EMBX vs. GAEM

Last updated Jun 4, 2026

EMBX (VanEck Emerging Markets Bond ETF) and GAEM (Simplify Gamma Emerging Market Bond ETF) are both Emerging Markets Bonds funds. Both are actively managed. Over the past year, EMBX returned 15.18% vs 13.15% for GAEM. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.76% expense ratio.

Performance

EMBX vs. GAEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Emerging Markets Bond ETF (EMBX) 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, EMBX achieves a 3.49% return, which is significantly higher than GAEM's 3.26% return.

EMBX

• 1D: -0.40%
• 1M: 0.90%
• YTD: 3.49%
• 6M: 3.62%
• 1Y: 15.18%
• 3Y*: 10.16%
• 5Y*: 3.88%
• 10Y*: 5.10%

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)

EMBX vs. GAEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMBX VanEck Emerging Markets Bond ETF	3.49%	18.80%	-1.02%
GAEM Simplify Gamma Emerging Market Bond ETF	3.26%	13.55%	3.72%

Correlation

The correlation between EMBX and GAEM is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 14, 2024	0.54

The correlation between EMBX and GAEM shifts across timeframes, from 0.54 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EMBX vs. GAEM — Risk / Return Rank

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

EMBX

EMBX Risk / Return Rank: 77
EMBX Sharpe Ratio Rank: 82
EMBX Sortino Ratio Rank: 87
EMBX Omega Ratio Rank: 85
EMBX Calmar Ratio Rank: 60
EMBX Martin Ratio Rank: 68

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.

EMBX vs. GAEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Bond ETF (EMBX) 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.

	EMBX	GAEM	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.81	-0.14
Sortino ratio: Return per unit of downside risk	3.93	4.48	-0.55
Omega ratio: Gain probability vs. loss probability	1.52	1.57	-0.05
Calmar ratio: Return relative to maximum drawdown	2.96	3.66	-0.69
Martin ratio: Return relative to average drawdown	12.58	16.69	-4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMBX vs. GAEM - Sharpe Ratio Comparison

The current EMBX Sharpe Ratio is 2.66, which is comparable to the GAEM Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of EMBX 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

	EMBX	GAEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.81	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	2.33	-1.80

Drawdowns

EMBX vs. GAEM - Drawdown Comparison

The maximum EMBX drawdown since its inception was -25.11%, which is greater than GAEM's maximum drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for EMBX and GAEM.

Drawdown Indicators

	EMBX	GAEM	Difference
Max Drawdown Largest peak-to-trough decline	-25.11%	-3.84%	-21.27%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-3.61%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-7.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.11%	—	—
Current Drawdown Current decline from peak	-0.62%	-0.20%	-0.42%
Average Drawdown Average peak-to-trough decline	-7.08%	-0.52%	-6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.79%	+0.42%

Volatility

EMBX vs. GAEM - Volatility Comparison

VanEck Emerging Markets Bond ETF (EMBX) has a higher volatility of 1.73% compared to Simplify Gamma Emerging Market Bond ETF (GAEM) at 1.33%. This indicates that EMBX's price experiences larger fluctuations and is considered to be riskier than GAEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMBX	GAEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.33%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	3.74%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	4.71%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.10%	4.96%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.65%	4.96%	+1.69%

EMBX vs. GAEM - Expense Ratio Comparison

Both EMBX and GAEM have an expense ratio of 0.76%.

Dividends

EMBX vs. GAEM - Dividend Comparison

EMBX's dividend yield for the trailing twelve months is around 5.91%, less than GAEM's 7.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMBX VanEck Emerging Markets Bond ETF	5.91%	6.95%	8.20%	5.49%	8.21%	5.50%	6.56%	7.89%	7.25%	7.66%	3.94%	6.84%
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 EMBX and GAEM in my portfolio?

EMBX and GAEM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMBX or GAEM?

EMBX has higher volatility (1.73%) compared to GAEM (1.33%). In terms of maximum drawdown, EMBX dropped -25.11% vs GAEM's -3.84%.

Which ETF is better, EMBX or GAEM?

On 1-year performance, EMBX leads with 15.18% vs 13.15% for GAEM. Both ETFs have the same 0.76% expense ratio. On volatility, GAEM has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMBX or GAEM?

Over the 1-year period, EMBX has performed better with a 15.18% return vs 13.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMBX or GAEM?

EMBX and GAEM have the same expense ratio: 0.76% per year.

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

GAEM has the higher dividend yield at 7.54%, compared with 5.91% for EMBX.

What is the main difference between EMBX and GAEM?

They also come from different issuers: VanEck and Simplify.

Which has better risk-adjusted returns?

GAEM currently has the higher Sharpe Ratio (2.81 vs 2.66), 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.