SPDR S&P 500 ETF vs iShares MSCI Emerging Markets ETF

The price ratio is currently below its 50-day moving average, indicating EEM has been gaining relative ground recently. The ratio is extended at -7.2% from its 50-day average, suggesting the relative move may be overdue for a pullback. The 200-day z-score of -2.95 signals an extreme deviation — the current ratio is unusually far from its long-term norm. Ratio RSI at 14 is oversold, suggesting EEM's recent dominance could be nearing exhaustion.

Performance is mixed across timeframes, with no clear consistent leader between SPY and EEM. Watch for a breakout in relative momentum.

These two assets have a moderate positive long-term correlation of 0.75. The short-term and long-term correlations are closely aligned at 0.70 and 0.75, indicating a stable relationship. High correlation means these assets offer limited diversification benefit when held together.

EEM has a stronger flow score (78/100 vs 50/100), indicating more consistent accumulation pressure. Both assets show net inflow via Chaikin Money Flow (EEM: 0.19, SPY: 0.10), though EEM leads on overall flow score.

EEM has significantly stronger trend momentum (89/100 vs 60/100), suggesting it is in a more favourable technical position. EEM carries a better risk profile (83/100 vs 71/100), with lower overall risk metrics. EEM is 1.5x more volatile than SPY on a 21-day basis (19.3% vs 12.6%), which means larger price swings in either direction.

SPY is currently losing ground against EEM, with the price ratio at 10.99 versus its 50-day average of 11.85. The 200-day z-score of -2.95 is historically extreme, suggesting EEM may be stretched relative to SPY. On a flow basis, EEM shows stronger capital accumulation (78 vs 50). SPY carries lower short-term volatility (+12.6% vs +19.3% 21-day), with max drawdowns of -16.2% and -15.0% respectively. With a 63-day correlation of 0.70, these assets show moderate co-movement — limiting diversification benefit. Monitor the ratio trend and flow divergence for early signals of a shift in relative leadership.