EMGF vs SPY
iShares Emerging Markets Equity Factor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EMGF delivered stronger 1-year returns. EMGF offers more diversification with 702 holdings.
Side-by-Side Comparison
| Metric | EMGF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.26% | 0.09% | |
| AUM | $1.8B | $789.1B | |
| Dividend Yield | 1.97% | 1.01% | |
| Holdings | 702 | 505 | |
| YTD Return | +20.74% | +14.47% | |
| 1Y Return | +33.93% | +21.96% | |
| 3Y Return (annualized) | +24.18% | +21.70% | |
| 5Y Return (annualized) | +10.24% | +13.30% | |
| Volatility (annualized) | 16.9% | 15.3% | |
| Max Drawdown | -40.2% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 8, 2015 | Jan 22, 1993 |
EMGF vs SPY Performance
iShares Emerging Markets Equity Factor ETF (EMGF) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EMGF returned +33.93% while SPY returned +21.96%. Year to date, EMGF is up 20.74% versus a gain of 14.47% for SPY.
Over three years, EMGF compounded at +24.18% per year against +21.70% for SPY; over five years the annualized figures are +10.24% and +13.30% respectively. Across the full 11-year window we track, EMGF has the edge at +10.43% annualized vs +8.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EMGF has been the more volatile fund, with annualized monthly volatility of 16.9% 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 -40.2% for EMGF 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 0.69. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EMGF charges 0.26% per year while SPY charges 0.09%. On a $10,000 position that is $26 vs $9 annually, a gap of $17 per year that compounds over a long holding period. On income, EMGF currently yields 1.97% against 1.01% for SPY.
Holdings Overlap
EMGF and SPY share 1 holdings out of 1137 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in EMGF | Weight in SPY | Difference |
|---|---|---|---|
| HAL | 0.20% | 0.04% | 0.16% |
Frequently Asked Questions
Which is cheaper, EMGF or SPY?
EMGF has an expense ratio of 0.26% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $17 per year of difference.
Which performed better, EMGF or SPY?
Over the past year EMGF returned +33.93% vs +21.96% for SPY, so EMGF leads on 1-year performance. Over the longest common window we track (11 years), EMGF annualized +10.43% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, EMGF or SPY?
EMGF has been the more volatile fund at 16.9% annualized versus 15.3% for SPY. Worst drawdown: EMGF -40.2% vs SPY -56.5%.
Should I hold both EMGF and SPY?
EMGF and SPY have a monthly-return correlation of 0.69, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EMGF and SPY?
EMGF and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 1137 unique securities.
Which pays a higher dividend, EMGF or SPY?
EMGF yields 1.97% while SPY yields 1.01%, so EMGF currently pays the higher dividend yield.
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