SPEM vs VWO: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Emerging Markets ETF

SPEMBNYSE Arca

Vanguard FTSE Emerging Markets ETF

VWOANYSE Arca

Overlap

47.4%by weight

Expense ratio

VWO −0.01pt a year

SPEM0.07%VWO0.06%

Avg volume · 30D

VWO 4.2×the volume

SPEM1.73MVWO7.3M

10Y return · a year

SPEM +0.7pt

SPEM+7.5%VWO+6.8%

SPEM vs VWO Performance

Oct 29, 2021 – Oct 30, 2026

+30.8%SPEM+27.1%VWO

Expense ratio: SPEM 0.07%; VWO 0.06%, better
Fund size: SPEM $16.4B; VWO $165B
1Y total return: SPEM +4.6%, better; VWO +3.3%
Yield (12M): SPEM 2.68%, better; VWO 2.19%
Holdings: SPEM 2699; VWO 5015
Avg volume (30D): SPEM 1.73M sh; VWO 7.3M sh, better
NAV per share: SPEM $49.23; VWO $55.50
52W range

ETF.net Grade

Pillar letters and Scores for SPEM, VWO, with each pillar’s weight
Pillar	SPEM	VWO
Cost30% weight	B57	A80Higher
Mission25% weight	A100	A100
Risk15% weight	C48	C48
Tradability15% weight	B58	A83Higher
Holdings10% weight	A79Higher	B58
Durability5% weight	B69	A86Higher

Rank among Emerging Markets Total Market funds

How we build Categories ›

Same Category. SPEM and VWO 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 ›

VWO ranks 1st and SPEM 3rd 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

Our read on each fund

ETF.net Research

SPEMBState Street SPDR Portfolio Emerging Markets ETF

VWOAVanguard FTSE Emerging Markets ETF

In short

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.

VWO Emerging markets the FTSE way: no South Korea (FTSE grades it developed), Chinese A-shares in the mix, small caps riding along, all for six basis points.

Stated mandate

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.

VWO The fund seeks to track the FTSE Emerging Markets All Cap China A Inclusion Index through passive index sampling, investing in a broadly diversified portfolio of emerging-market equities.

Why people hold it

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.

VWO 0.06% a year against a 0.19% median for broad emerging-market funds. On a $10,000 position that is roughly $6 annually.
The benchmark spans large, mid and small caps, so the portfolio holds several thousand emerging-market stocks rather than a few hundred blue chips.vanguard.com
Vanguard samples the index instead of buying every line, and tracking has been among the tightest in this peer group. It is also one of the most heavily traded EM funds.vanguard.com
Trading since 2005 and now one of the largest emerging-market funds around, with quarterly distributions. SCHE and SPEM match the fee zone but not the size or the all-cap reach.

Worth knowing

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.

VWO FTSE moved South Korea to developed status, so this fund leaves it out. Country mix differs from MSCI-based emerging-market funds, which still carry Korea.lseg.com
Market-cap weighting means the biggest emerging markets set the tone. The small-cap tail adds names more than it adds weight.vanguard.com
Emerging-market shares and their currencies move more sharply than developed-market ones, and the exposure here is unhedged.vanguard.com

Full SPEM profile⁠

Full VWO profile⁠

SPEM vs VWO Holdings

How SPEM and VWO differ

Overlap by weight

47.4%

Shared holdings make up 57.9% of SPEM and 53.3% of VWO.

Level by level

Holdings974 in both47.4%
Countryby domicile93.4%
Sector11 Sectors95.9%
Asset classEquity100%

Sector

Sector weights in SPEM and VWO, widest gap first
Sector	More in SPEMMore in VWO	SPEM	VWO
Technology	VWO +3.5 points	32.0%	35.5%
Financials	SPEM +1.8 points	20.8%	19.0%
Consumer Discretionary	SPEM +0.7 points	9.2%	8.5%
Consumer Staples	SPEM +0.4 points	3.7%	3.3%
Industrials	VWO +0.4 points	7.2%	7.6%
Energy	SPEM +0.4 points	4.2%	3.8%
Utilities	SPEM +0.3 points	2.7%	2.4%
Materials	SPEM +0.2 points	7.8%	7.6%
Health Care	SPEM +0.2 points	4.4%	4.2%
Real Estate	VWO +0.1 points	1.8%	1.9%
Communication	SPEM +0.1 points	6.3%	6.2%

Country, concentration and asset class

Country by domicile

Country weights in SPEM and VWO, widest gap first
Country	More in SPEMMore in VWO	SPEM	VWO
South Africa	VWO +6.3 points	4.8%	11.1%
Poland	SPEM +1.6 points	1.6%	0.0%
India	SPEM +1.2 points	17.2%	16.0%
Hong Kong	SPEM +0.9 points	0.9%	0.0%
United States	SPEM +0.8 points	0.8%	0.0%
China	SPEM +0.7 points	26.7%	26.0%
Other countries (13)	SPEM +1.1 points	48.0%	46.9%

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

Concentration

Weight in the 10 largest Holdings

SPEM25.6%
VWO29.8%

Securities held

SPEM2,672
VWO4,965

Asset class

SPEM: Equity
VWO: Equity

Holdings

Only in SPEM1,698
In both974
Only in VWO3,991

Only in SPEM

1,698 securities, 42.0% of SPEM by weight

Icici Bank Ltd Spon Adr0.74%
Hdfc Bank Limited0.74%
Reliance Inds Spons Gdr 144A0.73%
Bharti Airtel Ltd0.59%
Al Rajhi Bank0.42%
Infosys Ltd Sp Adr0.40%
Nu Holdings Ltd/Cayman Isl A0.37%
Grupo Mexico Sab De Cv Ser B0.37%
Petroleo Brasil Sp Pref Adr0.35%
Petroleo Brasileiro Spon Adr0.33%
Naspers Ltd N Shs0.32%
Axis Bank Ltd0.31%
Vale SA Sp Adr0.29%
Gold Fields Ltd0.29%
Saudi Arabian Oil Co0.29%
Bajaj Finance Ltd0.28%
Pko Bank Polski SA0.28%
Otp Bank PLC0.28%
Delta Electronics Thai Forgn0.27%
Kotak Mahindra Bank Ltd0.27%
Larsen & Toubro Gdr Reg’s0.27%
Tata Consultancy Svcs Ltd0.27%
Grupo Financiero Banorte O0.25%
Credicorp Ltd0.25%
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%
Orlen SA0.21%
Lenovo Group Ltd0.21%
Hcl Technologies Ltd0.20%
Qatar National Bank0.20%
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%
Bank Pekao SA0.18%
Eternal Ltd0.18%
Cemex Sab Cpo0.17%
Saudi Telecom Co0.17%
Southern Copper Corp0.17%
Saudi Arabian Mining Co0.17%

Only in VWO

3,991 securities, 45.6% of VWO by weight

SLCMT11422.96%
HDFC Bank Ltd0.70%
Reliance Industries Ltd0.69%
ICICI Bank Ltd0.60%
Bharti Airtel Ltd0.47%
Al Rajhi Bank0.41%
Anglogold Ashanti Plc0.39%
United Microelectronics Corp0.39%
Petrobras - Petroleo Bras-Pr0.35%
Itau Unibanco Holding S-Pref0.34%
Saudi Arabian Oil Co0.33%
Petroleo Brasileiro SA - Petrobras0.32%
Infosys Ltd0.31%
Grupo Mexico SAB de CV0.29%
Gold Fields Ltd0.27%
Naspers Ltd0.26%
Saudi National Bank/The0.26%
Kuwait Finance House KSCP0.25%
OTP Bank Nyrt0.25%
Axis Bank Ltd0.24%
FirstRand Ltd0.24%
Mahindra & Mahindra Ltd0.24%
Bajaj Finance Ltd0.23%
Larsen & Toubro Ltd0.22%
Grupo Financiero Banorte SAB de CV0.22%
First Abu Dhabi Bank PJSC0.20%
National Bank of Kuwait SAKP0.20%
Kotak Mahindra Bank Ltd0.20%
Standard Bank Group Ltd0.19%
Capitec Limited0.19%
Saudi Arabian Mining Co0.19%
Tata Consultancy Services Ltd0.18%
Saudi Telecom Co0.18%
Valterra Platinum Ltd0.17%
Emirates Telecommunications Group Co PJSC0.17%
Fomento Economico Mexicano SAB de CV0.17%
Sun Pharmaceutical Industries Ltd0.17%
ASPEED Technology Inc0.16%
Malayan Banking Bhd0.15%
MTN Group Ltd0.15%
Qatar National Bank QPSC0.15%
Titan Co Ltd0.15%
Hindustan Unilever Ltd0.14%
Banco Bradesco Sa-Pref0.14%
Public Bank Bhd0.14%
CIMB Group Holdings Bhd0.13%
America Movil SAB de CV0.13%
NTPC Ltd0.13%
State Bank of India0.13%
Maruti Suzuki India Ltd0.13%

Weight gaps

The 100 widest of 974 Holdings in both funds.

Holding weights in SPEM and VWO, widest gap first
Holding	More in SPEMMore in VWO	SPEM	VWO
Taiwan Semiconductor Manufac	VWO +1.13 points	14.63%	15.76%
Tencent Holdings Ltd	VWO +0.39 points	2.43%	2.82%
Vale SA	VWO +0.38 points	0.02%	0.40%
Delta Electronics Inc	VWO +0.34 points	0.79%	1.13%
United Microelectron Sp AdrUMC	SPEM +0.33 points	0.41%	0.08%
Itau Unibanco H Spon Prf AdrITUB	SPEM +0.30 points	0.35%	0.05%
Ctbc Financial Holding Co Lt	SPEM +0.29 points	0.60%	0.31%
Mediatek Inc	VWO +0.22 points	1.66%	1.88%
Sinopac Financial Holdings	SPEM +0.20 points	0.35%	0.15%
Fubon Financial Holding Co	SPEM +0.17 points	0.50%	0.33%
Nan Ya Plastics Corp	SPEM +0.17 points	0.50%	0.33%
Hua Nan Financial Holdings C	SPEM +0.17 points	0.28%	0.11%
C Sun Manufacturing Ltd	SPEM +0.17 points	0.18%	0.01%
Alibaba Group Holding Ltd	VWO +0.16 points	1.95%	2.11%
Yum China Holdings IncYUMC	SPEM +0.16 points	0.17%	0.01%
Bank of Communications Co H	SPEM +0.16 points	0.22%	0.06%
China Construction Bank H	SPEM +0.14 points	1.05%	0.91%
Russian Ruble	SPEM +0.14 points	0.14%	<0.01%
Banco Bradesco AdrBBD	SPEM +0.13 points	0.14%	0.01%
Ase Technology Holding Co Lt	SPEM +0.12 points	0.73%	0.61%
Dr. Reddy’s Laboratories AdrRDY	SPEM +0.11 points	0.12%	0.01%
Kgi Financial Holding Co Ltd	SPEM +0.11 points	0.27%	0.16%
Cathay Financial Holding Co	SPEM +0.10 points	0.38%	0.28%
Stark Technology Inc	SPEM +0.11 points	0.11%	<0.01%
Parque Arauco S.a.	SPEM +0.10 points	0.12%	0.02%
Bank of China Ltd H	SPEM +0.10 points	0.53%	0.43%
Auo Corp Spon AdrAUOTY	SPEM +0.10 points	0.10%	<0.01%
Hon Hai Precision Industry	SPEM +0.09 points	0.89%	0.80%
Axia Energia AdrAXIAY	SPEM +0.09 points	0.09%	<0.01%
Chang Hwa Commercial Bank	SPEM +0.08 points	0.14%	0.06%
Agricultural Bank of China H	SPEM +0.09 points	0.24%	0.15%
Powertech Technology Inc	SPEM +0.09 points	0.14%	0.05%
Supreme Electronics Co Ltd	SPEM +0.09 points	0.10%	0.01%
Chunghwa Telecom Co Ltd	SPEM +0.08 points	0.20%	0.12%
Wipro Ltd AdrWIT	SPEM +0.08 points	0.09%	<0.01%
Formosa Chemicals & Fibre	SPEM +0.08 points	0.14%	0.06%
Cia Energetica De Spon AdrCIG	SPEM +0.07 points	0.08%	<0.01%
Contemporary Amperex Techn H	VWO +0.07 points	0.04%	0.11%
Mega Financial Holding Co Lt	SPEM +0.07 points	0.22%	0.15%
Emaar Properties Pjsc	VWO +0.06 points	0.17%	0.23%
Air Arabia Pjsc	SPEM +0.06 points	0.09%	0.03%
Evergreen Marine Corp Ltd	SPEM +0.06 points	0.13%	0.07%
Catcher Technology Co Ltd	SPEM +0.07 points	0.09%	0.02%
Innovent Biologics Inc	VWO +0.07 points	0.10%	0.17%
Enel Chile SA AdrENIC	SPEM +0.06 points	0.06%	<0.01%
Embraer SA	SPEM +0.06 points	0.16%	0.10%
Tim SA AdrTIMB	SPEM +0.06 points	0.06%	<0.01%
Nanya Technology Corp	SPEM +0.06 points	0.23%	0.17%
Cosco Shipping Holdings Co H	SPEM +0.06 points	0.10%	0.04%
Formosa Plastics Corp	SPEM +0.06 points	0.13%	0.07%
Charoen Pokphand Enterprise	SPEM +0.06 points	0.06%	<0.01%
Wistron Corp	SPEM +0.06 points	0.20%	0.14%
Falabella SA	SPEM +0.06 points	0.12%	0.06%
Petrochina Co Ltd H	SPEM +0.06 points	0.27%	0.21%
Yuanta Financial Holding Co	VWO +0.05 points	0.15%	0.20%
Weichai Power Co Ltd A	SPEM +0.06 points	0.07%	0.01%
China Shenhua Energy Co H	SPEM +0.05 points	0.21%	0.16%
Far Eastern New Century Corp	SPEM +0.05 points	0.07%	0.02%
Lite On Technology Corp	SPEM +0.05 points	0.19%	0.14%
Taiwan Sakura Corp	SPEM +0.05 points	0.05%	<0.01%
Pou Chen	SPEM +0.05 points	0.06%	0.01%
Zijin Mining Group Co Ltd H	SPEM +0.05 points	0.25%	0.20%
Asia Vital Components	VWO +0.04 points	0.24%	0.28%
First Financial Holding Co	VWO +0.04 points	0.07%	0.11%
Harbin Electric Co Ltd H	SPEM +0.04 points	0.05%	<0.01%
Banco De Chile	VWO +0.04 points	0.03%	0.07%
China Steel Chemical Corp	SPEM +0.05 points	0.05%	<0.01%
Telefonica Brasil S.a.	SPEM +0.05 points	0.08%	0.03%
Grupo Cibest SA AdrCIB	SPEM +0.04 points	0.10%	0.06%
Eneva SA	SPEM +0.04 points	0.08%	0.04%
Bizlink Holding Inc	VWO +0.04 points	0.08%	0.12%
Metalurgica Gerdau SA Pref	SPEM +0.04 points	0.05%	0.01%
Latam Airlines Group SA	VWO +0.04 points	0.02%	0.06%
Kuaishou Technology	VWO +0.04 points	0.07%	0.11%
Wuxi Apptec Co Ltd H	VWO +0.04 points	0.06%	0.10%
Compal Electronics	SPEM +0.04 points	0.08%	0.04%
Wuxi Biologics Cayman Inc	VWO +0.04 points	0.18%	0.22%
Jiangsu Express Co Ltd H	SPEM +0.04 points	0.05%	0.01%
China Merchants Port Holding	SPEM +0.04 points	0.06%	0.02%
Torrent Pharmaceuticals LtdTRP	SPEM +0.04 points	0.04%	<0.01%
Aluminum Corp of China Ltd H	SPEM +0.04 points	0.07%	0.03%
Basso Industry Corp	SPEM +0.04 points	0.04%	<0.01%
China Petroleum & Chemical H	SPEM +0.04 points	0.14%	0.10%
Taiwan Cogeneration Corp	SPEM +0.03 points	0.04%	<0.01%
Yangtze Optical Fibre and H	VWO +0.04 points	0.03%	0.07%
Cosco Shipping Energy Tran H	SPEM +0.04 points	0.06%	0.02%
Meituan Class B	VWO +0.03 points	0.38%	0.41%
Hangzhou Chang Chuan Techn A	SPEM +0.04 points	0.05%	0.01%
Cia Saneamento Basico De Sp	SPEM +0.04 points	0.12%	0.08%
Chailease Holding Co Ltd	SPEM +0.03 points	0.07%	0.04%
Ts Financial Holding Co Ltd	SPEM +0.03 points	0.29%	0.26%
China Resources Power Holdin	SPEM +0.04 points	0.08%	0.04%
Hansoh Pharmaceutical Group	VWO +0.04 points	0.01%	0.05%
Promate Electronic Co Ltd	SPEM +0.04 points	0.04%	<0.01%
Ta Ya Electric Wire & Cable	SPEM +0.03 points	0.04%	<0.01%
Equatorial SA Ord	VWO +0.04 points	0.03%	0.07%
Acer Inc	SPEM +0.04 points	0.06%	0.02%
China Steel Corp	SPEM +0.04 points	0.09%	0.05%
Picc Property & Casualty H	SPEM +0.03 points	0.15%	0.12%
Advancetek Enterprise Co Ltd	SPEM +0.03 points	0.03%	<0.01%

All 2,722 SPEM holdings⁠All 5,942 VWO 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.

SPEM vs VWO Cost

Overpaying SPEM vs VWO

$210

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

SPEM 0.07%
$1,480
VWO 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

SPEM 0.07%
VWO 0.06%
Overpaying

Year by year

Year	SPEM	VWO	Overpaying
10	$128	$110	$18
20	$503	$432	$71
30	$1,480	$1,270	$210

Expense ratio

0.07%SPEM
0.06%VWO, cheaper

VWO0.06%SPEM0.07%

0.06%0.29%

Middle half of Emerging Markets Total Market funds
Median 0.07%

VWO cheapest of 5 funds

SPEM 3rd cheapest of 5 funds

SPEM vs VWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPEM 2.68%, better; VWO 2.19%
Payout (12M): SPEM $1.30; VWO $1.22
Last payment: SPEM $0.53; VWO $0.11
Ex-dividend: SPEM Jun 22, 2026; VWO Sep 18, 2026
Paid on: SPEM Jun 26, 2026; VWO Sep 22, 2026
Frequency: SPEM Twice a year; VWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPEMTwice a year · 19 paymentsAll SPEM payments⁠

VWOQuarterly · 38 paymentsAll VWO payments⁠

SPEM vs VWO Risk

Fall from peak · 5 years

SPEM
VWO

Risk facts

VolatilityStd dev, 3 years: SPEM 12.1%VWO 12.0%, better
Return per unit of riskSharpe ratio, 3 years: SPEM 1.03, betterVWO 0.99
Worst fallMax drawdown, 5 years: SPEM −29.2%, betterVWO −29.9%
Market sensitivityBeta, 5 years: SPEM 0.86VWO 0.78; Market = 1

SPEM and VWO in the news

All news⁠

Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026VWO
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026VWO
New ETFs
Three new international stock funds, and none is the cheap one
Oct 5, 2026VWO
New ETFs
Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026VWO
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026VWO
News
Vietnam enters FTSE emerging-market indexes, starting at 10% of its weight
Sep 21, 2026VWO

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SPEM vs VWO

In short

Stated mandate

Why people hold it