GEM vs. EMCR

Last updated Jun 5, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) are both Emerging Markets Equities funds - GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index while EMCR tracks the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, GEM returned 7.67%/yr vs 8.83%/yr for EMCR. Their correlation of 0.92 suggests significant overlap in exposure. GEM charges 0.45%/yr vs 0.15%/yr for EMCR.

Performance

GEM vs. EMCR - Performance Comparison

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

Returns By Period

In the year-to-date period, GEM achieves a 26.12% return, which is significantly higher than EMCR's 22.13% return.

GEM

• 1D: -1.13%
• 1M: 6.24%
• YTD: 26.12%
• 6M: 29.03%
• 1Y: 50.97%
• 3Y*: 23.48%
• 5Y*: 7.67%
• 10Y*: 9.79%

EMCR

• 1D: -0.87%
• 1M: 5.56%
• YTD: 22.13%
• 6M: 24.53%
• 1Y: 47.15%
• 3Y*: 23.37%
• 5Y*: 8.83%
• 10Y*: —

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

GEM vs. EMCR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	26.12%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-2.26%
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	22.13%	33.25%	9.69%	10.55%	-18.73%	5.54%	13.49%	22.41%	-1.76%

Correlation

The correlation between GEM and EMCR is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.92

The correlation between GEM and EMCR has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

GEM vs. EMCR - Sectors Allocation Comparison

Sectors	GEM	EMCR
Financial Services	34.0%	20.7%
Technology	14.1%	36.2%
Consumer Cyclical	13.0%	10.6%
Basic Materials	8.7%	3.9%
Industrials	7.5%	6.7%
Healthcare	5.4%	5.6%
Communication Services	4.5%	9.9%
Utilities	4.3%	1.5%
Consumer Defensive	4.2%	2.8%
Real Estate	1.5%	1.8%
Energy	1.3%	0.1%

Return for Risk

GEM vs. EMCR — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 79
GEM Sharpe Ratio Rank: 82
GEM Sortino Ratio Rank: 78
GEM Omega Ratio Rank: 80
GEM Calmar Ratio Rank: 76
GEM Martin Ratio Rank: 77

EMCR

EMCR Risk / Return Rank: 73
EMCR Sharpe Ratio Rank: 76
EMCR Sortino Ratio Rank: 71
EMCR Omega Ratio Rank: 75
EMCR Calmar Ratio Rank: 70
EMCR Martin Ratio Rank: 71

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. EMCR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR). 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.

	GEM	EMCR	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.42	+0.21
Sortino ratio: Return per unit of downside risk	3.46	3.17	+0.29
Omega ratio: Gain probability vs. loss probability	1.48	1.44	+0.03
Calmar ratio: Return relative to maximum drawdown	3.80	3.42	+0.37
Martin ratio: Return relative to average drawdown	14.69	13.08	+1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GEM vs. EMCR - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 2.63, which is comparable to the EMCR Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of GEM and EMCR, 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

	GEM	EMCR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.42	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.46	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.60	-0.08

Drawdowns

GEM vs. EMCR - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, which is greater than EMCR's maximum drawdown of -34.28%. Use the drawdown chart below to compare losses from any high point for GEM and EMCR.

Drawdown Indicators

	GEM	EMCR	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-34.28%	-2.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-13.84%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-18.38%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-34.28%	-1.15%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-2.16%	-2.21%	+0.05%
Average Drawdown Average peak-to-trough decline	-12.01%	-9.33%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.61%	-0.13%

Volatility

GEM vs. EMCR - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 8.61% compared to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) at 8.00%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than EMCR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	EMCR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	8.00%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	17.01%	16.94%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	19.62%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	19.29%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.03%	19.86%	-0.83%

GEM vs. EMCR - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is higher than EMCR's 0.15% expense ratio.

Dividends

GEM vs. EMCR - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.83%, less than EMCR's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1.99%	2.43%	6.62%	1.95%	3.05%	1.83%	1.75%	3.15%	0.19%	0.00%	0.00%	0.00%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.83%	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 EMCR in my portfolio?

With a correlation of 0.97, GEM and EMCR 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 EMCR?

GEM has higher volatility (8.61%) compared to EMCR (8.00%). In terms of maximum drawdown, GEM dropped -37.02% vs EMCR's -34.28%.

Which ETF is better, GEM or EMCR?

On 5-year performance, EMCR leads with 8.83% vs 7.67% for GEM. On fees, EMCR is cheaper at 0.15% per year. On volatility, EMCR has been the lower-risk option at 8.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or EMCR?

Over the 5-year period, EMCR has performed better with a 8.83% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or EMCR?

EMCR is cheaper with a 0.15% expense ratio, compared with 0.45% for GEM.

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

EMCR has the higher dividend yield at 1.99%, compared with 1.83% for GEM.

What is the main difference between GEM and EMCR?

GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net. They also come from different issuers: Goldman Sachs and Deutsche Bank. Their fees differ too: 0.45% for GEM and 0.15% for EMCR.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.63 vs 2.42), 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.