SPEM vs XCNY: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Emerging Markets ETF

SPEMBNYSE Arca

State Street SPDR S&P Emerging Markets ex-China ETF

XCNYCNasdaq

Overlap

56.8%by weight

Expense ratio

SPEM −0.12pt a year

SPEM0.07%XCNY0.19%

Avg volume · 30D

SPEM 3189.6×the volume

SPEM1.73MXCNY543

SPEM vs XCNY Performance

Oct 31, 2025 – Oct 30, 2026

+4.6%SPEM+14.0%XCNY

Expense ratio: SPEM 0.07%, better; XCNY 0.19%
Fund size: SPEM $16.4B; XCNY $10M
1Y total return: SPEM +4.6%; XCNY +14.0%, better
Yield (12M): SPEM 2.68%, better; XCNY 2.38%
Holdings: SPEM 2699; XCNY 1195
Avg volume (30D): SPEM 1.73M sh, better; XCNY 543 sh
NAV per share: SPEM $49.23; XCNY $32.08
52W range

ETF.net Grade

Pillar letters and Scores for SPEM, XCNY, with each pillar’s weight
Pillar	SPEM	XCNY
Cost30% weight	B57Higher	D37
Mission25% weight	A100	A100
Risk15% weight	C48	B55Higher
Tradability15% weight	B58Higher	F12
Holdings10% weight	A79Higher	C51
Durability5% weight	B69Higher	F24

Rank among Emerging Markets Total Market funds

How we build Categories ›

Same Category. SPEM and XCNY 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 XCNY 4th 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

SPEMBState Street SPDR Portfolio Emerging Markets ETF

XCNYCState Street SPDR S&P Emerging Markets ex-China 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.

XCNY Emerging markets with China removed, and unusually, small caps left in. XCNY tracks an S&P broad-market index of roughly 1,200 large, mid and small-cap companies across emerging economies, none of them China-domiciled.

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.

XCNY The fund seeks to provide investment results that correspond to the price and yield performance of the S&P Emerging Ex-China BMI.

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.

XCNY The index reaches down to small caps, roughly 1,200 names. Most ex-China rivals track MSCI indexes that stop at large and mid caps, about 85% of each country's float.ssga.com msci.com
It does exactly what the label says: a market-cap-weighted S&P index of emerging market companies, with China-domiciled companies excluded by rule, not by manager discretion.ssga.com
At 0.19%, the fee sits right at the median for broad emerging-market funds, and you get State Street's indexing desk behind it.

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.

XCNY You pay up for the China screen. Sister fund SPEM charges 0.07% and VWO 0.06% for emerging markets with China left in.
One of the thinner-traded funds in its category. Wide-ish spreads are part of the deal, and the asset base is small for a fund this broad.
Launched in September 2024, so the tracking and trading record is still short compared with the decades-old EM funds it sits beside.

Full SPEM profile⁠

Full XCNY profile⁠

SPEM vs XCNY Holdings

How SPEM and XCNY differ

Overlap by weight

56.8%

Shared holdings make up 84.1% of XCNY and 60.1% of SPEM.

Level by level

Holdings763 in both56.8%
Countryby domicile72.4%
Sector11 Sectors90.6%
Asset classEquity100%

Sector

Sector weights in SPEM and XCNY, widest gap first
Sector	More in SPEMMore in XCNY	SPEM	XCNY
Technology	XCNY +7.4 points	32.0%	39.4%
Consumer Discretionary	SPEM +4.2 points	9.2%	5.0%
Communication	SPEM +2.8 points	6.3%	3.5%
Health Care	SPEM +1.5 points	4.4%	2.9%
Financials	XCNY +1.0 points	20.8%	21.8%
Industrials	SPEM +0.8 points	7.2%	6.4%
Materials	XCNY +0.5 points	7.8%	8.3%
Utilities	XCNY +0.2 points	2.7%	2.9%
Real Estate	XCNY +0.2 points	1.8%	2.0%
Consumer Staples	SPEM +0.2 points	3.7%	3.5%
Energy	Same weight	4.2%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in SPEM and XCNY, widest gap first
Country	More in SPEMMore in XCNY	SPEM	XCNY
China	SPEM +26.7 points	26.7%	0.0%
Taiwan	XCNY +13.7 points	35.3%	49.0%
India	XCNY +6.6 points	17.2%	23.8%
South Africa	XCNY +1.7 points	4.8%	6.5%
Brazil	XCNY +1.7 points	4.4%	6.1%
Mexico	XCNY +0.8 points	2.4%	3.2%
Hong Kong	SPEM +0.9 points	0.9%	0.0%
Malaysia	XCNY +0.9 points	1.7%	2.6%
Other countries (10)	XCNY +2.0 points	6.7%	8.7%

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

Concentration

Weight in the 10 largest Holdings

SPEM25.6%
XCNY30.0%

Securities held

SPEM2,672
XCNY1,174

Asset class

SPEM: Equity
XCNY: Equity

Holdings

Only in SPEM1,909
In both763
Only in XCNY411

Only in SPEM

1,909 securities, 39.9% of SPEM by weight

Tencent Holdings Ltd2.43%
Alibaba Group Holding Ltd1.95%
China Construction Bank H1.05%
Icici Bank Ltd Spon Adr0.74%
Reliance Inds Spons Gdr 144A0.73%
Ind & Comm Bk of China H0.62%
Bank of China Ltd H0.53%
Pdd Holdings Inc0.50%
Xiaomi Corp Class B0.47%
United Microelectron Sp Adr0.41%
Infosys Ltd Sp Adr0.40%
Meituan Class B0.38%
Netease Inc0.37%
Ping An Insurance Group Co H0.37%
Itau Unibanco H Spon Prf Adr0.35%
Petroleo Brasil Sp Pref Adr0.35%
Petroleo Brasileiro Spon Adr0.33%
Jd.com Inc Class A0.30%
Vale SA Sp Adr0.29%
Delta Electronics Thai Forgn0.27%
Larsen & Toubro Gdr Reg’s0.27%
Petrochina Co Ltd H0.27%
Byd Co Ltd H0.26%
Zijin Mining Group Co Ltd H0.25%
China Life Insurance Co H0.24%
Agricultural Bank of China H0.24%
Mahindra & Mahindra Spon Gdr0.24%
State Bank of Indi Gdr Reg’s0.22%
Bank of Communications Co H0.22%
China Merchants Bank H0.21%
Beone Medicines Ltd0.21%
China Shenhua Energy Co H0.21%
Lenovo Group Ltd0.21%
Baidu Inc Class A Hkd0.20%
Wuxi Biologics Cayman Inc0.18%
Trip.com Group Ltd0.18%
C Sun Manufacturing Ltd0.18%
Yum China Holdings Inc0.17%
Picc Property & Casualty H0.15%
Kweichow Moutai Co Ltd A0.15%
Ptt Pcl/Foreign0.14%
China Petroleum & Chemical H0.14%
Russian Ruble0.14%
Banco Bradesco Adr0.14%
Evergreen Marine Corp Ltd0.13%
Kasikornbank Pcl Foreign0.13%
Contemporary Amperex Techn A0.13%
Dr. Reddy’s Laboratories Adr0.12%
Pop Mart International Group0.12%
China Resources Land Ltd0.11%

Only in XCNY

411 securities, 15.8% of XCNY by weight

Reliance Industries Limited0.95%
United Microelectronics Corp0.52%
Infosys Ltd0.49%
Petrobras Petroleo Bras0.48%
Itau Unibanco Holding’s Pref0.45%
Petrobras Petroleo Bras Pr0.41%
Delta Electronics Thai Nvdr0.35%
Mahindra & Mahindra Ltd0.33%
Larsen & Toubro Ltd0.31%
State Bank of India0.20%
Bajel Projects Ltd0.18%
Akums Drugs & Pharmaceutical0.17%
Banco Bradesco SA Pref0.16%
Rasan Information Technology0.15%
Intl Container Term Svcs Inc0.15%
Sigurd Microelectronics Corp0.15%
Wt Microelectronics Co Ltd0.14%
Grupo De Inv Suramericana0.13%
Sky Gold and Diamonds Ltd0.13%
Ambev SA0.13%
Axia Energia SA0.12%
Mirle Automation Corp0.12%
Nichidenbo Corp0.10%
Auo Corp0.10%
Dr. Reddy’s Laboratories0.09%
Grupo Cibest SA Pref0.08%
Laser Tek Taiwan Co Ltd0.08%
True Corp Pcl/New Nvdr0.07%
Gerdau SA Pref0.07%
Ptt Pcl Nvdr0.07%
Far Eastone Telecomm Co Ltd0.07%
Greatek Electronics Inc0.07%
Ptt Explor & Prod Pcl Nvdr0.07%
Airports of Thailand Pc Nvdr0.07%
Wpg Holdings Ltd0.07%
Wipro Ltd0.07%
General Interface Solution0.07%
Synnex Technology Intl Corp0.07%
Companhia Paranaense De Ener0.06%
Allis Electric Co Ltd0.06%
Chicony Electronics Co Ltd0.06%
Banco De Credito E Inversion0.06%
Chipmos Technologies Inc0.06%
Da Cin Construction Co Ltd0.06%
Mitac Holdings Corp0.06%
Pan African Resources PLC0.06%
Aurotek Corp0.06%
Indian Bank0.06%
Taiwan Business Bank0.06%
Moneta Money Bank As0.06%

Weight gaps

The 100 widest of 763 Holdings in both funds.

Holding weights in SPEM and XCNY, widest gap first
Holding	More in SPEMMore in XCNY	SPEM	XCNY
Taiwan Semiconductor Manufac	XCNY +5.31 points	14.63%	19.94%
Mediatek Inc	XCNY +0.87 points	1.66%	2.53%
Icici Bank Ltd	XCNY +0.86 points	<0.01%	0.86%
Delta Electronics Inc	XCNY +0.47 points	0.79%	1.26%
Vale SA	XCNY +0.42 points	0.02%	0.44%
Ase Technology Holding Co Lt	XCNY +0.36 points	0.73%	1.09%
Accton Technology Corp	XCNY +0.36 points	0.20%	0.56%
Credicorp LtdBAP	XCNY +0.26 points	0.25%	0.51%
Tripod Technology Corp	XCNY +0.25 points	0.09%	0.34%
Unimicron Technology Corp	XCNY +0.26 points	0.41%	0.67%
Zhen Ding Technology Holding	XCNY +0.25 points	0.08%	0.33%
Yuanta Financial Holding Co	XCNY +0.22 points	0.15%	0.37%
Hon Hai Precision Industry	XCNY +0.22 points	0.89%	1.11%
Gigabyte Technology Co Ltd	XCNY +0.19 points	0.03%	0.22%
Hdfc Bank LimitedHDFCB	XCNY +0.18 points	0.74%	0.92%
Realtek Semiconductor Corp	XCNY +0.18 points	0.07%	0.25%
Kuwait Finance HouseKFH	XCNY +0.17 points	0.15%	0.32%
Saudi Arabian Oil Co	XCNY +0.16 points	0.29%	0.45%
Advantech Co Ltd	XCNY +0.15 points	0.06%	0.21%
Elite Semiconductor Microele	XCNY +0.15 points	0.03%	0.18%
E.sun Financial Holding Co	XCNY +0.15 points	0.16%	0.31%
Asustek Computer Inc	XCNY +0.14 points	0.16%	0.30%
Sai Life Sciences Ltd	XCNY +0.14 points	0.03%	0.17%
Ardentec Corp	XCNY +0.14 points	0.01%	0.15%
Novatek Microelectronics Cor	XCNY +0.13 points	0.06%	0.19%
Al Rajhi Bank	XCNY +0.13 points	0.42%	0.55%
Co Tech Development Corp	XCNY +0.12 points	0.02%	0.14%
Gulf Development Pcl Nvdr	XCNY +0.12 points	0.04%	0.16%
King Yuan Electronics Co Ltd	XCNY +0.12 points	0.06%	0.18%
Advanced Info Service Nvdr	XCNY +0.12 points	<0.01%	0.12%
Laurus Labs Ltd	XCNY +0.12 points	0.05%	0.17%
Eternal Ltd	XCNY +0.11 points	0.18%	0.29%
Sino American Silicon Produc	XCNY +0.11 points	<0.01%	0.12%
Td Power Systems LtdTDPS	XCNY +0.11 points	0.02%	0.13%
Welspun Corp LtdWLCO	XCNY +0.10 points	0.04%	0.14%
Chipbond Technology Corp	XCNY +0.11 points	0.02%	0.13%
Mtar Technologies Ltd	XCNY +0.11 points	0.02%	0.13%
First Financial Holding Co	XCNY +0.10 points	0.07%	0.17%
Kasikornbank Pcl Nvdr	XCNY +0.11 points	<0.01%	0.11%
Global Unichip Corp	SPEM +0.11 points	0.17%	0.06%
Naspers Ltd N ShsNPN	XCNY +0.11 points	0.32%	0.43%
Ts Financial Holding Co Ltd	XCNY +0.10 points	0.29%	0.39%
Capitec LimitedCPI	XCNY +0.11 points	0.19%	0.30%
Firstrand LtdFSR	XCNY +0.10 points	0.24%	0.34%
Compeq Manufacturing Co Ltd	XCNY +0.10 points	0.04%	0.14%
Nan Ya Plastics Corp	XCNY +0.10 points	0.50%	0.60%
Micro Star International Co	XCNY +0.10 points	<0.01%	0.10%
Lpp SA	XCNY +0.09 points	0.05%	0.14%
Nu Holdings Ltd/Cayman Isl ANU	XCNY +0.10 points	0.37%	0.47%
Pan Jit International Inc	XCNY +0.09 points	<0.01%	0.09%
Hindustan Aeronautics LtdHNAL	XCNY +0.09 points	0.04%	0.13%
Ather Energy Ltd	XCNY +0.09 points	0.03%	0.12%
The Saudi National Bank	XCNY +0.09 points	0.24%	0.33%
Millicom Intl Cellular S.a.TIGO	XCNY +0.09 points	0.02%	0.11%
Parque Arauco S.a.	SPEM +0.08 points	0.12%	0.04%
Gold Fields LtdGFI	XCNY +0.08 points	0.29%	0.37%
Nuvoton Technology Corp	XCNY +0.08 points	<0.01%	0.08%
Hua Nan Financial Holdings C	SPEM +0.08 points	0.28%	0.20%
Airtac International Group	XCNY +0.08 points	0.02%	0.10%
Grupo Financiero Banorte O	XCNY +0.08 points	0.25%	0.33%
Wiwynn Corp	SPEM +0.08 points	0.14%	0.06%
Emirates Nbd Pjsc	XCNY +0.08 points	0.16%	0.24%
Cummins India LtdKKC	XCNY +0.08 points	0.02%	0.10%
Sinopac Financial Holdings	SPEM +0.08 points	0.35%	0.27%
Grupo Mexico Sab De Cv Ser B	XCNY +0.08 points	0.37%	0.45%
Aspeed Technology Inc	SPEM +0.07 points	0.12%	0.05%
Tvs Motor Co LtdTVSL	XCNY +0.07 points	0.07%	0.14%
Standard Bank Group LtdSBK	XCNY +0.08 points	0.21%	0.29%
Federal Bank Ltd ForeignFB	XCNY +0.07 points	0.02%	0.09%
Taiwan Cooperative Financial	XCNY +0.08 points	0.04%	0.12%
Mtn Group LtdMTN	XCNY +0.07 points	0.16%	0.23%
Vanguard International Semi	XCNY +0.07 points	0.03%	0.10%
Nanya Technology Corp	XCNY +0.07 points	0.23%	0.30%
Powerchip Semiconductor Manu	XCNY +0.07 points	0.04%	0.11%
Cupid LtdCUPD	XCNY +0.07 points	0.05%	0.12%
Alliance Bank Malaysia BhdABMB	SPEM +0.07 points	0.09%	0.02%
Idfc First Bank Ltd	XCNY +0.06 points	0.01%	0.08%
The Shanghai Commercial & SA	XCNY +0.07 points	0.04%	0.11%
Otp Bank PLCOTP	XCNY +0.06 points	0.28%	0.34%
Solar Industries India LtdSOIL	XCNY +0.07 points	0.01%	0.08%
Persistent Systems LtdPSYS	XCNY +0.06 points	0.04%	0.10%
Banco De Chile	XCNY +0.06 points	0.03%	0.09%
President Chain Store Corp	XCNY +0.06 points	<0.01%	0.07%
Shriram Finance LtdSHFL	XCNY +0.06 points	0.09%	0.15%
Hon Precision Inc	SPEM +0.06 points	0.11%	0.05%
Coforge Limited	XCNY +0.07 points	0.04%	0.11%
Chang Hwa Commercial Bank	SPEM +0.06 points	0.14%	0.08%
Hdfc Asset Management Co Ltd	XCNY +0.06 points	<0.01%	0.07%
America Movil Sab De C Ser B	XCNY +0.06 points	0.22%	0.28%
Banco Btg Pactual SA Unit	XCNY +0.06 points	0.10%	0.16%
Interglobe Aviation Ltd	XCNY +0.06 points	0.04%	0.10%
Malayan Banking Bhd	XCNY +0.06 points	0.14%	0.20%
Quanta Computer Inc	XCNY +0.06 points	0.24%	0.30%
Wisdom Marine Lines Co Ltd	XCNY +0.05 points	<0.01%	0.06%
Aselsan Elektronik SanayiASELS	XCNY +0.06 points	0.06%	0.12%
Fsn E Commerce Ventures Ltd	XCNY +0.06 points	0.02%	0.08%
Xp Inc Bdr	XCNY +0.06 points	<0.01%	0.07%
Titan Co LtdTTAN	XCNY +0.06 points	0.18%	0.24%
Bharat Electronics LtdBHE	XCNY +0.06 points	0.13%	0.19%
Wafer Works Corp	XCNY +0.06 points	0.01%	0.07%

All 2,722 SPEM holdings⁠All 1,168 XCNY 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 XCNY Cost

Overpaying XCNY vs SPEM

$2,472

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

SPEM 0.07%
$1,480
XCNY 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

SPEM 0.07%
XCNY 0.19%
Overpaying

Year by year

Year	SPEM	XCNY	Overpaying
10	$128	$347	$219
20	$503	$1,351	$848
30	$1,480	$3,952	$2,472

Expense ratio

0.07%SPEM, cheaper
0.19%XCNY

SPEM0.07%XCNY0.19%

0.06%0.29%

Middle half of Emerging Markets Total Market funds
Median 0.07%

SPEM 3rd cheapest of 5 funds

XCNY 4th cheapest of 5 funds

SPEM vs XCNY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPEM 2.68%, better; XCNY 2.38%
Payout (12M): SPEM $1.30; XCNY $0.75
Last payment: SPEM $0.53; XCNY $0.28
Ex-dividend: SPEM Jun 22, 2026; XCNY Jun 22, 2026
Paid on: SPEM Jun 26, 2026; XCNY Jun 26, 2026
Frequency: SPEM Twice a year; XCNY Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

SPEMTwice a year · 19 paymentsAll SPEM payments⁠

XCNYTwice a year · 5 paymentsAll XCNY payments⁠

SPEM vs XCNY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPEM 12.1%XCNY 14.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: SPEM 1.03XCNY 0.58since Oct 2024
Worst fallMax drawdown, 5 years: SPEM −29.2%XCNY −19.4%since Sep 2024
Market sensitivityBeta, 5 years: SPEM 0.86XCNY 0.77; Market = 1

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