SPEM vs VWO: Holdings Overlap
SPEMState Street® SPDR® Portfolio Emerging Markets ETF
State Street (SPDR) · 2776 holdings · $17.4B · as of 2026-08-06
VWOVanguard Emerging Markets Stock Index Fund
Vanguard · 5015 holdings · $124.9B · as of 2026-04-30
Holdings snapshots are 98 days apart (SPEM: 2026-08-06, VWO: 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 VWO?
State Street® SPDR® Portfolio Emerging Markets ETF (SPEM, by State Street (SPDR)) holds 2776 positions; Vanguard Emerging Markets Stock Index Fund (VWO, by Vanguard) holds 5015. They have 1474 holdings in common, and by portfolio weight the two funds are 69.2% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 69.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 1474SPEM holds 2776 · VWO holds 5015
- Weight in Shared Holdings
- SPEM 93%·VWO 77%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
1302 of 2776 positions (16.0% of the fund) are not held by VWO. Showing the top 30 by weight.
Only in VWO
3541 of 5015 positions (21.8% of the fund) are not held by SPEM. Showing the top 30 by weight.
Sector Breakdown
| Sector | SPEM | VWO |
|---|---|---|
| Information Technology | 25.3% | 23.7% |
| Financials | 15.1% | 12.6% |
| Consumer Discretionary | 7.0% | 7.0% |
| Communication Services | 5.4% | 5.7% |
| Materials | 3.8% | 3.4% |
| Other Sectors | 8.7% | 9.5% |
| Unclassified | 43.5% | 37.4% |
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, 38% of VWO).
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% |
| VWO | +2.7% | +12.6% | +22.3% | +16.6% | +6.6% | +7.9% | 2.29% |
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 VWO →
Shared Holdings(1474)
The top 10 shared positions account for 36% of the overlap, led by 2330, 700 and 9988.
 2330Taiwan Semiconductor Manufacturing Co Ltd | 14.02% | 14.61% | 14.02% |
|---|---|---|---|
 700Tencent Holdings Ltd. | 3.01% | 3.26% | 3.01% |
 9988Alibaba Group Holding Ltd | 2.36% | 2.55% | 2.36% |
 2454MediaTek Inc | 1.64% | 1.06% | 1.06% |
 2308Delta Electronics Inc | 0.95% | 1.17% | 0.95% |
 939China Construction Bank Corp | 0.88% | 0.85% | 0.85% |
 HDFCBHDFC Bank Ltd | 0.75% | 0.80% | 0.75% |
 2317Hon Hai Precision Industry Co Ltd | 0.96% | 0.74% | 0.74% |
 1398Industrial & Commercial Bank of China Ltd | 0.55% | 0.62% | 0.55% |
 PDDPDD Holdings Inc. SPONSORED ADS | 0.54% | 0.66% | 0.54% |
 BHARTIBharti Airtel Ltd | 0.55% | 0.51% | 0.51% |
 3690Meituan, B Shares | 0.48% | 0.50% | 0.48% |
 1810Xiaomi Corp | 0.47% | 0.56% | 0.47% |
 3711ASE Technology Holding Co Ltd | 0.70% | 0.44% | 0.44% |
 1120Al Rajhi Bank | 0.44% | 0.47% | 0.44% |
 2318Ping An Insurance Group Co of China Ltd | 0.40% | 0.46% | 0.40% |
 3988Bank of China Ltd | 0.43% | 0.38% | 0.38% |
 9999NetEase Inc | 0.41% | 0.37% | 0.37% |
 2383Elite Material Co Ltd | 0.38% | 0.37% | 0.37% |
 NPNNaspers Ltd | 0.40% | 0.36% | 0.36% |
 1211BYD Co Ltd | 0.33% | 0.42% | 0.33% |
 3037Unimicron Technology Corp | 0.44% | 0.33% | 0.33% |
 9618JD.com Inc | 0.37% | 0.31% | 0.31% |
 GFIGold Fields Ltd | 0.29% | 0.33% | 0.29% |
 2222Saudi Arabian Oil Co | 0.28% | 0.38% | 0.28% |
Showing the top 250 of 1474 shared holdings by overlap weight.
Frequently Asked Questions
How much do SPEM and VWO overlap?
SPEM and VWO overlap by 69.2% of portfolio weight. They share 1474 holdings (SPEM holds 2776 positions and VWO holds 5015), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SPEM and VWO?
The two portfolios are 69.2% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of SPEM and VWO?
The largest positions held by both funds are 2330, 700, 9988, 2454 and 2308. Together the top 10 shared positions account for 36% of the total overlap.
What does SPEM own that VWO doesn't?
1302 positions (16.0% of SPEM) are unique to SPEM, led by RIGD, IBN and INFY. In the other direction, 3541 positions (21.8% of VWO) are unique to VWO.