FDEM vs. GSST

Last updated Jun 14, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and GSST (Goldman Sachs Ultra Short Bond ETF) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index, while GSST is a Ultrashort Bond fund actively managed by Goldman Sachs. FDEM is passively managed, while GSST is actively managed. Over the past 5 years, FDEM returned 9.14%/yr vs 3.77%/yr for GSST. At a 0.04 correlation, their price movements are largely independent. FDEM charges 0.45%/yr vs 0.16%/yr for GSST.

Performance

FDEM vs. GSST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Multifactor ETF (FDEM) and Goldman Sachs Ultra Short Bond ETF (GSST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEM achieves a 20.05% return, which is significantly higher than GSST's 1.66% return.

FDEM

• 1D: 0.22%
• 1M: 0.88%
• YTD: 20.05%
• 6M: 22.29%
• 1Y: 38.42%
• 3Y*: 21.94%
• 5Y*: 9.14%
• 10Y*: —

GSST

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.66%
• 6M: 1.89%
• 1Y: 4.57%
• 3Y*: 5.52%
• 5Y*: 3.77%
• 10Y*: —

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

FDEM vs. GSST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	20.05%	26.75%	9.34%	17.26%	-13.11%	-3.52%	8.87%	3.29%
GSST Goldman Sachs Ultra Short Bond ETF	1.66%	5.20%	6.01%	6.08%	0.13%	0.05%	1.74%	2.64%

Correlation

The correlation between FDEM and GSST is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.04

Return for Risk

FDEM vs. GSST — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 67
FDEM Sharpe Ratio Rank: 69
FDEM Sortino Ratio Rank: 64
FDEM Omega Ratio Rank: 71
FDEM Calmar Ratio Rank: 65
FDEM Martin Ratio Rank: 68

GSST

GSST Risk / Return Rank: 99
GSST Sharpe Ratio Rank: 99
GSST Sortino Ratio Rank: 99
GSST Omega Ratio Rank: 99
GSST Calmar Ratio Rank: 99
GSST Martin Ratio Rank: 99

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.

FDEM vs. GSST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Goldman Sachs Ultra Short Bond ETF (GSST). 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.

	FDEM	GSST	Difference
Sharpe ratio: Return per unit of total volatility	1.93	7.94	-6.01
Sortino ratio: Return per unit of downside risk	2.55	16.51	-13.95
Omega ratio: Gain probability vs. loss probability	1.36	3.93	-2.57
Calmar ratio: Return relative to maximum drawdown	2.88	29.85	-26.97
Martin ratio: Return relative to average drawdown	10.85	184.69	-173.85

FDEM vs. GSST - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.93, which is lower than the GSST Sharpe Ratio of 7.94. The chart below compares the historical Sharpe Ratios of FDEM and GSST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FDEM vs. GSST - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, which is greater than GSST's maximum drawdown of -3.51%. Use the drawdown chart below to compare losses from any high point for FDEM and GSST.

Drawdown Indicators

	FDEM	GSST	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-3.51%	-30.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-0.15%	-12.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-0.25%	-15.79%
Max Drawdown (5Y) Largest decline over 5 years	-28.47%	-1.19%	-27.28%
Current Drawdown Current decline from peak	-3.51%	0.00%	-3.51%
Average Drawdown Average peak-to-trough decline	-8.82%	-0.16%	-8.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	0.02%	+3.35%

Volatility

FDEM vs. GSST - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 9.65% compared to Goldman Sachs Ultra Short Bond ETF (GSST) at 0.13%. This indicates that FDEM's price experiences larger fluctuations and is considered to be riskier than GSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	GSST	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	0.13%	+9.52%
Volatility (6M) Calculated over the trailing 6-month period	16.93%	0.41%	+16.52%
Volatility (1Y) Calculated over the trailing 1-year period	18.94%	0.58%	+18.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	0.63%	+15.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	0.86%	+17.24%

FDEM vs. GSST - Expense Ratio Comparison

FDEM has a 0.45% expense ratio, which is higher than GSST's 0.16% expense ratio.

Dividends

FDEM vs. GSST - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 2.72%, less than GSST's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	2.72%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
GSST Goldman Sachs Ultra Short Bond ETF	4.31%	4.56%	5.45%	4.98%	1.97%	0.71%	1.12%	1.66%

Frequently Asked Questions

Can I hold both FDEM and GSST in my portfolio?

FDEM and GSST have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDEM or GSST?

FDEM has higher volatility (9.65%) compared to GSST (0.13%). In terms of maximum drawdown, FDEM dropped -33.65% vs GSST's -3.51%.

Which ETF is better, FDEM or GSST?

On 5-year performance, FDEM leads with 9.14% vs 3.77% for GSST. On fees, GSST is cheaper at 0.16% per year. On volatility, GSST has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or GSST?

Over the 5-year period, FDEM has performed better with a 9.14% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or GSST?

GSST is cheaper with a 0.16% expense ratio, compared with 0.45% for FDEM.

Which ETF pays a higher dividend yield, FDEM or GSST?

GSST has the higher dividend yield at 4.31%, compared with 2.72% for FDEM.

What is the main difference between FDEM and GSST?

FDEM is categorized as Emerging Markets Equities, while GSST is Ultrashort Bond. They also come from different issuers: Fidelity and Goldman Sachs. Their fees differ too: 0.45% for FDEM and 0.16% for GSST.

Which has better risk-adjusted returns?

GSST currently has the higher Sharpe Ratio (7.94 vs 1.93), 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.