EEMS vs SPY
Ishares MSCI Emerging Markets Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EEMS or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. EEMS led over 1Y, SPY over 3Y, 5Y and the full window. EEMS is less concentrated, with 6.0% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EEMS | SPY |
|---|---|---|
| Expense Ratio | 0.72% | 0.09%Best |
| AUM | $374M | $804.7B |
| Dividend Yield | 3.09% | 0.98% |
| Holdings | 1,723 | 505 |
| YTD Return | +14.67%Best | +12.19% |
| 1Y Return | +18.80%Best | +18.53% |
| 3Y Return (annualized) | +14.57% | +20.88%Best |
| 5Y Return (annualized) | +7.39% | +12.69%Best |
| Volatility (annualized) | 17.4% | 14.3%Best |
| Max Drawdown | -51.7% | -34.1%Best |
| $10,000 over 5 years | $14,283 | $18,173Best |
| Top 10 Weight | 6.0%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Aug 16, 2011 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Aug 18, 2011 to Sep 9, 2026 (15.1 years).
EEMS vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 15.1 years both funds cover.
EEMS vs SPY Performance
Ishares MSCI Emerging Markets Small Cap ETF (EEMS) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EEMS returned +18.80% while SPY returned +18.53%. Year to date, EEMS is up 14.67% versus a gain of 12.19% for SPY.
Over three years, EEMS compounded at +14.57% per year against +20.88% for SPY; over five years the annualized figures are +7.39% and +12.69% respectively. Across the full 15-year window we track, SPY has the edge at +13.97% annualized vs +4.04%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EEMS has been the more volatile fund, with annualized monthly volatility of 17.4% compared with 14.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -51.7% for EEMS and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EEMS charges 0.72% per year while SPY charges 0.09%. On a $10,000 position that is $72 vs $9 annually, a gap of $63 per year that compounds over a long holding period. On income, EEMS currently yields 3.09% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1,682 holdings in EEMS and 504 in SPY, totalling 99.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1,682 positions we hold weights for in EEMS and 504 in SPY, against full books of 1,723 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for EEMS (99.5% of the fund), and 18 for EEMS that do not appear in SPY (1.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EEMS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EEMS or SPY?
EEMS has an expense ratio of 0.72% while SPY charges 0.09%. SPY is the cheaper option, by $63 a year on a $10,000 investment.
Which performed better, EEMS or SPY?
Over the past year EEMS returned +18.80% vs +18.53% for SPY, so EEMS leads on 1-year performance. Over the longest common window we track (15 years), EEMS annualized +4.04% vs +13.97% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EEMS or SPY?
EEMS has been the more volatile fund at 17.4% annualized versus 14.3% for SPY. Worst drawdown: EEMS -51.7% vs SPY -34.1%.
Should I hold both EEMS and SPY?
EEMS and SPY have a monthly-return correlation of 0.74, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EEMS or SPY?
EEMS yields 3.09% while SPY yields 0.98%, so EEMS currently pays the higher dividend yield.
Is SPY better than EEMS?
SPY has a lower expense ratio. EEMS led over 1Y, SPY over 3Y, 5Y and the full window. EEMS is less concentrated, with 6.0% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.