SPDR Portfolio Emerging Markets ETF
ALTAR
Score™
7.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
17.1x P/Sales
ratio
1.3x
P/BV
ratio
1.6x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Emerging Markets ETF objective is to replicate the performance of the S&P Emerging BMI Index. The Index measures the investable universe of publicly traded companies domiciled in emer

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Mar 19, 2007
Assets (mns) $4,541
Currency USD
Expense ratio 11 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 2465
Wgt avg mkt cap (mns) $137,611
Large cap (>$10bn) 66.5%
Mid cap ($2-10bn) 21.6%
Small cap (<$2bn) 9.0%
Developed mkts 10.2%
Emerging mkts 87.5%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 7.8 %
TENCENT HOLDINGS LTD 6.0 %
TAIWAN SEMICONDUCTOR MANUFAC 4.1 %
MEITUAN DIANPING 1.9 %
RELIANCE INDS-SPONS GDR 144A 1.3 %
NASPERS LTD-N SHS 1.2 %
JD.COM INC-ADR 1.1 %
CHINA CONSTRUCTION BANK-H 1.0 %
PING AN INSURANCE GROUP CO-H 1.0 %
HDFC BANK LIMITED 1.0 %
Total 26.4 %

TOP COUNTRY EXPOSURE
CHINA 38.8 %
TAIWAN 14.1 %
INDIA 12.1 %
BRAZIL 5.3 %
HONG KONG 4.1 %
SOUTH AFRICA 3.8 %
RUSSIA 2.5 %
SAUDI ARABIA 2.1 %
MALAYSIA 2.0 %
MEXICO 1.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.9% 9.7% 9.1% 2.8% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 0.85 64%
MSCI EAFE 1.02 77%
MSCI Emg. Mkts. 0.90 95%

Technical Indicators
Recent close $37.97
30d moving avg. $37.20
Annualized volatility 18.7%
Short interest (ETF) 1.7%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 943
Turnover 0.8%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $66,334

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR Portfolio Emerging Markets ETF ETF based on the alternatives' overlap in portfolio holdings with SPEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPEM Expense: 11 bp ALTAR Score™: 7.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPEM
Ticker Fund
Name
Overlap1
vs SPEM
(%)
Expense
ratio
(bp)
Savings
vs SPEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPEM
(%)
SCHE Schwab Emerging Markets Equity ETF 66.3 11 0 7.9 +0.1
VWO Vanguard FTSE Emerging Markets ETF 66.2 10 1 8.0 +0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 64.9 65 -54 7.4 -0.3
EEM iShares MSCI Emerging Markets ETF 62.6 68 -57 7.3 -0.4
GMF SPDR S&P Emerging Asia Pacific ETF 61.7 49 -38 7.0 -0.7
IEMG iShares Core MSCI Emerging Markets ETF 61.7 13 -2 7.8 +0.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 60.3 15 -4 8.4 +0.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 59.2 36 -25 7.3 -0.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 58.4 30 -19 7.6 -0.1
EEMA iShares MSCI Emerging Markets Asia ETF 55.9 50 -39 7.6 -0.1
FLAX Franklin FTSE Asia Ex Japan ETF 55.1 19 -8 7.6 -0.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 54.5 68 -57 7.0 -0.8
JHEM John Hancock Multifactor Emerging Markets ETF 54.1 49 -38 8.7 +1.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 52.2 32 -21 5.6 -2.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 49.6 45 -34 7.5 -0.2
ESGE iShares ESG MSCI EM ETF 48.0 25 -14 8.5 +0.8
BKF iShares MSCI BRIC ETF 46.2 69 -58 7.3 -0.4
AVEM Avantis Emerging Markets Equity ETF 45.6 33 -22 8.8 +1.1
BKEM BNY Mellon Emerging Markets Equity ETF 45.5 11 0 8.2 +0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 43.8 20 -9 6.6 -1.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 43.2 30 -19 8.8 +1.1
GXC SPDR S&P China ETF 40.8 59 -48 7.6 -0.1
MCHI iShares MSCI China ETF 39.8 59 -48 7.5 -0.2
FLCH Franklin FTSE China ETF 39.7 19 -8 8.0 +0.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 38.7 59 -48 11.1 +3.4
PXH Invesco FTSE RAFI Emerging Markets ETF 38.6 50 -39 13.4 +5.7
DVEM WisdomTree Emerging Markets Dividend Fund 36.1 32 -21 7.2 -0.5
KALL KraneShares FTSE Emerging Markets Plus ETF 35.5 49 -38 7.9 +0.1
CN Xtrackers MSCI All China Equity ETF 35.2 50 -39 7.9 +0.2
NUEM Nuveen ESG Emerging Markets Equity ETF 34.5 45 -34 6.7 -1.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 34.5 49 -38 7.9 +0.2
ISEM Invesco Strategic Emerging Markets ETF 33.4 35 -24 10.8 +3.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 33.0 39 -28 13.5 +5.8
EEMO Invesco S&P Emerging Markets Momentum ETF 31.9 29 -18 4.0 -3.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 30.9 40 -29 7.2 -0.5
FDEM Fidelity Targeted Emerging Markets Factor ETF 30.6 45 -34 8.5 +0.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 29.4 95 -84 8.0 +0.3
CHIL Global X MSCI China Large-Cap 50 ETF 28.7 29 -18 7.5 -0.2
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 27.9 50 -39 10.4 +2.7
CXSE WisdomTree China ex-State-Owned Enterprises Fund 27.6 32 -21 11.2 +3.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 26.6 44 -33 9.2 +1.5
EMXC iShares MSCI Emerging Markets ex China ETF 26.0 25 -14 8.2 +0.5
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 25.9 49 -38 7.7 +0.0
VSGX Vanguard ESG International Stock ETF 25.8 17 -6 7.1 -0.6
EMMF WisdomTree Emerging Markets Multifactor Fund 25.7 48 -37 9.6 +1.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 25.4 16 -5 7.0 -0.8
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 25.0 25 -14 8.0 +0.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 24.9 32 -21 9.0 +1.3
RNEM Emerging Markets Equity Select ETF 23.6 75 -64 11.8 +4.1
ROAM Hartford Multifactor Emerging Markets ETF 22.8 44 -33 13.2 +5.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 22.4 40 -29 7.2 -0.5
ECON Columbia Emerging Markets Consumer ETF 22.1 59 -48 4.9 -2.8
VYMI Vanguard International High Dividend Yield ETF 22.1 27 -16 10.3 +2.5
VEU Vanguard FTSE All-World ex-US Index Fund 21.9 8 3 7.6 -0.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 21.8 45 -34 9.1 +1.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 21.5 86 -75 2.1 -5.6
ACWX iShares MSCI ACWI ex U.S. ETF 21.0 32 -21 7.3 -0.4
CWI SPDR MSCI ACWI ex-US ETF 20.9 30 -19 7.3 -0.5
IXUS ishares Core MSCI Total International Stock ETF 20.7 9 2 7.4 -0.3
AIA iShares Asia 50 ETF 20.5 50 -39 7.7 0.0
FDNI First Trust Dow Jones International Internet ETF 20.2 65 -54 2.0 -5.7
KWEB KraneShares CSI China Internet ETF 19.7 76 -65 2.0 -5.8
VXUS Vanguard Total International Stock Index Fund 19.1 8 3 7.6 -0.1
BICK First Trust BICK Index Fund 19.0 64 -53 4.7 -3.0
TTTN UP Fintech China-U.S. Internet Titans ETF 18.3 59 -48 4.2 -3.5
FXI iShares China Large-Cap ETF 16.8 74 -63 13.1 +5.4
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 16.0 18 -7 4.8 -2.9
EELV Invesco S&P Emerging Markets Low Volatility ETF 15.5 29 -18 10.1 +2.4
XCEM Columbia EM Core ex-China ETF 15.2 16 -5 7.1 -0.6
FNI First Trust Chindia ETF 14.8 60 -49 2.4 -5.3
OGIG O'Shares Global Internet Giants ETF 14.7 48 -37 0.5 -7.2
CHIQ Global X China Consumer ETF 14.6 65 -54 6.7 -1.0
PEK VanEck Vectors ChinaAMC CSI 300 ETF 14.6 60 -49 3.9 -3.8
PIE Invesco DWA Emerging Markets Momentum ETF 14.5 90 -79 5.0 -2.7
VIGI Vanguard International Dividend Appreciation ETF 14.2 20 -9 5.6 -2.1
DEM WisdomTree Emerging Markets High Dividend Fund 13.2 63 -52 15.2 +7.5
DINT Davis Select International ETF 13.1 68 -57 5.7 -2.0
PGJ Invesco Golden Dragon China ETF 12.3 70 -59 3.3 -4.4
GBUY Goldman Sachs Motif New Age Consumer ETF 12.2 50 -39 1.7 -6.0
DWLD Davis Select Worldwide ETF 11.7 63 -52 6.4 -1.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 11.6 45 -34 14.6 +6.9
WUGI Esoterica NextG Economy ETF 11.3 75 -64 1.5 -6.2
FLTW Franklin FTSE Taiwan ETF 11.1 19 -8 6.2 -1.6
JOYY Infusive Compounding Global Equities ETF 11.1 50 -39 3.6 -4.1
EWT iShares MSCI Taiwan ETF 11.0 59 -48 6.0 -1.7
BUYZ Franklin Disruptive Commerce ETF 10.9 50 -39 -0.2 -7.9
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 10.8 20 -9 11.8 +4.0
PNQI Invesco NASDAQ Internet ETF 10.8 60 -49 0.9 -6.8
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 10.3 61 -50 8.9 +1.2
FEM First Trust Emerging Markets AlphaDEX Fund 10.3 80 -69 13.9 +6.2
CQQQ Invesco China Technology ETF 10.2 70 -59 6.0 -1.8
GIGE SoFi Gig Economy ETF 10.0 59 -48 -0.8 -8.5
LOWC SPDR MSCI ACWI Low Carbon Target ETF 9.5 20 -9 6.0 -1.8
GENY Principal Millennials Index ETF 9.4 45 -34 3.7 -4.0
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 9.2 60 -49 4.4 -3.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 9.2 20 -9 6.0 -1.8
VT Vanguard Total World Stock Index Fund 9.0 8 3 6.0 -1.7
AIQ Global X Future Analytics Tech ETF 9.0 68 -57 4.0 -3.7
ACWI iShares MSCI ACWI ETF 8.9 32 -21 5.7 -2.0

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR Portfolio Emerging Markets ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.0 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 11 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.39 CATEGORY
AVERAGE
1.43
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.