EMES vs SPY
Harbor Emerging Markets Select ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EMES delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EMES | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $12M | $789.1B | |
| Dividend Yield | 0.42% | 1.01% | |
| Holdings | 60 | 505 | |
| YTD Return | +22.30% | +14.47% | |
| 1Y Return | +37.27% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 21.0% | 15.3% | |
| Max Drawdown | -13.0% | -56.5% | |
| Fund Family | Harbor Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 14, 2025 | Jan 22, 1993 |
EMES vs SPY Performance
Harbor Emerging Markets Select ETF (EMES) is a ETF from Harbor Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EMES returned +37.27% while SPY returned +21.96%. Year to date, EMES is up 22.30% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
EMES has been the more volatile fund, with annualized monthly volatility of 21.0% compared with 15.3% 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 -13.0% for EMES and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 0.42% against 1.01% for SPY.
Holdings Overlap
EMES and SPY share 0 holdings out of 553 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $56 per year of difference.
Which performed better, EMES or SPY?
Over the past year EMES returned +37.27% vs +21.96% for SPY, so EMES leads on 1-year performance. Over the longest common window we track (1 years), EMES annualized +31.95% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, EMES or SPY?
EMES has been the more volatile fund at 21.0% annualized versus 15.3% for SPY. Worst drawdown: EMES -13.0% vs SPY -56.5%.
Should I hold both EMES and SPY?
EMES and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EMES and SPY?
EMES and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 553 unique securities.
Which pays a higher dividend, EMES or SPY?
EMES yields 0.42% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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