EMES vs SPY
Harbor Emerging Markets Select ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EMES or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. EMES led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 47.9%.
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 | EMES | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $12M | $814.4B |
| Dividend Yield | 0.46% | 1.01% |
| Holdings | 60 | 505 |
| YTD Return | +25.72%Best | +13.34% |
| 1Y Return | +40.51%Best | +19.97% |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 20.3% | 11.8%Best |
| Max Drawdown | -13.0% | -8.9%Best |
| $10,000 over 1.3 years | $14,495Best | $13,210 |
| Top 10 Weight | 47.9% | 38.0%Best |
| Fund Family | Harbor Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | May 14, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: May 15, 2025 to Sep 4, 2026 (1.3 years).
EMES 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 1.3 years both funds cover.
EMES vs SPY Performance
Harbor Emerging Markets Select ETF (EMES) is an ETF from Harbor Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EMES returned +40.51% while SPY returned +19.97%. Year to date, EMES is up 25.72% versus a gain of 13.34% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EMES has been the more volatile fund, with annualized monthly volatility of 20.3% compared with 11.8% 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 -13.0% for EMES and -8.9% 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EMES charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, EMES currently yields 0.46% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 51 holdings in EMES and 504 in SPY, totalling 96.2% 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 51 positions we hold weights for in EMES and 504 in SPY, against full books of 60 and 505.
What only one of them owns
Our book lists 496 positions for SPY that do not appear in our book for EMES (99.5% of the fund), and 4 for EMES that do not appear in SPY (6.9%).
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 EMES 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, EMES or SPY?
EMES has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, EMES or SPY?
Over the past year EMES returned +40.51% vs +19.97% for SPY, so EMES leads on 1-year performance. Over the longest common window we track (1 years), EMES annualized +33.05% vs +23.88% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EMES or SPY?
EMES has been the more volatile fund at 20.3% annualized versus 11.8% for SPY. Worst drawdown: EMES -13.0% vs SPY -8.9%.
Should I hold both EMES and SPY?
EMES and SPY have a monthly-return correlation of 0.81, 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, EMES or SPY?
EMES yields 0.46% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than EMES?
SPY has a lower expense ratio. EMES led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 47.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.