Dividend comparison
VWO vs SPEM: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard FTSE Emerging Markets ETF and State Street SPDR Portfolio Emerging Markets ETF, side by side. Updated October 21, 2026.
VWO vs SPEM: key differences
The short answer, from the latest data on this page.
- Fees. VWO is cheaper at 0.06% a year versus 0.07% for SPEM. On $10,000 that is $1 a year less in fees.
- Income. Their trailing yields are almost the same: 2.54% for VWO and 2.55% for SPEM. Both pay annual.
- Performance. Over the last 5 years, SPEM returned 33.1% versus 28.9% for VWO, with dividends reinvested. $10,000 would have grown to $13,306 in SPEM and $12,887 in VWO.
- Risk. Their worst declines over the last 5 years were similar: -30.2% for VWO and -29.7% for SPEM from peak to trough.
- Diversification. VWO holds 5,942 positions and SPEM holds 2,722. The ten largest positions make up 27.3% of VWO and 25.7% of SPEM.
- Overlap. At least 34% of the two portfolios overlap by weight, across 45 shared holdings.
- Dividend growth. VWO grew its yearly payout 3.6% a year over the last 4 years, versus -0.1% for SPEM.
- Size. VWO is the larger fund with $164.7 billion in assets, against $17.0 billion for SPEM.
Bottom line: VWO fits better if you care most about faster dividend growth and broader diversification. SPEM fits better if you care most about stronger 5-year returns.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | VWO Vanguard FTSE Emerging Markets ETF | SPEM State Street SPDR Portfolio Emerging Markets ETF |
|---|---|---|
| Dividend yield (TTM) | 2.54% | 2.55% |
| Dividend / share (TTM) | $1.48 | $1.30 |
| Payout frequency | Annual | Annual |
| Last dividend | $0.1137 on Sep 22, 2026 | $0.5277 on Jun 26, 2026 |
| Ex-dividend date | Sep 18, 2026 | Jun 22, 2026 |
| Dividend growth (CAGR) | 3.6% over 4 yrs | -0.1% over 4 yrs |
| Price | $58.25 | $50.91 |
| Dividend growth streak | 1 year | 2 years |
| Beta | 0.78 | 0.86 |
| Max drawdown (5Y) | -30.2% | -29.7% |
| Market cap | $164.76B | $16.86B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.06% | 0.07% |
| Assets under management | $164.70B | $17.00B |
| Number of holdings | 5942 | 2722 |
| Top 10 concentration | 27.3% | 25.7% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
VWO
$21.17/mo
$254 /yr at 2.54% yield
SPEM
$21.27/mo
$255 /yr at 2.55% yield
Dividend history
Total dividends paid per share in each calendar year. VWO pays annual; SPEM pays annual.
| Year | VWO | SPEM |
|---|---|---|
| 2025 | $1.4973 | $1.2983 |
| 2024 | $1.4089 | $1.0677 |
| 2023 | $1.4472 | $0.9928 |
| 2022 | $1.6037 | $1.1124 |
| 2021 | $1.2994 | $1.3037 |
Strategy: International equity
Funds that hold companies outside the United States, either across developed markets like Europe, Japan and Canada, across emerging markets like China, India and Taiwan, or both. Index providers disagree on edge cases such as whether South Korea is developed or emerging and whether small caps or Canada are included, which explains most of the gap between similar-looking funds. Dividend yields are usually higher than in the US market.
Returns are exposed to currency moves and to political and regulatory risk that US investors do not face at home, and emerging markets add wide swings.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $12,887 in VWO and $13,306 in SPEM.
| Period | VWO | SPEM |
|---|---|---|
| 1 month | -2.93% | -2.84% |
| 3 months | 0.74% | 1.47% |
| Year to date | 8.68% | 9.86% |
| 1 year | 8.25% | 9.89% |
| 3 years | 66.91% | 70.38% |
| 5 years | 28.87% | 33.06% |
- VWO
- SPEM
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- VWO
- SPEM
VWO vs SPEM holdings overlap
At least 34% overlap by weight, with 45 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | VWO weight | SPEM weight |
|---|---|---|
| 2330.TWTaiwan Semiconductor Manufacturing Co Ltd | 15.72% | 14.27% |
| 0700.HKTencent Holdings Ltd | 2.81% | 2.60% |
| 9988.HKAlibaba Group Holding Ltd | 2.11% | 2.14% |
| 2454.TWMediaTek Inc | 1.87% | 1.70% |
| 0939.HKChina Construction Bank Corp | 0.91% | 0.99% |
| 2308.TWDelta Electronics Inc | 0.94% | 0.85% |
| 2317.TWHon Hai Precision Industry Co Ltd | 0.79% | 0.85% |
| 3711.TWASE Technology Holding Co Ltd | 0.61% | 0.70% |
| 1398.HKIndustrial & Commercial Bank of China Ltd | 0.65% | 0.59% |
| PDDPDD HOLDINGS INC | 0.50% | 0.49% |
Top 10 holdings
Largest positions by portfolio weight.
VWO5942 holdings total
| Name | Weight |
|---|---|
| 2330.TWTaiwan Semiconductor Manufacturing Co Ltd | 15.72% |
| 0700.HKTencent Holdings Ltd | 2.81% |
| 9988.HKAlibaba Group Holding Ltd | 2.11% |
| 2454.TWMediaTek Inc | 1.87% |
| 2308.TWDelta Electronics Inc | 0.94% |
| 0939.HKChina Construction Bank Corp | 0.91% |
| 2317.TWHon Hai Precision Industry Co Ltd | 0.79% |
| HDFCBANK.BOHDFC Bank Ltd | 0.78% |
| HDFCBANK.NSHDFC Bank Ltd | 0.70% |
| RELIANCE.BOReliance Industries Ltd | 0.69% |
SPEM2722 holdings total
| Name | Weight |
|---|---|
| 2330.TWTAIWAN SEMICONDUCTOR MANUFAC | 14.27% |
| 0700.HKTENCENT HOLDINGS LTD | 2.60% |
| 9988.HKALIBABA GROUP HOLDING LTD | 2.14% |
| 2454.TWMEDIATEK INC | 1.70% |
| 0939.HKCHINA CONSTRUCTION BANK H | 0.99% |
| 2308.TWDELTA ELECTRONICS INC | 0.85% |
| 2317.TWHON HAI PRECISION INDUSTRY | 0.85% |
| HDFCBHDFC BANK LIMITED | 0.76% |
| RIGDRELIANCE INDS SPONS GDR 144A | 0.75% |
| IBNICICI BANK LTD SPON ADR | 0.74% |
Quick verdict
VWO fits better if you care most about faster dividend growth and broader diversification. SPEM fits better if you care most about stronger 5-year returns. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how VWO vs SPEM fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is VWO or SPEM better for dividend income?
It depends on your goals. VWO currently yields 2.54% Trailing Twelve Months (TTM) while SPEM yields 2.55%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between VWO and SPEM?
Vanguard FTSE Emerging Markets ETF (VWO) is an ETF listed on AMEX. State Street SPDR Portfolio Emerging Markets ETF (SPEM) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, VWO or SPEM?
VWO has the lower expense ratio. VWO charges 0.06% a year and SPEM charges 0.07%, a difference of $1 a year on a $10,000 investment.
Which has performed better, VWO or SPEM?
Over the last 5 years, SPEM has the higher total return with dividends reinvested: VWO returned 28.9% and SPEM returned 33.1%. Past performance does not predict future returns.
Which is riskier, VWO or SPEM?
Measured by the worst peak-to-trough decline over the last five years, VWO has been riskier: VWO fell as much as 30.2% and SPEM as much as 29.7%. Their betas are 0.78 and 0.86.
How much do VWO and SPEM overlap?
At least 34% of the two portfolios overlap by weight, across 45 shared holdings. The largest shared positions are 2330.TW, 0700.HK, 9988.HK. Holding both still adds meaningful diversification.
How often do VWO and SPEM pay dividends?
Both pay annual. The most recent payments were $0.1137 for VWO and $0.5277 for SPEM.
How much income does $10,000 in VWO vs SPEM generate?
At current TTM yields, $10,000 in VWO would generate roughly $21.17 per month ($254 annually). The same amount in SPEM would produce about $21.27 per month ($255 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both VWO and SPEM?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare VWO vs SPEM with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VWO and SPEM fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
Related comparisons
For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.