EMHC vs. GAEM

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and Simplify Gamma Emerging Market Bond ETF (GAEM).

EMHC and GAEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMHC is a passively managed fund by State Street that tracks the performance of the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. It was launched on Apr 6, 2021. GAEM is an actively managed fund by Simplify. It was launched on Aug 12, 2024.

Performance

EMHC vs. GAEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and Simplify Gamma Emerging Market Bond ETF (GAEM). The values are adjusted to include any dividend payments, if applicable.

EMHC vs. GAEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	-1.69%	14.07%	-0.23%
GAEM Simplify Gamma Emerging Market Bond ETF	-1.25%	13.55%	3.72%

Returns By Period

In the year-to-date period, EMHC achieves a -1.69% return, which is significantly lower than GAEM's -1.25% return.

EMHC

• 1D: 0.81%
• 1M: -3.43%
• YTD: -1.69%
• 6M: 1.67%
• 1Y: 9.31%
• 3Y*: 7.46%
• 5Y*: —
• 10Y*: —

GAEM

• 1D: 0.58%
• 1M: -2.64%
• YTD: -1.25%
• 6M: 1.75%
• 1Y: 9.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMHC vs. GAEM - Expense Ratio Comparison

EMHC has a 0.23% expense ratio, which is lower than GAEM's 0.76% expense ratio.

GAEM

Simplify Gamma Emerging Market Bond ETF

EMHC

SPDR Bloomberg Emerging Markets USD Bond ETF

Return for Risk

EMHC vs. GAEM — Risk / Return Rank

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

EMHC

EMHC Risk / Return Rank: 78
EMHC Sharpe Ratio Rank: 76
EMHC Sortino Ratio Rank: 79
EMHC Omega Ratio Rank: 77
EMHC Calmar Ratio Rank: 80
EMHC Martin Ratio Rank: 81

GAEM

GAEM Risk / Return Rank: 89
GAEM Sharpe Ratio Rank: 86
GAEM Sortino Ratio Rank: 91
GAEM Omega Ratio Rank: 88
GAEM Calmar Ratio Rank: 88
GAEM Martin Ratio Rank: 90

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.

EMHC vs. GAEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) 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.

	EMHC	GAEM	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.78	-0.40
Sortino ratio Return per unit of downside risk	2.01	2.67	-0.66
Omega ratio Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio Return relative to maximum drawdown	2.18	2.79	-0.61
Martin ratio Return relative to average drawdown	8.84	11.88	-3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMHC vs. GAEM - Sharpe Ratio Comparison

The current EMHC Sharpe Ratio is 1.38, which is comparable to the GAEM Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of EMHC and GAEM, 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

	EMHC	GAEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.78	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	2.00	-1.86

Correlation

The correlation between EMHC and GAEM is 0.75, 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

EMHC vs. GAEM - Dividend Comparison

EMHC's dividend yield for the trailing twelve months is around 6.33%, less than GAEM's 6.72% yield.

	TTM	2025	2024	2023	2022	2021
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	6.33%	6.16%	5.95%	5.12%	5.11%	2.97%
GAEM Simplify Gamma Emerging Market Bond ETF	6.72%	6.50%	3.78%	0.00%	0.00%	0.00%

Drawdowns

EMHC vs. GAEM - Drawdown Comparison

The maximum EMHC drawdown since its inception was -28.03%, which is greater than GAEM's maximum drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for EMHC and GAEM.

Drawdown Indicators

	EMHC	GAEM	Difference
Max Drawdown Largest peak-to-trough decline	-28.03%	-3.84%	-24.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-3.61%	-0.76%
Current Drawdown Current decline from peak	-3.44%	-2.80%	-0.64%
Average Drawdown Average peak-to-trough decline	-10.22%	-0.51%	-9.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.85%	+0.23%

Volatility

EMHC vs. GAEM - Volatility Comparison

SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a higher volatility of 2.75% compared to Simplify Gamma Emerging Market Bond ETF (GAEM) at 2.27%. This indicates that EMHC'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

	EMHC	GAEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	2.27%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	3.85%	3.37%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.76%	5.50%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.05%	4.88%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.05%	4.88%	+4.17%