GASF.DE vs. VGEM.DE
GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, GASF.DE returned 3.52%/yr vs 2.83%/yr for VGEM.DE. At a 0.48 correlation, their price movements are largely independent. GASF.DE charges 0.24%/yr vs 0.25%/yr for VGEM.DE.
Performance
GASF.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, GASF.DE achieves a 7.95% return, which is significantly higher than VGEM.DE's 4.62% return.
GASF.DE
- 1D
- 0.06%
- 1M
- 1.40%
- 6M
- 6.61%
- YTD
- 7.95%
- 1Y
- 8.98%
- 3Y*
- 5.09%
- 5Y*
- 3.52%
- 10Y*
- —
VGEM.DE
- 1D
- 0.13%
- 1M
- 0.79%
- 6M
- 3.84%
- YTD
- 4.62%
- 1Y
- 10.32%
- 3Y*
- 7.47%
- 5Y*
- 2.83%
- 10Y*
- —
GASF.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 7.95% | -6.82% | 10.85% | -2.28% | 0.91% | 16.54% | -0.76% | -8.22% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 4.62% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 1.55% |
Correlation
The correlation between GASF.DE and VGEM.DE is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.48 |
The correlation between GASF.DE and VGEM.DE shifts across timeframes, from 0.47 (5 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GASF.DE vs. VGEM.DE — Risk / Return Rank
GASF.DE
VGEM.DE
GASF.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE). 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.
| GASF.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 3.46 | -0.62 |
| Martin ratioReturn relative to average drawdown | 8.54 | 9.67 | -1.14 |
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Drawdowns
GASF.DE vs. VGEM.DE - Drawdown Comparison
The maximum GASF.DE drawdown since its inception was -13.75%, smaller than the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for GASF.DE and VGEM.DE.
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Drawdown Indicators
| GASF.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.75% | -19.64% | +5.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -2.97% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -11.00% | -11.92% | +0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -13.75% | -12.13% | -1.62% |
Current DrawdownCurrent decline from peak | -1.53% | -1.11% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -6.06% | -5.88% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.06% | +0.06% |
Volatility
GASF.DE vs. VGEM.DE - Volatility Comparison
The current volatility for Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) is 1.48%, while Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) has a volatility of 1.58%. This indicates that GASF.DE experiences smaller price fluctuations and is considered to be less risky than VGEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GASF.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.58% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 4.12% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.35% | 6.16% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 7.90% | -1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.71% | 8.75% | -1.04% |
GASF.DE vs. VGEM.DE - Expense Ratio Comparison
GASF.DE has a 0.24% expense ratio, which is lower than VGEM.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GASF.DE vs. VGEM.DE - Dividend Comparison
GASF.DE's dividend yield for the trailing twelve months is around 1.98%, less than VGEM.DE's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 1.98% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% | 0.00% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.80% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% |
Frequently Asked Questions
GASF.DE and VGEM.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GASF.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.25% for VGEM.DE.
GASF.DE tracks FTSE Goldman Sachs China Government Bond Index, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.24% for GASF.DE and 0.25% for VGEM.DE.
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