EMTL vs. GEMD

Last updated Jun 4, 2026

EMTL (SPDR DoubleLine Emerging Markets Fixed Income ETF) and GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds. EMTL is actively managed, while GEMD is passively managed. Over the past 3 years, EMTL returned 7.09%/yr vs 8.37%/yr for GEMD. A 0.77 correlation means they provide meaningful diversification when combined. EMTL charges 0.65%/yr vs 0.39%/yr for GEMD.

Performance

EMTL vs. GEMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) and Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTL achieves a 0.74% return, which is significantly lower than GEMD's 1.64% return.

EMTL

• 1D: -0.09%
• 1M: 0.49%
• YTD: 0.74%
• 6M: 0.89%
• 1Y: 5.61%
• 3Y*: 7.09%
• 5Y*: 1.79%
• 10Y*: 3.38%

GEMD

• 1D: -0.41%
• 1M: 1.17%
• YTD: 1.64%
• 6M: 1.49%
• 1Y: 11.06%
• 3Y*: 8.37%
• 5Y*: —
• 10Y*: —

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

EMTL vs. GEMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF	0.74%	8.27%	5.86%	9.60%	-8.96%
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF	1.64%	13.67%	3.31%	8.51%	-15.70%

Correlation

The correlation between EMTL and GEMD is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.77

The correlation between EMTL and GEMD has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

Return for Risk

EMTL vs. GEMD — Risk / Return Rank

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

EMTL

EMTL Risk / Return Rank: 72
EMTL Sharpe Ratio Rank: 78
EMTL Sortino Ratio Rank: 84
EMTL Omega Ratio Rank: 84
EMTL Calmar Ratio Rank: 57
EMTL Martin Ratio Rank: 58

GEMD

GEMD Risk / Return Rank: 59
GEMD Sharpe Ratio Rank: 60
GEMD Sortino Ratio Rank: 64
GEMD Omega Ratio Rank: 64
GEMD Calmar Ratio Rank: 49
GEMD Martin Ratio Rank: 58

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.

EMTL vs. GEMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) and Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD). 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.

	EMTL	GEMD	Difference
Sharpe ratio Return per unit of total volatility	2.54	2.01	+0.52
Sortino ratio Return per unit of downside risk	3.76	2.95	+0.81
Omega ratio Gain probability vs. loss probability	1.51	1.38	+0.13
Calmar ratio Return relative to maximum drawdown	2.82	2.39	+0.42
Martin ratio Return relative to average drawdown	10.06	10.09	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMTL vs. GEMD - Sharpe Ratio Comparison

The current EMTL Sharpe Ratio is 2.54, which is comparable to the GEMD Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of EMTL and GEMD, 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

	EMTL	GEMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.01	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.21	+0.53

Drawdowns

EMTL vs. GEMD - Drawdown Comparison

The maximum EMTL drawdown since its inception was -22.91%, smaller than the maximum GEMD drawdown of -24.56%. Use the drawdown chart below to compare losses from any high point for EMTL and GEMD.

Drawdown Indicators

	EMTL	GEMD	Difference
Max Drawdown Largest peak-to-trough decline	-22.91%	-24.56%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-4.64%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-3.79%	-7.69%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.91%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.43%	+0.34%
Average Drawdown Average peak-to-trough decline	-3.83%	-8.19%	+4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	1.10%	-0.54%

Volatility

EMTL vs. GEMD - Volatility Comparison

The current volatility for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) is 0.67%, while Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) has a volatility of 1.84%. This indicates that EMTL experiences smaller price fluctuations and is considered to be less risky than GEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTL	GEMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.84%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	4.40%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	5.53%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	9.95%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.67%	9.95%	-5.28%

EMTL vs. GEMD - Expense Ratio Comparison

EMTL has a 0.65% expense ratio, which is higher than GEMD's 0.39% expense ratio.

Dividends

EMTL vs. GEMD - Dividend Comparison

EMTL's dividend yield for the trailing twelve months is around 4.95%, less than GEMD's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF	4.95%	5.09%	5.34%	4.78%	4.19%	5.43%	3.28%	3.96%	3.35%	4.16%	8.87%
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF	5.69%	6.32%	5.79%	5.70%	5.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMTL and GEMD in my portfolio?

EMTL and GEMD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMTL or GEMD?

GEMD has higher volatility (1.84%) compared to EMTL (0.67%). In terms of maximum drawdown, EMTL dropped -22.91% vs GEMD's -24.56%.

Which ETF is better, EMTL or GEMD?

On 3-year performance, GEMD leads with 8.37% vs 7.09% for EMTL. On fees, GEMD is cheaper at 0.39% per year. On volatility, EMTL has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMTL or GEMD?

Over the 3-year period, GEMD has performed better with a 8.37% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTL or GEMD?

GEMD is cheaper with a 0.39% expense ratio, compared with 0.65% for EMTL.

Which ETF pays a higher dividend yield, EMTL or GEMD?

GEMD has the higher dividend yield at 5.69%, compared with 4.95% for EMTL.

What is the main difference between EMTL and GEMD?

They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.65% for EMTL and 0.39% for GEMD.

Which has better risk-adjusted returns?

EMTL currently has the higher Sharpe Ratio (2.54 vs 2.01), 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.