GBAB vs. GAEM

Last updated Jun 4, 2026

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

Performance

GBAB vs. GAEM - Performance Comparison

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

Returns By Period

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

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%

GAEM

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

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

GBAB vs. GAEM - Yearly Performance Comparison

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

Correlation

The correlation between GBAB and GAEM 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

GBAB vs. GAEM — Risk / Return Rank

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

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

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

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.

GBAB vs. GAEM - Risk-Adjusted Trends Comparison

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

	GBAB	GAEM	Difference
Sharpe ratio: Return per unit of total volatility	0.43	2.81	-2.37
Sortino ratio: Return per unit of downside risk	0.69	4.48	-3.78
Omega ratio: Gain probability vs. loss probability	1.09	1.57	-0.48
Calmar ratio: Return relative to maximum drawdown	0.50	3.66	-3.16
Martin ratio: Return relative to average drawdown	1.52	16.69	-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.

GBAB vs. GAEM - Sharpe Ratio Comparison

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

	GBAB	GAEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	2.81	-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	0.39	2.33	-1.94

Drawdowns

GBAB vs. GAEM - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

GBAB vs. GAEM - Volatility Comparison

Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB) has a higher volatility of 3.02% compared to Simplify Gamma Emerging Market Bond ETF (GAEM) at 1.33%. This indicates that GBAB's price experiences larger fluctuations and is considered to be riskier than GAEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Dividends

GBAB vs. GAEM - Dividend Comparison

GBAB's dividend yield for the trailing twelve months is around 10.74%, more than GAEM's 7.54% 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 GBAB and GAEM in my portfolio?

GBAB and GAEM 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, GBAB or GAEM?

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

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.