QEMM vs UEVM: Grades, Fees and Holdings Compared

State Street SPDR MSCI Emerging Markets StrategicFactors ETF

QEMMBNYSE Arca

VictoryShares Emerging Markets Value Momentum ETF

UEVMCNasdaq

Overlap

11.7%by weight

Expense ratio

QEMM −0.15pt a year

QEMM0.30%UEVM0.45%

Avg volume · 30D

QEMM 1.2×the volume

QEMM3.85KUEVM3.21K

5Y return · a year

UEVM +0.9pt

QEMM+6.8%UEVM+7.7%

QEMM vs UEVM Performance

Oct 29, 2021 – Oct 30, 2026

+38.9%QEMM+44.7%UEVM

Expense ratio: QEMM 0.30%, better; UEVM 0.45%
Fund size: QEMM $56M; UEVM $233M
1Y total return: QEMM +16.5%, better; UEVM +3.4%
Yield (12M): QEMM 4.66%, better; UEVM 3.25%
Holdings: QEMM 836; UEVM 179
Avg volume (30D): QEMM 3.85K sh, better; UEVM 3.21K sh
NAV per share: QEMM $76.87; UEVM $56.21
52W range

ETF.net Grade

Pillar letters and Scores for QEMM, UEVM, with each pillar’s weight
Pillar	QEMM	UEVM
Cost30% weight	A82Higher	C42
Mission25% weight	Not scored	Not scored
Risk15% weight	B67Higher	B58
Tradability15% weight	D38	C47Higher
Holdings10% weight	B59	A76Higher
Durability5% weight	C52Higher	D39

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. QEMM and UEVM 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 UEVM 10th 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 9BGEMGoldman Sachs ActiveBeta Emerging Markets Equity ETFScore 56
Rank 10CUEVMVictoryShares Emerging Markets Value Momentum ETFScore 50
Rank 11CEQLTiShares MSCI Emerging Markets Quality Factor ETFScore 46

Our read on each fund

ETF.net Research

QEMMBState Street SPDR MSCI Emerging Markets StrategicFactors ETF

UEVMCVictoryShares Emerging Markets Value Momentum 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.

UEVM Value and momentum usually pull in opposite directions. UEVM runs both at once, tracking an MSCI blend index that tilts a portfolio of emerging-market stocks toward the cheap names and the ones already working.

Stated mandate

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

UEVM The Fund seeks to track the performance of the MSCI Emerging Markets Select Value Momentum Blend Index before fees and expenses. Its strategy targets global emerging-market equities with greater exposure to value and momentum 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

UEVM Two factors, one ticker: the index leans emerging-market equities toward both value and momentum characteristics, so you aren't picking a side between cheap stocks and stocks with wind behind them.
Roughly 200 holdings spread across emerging markets, so no single company or story carries the fund. The portfolio construction is a relative strength here.
Rules-based and index-tracking since its 2017 launch. The factor tilts come from MSCI's published methodology, not a manager's gut call, and it has traded through several full emerging-market cycles.

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.

UEVM At 0.53% a year, it costs more than the typical multifactor emerging-market fund. EMGF (0.26%) and AVES (0.36%) run similar factor mandates for meaningfully less.
Thinly traded compared with its peer group, which tends to mean wider bid-ask spreads and more slippage on larger or hurried orders.
Distributions land on an irregular schedule rather than a fixed quarterly or monthly rhythm, so the income timing is unpredictable.

Full QEMM profile⁠

Full UEVM profile⁠

QEMM vs UEVM Holdings

How QEMM and UEVM differ

Overlap by weight

11.7%

Shared holdings make up 47.6% of UEVM and 15.6% of QEMM.

Level by level

Holdings79 in both11.7%
Sector11 Sectors67.3%
Countryby domicile69.6%
Asset classEquity100%

Sector

Sector weights in QEMM and UEVM, widest gap first
Sector	More in QEMMMore in UEVM	QEMM	UEVM
Technology	QEMM +27.1 points	35.8%	8.7%
Financials	UEVM +7.7 points	21.8%	29.4%
Communication	QEMM +5.7 points	6.7%	1.0%
Consumer Discretionary	UEVM +5.1 points	6.8%	11.9%
Industrials	UEVM +4.2 points	5.2%	9.4%
Energy	UEVM +3.3 points	4.9%	8.2%
Consumer Staples	UEVM +3.3 points	5.3%	8.6%
Utilities	UEVM +3.3 points	2.4%	5.7%
Real Estate	UEVM +3.1 points	0.8%	3.9%
Materials	UEVM +2.1 points	6.8%	8.9%
Health Care	UEVM +0.7 points	3.5%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in QEMM and UEVM, widest gap first
Country	More in QEMMMore in UEVM	QEMM	UEVM
Taiwan	QEMM +15.9 points	30.5%	14.6%
South Korea	QEMM +11.5 points	11.5%	0.0%
Thailand	UEVM +9.1 points	1.7%	10.8%
China	UEVM +7.8 points	23.8%	31.6%
Brazil	UEVM +3.6 points	3.7%	7.3%
South Africa	UEVM +2.5 points	4.0%	6.5%
Poland	UEVM +2.2 points	1.0%	3.2%
Mexico	UEVM +1.6 points	2.0%	3.6%
Other countries (11)	UEVM +0.4 points	21.9%	22.3%

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

Concentration

Weight in the 10 largest Holdings

QEMM24.5%
UEVM11.5%

Securities held

QEMM813
UEVM174

Asset class

QEMM: Equity
UEVM: Equity

Holdings

Only in QEMM734
In both79
Only in UEVM95

Only in QEMM

734 securities, 83.7% of QEMM by weight

Taiwan Semiconductor Manufac6.86%
Russian Ruble5.24%
Mediatek Inc3.14%
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%
Accton Technology Corp0.73%
Tencent Holdings Ltd0.68%
Gold Fields Ltd0.67%
Netease Inc0.66%
Asia Vital Components0.65%
Wiwynn Corp0.59%
Grupo Mexico Sab De Cv Ser B0.56%
Infosys Ltd Sp Adr0.54%
Samsung Sdi Co Ltd0.53%
Alibaba Group Holding Ltd0.52%
Chunghwa Telecom Co Ltd0.51%
Infosys Ltd0.50%
Hcl Technologies Ltd0.50%
Advanced Info Service Foreig0.49%
Quanta Computer Inc0.48%
Hon Hai Precision Industry0.46%
Taiwan Cooperative Financial0.44%
Novatek Microelectronics Cor0.44%
Saudi Telecom Co0.43%
Capitec Limited0.43%
Samsung Biologics Co Ltd0.43%
Lenovo Group Ltd0.43%
National Bank of Kuwait0.42%
Bharti Airtel Ltd0.42%
Delta Electronics Thai Forgn0.42%
First Financial Holding Co0.42%
Global Unichip Corp0.40%
Advantech Co Ltd0.39%
Taiwan Mobile Co Ltd0.39%
Kweichow Moutai Co Ltd A0.38%
Hdfc Bank Limited0.37%
Credicorp Ltd0.35%
Hindustan Unilever Ltd0.35%
Samsung Sds Co Ltd0.35%
Jentech Precision Industrial0.33%
Malayan Banking Bhd0.33%
Southern Copper Corp0.32%
Emirates Telecom Group Co0.31%
Kuwait Finance House0.30%

Only in UEVM

95 securities, 52.2% of UEVM by weight

Tisco Financial Group Pcl1.50%
Nepi Rockcastle N.v.1.34%
Anand Rathi Wealth Ltd1.08%
Kasikornbank Pcl1.02%
Rhb Bank Bhd1.01%
Sd Guthrie Bhd0.99%
Fomento Economico Mexican0.97%
Fibra Uno Administracion0.96%
Coca-Cola Femsa Sab De Cv0.93%
Bangkok Bank Pcl0.91%
Laurus Labs Ltd0.90%
Growthpoint Properties Lt0.87%
Richter Gedeon Nyrt0.85%
China Everbright Bank Co0.83%
Kiatnakin Bank Pcl0.81%
Krung Thai Bank Pcl0.81%
Kimberly-Cla M-A0.80%
Benefit Systems SA0.79%
Fsn E-Commerce Ventures L0.79%
Aurobindo Pharma Ltd0.78%
Central Pattana Pcl0.78%
Titan Co Ltd0.77%
Tmbthanachart Bank Pcl0.75%
Sona Blw Precision Forgin0.73%
Thanachart Capital Pcl0.72%
Synnex Technology Interna0.70%
Pepco Group NV0.69%
Charoen Pokphand Foods Pc0.69%
Eicher Motors Ltd0.68%
China Airlines Ltd0.66%
Inner Mongolia Yitai Coal0.64%
Gulf Development Pcl0.64%
Mol Hungarian Oil & Gas0.63%
Sime Darby Bhd0.62%
Grupo Cibest SA0.61%
Cummins India Ltd0.61%
Ami Organics Ltd0.60%
Central Retail Corp Pcl0.59%
Otp Bank PLC0.58%
Bharat Forge Ltd0.57%
Tata Motors Ltd0.57%
Adani Power Ltd0.57%
Lloyds Metals & Energy Lt0.55%
Cia Saneamento Minas0.52%
Ptt Global Chemical Pcl0.51%
Thai Oil Pcl0.51%
Foxconn Technolo0.50%
Bim Birlesik Magazalar As0.50%
Turk Hava Yollari Ao0.50%
Bharat Heavy Electricals0.50%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in QEMM and UEVM, widest gap first
Holding	More in QEMMMore in UEVM	QEMM	UEVM
Delta Electronics Inc	QEMM +1.42 points	1.67%	0.25%
China Tower Corp Ltd H	UEVM +0.97 points	0.07%	1.04%
Postal Savings Bank of Chi H	UEVM +0.93 points	0.20%	1.13%
China Merchants Bank H	UEVM +0.92 points	0.21%	1.13%
Sinopharm Group Co H	UEVM +0.90 points	0.11%	1.01%
Bank of Communications Co H	UEVM +0.90 points	0.25%	1.15%
Cia Energetica Minas Ger Prf	UEVM +0.82 points	0.03%	0.85%
Allegro.eu SA	UEVM +0.80 points	0.02%	0.82%
Elite Material Co Ltd	QEMM +0.79 points	1.04%	0.25%
Sinopac Financial Holdings	UEVM +0.78 points	0.06%	0.84%
Petrobras Petroleo Bras Pr	UEVM +0.78 points	0.04%	0.82%
Tsingtao Brewery Co Ltd H	UEVM +0.73 points	0.05%	0.78%
Anhui Conch Cement Co Ltd H	UEVM +0.73 points	0.02%	0.75%
Midea Group Co Ltd H	UEVM +0.70 points	0.08%	0.78%
China Minsheng Banking Cor H	UEVM +0.70 points	0.10%	0.80%
Haier Smart Home Co Ltd H	UEVM +0.69 points	0.03%	0.72%
Cosco Shipping Holdings Co H	UEVM +0.69 points	0.05%	0.74%
Eva Airways Corp	UEVM +0.68 points	0.03%	0.71%
Ambev SA	UEVM +0.67 points	0.04%	0.71%
Gerdau SA Pref	UEVM +0.67 points	0.05%	0.72%
Cgn Power Co Ltd H	UEVM +0.66 points	0.19%	0.85%
Yuanta Financial Holding Co	UEVM +0.64 points	0.09%	0.73%
Evergreen Marine Corp Ltd	UEVM +0.65 points	0.06%	0.71%
Ultrapar Participacoes SA	UEVM +0.64 points	<0.01%	0.64%
Lpp SA	UEVM +0.62 points	0.02%	0.64%
Fubon Financial Holding Co	UEVM +0.61 points	0.16%	0.77%
Fuyao Glass Industry Group H	UEVM +0.60 points	0.07%	0.67%
Huatai Securities Co Ltd H	UEVM +0.59 points	0.01%	0.60%
Kgi Financial Holding Co Ltd	UEVM +0.59 points	0.06%	0.65%
Ts Financial Holding Co Ltd	UEVM +0.56 points	0.11%	0.67%
Huaneng Power Intl Inc H	UEVM +0.56 points	0.14%	0.70%
China Pacific Insurance Gr H	UEVM +0.55 points	0.05%	0.60%
Vale SA	UEVM +0.56 points	<0.01%	0.56%
Vibra Energia SA	UEVM +0.54 points	0.06%	0.60%
Guotai Haitong Securities H	UEVM +0.53 points	0.02%	0.55%
China Citic Bank Corp Ltd H	UEVM +0.53 points	0.39%	0.92%
China Construction Bank H	QEMM +0.51 points	1.56%	1.05%
Itausa SA	UEVM +0.52 points	0.23%	0.75%
China Petroleum & Chemical H	UEVM +0.50 points	0.34%	0.84%
Gf Securities Co Ltd H	UEVM +0.49 points	<0.01%	0.50%
Picc Property & Casualty H	UEVM +0.49 points	0.19%	0.68%
Axia Energia SA	UEVM +0.48 points	0.09%	0.57%
United Tractors Tbk Pt	UEVM +0.48 points	0.02%	0.50%
China Shenhua Energy Co H	UEVM +0.47 points	0.26%	0.73%
China Galaxy Securities Co H	UEVM +0.46 points	0.02%	0.48%
Pegatron Corp	UEVM +0.45 points	0.21%	0.66%
Citic Securities Co Ltd H	UEVM +0.44 points	0.02%	0.46%
People’s Insurance Co Grou H	UEVM +0.44 points	0.10%	0.54%
Astra International Tbk Pt	UEVM +0.43 points	0.03%	0.46%
Ping An Insurance Group Co H	UEVM +0.42 points	0.24%	0.66%
China International Capita H	UEVM +0.41 points	0.01%	0.42%
New China Life Insurance C H	UEVM +0.41 points	0.03%	0.44%
China Coal Energy Co H	UEVM +0.40 points	0.04%	0.44%
Petrochina Co Ltd H	UEVM +0.37 points	0.35%	0.72%
Agricultural Bank of China H	UEVM +0.36 points	0.58%	0.94%
Orlen SA	UEVM +0.35 points	0.14%	0.49%
Chroma Ate Inc	QEMM +0.36 points	0.61%	0.25%
Yankuang Energy Group Co H	UEVM +0.34 points	0.03%	0.37%
Mbrf Global Foods Company SA	UEVM +0.34 points	0.02%	0.36%
Soc Quimica Y Minera Chile B	UEVM +0.32 points	0.02%	0.34%
Wuxi Apptec Co Ltd H	UEVM +0.32 points	0.14%	0.46%
Aluminum Corp of China Ltd H	UEVM +0.31 points	0.02%	0.33%
Cosco Shipping Energy Tran H	UEVM +0.30 points	<0.01%	0.31%
United Microelectronics Corp	QEMM +0.28 points	0.52%	0.24%
King Slide Works Co Ltd	QEMM +0.27 points	0.52%	0.25%
Unimicron Technology Corp	UEVM +0.26 points	<0.01%	0.26%
China Life Insurance Co H	UEVM +0.25 points	0.13%	0.38%
Weichai Power Co Ltd H	UEVM +0.23 points	0.03%	0.26%
Zhen Ding Technology Holding	UEVM +0.23 points	0.03%	0.26%
Nan Ya Plastics Corp	UEVM +0.22 points	0.10%	0.32%
Jiangxi Copper Co Ltd H	UEVM +0.20 points	0.03%	0.23%
Cmoc Group Ltd H	UEVM +0.17 points	0.10%	0.27%
Shandong Gold Mining Co Lt H	UEVM +0.15 points	0.05%	0.20%
Innolux Corp	UEVM +0.14 points	0.08%	0.22%
Ind & Comm Bk of China H	QEMM +0.14 points	1.19%	1.05%
Yageo Corporation	UEVM +0.12 points	0.13%	0.25%
Bank of China Ltd H	QEMM +0.08 points	1.11%	1.03%
Ase Technology Holding Co Lt	UEVM +0.04 points	0.32%	0.36%
Zijin Mining Group Co Ltd H	QEMM +0.03 points	0.35%	0.32%

All 789 QEMM holdings⁠All 205 UEVM 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 UEVM Cost

Overpaying UEVM vs QEMM

$2,892

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

QEMM 0.30%
$6,149
UEVM 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

QEMM 0.30%
UEVM 0.45%
Overpaying

Year by year

Year	QEMM	UEVM	Overpaying
10	$545	$812	$267
20	$2,113	$3,128	$1,015
30	$6,149	$9,041	$2,892

Expense ratio

0.30%QEMM, cheaper
0.45%UEVM

QEMM0.30%UEVM0.45%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QEMM 4th cheapest of 20 funds

UEVM 12th cheapest of 20 funds

QEMM vs UEVM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QEMM 4.66%, better; UEVM 3.25%
Payout (12M): QEMM $3.52; UEVM $1.83
Last payment: QEMM $1.05; UEVM $0.17
Ex-dividend: QEMM Jun 1, 2026; UEVM Oct 8, 2026
Paid on: QEMM Jun 5, 2026; UEVM Oct 9, 2026
Frequency: QEMM Twice a year; UEVM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

QEMMTwice a year · 7 paymentsAll QEMM payments⁠

UEVMMonthly · 35 paymentsAll UEVM payments⁠

QEMM vs UEVM Risk

Fall from peak · 5 years

QEMM
UEVM

Risk facts

VolatilityStd dev, 3 years: QEMM 13.3%UEVM 11.3%, better
Return per unit of riskSharpe ratio, 3 years: QEMM 1.00UEVM 1.04, better
Worst fallMax drawdown, 5 years: QEMM −27.1%UEVM −26.3%, better
Market sensitivityBeta, 5 years: QEMM 0.95UEVM 0.72; Market = 1

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