Oil Co0.46%
Otp Bank Nyrt0.45%
Tenaga Nasional Bhd0.43%
Firstrand Ltd0.43%
Samsung Sdi Co Ltd0.42%
Vale SA0.41%
Naspers Ltd0.40%
Delta Electronics Thailand Pcl0.40%
Hyundai Motor Co0.39%
Powszechny Zaklad Ubezpieczen SA0.39%
Larsen & Toubro Ltd0.38%
Celltrion Inc0.37%
Itausa SA0.36%
Gold Fields Ltd0.36%
First Abu Dhabi Bank Pjsc0.36%
Titan Co Ltd0.36%
Banco Btg Pactual SA0.34%
Ihh Healthcare Bhd0.34%
State Bank of India0.33%
Mahindra & Mahindra Ltd0.33%
Axis Bank Ltd0.33%
Saudi National Bank/The0.31%
Adani Ports & Special Economic Zone Ltd0.30%
Embraer SA0.30%
Capitec Limited0.28%
America Movil Sab De Cv0.28%
Bajaj Finance Ltd0.28%
Kotak Mahindra Bank Ltd0.28%
Waaree Energies Ltd0.28%
Aspeed Technology Inc0.27%
Saudi Telecom Co0.27%

Weight gaps

All 76 Holdings in both funds, largest gap first.

Holding weights in GMF and XCEM, widest gap first
Holding	More in GMFMore in XCEM	GMF	XCEM
Taiwan Semiconductor Manufac	XCEM +6.23 points	9.72%	15.95%
Yuanta Financial Holding Co	GMF +0.42 points	0.60%	0.18%
Mediatek Inc	GMF +0.36 points	2.12%	1.76%
Sinopac Financial Holdings	GMF +0.32 points	0.43%	0.11%
Ts Financial Holding Co Ltd	GMF +0.27 points	0.47%	0.20%
Fubon Financial Holding Co	GMF +0.28 points	0.63%	0.35%
Novatek Microelectronics Cor	XCEM +0.24 points	0.19%	0.43%
Global Unichip Corp	XCEM +0.22 points	0.12%	0.34%
Kgi Financial Holding Co Ltd	GMF +0.22 points	0.36%	0.14%
Tripod Technology Corp	GMF +0.20 points	0.28%	0.08%
United Integrated Services	GMF +0.19 points	0.19%	<0.01%
Jentech Precision Industrial	XCEM +0.17 points	0.15%	0.32%
Winbond Electronics Corp	XCEM +0.16 points	0.10%	0.26%
Chroma Ate Inc	XCEM +0.16 points	0.26%	0.42%
Nan Ya Plastics Corp	GMF +0.16 points	0.69%	0.53%
King Slide Works Co Ltd	XCEM +0.14 points	0.16%	0.30%
Formosa Chemicals & Fibre	GMF +0.15 points	0.20%	0.05%
Hon Precision Inc	XCEM +0.15 points	0.08%	0.23%
Hua Nan Financial Holdings C	GMF +0.14 points	0.23%	0.09%
Cathay Financial Holding Co	GMF +0.14 points	0.51%	0.37%
Nanya Technology Corp	XCEM +0.14 points	0.17%	0.31%
Mega Financial Holding Co Lt	GMF +0.14 points	0.26%	0.12%
China Steel Corp	GMF +0.14 points	0.14%	<0.01%
Formosa Plastics Corp	GMF +0.13 points	0.19%	0.06%
Compeq Manufacturing Co Ltd	XCEM +0.13 points	0.04%	0.17%
Ase Technology Holding Co Lt	XCEM +0.13 points	0.92%	1.05%
Silergy Corp	XCEM +0.13 points	0.03%	0.16%
Chang Hwa Commercial Bank	XCEM +0.12 points	0.10%	0.22%
Compal Electronics	GMF +0.11 points	0.16%	0.05%
Asia Vital Components	XCEM +0.11 points	0.41%	0.52%
Hon Hai Precision Industry	GMF +0.10 points	1.22%	1.12%
Alchip Technologies Ltd	XCEM +0.09 points	0.14%	0.23%
E.sun Financial Holding Co	GMF +0.09 points	0.27%	0.18%
Asustek Computer Inc	GMF +0.09 points	0.35%	0.26%
Walsin Technology Corp	GMF +0.08 points	0.08%	<0.01%
Unimicron Technology Corp	GMF +0.08 points	0.54%	0.46%
Yageo Corporation	GMF +0.07 points	0.38%	0.31%
Wiwynn Corp	GMF +0.08 points	0.31%	0.23%
King Yuan Electronics Co Ltd	GMF +0.07 points	0.30%	0.23%
Powertech Technology Inc	GMF +0.07 points	0.25%	0.18%
Acer Inc	GMF +0.06 points	0.09%	0.03%
Bizlink Holding Inc	XCEM +0.06 points	0.01%	0.07%
Ctbc Financial Holding Co Lt	GMF +0.06 points	0.64%	0.58%
Airtac International Group	GMF +0.05 points	0.11%	0.06%
Realtek Semiconductor Corp	XCEM +0.05 points	0.24%	0.29%
Largan Precision Co Ltd	GMF +0.04 points	0.28%	0.24%
Icici Bank Ltd Spon AdrIBN	XCEM +0.04 points	0.92%	0.96%
Uni President Enterprises Co	GMF +0.04 points	0.12%	0.08%
Zhen Ding Technology Holding	XCEM +0.04 points	0.12%	0.16%
Accton Technology Corp	GMF +0.03 points	0.34%	0.31%
Delta Electronics Inc	GMF +0.03 points	0.95%	0.92%
Taiwan Mobile Co Ltd	XCEM +0.03 points	0.06%	0.09%
Evergreen Marine Corp Ltd	GMF +0.03 points	0.10%	0.07%
Yang Ming Marine Transport	GMF +0.02 points	0.04%	0.02%
Quanta Computer Inc	XCEM +0.03 points	0.32%	0.35%
Chunghwa Telecom Co Ltd	GMF +0.03 points	0.20%	0.18%
Catcher Technology Co Ltd	GMF +0.03 points	0.10%	0.07%
Caliway Biopharmaceuticals C	GMF +0.02 points	0.02%	<0.01%
Far Eastone Telecomm Co Ltd	XCEM +0.03 points	0.06%	0.09%
Goto Gojek Tokopedia Tbk Pt	XCEM +0.02 points	0.01%	0.03%
Elite Material Co Ltd	GMF +0.02 points	0.59%	0.57%
Wpg Holdings Ltd	XCEM +0.02 points	0.03%	0.05%
Innolux Corp	XCEM +0.01 points	0.16%	0.17%
Lite On Technology Corp	XCEM +0.02 points	0.19%	0.21%
Wistron Corp	XCEM +0.02 points	0.20%	0.22%
Bank Mandiri Persero Tbk Pt	GMF +0.01 points	0.15%	0.14%
Pharmaessentia Corp	GMF +0.02 points	0.14%	0.12%
Astra International Tbk Pt	XCEM +0.01 points	0.10%	0.11%
Bumi Resources Minerals Tbk	XCEM +0.01 points	0.01%	0.02%
Macronix International Co	GMF +0.01 points	0.12%	0.11%
Barito Pacific Tbk Pt	XCEM +0.01 points	0.02%	0.03%
Amman Mineral Internasional	Same weight	0.04%	0.04%
Kasikornbank Pcl Nvdr	GMF +0.01 points	0.11%	0.10%
Telkom Indonesia Persero Tbk	XCEM +0.01 points	0.08%	0.09%
Advantech Co Ltd	Same weight	0.14%	0.14%
Siemens Energy India Ltd	Same weight	0.03%	0.03%

All 1,306 GMF holdings⁠All XCEM 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.

GMF vs XCEM Cost

Overpaying GMF vs XCEM

$6,450

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

GMF 0.49%
$9,792
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

GMF 0.49%
XCEM 0.16%
Overpaying

Year by year

Year	GMF	XCEM	Overpaying
10	$883	$292	$591
20	$3,394	$1,141	$2,253
30	$9,792	$3,342	$6,450

Expense ratio

0.49%GMF
0.16%XCEM, cheaper

XCEM0.16%GMF0.49%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

GMF 12th cheapest of 20 funds

GMF vs XCEM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GMF 1.27%; XCEM 2.69%, better
Payout (12M): GMF $1.86; XCEM $1.25
Last payment: GMF $0.66; XCEM $1.25
Ex-dividend: GMF Jun 22, 2026; XCEM Dec 18, 2025
Paid on: GMF Jun 26, 2026; XCEM Dec 26, 2025
Frequency: GMF Twice a year; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

GMFTwice a year · 19 paymentsAll GMF payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

GMF vs XCEM Risk

Fall from peak · 5 years

GMF
XCEM

Risk facts

VolatilityStd dev, 3 years: GMF 13.3%, betterXCEM 20.0%
Return per unit of riskSharpe ratio, 3 years: GMF 0.98, betterXCEM 0.95
Worst fallMax drawdown, 5 years: GMF −33.2%XCEM −29.5%, better
Market sensitivityBeta, 5 years: GMF 0.85XCEM 1.27; Market = 1

GMF and XCEM in the news

All news⁠

Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026XCEM
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026XCEM

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GMF vs XCEM

In short

Stated mandate

Why people hold it

Worth knowing

How GMF and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GMF

Only in XCEM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Korea funds gained 94% this year. China internet funds lost 28%

Two $160 billion EM funds are 11 percentage points apart. Korea is why

How GMF and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GMF

Only in XCEM

Weight gaps