EMM vs. GSG
EMM (Global X Emerging Markets ex-China ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - EMM is a Emerging Markets Diversified fund actively managed by Global X, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. EMM is actively managed, while GSG is passively managed. Over the past 3 years, EMM returned 20.70%/yr vs 16.62%/yr for GSG. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
EMM vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, EMM achieves a 29.69% return, which is significantly lower than GSG's 32.61% return.
EMM
- 1D
- 0.59%
- 1M
- 1.81%
- YTD
- 29.69%
- 6M
- 35.77%
- 1Y
- 55.69%
- 3Y*
- 20.70%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -1.23%
- 1M
- -9.95%
- YTD
- 32.61%
- 6M
- 33.30%
- 1Y
- 32.73%
- 3Y*
- 16.62%
- 5Y*
- 13.86%
- 10Y*
- 6.89%
EMM vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 29.69% | 30.21% | 2.34% | 2.99% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.61% | 5.93% | 8.52% | 5.41% |
Correlation
The correlation between EMM and GSG is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 15, 2023 | 0.08 |
The correlation between EMM and GSG shifts across timeframes, from -0.20 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMM vs. GSG — Risk / Return Rank
EMM
GSG
EMM vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets ex-China ETF (EMM) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| EMM | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.29 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 3.05 | +0.58 |
| Martin ratioReturn relative to average drawdown | 14.64 | 9.32 | +5.31 |
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Drawdowns
EMM vs. GSG - Drawdown Comparison
The maximum EMM drawdown since its inception was -21.99%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for EMM and GSG.
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Drawdown Indicators
| EMM | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.99% | -89.62% | +67.63% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -12.05% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -21.99% | -14.94% | -7.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -3.59% | -59.96% | +56.37% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -63.69% | +59.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 3.94% | -0.28% |
Volatility
EMM vs. GSG - Volatility Comparison
Global X Emerging Markets ex-China ETF (EMM) has a higher volatility of 11.73% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 6.25%. This indicates that EMM's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMM | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.73% | 6.25% | +5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 21.36% | 20.77% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.47% | 23.25% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.43% | 22.66% | -3.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 22.04% | -2.61% |
EMM vs. GSG - Expense Ratio Comparison
Both EMM and GSG have an expense ratio of 0.75%.
Dividends
EMM vs. GSG - Dividend Comparison
EMM's dividend yield for the trailing twelve months is around 0.69%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 0.69% | 0.90% | 0.80% | 0.66% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMM and GSG have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMM has higher volatility (11.73%) compared to GSG (6.25%). In terms of maximum drawdown, EMM dropped -21.99% vs GSG's -89.62%.
On 3-year performance, EMM leads with 20.70% vs 16.62% for GSG. Both ETFs have the same 0.75% expense ratio. On volatility, GSG has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMM has performed better with a 20.70% return vs 16.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMM and GSG have the same expense ratio: 0.75% per year.
EMM has the higher dividend yield at 0.69%, compared with 0.00% for GSG.
EMM is categorized as Emerging Markets Diversified, while GSG is Commodities. They also come from different issuers: Global X and iShares.
EMM currently has the higher Sharpe Ratio (2.28 vs 1.58), 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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