GEM vs. DEM

Last updated Jun 24, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index while DEM tracks the WisdomTree Emerging Markets Equity income Index. Both are passively managed. Over the past 10 years, GEM returned 9.90%/yr vs 10.52%/yr for DEM. Their correlation of 0.89 suggests significant overlap in exposure. GEM charges 0.45%/yr vs 0.63%/yr for DEM.

Performance

GEM vs. DEM - Performance Comparison

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

Returns By Period

In the year-to-date period, GEM achieves a 22.90% return, which is significantly higher than DEM's 18.12% return. Over the past 10 years, GEM has underperformed DEM with an annualized return of 9.90%, while DEM has yielded a comparatively higher 10.52% annualized return.

GEM

• 1D: -5.43%
• 1M: 2.53%
• YTD: 22.90%
• 6M: 23.85%
• 1Y: 45.28%
• 3Y*: 22.41%
• 5Y*: 7.42%
• 10Y*: 9.90%

DEM

• 1D: -1.93%
• 1M: 1.59%
• YTD: 18.12%
• 6M: 18.38%
• 1Y: 28.27%
• 3Y*: 18.30%
• 5Y*: 9.65%
• 10Y*: 10.52%

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

GEM vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	22.90%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-14.25%	36.43%
DEM WisdomTree Emerging Markets Equity Income Fund	18.12%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%

Correlation

The correlation between GEM and DEM is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 29, 2015	0.89

The correlation between GEM and DEM has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

GEM vs. DEM - Sectors Allocation Comparison

Sectors	GEM	DEM
Technology	43.5%	17.4%
Financial Services	18.6%	21.9%
Consumer Cyclical	8.2%	5.0%
Communication Services	6.4%	3.0%
Basic Materials	6.4%	3.5%
Industrials	5.6%	9.5%
Energy	3.0%	6.1%
Healthcare	2.9%	0.6%
Consumer Defensive	2.8%	5.8%
Utilities	1.8%	3.0%
Real Estate	0.8%	3.0%

Return for Risk

GEM vs. DEM — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 68
GEM Sharpe Ratio Rank: 68
GEM Sortino Ratio Rank: 60
GEM Omega Ratio Rank: 70
GEM Calmar Ratio Rank: 71
GEM Martin Ratio Rank: 71

DEM

DEM Risk / Return Rank: 66
DEM Sharpe Ratio Rank: 63
DEM Sortino Ratio Rank: 61
DEM Omega Ratio Rank: 63
DEM Calmar Ratio Rank: 74
DEM Martin Ratio Rank: 70

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. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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	DEM	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.98	+0.07
Sortino ratio: Return per unit of downside risk	2.64	2.72	-0.07
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	3.37	3.60	-0.23
Martin ratio: Return relative to average drawdown	12.44	12.31	+0.13

GEM vs. DEM - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 2.05, which is comparable to the DEM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GEM and DEM, 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. DEM - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, smaller than the maximum DEM drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for GEM and DEM.

Drawdown Indicators

	GEM	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-51.85%	+14.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-7.89%	-5.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-15.64%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-35.10%	-27.18%	-7.92%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	-37.79%	+0.77%
Current Drawdown Current decline from peak	-5.43%	-2.71%	-2.72%
Average Drawdown Average peak-to-trough decline	-11.97%	-12.87%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	2.30%	+1.35%

Volatility

GEM vs. DEM - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 12.24% compared to WisdomTree Emerging Markets Equity Income Fund (DEM) at 6.28%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.24%	6.28%	+5.96%
Volatility (6M) Calculated over the trailing 6-month period	20.13%	12.40%	+7.73%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	14.33%	+7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	15.49%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	17.87%	+1.34%

GEM vs. DEM - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is lower than DEM's 0.63% expense ratio.

Dividends

GEM vs. DEM - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.87%, less than DEM's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.82%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.87%	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 DEM in my portfolio?

GEM and DEM have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GEM or DEM?

GEM has higher volatility (12.24%) compared to DEM (6.28%). In terms of maximum drawdown, GEM dropped -37.02% vs DEM's -51.85%.

Which ETF is better, GEM or DEM?

On 10-year performance, DEM leads with 10.52% vs 9.90% for GEM. On fees, GEM is cheaper at 0.45% per year. On volatility, DEM has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or DEM?

Over the 10-year period, DEM has performed better with a 10.52% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or DEM?

GEM is cheaper with a 0.45% expense ratio, compared with 0.63% for DEM.

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

DEM has the higher dividend yield at 3.82%, compared with 1.87% for GEM.

What is the main difference between GEM and DEM?

GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while DEM tracks WisdomTree Emerging Markets Equity income Index. They also come from different issuers: Goldman Sachs and WisdomTree. Their fees differ too: 0.45% for GEM and 0.63% for DEM.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.05 vs 1.98), 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.