CBON vs. GAEM

Last updated Jun 4, 2026

CBON (VanEck Vectors ChinaAMC China Bond ETF) and GAEM (Simplify Gamma Emerging Market Bond ETF) are both Emerging Markets Bonds funds. CBON is passively managed, while GAEM is actively managed. Over the past year, CBON returned 9.26% vs 13.15% for GAEM. At a 0.22 correlation, their price movements are largely independent. CBON charges 0.50%/yr vs 0.76%/yr for GAEM.

Performance

CBON vs. GAEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC China Bond ETF (CBON) and Simplify Gamma Emerging Market Bond ETF (GAEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBON achieves a 5.41% return, which is significantly higher than GAEM's 3.26% return.

CBON

• 1D: 0.10%
• 1M: 1.75%
• YTD: 5.41%
• 6M: 6.88%
• 1Y: 9.26%
• 3Y*: 5.05%
• 5Y*: 2.03%
• 10Y*: 2.93%

GAEM

• 1D: -0.20%
• 1M: 0.20%
• YTD: 3.26%
• 6M: 4.63%
• 1Y: 13.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBON vs. GAEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CBON VanEck Vectors ChinaAMC China Bond ETF	5.41%	5.46%	-0.35%
GAEM Simplify Gamma Emerging Market Bond ETF	3.26%	13.55%	3.72%

Correlation

The correlation between CBON and GAEM is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Aug 14, 2024	0.22

Return for Risk

CBON vs. GAEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBON

CBON Risk / Return Rank: 89
CBON Sharpe Ratio Rank: 82
CBON Sortino Ratio Rank: 88
CBON Omega Ratio Rank: 87
CBON Calmar Ratio Rank: 93
CBON Martin Ratio Rank: 93

GAEM

GAEM Risk / Return Rank: 84
GAEM Sharpe Ratio Rank: 85
GAEM Sortino Ratio Rank: 92
GAEM Omega Ratio Rank: 89
GAEM Calmar Ratio Rank: 73
GAEM Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBON vs. GAEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) and Simplify Gamma Emerging Market Bond ETF (GAEM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CBON	GAEM	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.81	-0.11
Sortino ratio: Return per unit of downside risk	4.09	4.48	-0.39
Omega ratio: Gain probability vs. loss probability	1.54	1.57	-0.03
Calmar ratio: Return relative to maximum drawdown	6.94	3.66	+3.28
Martin ratio: Return relative to average drawdown	25.86	16.69	+9.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBON vs. GAEM - Sharpe Ratio Comparison

The current CBON Sharpe Ratio is 2.70, which is comparable to the GAEM Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of CBON and GAEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBON	GAEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.81	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	2.33	-1.90

Drawdowns

CBON vs. GAEM - Drawdown Comparison

The maximum CBON drawdown since its inception was -14.13%, which is greater than GAEM's maximum drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for CBON and GAEM.

Drawdown Indicators

	CBON	GAEM	Difference
Max Drawdown Largest peak-to-trough decline	-14.13%	-3.84%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-3.61%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.13%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.20%	+0.18%
Average Drawdown Average peak-to-trough decline	-3.99%	-0.52%	-3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.79%	-0.43%

Volatility

CBON vs. GAEM - Volatility Comparison

The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 0.91%, while Simplify Gamma Emerging Market Bond ETF (GAEM) has a volatility of 1.33%. This indicates that CBON experiences smaller price fluctuations and is considered to be less risky than GAEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBON	GAEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	1.33%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	3.74%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	4.71%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	4.96%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.58%	4.96%	+0.62%

CBON vs. GAEM - Expense Ratio Comparison

CBON has a 0.50% expense ratio, which is lower than GAEM's 0.76% expense ratio.

Dividends

CBON vs. GAEM - Dividend Comparison

CBON's dividend yield for the trailing twelve months is around 1.52%, less than GAEM's 7.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBON VanEck Vectors ChinaAMC China Bond ETF	1.52%	1.66%	2.15%	3.01%	2.70%	3.05%	2.87%	3.87%	3.39%	3.33%	3.25%	2.78%
GAEM Simplify Gamma Emerging Market Bond ETF	7.54%	6.50%	3.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBON and GAEM in my portfolio?

CBON and GAEM have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBON or GAEM?

GAEM has higher volatility (1.33%) compared to CBON (0.91%). In terms of maximum drawdown, CBON dropped -14.13% vs GAEM's -3.84%.

Which ETF is better, CBON or GAEM?

On 1-year performance, GAEM leads with 13.15% vs 9.26% for CBON. On fees, CBON is cheaper at 0.50% per year. On volatility, CBON has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBON or GAEM?

Over the 1-year period, GAEM has performed better with a 13.15% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBON or GAEM?

CBON is cheaper with a 0.50% expense ratio, compared with 0.76% for GAEM.

Which ETF pays a higher dividend yield, CBON or GAEM?

GAEM has the higher dividend yield at 7.54%, compared with 1.52% for CBON.

What is the main difference between CBON and GAEM?

They also come from different issuers: VanEck and Simplify. Their fees differ too: 0.50% for CBON and 0.76% for GAEM.

Which has better risk-adjusted returns?

GAEM currently has the higher Sharpe Ratio (2.81 vs 2.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.