ETFJuly 24, 2026

ETFriday: Sweden at 6% Yields While Emerging Markets Own the Top Four Ranks

Top 5 Pixie Picks

This Week's Setup

Fear & Greed sits at 39, the second consecutive read below 40 after months of greed, while Sweden captures Pixie Rank 2 at a 6.2 percent earnings yield and a sub-10 percent drawdown.

Emerging markets hold three of the top four positions with yields between 4.8 and 6.1 percent, annualized life returns from 12 to 17 percent, and drawdowns under 12 percent.

Gold sits 27 percent below its 52-week peak despite headline anxiety, while energy delivers a 4.8 percent yield at a 6 percent drawdown after weeks of sector rotation.

Quick Scan

#	Ticker	One-line thesis
1	FRDM	Emerging markets at 17% life growth and 11% drawdown
2	EWD	Sweden at 6.2% earnings yield, 9% drawdown, 1.04 P/B
3	IEMG	Core EM exposure at 5.2% yield, $78 entry point
4	AVEM	Emerging equity at 6.1% yield, 8% drawdown, 12% life return
5	XLE	Energy sector at 4.8% yield, 6% drawdown, 3.6% dividend
6	GLD	Physical gold 27% below peak, above $4,000/oz spot
7	VOX	Communication services at 5.2% yield, 11% drawdown
8	GDX	Gold miners at 5.9% yield, 36% drawdown, 2.7% life return

The 8 Names

1. Freedom 100 Emerging Markets ETF (FRDM)

3y annualized return: n/a | Life annualized return: 17.00% | 52w drawdown: -11.04%

The 17 percent annualized life return ranks first in this cohort, while the 4.8 percent earnings yield sits nearly 50 basis points above the 10-year Treasury. The 11 percent drawdown marks this as a moderate entry point after weeks of sector strength.

The P/E of 20.9 runs above the group median, and the fund carries no FCF yield data, limiting visibility into cash-generation quality beneath the headline return.

Barron's flagged the end of zero-commission ETF trading this week, a structural headwind for retail flows, while 24/7 Wall Street noted three iShares funds crushing the S&P 500 by 30 points in 2026, underscoring the rotation into emerging-market beta.

2. iShares MSCI Sweden ETF (EWD)

3y annualized return: n/a | Life annualized return: 6.85% | 52w drawdown: -9.48%

The 6.2 percent earnings yield sits 147 basis points above the 10-year Treasury, while the 1.04 price-to-book and 16.2 P/E mark this as the cheapest developed-market entry in the top eight. The 9 percent drawdown offers a sub-10 percent entry point for the first time since March.

The 2.9 percent dividend yield lags the group, and Sweden's export-heavy industrial base leaves the fund exposed to global trade policy shifts, a risk that materialized in this week's tariff headlines.

The 0.06 percent one-year trend signals flat momentum, and any further strengthening of the U.S. dollar pressures Scandinavian exporters, a dynamic that broke Swedish equity valuations in 2025.

3. iShares Core MSCI Emerging Markets ETF (IEMG)

3y annualized return: n/a | Life annualized return: 6.21% | 52w drawdown: -8.53%

The 5.2 percent earnings yield and 1.5 percent dividend yield deliver a combined 6.7 percent gross return at an 8.5 percent drawdown, while the $78 price sits at the lowest level since February. The 1.21 price-to-book marks this as the most defensive valuation structure in the emerging-market trio.

BlackRock's iShares platform hit a milestone this week, with Zacks covering the franchise's success, while Motley Fool compared IEMG directly to Vanguard's total world fund, signaling retail interest in the emerging-market sleeve as a diversification play.

The 19.1 P/E sits above FRDM and AVEM, and the 54-basis-point yield spread over the 10-year Treasury leaves little room for multiple expansion if U.S. rates climb from here.

4. Avantis Emerging Markets Equity ETF (AVEM)

3y annualized return: n/a | Life annualized return: 12.02% | 52w drawdown: -8.48%

The 6.1 percent earnings yield and 8 percent drawdown mark this as the tightest risk-return profile in the emerging-market group, while the 12 percent life return sits between FRDM's 17 percent and IEMG's 6 percent. The 16.5 P/E undercuts IEMG by 2.6 turns, offering a cheaper entry into the same geographic exposure.

Avantis crossed $150 billion in assets under management in under seven years, a growth trajectory that signals institutional confidence in the firm's factor-based approach. Zacks flagged the fund as primed for gains tied to NVIDIA's $150 billion AI spending commitment in Taiwan, a data point that underscores the tech weighting inside the emerging-market benchmark.

The 137-basis-point yield spread over the 10-year Treasury sits below EWD and GDX, and the absence of FCF yield data limits insight into free-cash-flow generation at the portfolio level.

5. State Street Energy Select Sector SPDR ETF (XLE)

3y annualized return: n/a | Life annualized return: 6.72% | 52w drawdown: -5.94%

The 4.8 percent earnings yield and 3.6 percent dividend yield deliver a combined 8.4 percent gross return at a 6 percent drawdown, the shallowest pullback in the entire screener. The 20.9 P/E sits in line with the group median, while the 1.15 price-to-book signals no valuation stretch.

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The 7-basis-point yield spread over the 10-year Treasury sits near zero, offering no margin for error if rates climb, and the 0.16 percent one-year trend flags flat momentum after months of sector rotation out of energy into tech.

MT Newswires reported equity futures higher pre-bell Friday amid new U.S. tariffs, a backdrop that typically pressures energy on demand concerns, yet XLE held a sub-6 percent drawdown, signaling resilient institutional flows into the sector.

6. SPDR Gold Shares (GLD)

3y annualized return: n/a | Life annualized return: 6.10% | 52w drawdown: -27.20%

The $371 price sits 27 percent below the 52-week peak, the deepest discount in the screener and a strong-entry signal for contrarian buyers. MT Newswires noted gold holding above $4,000 per ounce despite inflation worries, a level that historically supports physical positioning into year-end.

The 2.18 price-to-book sits above every other name in the cohort, and the absence of earnings yield or FCF yield data means the fund's return profile relies entirely on spot-price momentum, a structural weakness when real rates climb.

The 0.10 percent one-year trend signals flat momentum, and any further dollar strength pressures gold from here, a dynamic that broke the metal's 2025 rally and left GLD 27 percent below peak despite macro anxiety.

7. Vanguard Communication Services Index Fund ETF Shares (VOX)

3y annualized return: n/a | Life annualized return: 8.52% | 52w drawdown: -10.65%

The 5.2 percent earnings yield and 8.5 percent life return sit above the screener median, while the $179 price marks an 11 percent drawdown, the first sub-12 percent entry since April. The 19.3 P/E undercuts XLE by 1.6 turns, offering a cheaper multiple for communication-services exposure.

Zacks flagged Alphabet-heavy ETFs after capex concerns offset cloud strength, a setup that weighs on VOX given its concentration in mega-cap tech, while news of a potential Anthropic-Meta AI deal underscores the M&A tailwinds inside the sector. James Murdoch's $300 million acquisition of Vox Media signals private-market confidence in digital-media assets, a data point that supports the fund's life return.

The 49-basis-point yield spread over the 10-year Treasury sits near the bottom of the group, and the 0.5 percent dividend yield offers no income cushion if multiples compress from here.

8. VanEck Gold Miners ETF (GDX)

3y annualized return: n/a | Life annualized return: 2.72% | 52w drawdown: -36.06%

The 5.9 percent earnings yield and 36 percent drawdown mark this as the deepest discount in the screener, while the 17.0 P/E sits below the group median, offering the cheapest multiple for levered gold exposure. The 117-basis-point yield spread over the 10-year Treasury sits second only to EWD, a signal that miners are pricing in sustained cost pressure.

The 2.7 percent life return lags every other name by at least 300 basis points, and the 36 percent drawdown flags structural weakness in the underlying equities, a pattern that persisted through 2025 despite headline macro anxiety.

24/7 Wall Street noted the 0.40 percent fee drag on GLD returns, a dynamic that applies to GDX as well, and Motley Fool's comparison of physical gold versus mining-stock ETFs underscores the operational leverage that amplifies drawdowns when spot prices correct.

What to Watch

Emerging-market earnings season begins August 2, with FRDM, IEMG, and AVEM all exposed to Taiwan Semiconductor's AI-capex guidance after NVIDIA's $150 billion Taiwan commitment.
Sweden's manufacturing PMI prints July 30, a leading indicator for EWD's industrial-heavy portfolio; sub-50 reads historically pressure Scandinavian equities.
Gold's spot price tests $4,000/oz support over the next two weeks; a break below pressures both GLD and GDX, while a hold above signals contrarian entry.
Energy sector earnings accelerate through August 15, with XLE's top holdings reporting; free-cash-flow beats historically drive dividend raises, a catalyst for yield-focused flows.

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