EMF vs SPY
Templeton Emerging Markets Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, EMF or SPY?
Each has led over a different period.
SPY has a lower expense ratio. EMF led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.5%.
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 | EMF | SPY |
|---|---|---|
| Expense Ratio | 1.50% | 0.09%Best |
| AUM | $6,444.06 | $814.4B |
| Dividend Yield | 6.95% | 1.01% |
| Holdings | 100 | 505 |
| YTD Return | +36.55%Best | +13.34% |
| 1Y Return | +65.98%Best | +19.97% |
| 3Y Return (annualized) | +35.00%Best | +21.20% |
| 5Y Return (annualized) | +13.20%Best | +12.81% |
| Volatility (annualized) | 29.2% | 15.2%Best |
| Max Drawdown | -73.7% | -56.5%Best |
| $10,000 over 5 years | $18,588Best | $18,270 |
| Top 10 Weight | 58.5% | 38.0%Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Feb 27, 1987 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 4, 2026 (30.7 years).
EMF 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
EMF vs SPY Performance
Templeton Emerging Markets Fund (EMF) is an ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EMF returned +65.98% while SPY returned +19.97%. Year to date, EMF is up 36.55% versus a gain of 13.34% for SPY.
Over three years, EMF compounded at +35.00% per year against +21.20% for SPY; over five years the annualized figures are +13.20% and +12.81% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs +1.95%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EMF has been the more volatile fund, with annualized monthly volatility of 29.2% compared with 15.2% 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 -73.7% for EMF and -56.5% 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 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
EMF charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, EMF currently yields 6.95% against 1.01% for SPY.
Holdings Overlap
0.6% of EMF's money is in holdings SPY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 89 positions we hold weights for in EMF and 504 in SPY, against full books of 100 and 505.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for EMF (99.4% of the fund), and 4 for EMF that do not appear in SPY (3.7%).
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.
Top Shared Holdings
| Stock | Weight in EMF | Weight in SPY | Difference |
|---|---|---|---|
| CTSHCognizant Technology Solutions Corp. Class A | 0.55% | 0.04% | 0.51% |
You are not choosing between two funds in isolation.
Whichever of EMF 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, EMF or SPY?
EMF has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option, by $141 a year on a $10,000 investment.
Which performed better, EMF or SPY?
Over the past year EMF returned +65.98% vs +19.97% for SPY, so EMF leads on 1-year performance. Over the longest common window we track (31 years), EMF annualized +1.95% vs +8.82% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EMF or SPY?
EMF has been the more volatile fund at 29.2% annualized versus 15.2% for SPY. Worst drawdown: EMF -73.7% vs SPY -56.5%.
Should I hold both EMF and SPY?
EMF and SPY have a monthly-return correlation of 0.65, 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, EMF or SPY?
EMF yields 6.95% while SPY yields 1.01%, so EMF currently pays the higher dividend yield.
Is SPY better than EMF?
SPY has a lower expense ratio. EMF led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.