GEM vs. BKEM

Last updated Jul 14, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Emerging Markets Equities funds - GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, GEM returned 7.00%/yr vs 6.39%/yr for BKEM. With a 0.97 correlation, they move nearly in lockstep. GEM charges 0.45%/yr vs 0.11%/yr for BKEM.

Performance

GEM vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GEM achieves a 18.38% return, which is significantly lower than BKEM's 20.10% return.

GEM

• 1D: -3.47%
• 1M: -4.39%
• 6M: 12.13%
• YTD: 18.38%
• 1Y: 35.61%
• 3Y*: 19.30%
• 5Y*: 7.00%
• 10Y*: 8.54%

BKEM

• 1D: -3.63%
• 1M: -4.84%
• 6M: 13.52%
• YTD: 20.10%
• 1Y: 36.79%
• 3Y*: 18.94%
• 5Y*: 6.39%
• 10Y*: —

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

GEM vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	18.38%	33.43%	6.66%	11.82%	-21.33%	-0.19%	41.49%
BKEM BNY Mellon Emerging Markets Equity ETF	20.10%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%

Correlation

The correlation between GEM and BKEM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.97

The correlation between GEM and BKEM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

GEM vs. BKEM - Sectors Allocation Comparison

Sectors	GEM	BKEM
Technology	43.5%	43.0%
Financial Services	18.6%	16.9%
Consumer Cyclical	8.2%	8.7%
Communication Services	6.4%	5.8%
Basic Materials	6.4%	5.7%
Industrials	5.6%	8.1%
Energy	3.0%	3.4%
Healthcare	2.9%	2.7%
Consumer Defensive	2.8%	2.6%
Utilities	1.8%	2.0%
Real Estate	0.8%	1.1%

Return for Risk

GEM vs. BKEM — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 61
GEM Sharpe Ratio Rank: 59
GEM Sortino Ratio Rank: 54
GEM Omega Ratio Rank: 62
GEM Calmar Ratio Rank: 67
GEM Martin Ratio Rank: 64

BKEM

BKEM Risk / Return Rank: 64
BKEM Sharpe Ratio Rank: 62
BKEM Sortino Ratio Rank: 55
BKEM Omega Ratio Rank: 63
BKEM Calmar Ratio Rank: 71
BKEM Martin Ratio Rank: 67

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.

GEM vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	GEM	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.62	-0.05
Sortino ratio: Return per unit of downside risk	2.08	2.12	-0.04
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.65	2.82	-0.17
Martin ratio: Return relative to average drawdown	9.17	9.64	-0.47

GEM vs. BKEM - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.56, which is comparable to the BKEM Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of GEM and BKEM, 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

GEM vs. BKEM - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, smaller than the maximum BKEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for GEM and BKEM.

Drawdown Indicators

	GEM	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-39.48%	+2.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-13.11%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-18.38%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-33.72%	-34.52%	+0.80%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-8.91%	-9.06%	+0.15%
Average Drawdown Average peak-to-trough decline	-11.94%	-15.81%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.83%	+0.06%

Volatility

GEM vs. BKEM - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and BNY Mellon Emerging Markets Equity ETF (BKEM) have volatilities of 10.78% and 10.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	10.87%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	20.92%	20.93%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	22.92%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	19.50%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	19.65%	-0.40%

GEM vs. BKEM - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is higher than BKEM's 0.11% expense ratio.

Dividends

GEM vs. BKEM - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.94%, which matches BKEM's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.95%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.94%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%

Frequently Asked Questions

Can I hold both GEM and BKEM in my portfolio?

With a correlation of 0.96, GEM and BKEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GEM or BKEM?

BKEM has higher volatility (10.87%) compared to GEM (10.78%). In terms of maximum drawdown, GEM dropped -37.02% vs BKEM's -39.48%.

Which ETF is better, GEM or BKEM?

On 5-year performance, GEM leads with 7.00% vs 6.39% for BKEM. On fees, BKEM is cheaper at 0.11% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or BKEM?

Over the 5-year period, GEM has performed better with a 7.00% return vs 6.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or BKEM?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.45% for GEM.

Which ETF pays a higher dividend yield, GEM or BKEM?

GEM and BKEM have nearly identical dividend yields, around 1.94%.

What is the main difference between GEM and BKEM?

GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: Goldman Sachs and BNY Mellon. Their fees differ too: 0.45% for GEM and 0.11% for BKEM.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (1.62 vs 1.56), 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.