GAEM vs. GBAB

Last updated Jun 4, 2026

GAEM (Simplify Gamma Emerging Market Bond ETF) is Emerging Markets Bonds fund actively managed by Simplify, while GBAB (Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust) is a stock. Over the past year, GAEM returned 13.15% vs 4.92% for GBAB. At a 0.36 correlation, their price movements are largely independent.

Performance

GAEM vs. GBAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Gamma Emerging Market Bond ETF (GAEM) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAEM achieves a 3.26% return, which is significantly higher than GBAB's -1.76% return.

GAEM

• 1D: -0.20%
• 1M: 0.20%
• YTD: 3.26%
• 6M: 4.63%
• 1Y: 13.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBAB

• 1D: -0.21%
• 1M: -0.73%
• YTD: -1.76%
• 6M: -4.71%
• 1Y: 4.92%
• 3Y*: 4.63%
• 5Y*: -2.24%
• 10Y*: 2.95%

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

GAEM vs. GBAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GAEM Simplify Gamma Emerging Market Bond ETF	3.26%	13.55%	3.72%
GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	-1.76%	8.38%	-9.47%

Correlation

The correlation between GAEM and GBAB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 14, 2024	0.36

Return for Risk

GAEM vs. GBAB — Risk / Return Rank

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

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

GBAB

GBAB Risk / Return Rank: 51
GBAB Sharpe Ratio Rank: 55
GBAB Sortino Ratio Rank: 46
GBAB Omega Ratio Rank: 45
GBAB Calmar Ratio Rank: 52
GBAB Martin Ratio Rank: 56

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.

GAEM vs. GBAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Gamma Emerging Market Bond ETF (GAEM) and Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB). 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.

	GAEM	GBAB	Difference
Sharpe ratio Return per unit of total volatility	2.81	0.43	+2.37
Sortino ratio Return per unit of downside risk	4.48	0.69	+3.78
Omega ratio Gain probability vs. loss probability	1.57	1.09	+0.48
Calmar ratio Return relative to maximum drawdown	3.66	0.50	+3.16
Martin ratio Return relative to average drawdown	16.69	1.52	+15.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAEM vs. GBAB - Sharpe Ratio Comparison

The current GAEM Sharpe Ratio is 2.81, which is higher than the GBAB Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of GAEM and GBAB, 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

	GAEM	GBAB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	0.43	+2.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.33	0.39	+1.94

Drawdowns

GAEM vs. GBAB - Drawdown Comparison

The maximum GAEM drawdown since its inception was -3.84%, smaller than the maximum GBAB drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for GAEM and GBAB.

Drawdown Indicators

	GAEM	GBAB	Difference
Max Drawdown Largest peak-to-trough decline	-3.84%	-35.81%	+31.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-9.98%	+6.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.81%	—
Current Drawdown Current decline from peak	-0.20%	-14.95%	+14.75%
Average Drawdown Average peak-to-trough decline	-0.52%	-8.28%	+7.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	3.24%	-2.45%

Volatility

GAEM vs. GBAB - Volatility Comparison

The current volatility for Simplify Gamma Emerging Market Bond ETF (GAEM) is 1.33%, while Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB) has a volatility of 3.02%. This indicates that GAEM experiences smaller price fluctuations and is considered to be less risky than GBAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAEM	GBAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	3.02%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	8.65%	-4.91%
Volatility (1Y) Calculated over the trailing 1-year period	4.71%	11.48%	-6.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.96%	14.63%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	14.96%	-10.00%

Dividends

GAEM vs. GBAB - Dividend Comparison

GAEM's dividend yield for the trailing twelve months is around 7.54%, less than GBAB's 10.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	10.74%	10.11%	9.93%	9.32%	9.22%	6.36%	5.92%	6.37%	6.88%	6.64%	7.51%	7.78%

Frequently Asked Questions

Can I hold both GAEM and GBAB in my portfolio?

GAEM and GBAB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAEM or GBAB?

GBAB has higher volatility (3.02%) compared to GAEM (1.33%). In terms of maximum drawdown, GAEM dropped -3.84% vs GBAB's -35.81%.

Which has better risk-adjusted returns?

GAEM currently has the higher Sharpe Ratio (2.81 vs 0.43), 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.