The State Street SPDR Portfolio MSCI Global Stock Market ETF (NYSEMKT:SPGM) offers all-in-one exposure to developed and emerging markets, while the Schwab Emerging Markets Equity ETF (NYSEMKT:SCHE) focuses exclusively on developing economies.
Investors seeking broad international exposure often decide between a total-world approach and a targeted regional tilt. While SPGM covers the entire global equity landscape including the U.S., SCHE limits its scope to emerging markets. This analysis examines how these distinct geographic mandates influence costs, risk profiles, and historical performance.
Snapshot (cost & size)
|
Metric |
SPGM |
SCHE |
|---|---|---|
|
Issuer |
SPDR |
Schwab |
|
Expense ratio |
0.09% |
0.07% |
|
1-yr return (as of May 11, 2026) |
29.58% |
24.89% |
|
Dividend yield |
1.70% |
2.60% |
|
Beta |
0.92 |
0.87 |
|
AUM |
$1.6 billion |
$12.8 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
The Schwab fund is slightly more affordable, featuring a 0.07% expense ratio compared to 0.09% for the State Street fund. It also offers a significantly higher distribution, with a trailing-12-month dividend yield of 2.60% compared to 1.70% for the global ETF.
Performance & risk comparison
|
Metric |
SPGM |
SCHE |
|---|---|---|
|
Max drawdown (5 yr) |
(25.90%) |
(33.80%) |
|
Growth of $1,000 over 5 years (total return) |
$1,775 |
$1,373 |
What’s inside
The Schwab Emerging Markets Equity ETF seeks to track the total return of the FTSE Emerging Index, holding 2,211 securities across the market cap spectrum. Its largest positions include Taiwan Semiconductor Manufacturing at 16.31%, Tencent at 3.44%, and Alibaba Group at 2.94%. Launched in 2010, the fund allocates 27% to technology and 22% to financial services. It paid $0.94 per share over the trailing 12 months.
The State Street SPDR Portfolio MSCI Global Stock Market ETF provides a wider net via the MSCI ACWI IMI Index, encompassing 2,949 holdings. Its top positions include Nvidia at 4.37%, Apple at 3.54%, and Microsoft at 2.74%. Launched in 2012, it is part of a low-cost suite designed for core diversification. The fund tilts 25% toward technology and 17% toward financial services, with a trailing-12-month dividend of $1.45 per share.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
For those seeking to invest beyond solely domestic stocks, the Schwab Emerging Markets Equity ETF (SCHE) and State Street SPDR Portfolio MSCI Global Stock Market ETF (SPGM) provide this. Choosing between these funds depends on a few key factors.
