QEMM vs ROAM: Grades, Fees and Holdings Compared

State Street SPDR MSCI Emerging Markets StrategicFactors ETF

QEMMBNYSE Arca

Hartford Multifactor Emerging Markets ETF

ROAMBNYSE Arca

Overlap

21.0%by weight

Expense ratio

QEMM −0.14pt a year

QEMM0.30%ROAM0.44%

Avg volume · 30D

ROAM 4.7×the volume

QEMM3.85KROAM17.9K

10Y return · a year

ROAM +1.1pt

QEMM+7.1%ROAM+8.2%

QEMM vs ROAM Performance

Oct 29, 2021 – Oct 30, 2026

+38.9%QEMM+71.5%ROAM

Expense ratio: QEMM 0.30%, better; ROAM 0.44%
Fund size: QEMM $56M; ROAM $102M
1Y total return: QEMM +16.5%; ROAM +19.6%, better
Yield (12M): QEMM 4.66%, better; ROAM 2.50%
Holdings: QEMM 836; ROAM 349
Avg volume (30D): QEMM 3.85K sh; ROAM 17.9K sh, better
NAV per share: QEMM $76.87; ROAM $33.97
52W range

ETF.net Grade

Pillar letters and Scores for QEMM, ROAM, with each pillar’s weight
Pillar	QEMM	ROAM
Cost30% weight	A82Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	B67	A78Higher
Tradability15% weight	D38	C43Higher
Holdings10% weight	B59	A88Higher
Durability5% weight	C52Higher	C46

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. QEMM and ROAM are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

Emerging Markets Multifactor⁠

Category · 20 funds

See all 20 ›

QEMM ranks 4th and ROAM 8th of 20 funds in the Emerging Markets Multifactor Category.

Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 76
Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
Rank 3AFDEMFidelity Emerging Markets Multifactor ETFScore 70
Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 64
Rank 5BDFEVDimensional Emerging Markets Value ETFScore 63
Rank 7BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 61
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60
Rank 9BGEMGoldman Sachs ActiveBeta Emerging Markets Equity ETFScore 56

Our read on each fund

ETF.net Research

QEMMBState Street SPDR MSCI Emerging Markets StrategicFactors ETF

ROAMBHartford Multifactor Emerging Markets ETF

In short

QEMM Instead of betting on one factor, QEMM buys value, quality and low volatility across emerging markets at once, packing roughly 800 stocks into a single MSCI factor-blend index for 0.30% a year.

ROAM Emerging markets, rebuilt by rulebook: ROAM's index screens roughly 300 stocks for value, quality and momentum, and is built to balance risk against return instead of letting the biggest markets set the agenda.

Stated mandate

QEMM The fund seeks to track the MSCI Emerging Markets (EM) Factor Mix A-Series Index.

ROAM The Fund seeks to track the total return of the Hartford Multifactor Emerging Markets Equity Index, a rules-based emerging-markets equity index designed to balance risk and return while emphasizing favorable factor characteristics.

Why people hold it

QEMM One ticket, three tilts: the MSCI EM Factor Mix A-Series Index blends value, quality and low volatility, so no single style has to be in favor for the strategy to run as designed.ssga.com
At 0.30% a year it undercuts the typical fee in the multifactor emerging-markets crowd, and the portfolio is built by index rules rather than a manager's hunch.
Running since 2014 with roughly 800 holdings and State Street behind the wrapper: a long-lived option in a corner of the market where niche products often quietly close.
The low-volatility sleeve is the tell. This is emerging-markets exposure assembled to smooth the ride, not to chase the hottest single factor.ssga.com

ROAM Three factors, one wrapper. The index leans on value, quality and momentum together rather than riding a single style through EM's mood swings.
A 0.44% expense ratio runs below the median fee for multifactor emerging-markets funds.
Trading since 2015, so the rulebook has been live through real EM cycles, not just backtests.
About 300 holdings spread the bets wide, and the portfolio build stands among the stronger ones in its multifactor EM peer group.

Worth knowing

QEMM Trades thinner than the category's household names, so spreads can be wider. That bites most on large or hurried orders.
Splitting the bet three ways dilutes each factor by design, so the portfolio rarely looks or moves like a plain-vanilla emerging-markets index.
Distributions land once or twice a year rather than quarterly, and peers such as EMGF carry a lower fee for multifactor EM exposure.

ROAM Thinly traded, which usually means wider bid-ask spreads than the giant cap-weighted EM funds carry.
Cheaper factor-flavored EM options exist in the same cohort: EMGF at 0.26% and QEMM at 0.30%.
Cash comes annually or semiannually, not quarterly, and the fund remains small by category standards.

Full QEMM profile⁠

Full ROAM profile⁠

QEMM vs ROAM Holdings

How QEMM and ROAM differ

Overlap by weight

21.0%

Shared holdings make up 40.4% of ROAM and 30.5% of QEMM.

Level by level

Holdings129 in both21.0%
Countryby domicile78.5%
Sector11 Sectors92.5%
Asset classEquity100%

Sector

Sector weights in QEMM and ROAM, widest gap first
Sector	More in QEMMMore in ROAM	QEMM	ROAM
Materials	QEMM +2.4 points	6.8%	4.4%
Technology	QEMM +2.1 points	35.8%	33.6%
Communication	QEMM +2.1 points	6.7%	4.6%
Health Care	ROAM +1.9 points	3.5%	5.4%
Energy	ROAM +1.8 points	4.9%	6.7%
Real Estate	ROAM +1.3 points	0.8%	2.1%
Industrials	ROAM +1.0 points	5.2%	6.2%
Consumer Discretionary	QEMM +0.7 points	6.8%	6.1%
Utilities	ROAM +0.7 points	2.4%	3.1%
Financials	ROAM +0.7 points	21.8%	22.5%
Consumer Staples	QEMM +0.2 points	5.3%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in QEMM and ROAM, widest gap first
Country	More in QEMMMore in ROAM	QEMM	ROAM
Taiwan	QEMM +11.8 points	30.5%	18.7%
China	QEMM +8.3 points	23.8%	15.5%
Malaysia	ROAM +3.0 points	1.5%	4.5%
Poland	ROAM +2.7 points	1.0%	3.7%
Thailand	ROAM +2.6 points	1.7%	4.3%
Philippines	ROAM +2.5 points	0.4%	2.9%
Indonesia	ROAM +2.2 points	0.5%	2.7%
Mexico	ROAM +2.1 points	2.0%	4.1%
Other countries (10)	ROAM +5.0 points	38.6%	43.6%

Outside the US: QEMM 0% developed, 100% emerging. ROAM 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

QEMM24.5%
ROAM10.5%

Securities held

QEMM813
ROAM330

Asset class

QEMM: Equity
ROAM: Equity

Holdings

Only in QEMM684
In both129
Only in ROAM201

Only in QEMM

684 securities, 69.4% of QEMM by weight

Taiwan Semiconductor Manufac6.86%
Russian Ruble5.24%
Samsung Electronics Co Ltd1.45%
Saudi Arabian Oil Co1.20%
Anglogold Ashanti PLC1.01%
Tata Consultancy Svcs Ltd1.01%
Sk Hynix Inc0.89%
Aspeed Technology Inc0.89%
Pdd Holdings Inc0.78%
Samsung Electronics Pref0.74%
Asia Vital Components0.65%
Grupo Mexico Sab De Cv Ser B0.56%
Samsung Sdi Co Ltd0.53%
Alibaba Group Holding Ltd0.52%
King Slide Works Co Ltd0.52%
Infosys Ltd0.50%
Hcl Technologies Ltd0.50%
Advanced Info Service Foreig0.49%
Novatek Microelectronics Cor0.44%
Saudi Telecom Co0.43%
Capitec Limited0.43%
Samsung Biologics Co Ltd0.43%
National Bank of Kuwait0.42%
Bharti Airtel Ltd0.42%
Delta Electronics Thai Forgn0.42%
Advantech Co Ltd0.39%
Taiwan Mobile Co Ltd0.39%
Kweichow Moutai Co Ltd A0.38%
Hdfc Bank Limited0.37%
Credicorp Ltd0.35%
Zijin Mining Group Co Ltd H0.35%
Hindustan Unilever Ltd0.35%
Samsung Sds Co Ltd0.35%
Malayan Banking Bhd0.33%
Southern Copper Corp0.32%
Emirates Telecom Group Co0.31%
Kuwait Finance House0.30%
Torrent Pharmaceuticals Ltd0.30%
Emirates Nbd Pjsc0.30%
Far Eastone Telecomm Co Ltd0.30%
Al Rajhi Bank0.28%
Aselsan Elektronik Sanayi0.28%
Nestle India Ltd0.28%
Kt+g Corp0.28%
China Yangtze Power Co Ltd A0.28%
Elm Co0.28%
Petroleo Brasil Sp Pref Adr0.27%
Samsung Electro Mechanics Co0.27%
Eicher Motors Ltd0.26%
Dubai Islamic Bank0.26%

Only in ROAM

201 securities, 59.3% of ROAM by weight

Aspeed Technology Inc Common Stock TWD10.01.17%
Tata Consultancy Svcs Ltd Common Stock INR1.01.09%
Tech Mahindra Ltd Common Stock INR5.01.08%
Taiwan Semiconductor Sp Adr Adr1.07%
Sk Hynix Inc Common Stock KRW5000.01.00%
Samsung Electronics Co Ltd Common Stock KRW100.00.99%
Samsung Electro Mechanics Co Common Stock KRW5000.00.98%
Saudi Arabian Oil Co Common Stock0.96%
Intl Container Term Svcs Inc Common Stock PHP1.00.95%
Hcl Technologies Ltd Common Stock INR2.00.94%
Vitrox Corp Bhd Common Stock0.91%
Mpi Corp Common Stock TWD10.00.87%
Kt+g Corp Common Stock KRW5000.00.85%
Samsung Fire & Marine Ins Common Stock KRW500.00.85%
Coforge Limited Common Stock INR2.00.82%
Fomento Economico Mex Sp Adr Adr0.78%
Persistent Systems Ltd Common Stock INR5.00.77%
Oracle Financial Services Common Stock INR5.00.75%
Delta Electronics Thai Nvdr Nvdr THB.10.74%
Samsung Biologics Co Ltd Common Stock KRW2500.00.70%
Sk Square Co Ltd Common Stock KRW500.00.67%
Enerjisa Enerji As Common Stock0.65%
Kb Financial Group Inc Common Stock KRW5000.00.64%
Elm Co Common Stock SAR10.00.62%
Mphasis Ltd Common Stock INR10.00.62%
Woori Financial Group Inc Common Stock KRW5000.00.61%
Jarir Marketing Co Common Stock SAR1.00.61%
Shinhan Financial Group Ltd Common Stock KRW5000.00.59%
Grupa Kety SA Common Stock PLN2.50.59%
Tenaga Nasional Bhd Common Stock0.59%
Grupo Financiero Banorte O Common Stock MXN3.50.58%
Lg Electronics Inc Common Stock KRW5000.00.56%
Advanced Info Service Nvdr Nvdr THB1.00.55%
Saudi Telecom Co Common Stock SAR10.00.55%
Grupo Cibest SA Pref Preference0.55%
Kia Corp Common Stock KRW5000.00.54%
Hana Financial Group Common Stock KRW5000.00.54%
Bim Birlesik Magazalar As Common Stock TRY1.00.52%
Sun Pharmaceutical Indus Common Stock INR1.00.52%
Ltm Ltd Common Stock INR1.00.51%
Samsung Sdi Co Ltd Common Stock KRW5000.00.51%
Tupras Turkiye Petrol Rafine Common Stock TRY1.00.49%
Firstrand Ltd Common Stock ZAR.010.47%
America Movil Sab De C Ser B Common Stock0.45%
Trust Fibra Uno Reit0.44%
Beone Medicines Ltd Common Stock USD.00010.44%
Largan Precision Co Ltd Common Stock TWD10.00.43%
Standard Bank Group Ltd Common Stock ZAR.10.43%
Grupo Mexico Sab De Cv Ser B Common Stock0.42%
Latam Airlines Group SA Adr Adr0.42%

Weight gaps

The 100 widest of 129 Holdings in both funds.

Holding weights in QEMM and ROAM, widest gap first
Holding	More in QEMMMore in ROAM	QEMM	ROAM
Mediatek Inc	QEMM +2.17 points	3.14%	0.97%
Delta Electronics Inc	QEMM +1.05 points	1.67%	0.62%
Realtek Semiconductor Corp	ROAM +0.80 points	0.29%	1.09%
China Construction Bank H	QEMM +0.75 points	1.56%	0.81%
Petrobras Petroleo Bras Pr	ROAM +0.73 points	0.04%	0.77%
Lpp SA	ROAM +0.58 points	0.02%	0.60%
Petrochina Co Ltd H	ROAM +0.56 points	0.35%	0.91%
Tencent Holdings Ltd	QEMM +0.54 points	0.68%	0.14%
Asustek Computer Inc	ROAM +0.52 points	0.05%	0.57%
Infosys Ltd Sp AdrINFY	ROAM +0.51 points	0.54%	1.05%
Banco De Chile	ROAM +0.50 points	0.02%	0.52%
Orlen SA	ROAM +0.49 points	0.14%	0.63%
Zhen Ding Technology Holding	ROAM +0.48 points	0.03%	0.51%
Gold Fields LtdGFI	QEMM +0.48 points	0.67%	0.19%
Ultrapar Participacoes SA	ROAM +0.47 points	<0.01%	0.47%
Quanta Computer Inc	QEMM +0.46 points	0.48%	0.02%
Xiaomi Corp Class B	ROAM +0.46 points	0.28%	0.74%
Elite Material Co Ltd	QEMM +0.44 points	1.04%	0.60%
New Oriental Education & Tec	ROAM +0.41 points	<0.01%	0.42%
Pko Bank Polski SA	ROAM +0.39 points	0.09%	0.48%
Lite On Technology Corp	ROAM +0.39 points	0.03%	0.42%
Pldt IncTEL	ROAM +0.37 points	0.01%	0.38%
Astra International Tbk Pt	ROAM +0.35 points	0.03%	0.38%
Ind & Comm Bk of China H	QEMM +0.34 points	1.19%	0.85%
Aac Technologies Holdings In	ROAM +0.31 points	0.01%	0.32%
Ambev SA	ROAM +0.30 points	0.04%	0.34%
Bank Pekao SA	ROAM +0.30 points	0.06%	0.36%
Bank of China Ltd H	QEMM +0.29 points	1.11%	0.82%
Cspc Pharmaceutical Group Lt	ROAM +0.28 points	0.03%	0.31%
Ase Technology Holding Co Lt	ROAM +0.29 points	0.32%	0.61%
Global Unichip Corp	ROAM +0.28 points	0.40%	0.68%
United Microelectronics Corp	ROAM +0.28 points	0.52%	0.80%
Bank Rakyat Indonesia Perser	ROAM +0.27 points	0.05%	0.32%
China Mengniu Dairy Co	ROAM +0.28 points	0.04%	0.32%
Bb Seguridade Participacoes	ROAM +0.26 points	0.14%	0.40%
Kunlun Energy Co Ltd	ROAM +0.27 points	0.05%	0.32%
Meituan Class B	ROAM +0.26 points	0.10%	0.36%
Chroma Ate Inc	ROAM +0.26 points	0.61%	0.87%
Metropolitan Bank & TrustMBT	ROAM +0.25 points	<0.01%	0.26%
Zte Corp H	ROAM +0.24 points	<0.01%	0.25%
Lenovo Group Ltd	ROAM +0.24 points	0.43%	0.67%
China Merchants Bank H	ROAM +0.24 points	0.21%	0.45%
Jentech Precision Industrial	ROAM +0.24 points	0.33%	0.57%
Hon Hai Precision Industry	QEMM +0.24 points	0.46%	0.22%
China Shenhua Energy Co H	ROAM +0.24 points	0.26%	0.50%
Kingboard Laminates Hldg Ltd	ROAM +0.24 points	<0.01%	0.24%
China Resources Power Holdin	ROAM +0.23 points	0.04%	0.27%
Taiwan Cooperative Financial	QEMM +0.22 points	0.44%	0.22%
Powszechny Zaklad Ubezpiecze	ROAM +0.23 points	0.04%	0.27%
Anta Sports Products Ltd	ROAM +0.22 points	0.19%	0.41%
Agricultural Bank of China H	ROAM +0.22 points	0.58%	0.80%
First Financial Holding Co	QEMM +0.22 points	0.42%	0.20%
Bank of The Philippine IslanBPI	ROAM +0.20 points	0.05%	0.25%
Telkom Indonesia Persero Tbk	ROAM +0.19 points	0.03%	0.22%
China Citic Bank Corp Ltd H	QEMM +0.18 points	0.39%	0.21%
Innolux Corp	ROAM +0.18 points	0.08%	0.26%
Hua Nan Financial Holdings C	QEMM +0.18 points	0.28%	0.10%
Erste Bank Polska SA	ROAM +0.18 points	0.03%	0.21%
Wistron Corp	ROAM +0.17 points	0.10%	0.27%
Eneva SA	ROAM +0.17 points	0.03%	0.20%
Jd.com Inc Class A	QEMM +0.17 points	0.25%	0.08%
Fuyao Glass Industry Group H	ROAM +0.17 points	0.07%	0.24%
Bank Negara Indonesia Perser	ROAM +0.16 points	<0.01%	0.17%
Bank Mandiri Persero Tbk Pt	ROAM +0.16 points	0.05%	0.21%
E.sun Financial Holding Co	QEMM +0.16 points	0.27%	0.11%
Telefonica Brasil S.a.	ROAM +0.16 points	0.10%	0.26%
Enel Chile SA	ROAM +0.15 points	<0.01%	0.15%
Ping An Insurance Group Co H	QEMM +0.15 points	0.24%	0.09%
Huaneng Power Intl Inc H	ROAM +0.14 points	0.14%	0.28%
Chongqing Rural Commercial H	ROAM +0.14 points	0.03%	0.17%
Vale SA Sp AdrVALE	ROAM +0.14 points	0.19%	0.33%
Nongfu Spring Co Ltd H	QEMM +0.14 points	0.30%	0.16%
Weg SA	ROAM +0.13 points	0.26%	0.39%
Haier Smart Home Co Ltd H	ROAM +0.13 points	0.03%	0.16%
Vibra Energia SA	ROAM +0.12 points	0.06%	0.18%
Li Ning Co Ltd	ROAM +0.12 points	0.01%	0.13%
Raia Drogasil SA	ROAM +0.12 points	0.05%	0.17%
Unimicron Technology Corp	ROAM +0.12 points	<0.01%	0.12%
United Tractors Tbk Pt	ROAM +0.12 points	0.02%	0.14%
Sinopac Financial Holdings	ROAM +0.11 points	0.06%	0.17%
Yageo Corporation	ROAM +0.11 points	0.13%	0.24%
China Petroleum & Chemical H	QEMM +0.10 points	0.34%	0.23%
Netease Inc	QEMM +0.11 points	0.66%	0.55%
Hansoh Pharmaceutical Group	ROAM +0.11 points	0.10%	0.20%
Itau Unibanco H Spon Prf AdrITUB	ROAM +0.10 points	0.13%	0.23%
Banco De Credito E Inversion	ROAM +0.10 points	0.06%	0.16%
Kuaishou Technology	QEMM +0.10 points	0.16%	0.06%
Aluminum Corp of China Ltd H	ROAM +0.10 points	0.02%	0.12%
Cia Saneamento Basico De Sp	ROAM +0.09 points	0.14%	0.23%
Manila Electric CompanyMER	ROAM +0.10 points	0.06%	0.16%
Nu Holdings Ltd/Cayman Isl ANU	ROAM +0.10 points	0.09%	0.19%
Ts Financial Holding Co Ltd	ROAM +0.09 points	0.11%	0.20%
Icici Bank Ltd Spon AdrIBN	ROAM +0.08 points	0.11%	0.19%
Wiwynn Corp	QEMM +0.09 points	0.59%	0.50%
Chunghwa Telecom Co Ltd	QEMM +0.09 points	0.51%	0.42%
Fubon Financial Holding Co	ROAM +0.08 points	0.16%	0.24%
Ctbc Financial Holding Co Lt	ROAM +0.08 points	0.15%	0.23%
Axia Energia SA	QEMM +0.08 points	0.09%	0.01%
Uni President Enterprises Co	ROAM +0.07 points	0.15%	0.22%
China Life Insurance Co H	QEMM +0.08 points	0.13%	0.05%

All 789 QEMM holdings⁠All 343 ROAM 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.

QEMM vs ROAM Cost

Overpaying ROAM vs QEMM

$2,703

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

QEMM 0.30%
$6,149
ROAM 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

QEMM 0.30%
ROAM 0.44%
Overpaying

Year by year

Year	QEMM	ROAM	Overpaying
10	$545	$794	$249
20	$2,113	$3,061	$948
30	$6,149	$8,852	$2,703

Expense ratio

0.30%QEMM, cheaper
0.44%ROAM

QEMM0.30%ROAM0.44%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QEMM 4th cheapest of 20 funds

ROAM 10th cheapest of 20 funds

QEMM vs ROAM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QEMM 4.66%, better; ROAM 2.50%
Payout (12M): QEMM $3.52; ROAM $0.84
Last payment: QEMM $1.05; ROAM $0.33
Ex-dividend: QEMM Jun 1, 2026; ROAM Jun 25, 2026
Paid on: QEMM Jun 5, 2026; ROAM Jun 29, 2026
Frequency: QEMM Twice a year; ROAM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

QEMMTwice a year · 19 paymentsAll QEMM payments⁠

ROAMTwice a year · 19 paymentsAll ROAM payments⁠

QEMM vs ROAM Risk

Fall from peak · 5 years

QEMM
ROAM

Risk facts

VolatilityStd dev, 3 years: QEMM 13.3%, betterROAM 14.6%
Return per unit of riskSharpe ratio, 3 years: QEMM 1.00ROAM 1.21, better
Worst fallMax drawdown, 5 years: QEMM −27.1%ROAM −26.1%, better
Market sensitivityBeta, 5 years: QEMM 0.95ROAM 1.01; Market = 1

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