EEMX vs. GLD
EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - EEMX is a Asia Pacific Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, EEMX returned 7.67%/yr vs 17.27%/yr for GLD. At a 0.22 correlation, their price movements are largely independent. EEMX charges 0.30%/yr vs 0.40%/yr for GLD.
Performance
EEMX vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, EEMX achieves a 26.15% return, which is significantly higher than GLD's -6.77% return.
EEMX
- 1D
- 1.08%
- 1M
- 0.20%
- YTD
- 26.15%
- 6M
- 27.00%
- 1Y
- 47.10%
- 3Y*
- 24.09%
- 5Y*
- 7.67%
- 10Y*
- —
GLD
- 1D
- 0.97%
- 1M
- -10.76%
- YTD
- -6.77%
- 6M
- -10.31%
- 1Y
- 20.30%
- 3Y*
- 27.44%
- 5Y*
- 17.27%
- 10Y*
- 11.30%
EEMX vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 26.15% | 35.23% | 7.22% | 9.80% | -19.75% | -3.57% | 19.55% | 18.56% | -16.76% | 38.46% |
GLD SPDR Gold Shares | -6.77% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between EEMX and GLD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016 | 0.22 |
The correlation between EEMX and GLD shifts across timeframes, from 0.22 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EEMX vs. GLD — Risk / Return Rank
EEMX
GLD
EEMX vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and SPDR Gold Shares (GLD). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EEMX | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.16 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 0.78 | +2.63 |
| Martin ratioReturn relative to average drawdown | 12.72 | 2.17 | +10.55 |
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Drawdowns
EEMX vs. GLD - Drawdown Comparison
The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for EEMX and GLD.
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Drawdown Indicators
| EEMX | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.90% | -45.56% | +5.66% |
Max Drawdown (1Y)Largest decline over 1 year | -13.89% | -26.21% | +12.32% |
Max Drawdown (3Y)Largest decline over 3 years | -17.64% | -26.21% | +8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -36.99% | -26.21% | -10.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.21% | — |
Current DrawdownCurrent decline from peak | -4.58% | -25.50% | +20.92% |
Average DrawdownAverage peak-to-trough decline | -14.67% | -16.17% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 9.38% | -5.67% |
Volatility
EEMX vs. GLD - Volatility Comparison
SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 12.32% compared to SPDR Gold Shares (GLD) at 8.70%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEMX | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.32% | 8.70% | +3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 21.50% | 24.48% | -2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.42% | 27.71% | -4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.81% | 18.30% | +1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.61% | 16.07% | +4.54% |
EEMX vs. GLD - Expense Ratio Comparison
EEMX has a 0.30% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
EEMX vs. GLD - Dividend Comparison
EEMX's dividend yield for the trailing twelve months is around 1.79%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 1.79% | 2.28% | 2.26% | 2.20% | 2.38% | 1.72% | 1.42% | 2.57% | 2.41% | 2.45% | 0.15% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEMX and GLD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEMX has higher volatility (12.32%) compared to GLD (8.70%). In terms of maximum drawdown, EEMX dropped -39.90% vs GLD's -45.56%.
On 5-year performance, GLD leads with 17.27% vs 7.67% for EEMX. On fees, EEMX is cheaper at 0.30% per year. On volatility, GLD has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLD has performed better with a 17.27% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEMX is cheaper with a 0.30% expense ratio, compared with 0.40% for GLD.
EEMX has the higher dividend yield at 1.79%, compared with 0.00% for GLD.
EEMX is categorized as Asia Pacific Equities, while GLD is Gold. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.30% for EEMX and 0.40% for GLD.
EEMX currently has the higher Sharpe Ratio (2.02 vs 0.74), 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.
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