MEMX vs SPY
Matthews Emerging Markets ex China Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MEMX delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MEMX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $52M | $789.1B | |
| Dividend Yield | 3.77% | 1.01% | |
| Holdings | 90 | 505 | |
| YTD Return | +24.65% | +13.68% | |
| 1Y Return | +48.54% | +21.53% | |
| 3Y Return (annualized) | +24.81% | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 17.6% | 15.3% | |
| Max Drawdown | -19.3% | -56.5% | |
| Fund Family | Matthews Asia Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 10, 2023 | Jan 22, 1993 |
MEMX vs SPY Performance
Matthews Emerging Markets ex China Active ETF (MEMX) is a ETF from Matthews Asia Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MEMX returned +48.54% while SPY returned +21.53%. Year to date, MEMX is up 24.65% versus a gain of 13.68% for SPY.
Over three years, MEMX compounded at +24.81% per year against +21.44% for SPY. Across the full 4-year window we track, MEMX has the edge at +21.68% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MEMX has been the more volatile fund, with annualized monthly volatility of 17.6% 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 -19.3% for MEMX 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MEMX charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, MEMX currently yields 3.77% against 1.01% for SPY.
Holdings Overlap
MEMX and SPY share 1 holdings out of 584 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in MEMX | Weight in SPY | Difference |
|---|---|---|---|
| FCX:AR | 1.10% | 0.14% | 0.96% |
Frequently Asked Questions
Which is cheaper, MEMX or SPY?
MEMX has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, MEMX or SPY?
Over the past year MEMX returned +48.54% vs +21.53% for SPY, so MEMX leads on 1-year performance. Over the longest common window we track (4 years), MEMX annualized +21.68% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MEMX or SPY?
MEMX has been the more volatile fund at 17.6% annualized versus 15.3% for SPY. Worst drawdown: MEMX -19.3% vs SPY -56.5%.
Should I hold both MEMX and SPY?
MEMX and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MEMX and SPY?
MEMX and SPY share 1 common holdings with a 0.1% weight overlap. Combined, they hold 584 unique securities.
Which pays a higher dividend, MEMX or SPY?
MEMX yields 3.77% while SPY yields 1.01%, so MEMX currently pays the higher dividend yield.
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