SPEM vs VNQI: Holdings Overlap
SPEMState Street® SPDR® Portfolio Emerging Markets ETF
State Street (SPDR) · 2776 holdings · $17.4B · as of 2026-08-06
VNQIVanguard Global Ex-u.s. Real Estate Index Fund
Vanguard · 710 holdings · $3.6B · as of 2026-04-30
Holdings snapshots are 98 days apart (SPEM: 2026-08-06, VNQI: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are SPEM and VNQI?
State Street® SPDR® Portfolio Emerging Markets ETF (SPEM, by State Street (SPDR)) holds 2776 positions; Vanguard Global Ex-u.s. Real Estate Index Fund (VNQI, by Vanguard) holds 710. They have 68 holdings in common, and by portfolio weight the two funds are 1.7% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 68SPEM holds 2776 · VNQI holds 710
- Weight in Shared Holdings
- SPEM 2%·VNQI 11%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in SPEM
2708 of 2776 positions (107.1% of the fund) are not held by VNQI. Showing the top 30 by weight.
Sector Breakdown
| Sector | SPEM | VNQI |
|---|---|---|
| Real Estate | 0.4% | 64.7% |
| Information Technology | 25.3% | 0.0% |
| Financials | 15.1% | 0.0% |
| Consumer Discretionary | 7.0% | 0.0% |
| Communication Services | 5.4% | 0.0% |
| Other Sectors | 12.1% | 0.0% |
| Unclassified | 43.5% | 34.3% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (40% of SPEM, 35% of VNQI).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| SPEM | +2.8% | +13.1% | +22.8% | +17.3% | +7.2% | +8.6% | 2.48% |
| VNQI | +1.6% | +0.8% | +3.4% | +8.5% | -0.7% | +2.2% | 4.66% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in SPEM vs VNQI →
Shared Holdings(68)
The top 10 shared positions account for 59% of the overlap, led by EMAAR, PARAUCO and 688.
 EMAAREmaar Properties PJSC | 0.16% | 1.81% | 0.16% |
|---|---|---|---|
 PARAUCOParque Arauco SA | 0.14% | 0.27% | 0.14% |
 688China Overseas Land & Investment Ltd | 0.13% | 0.58% | 0.13% |
 1109China Resources Land Ltd | 0.12% | 1.09% | 0.12% |
 ALDARAldar Properties PJSC | 0.11% | 0.72% | 0.11% |
 IOIPGIOI Properties Group Bhd | 0.07% | 0.18% | 0.07% |
 ARCPAnant Raj Ltd | 0.14% | 0.07% | 0.07% |
 KREKUWAIT REAL ESTATE CO KSC | 0.06% | 0.09% | 0.06% |
 SMPHSM Prime Holdings Inc | 0.06% | 0.31% | 0.06% |
 ALOS3Allos SA | 0.06% | 0.08% | 0.06% |
 OSKOSK Holdings Bhd | 0.09% | 0.05% | 0.05% |
 NRPNEPI Rockcastle NV | 0.05% | 0.48% | 0.05% |
 FUNO-11Fibra Uno Administracion SA de CV | 0.05% | 0.43% | 0.05% |
 6177Da-Li Development Co Ltd | 0.04% | 0.05% | 0.04% |
 PHNXPhoenix Mills Ltd/The | 0.04% | 0.32% | 0.04% |
 FIBRAMQ-12HSBC Mexico S.A. CBFI (FIBRA MACQUARIE MEXICO) 144A/REG S | 0.03% | 0.17% | 0.03% |
 DLFUDLF Ltd | 0.03% | 0.36% | 0.03% |
 ALIAyala Land Inc | 0.03% | 0.13% | 0.03% |
 EMAARDEVEmaar Development PJSC | 0.02% | 0.30% | 0.02% |
 6098Country Garden Services Holdings Co Ltd | 0.02% | 0.15% | 0.02% |
 2520Kindom Development Co Ltd | 0.02% | 0.03% | 0.02% |
 MABANEEMabanee Co KPSC | 0.02% | 0.20% | 0.02% |
 1442Advancetek Enterprise Co Ltd | 0.04% | 0.02% | 0.02% |
 PEPLPrestige Estates Projects Ltd | 0.02% | 0.23% | 0.02% |
 GRTGrowthpoint Properties Ltd NPV | 0.02% | 0.30% | 0.02% |
Frequently Asked Questions
How much do SPEM and VNQI overlap?
SPEM and VNQI overlap by 1.7% of portfolio weight. They share 68 holdings (SPEM holds 2776 positions and VNQI holds 710), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SPEM and VNQI?
The two portfolios are 1.7% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of SPEM and VNQI?
The largest positions held by both funds are EMAAR, PARAUCO, 688, 1109 and ALDAR. Together the top 10 shared positions account for 59% of the total overlap.
What does SPEM own that VNQI doesn't?
2708 positions (107.1% of SPEM) are unique to SPEM, led by 2330, 700 and 9988. In the other direction, 642 positions (87.5% of VNQI) are unique to VNQI.