DNL vs. GEM

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM).

DNL and GEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DNL is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Global ex-U.S. Quality Dividend Growth Index. It was launched on Jun 16, 2006. GEM is a passively managed fund by Goldman Sachs that tracks the performance of the Goldman Sachs ActiveBeta Emerging Markets Equity Index. It was launched on Sep 29, 2015. Both DNL and GEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DNL vs. GEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM). The values are adjusted to include any dividend payments, if applicable.

DNL vs. GEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	-2.01%	17.03%	-0.61%	17.00%	-22.38%	16.14%	18.22%	36.23%	-14.76%	31.11%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.80%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-14.25%	36.43%

Returns By Period

In the year-to-date period, DNL achieves a -2.01% return, which is significantly lower than GEM's 3.80% return. Both investments have delivered pretty close results over the past 10 years, with DNL having a 8.10% annualized return and GEM not far behind at 7.72%.

DNL

• 1D: 3.65%
• 1M: -7.91%
• YTD: -2.01%
• 6M: 0.32%
• 1Y: 15.31%
• 3Y*: 6.44%
• 5Y*: 2.92%
• 10Y*: 8.10%

GEM

• 1D: 3.52%
• 1M: -9.22%
• YTD: 3.80%
• 6M: 8.54%
• 1Y: 33.24%
• 3Y*: 15.80%
• 5Y*: 4.48%
• 10Y*: 7.72%

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

DNL vs. GEM - Expense Ratio Comparison

DNL has a 0.58% expense ratio, which is higher than GEM's 0.45% expense ratio.

DNL

WisdomTree Global ex-U.S. Quality Dividend Growth Fund

GEM

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

Return for Risk

DNL vs. GEM — Risk / Return Rank

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

DNL

DNL Risk / Return Rank: 45
DNL Sharpe Ratio Rank: 44
DNL Sortino Ratio Rank: 46
DNL Omega Ratio Rank: 42
DNL Calmar Ratio Rank: 47
DNL Martin Ratio Rank: 46

GEM

GEM Risk / Return Rank: 85
GEM Sharpe Ratio Rank: 85
GEM Sortino Ratio Rank: 86
GEM Omega Ratio Rank: 85
GEM Calmar Ratio Rank: 84
GEM Martin Ratio Rank: 84

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.

DNL vs. GEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM). 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.

	DNL	GEM	Difference
Sharpe ratio Return per unit of total volatility	0.78	1.70	-0.91
Sortino ratio Return per unit of downside risk	1.22	2.32	-1.10
Omega ratio Gain probability vs. loss probability	1.16	1.33	-0.18
Calmar ratio Return relative to maximum drawdown	1.16	2.44	-1.27
Martin ratio Return relative to average drawdown	4.21	9.52	-5.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNL vs. GEM - Sharpe Ratio Comparison

The current DNL Sharpe Ratio is 0.78, which is lower than the GEM Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of DNL and GEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DNL	GEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	1.70	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.26	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.41	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.43	-0.19

Correlation

The correlation between DNL and GEM is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DNL vs. GEM - Dividend Comparison

DNL's dividend yield for the trailing twelve months is around 1.87%, less than GEM's 2.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	1.87%	2.06%	2.30%	1.81%	4.82%	1.38%	1.76%	1.93%	2.55%	1.86%	2.51%	1.98%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2.22%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%

Drawdowns

DNL vs. GEM - Drawdown Comparison

The maximum DNL drawdown since its inception was -44.53%, which is greater than GEM's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for DNL and GEM.

Drawdown Indicators

	DNL	GEM	Difference
Max Drawdown Largest peak-to-trough decline	-44.53%	-37.02%	-7.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-13.50%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-34.85%	-35.50%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-34.85%	-37.02%	+2.17%
Current Drawdown Current decline from peak	-9.22%	-10.45%	+1.23%
Average Drawdown Average peak-to-trough decline	-10.24%	-12.17%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.45%	-0.02%

Volatility

DNL vs. GEM - Volatility Comparison

The current volatility for WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) is 9.11%, while Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a volatility of 10.14%. This indicates that DNL experiences smaller price fluctuations and is considered to be less risky than GEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNL	GEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	10.14%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	14.56%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	19.68%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	17.19%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	18.80%	-0.28%