GEM vs. EMCS

Last updated Jul 14, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) are both Emerging Markets Equities funds - GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index while EMCS tracks the MSCI Emerging Markets Climate Select Index. Both are passively managed. Over the past 5 years, GEM returned 7.00%/yr vs 7.01%/yr for EMCS. With a 0.95 correlation, they move nearly in lockstep. GEM charges 0.45%/yr vs 0.15%/yr for EMCS.

Performance

GEM vs. EMCS - 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 MSCI Emerging Markets Climate Selection ETF (EMCS). 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 EMCS's 24.75% 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%

EMCS

• 1D: -3.99%
• 1M: -3.97%
• 6M: 17.62%
• YTD: 24.75%
• 1Y: 44.48%
• 3Y*: 23.07%
• 5Y*: 7.01%
• 10Y*: —

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

GEM vs. EMCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	18.38%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-3.23%
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	24.75%	38.71%	10.12%	5.68%	-23.58%	-2.02%	19.72%	19.54%	-1.41%

Correlation

The correlation between GEM and EMCS 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 6, 2018	0.95

The correlation between GEM and EMCS has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

GEM vs. EMCS - Sectors Allocation Comparison

Sectors	GEM	EMCS
Technology	43.5%	50.7%
Financial Services	18.6%	26.0%
Consumer Cyclical	8.2%	9.1%
Communication Services	6.4%	7.4%
Basic Materials	6.4%	2.6%
Industrials	5.6%	1.2%
Energy	3.0%	1.2%
Healthcare	2.9%	0.0%
Consumer Defensive	2.8%	0.0%
Utilities	1.8%	0.0%
Real Estate	0.8%	1.8%

Return for Risk

GEM vs. EMCS — 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

EMCS

EMCS Risk / Return Rank: 69
EMCS Sharpe Ratio Rank: 66
EMCS Sortino Ratio Rank: 60
EMCS Omega Ratio Rank: 68
EMCS Calmar Ratio Rank: 76
EMCS Martin Ratio Rank: 73

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. EMCS - 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 MSCI Emerging Markets Climate Selection ETF (EMCS). 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	EMCS	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.71	-0.14
Sortino ratio: Return per unit of downside risk	2.08	2.24	-0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.65	3.12	-0.47
Martin ratio: Return relative to average drawdown	9.17	10.68	-1.51

GEM vs. EMCS - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.56, which is comparable to the EMCS Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of GEM and EMCS, 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. EMCS - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, smaller than the maximum EMCS drawdown of -44.86%. Use the drawdown chart below to compare losses from any high point for GEM and EMCS.

Drawdown Indicators

	GEM	EMCS	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-44.86%	+7.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-14.32%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-16.73%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-33.72%	-40.25%	+6.53%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-8.91%	-9.88%	+0.97%
Average Drawdown Average peak-to-trough decline	-11.94%	-16.45%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	4.18%	-0.29%

Volatility

GEM vs. EMCS - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) is 10.78%, while Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) has a volatility of 12.31%. This indicates that GEM experiences smaller price fluctuations and is considered to be less risky than EMCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	EMCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	12.31%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	20.92%	23.90%	-2.98%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	26.27%	-3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	21.52%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	22.12%	-2.87%

GEM vs. EMCS - Expense Ratio Comparison

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

Dividends

GEM vs. EMCS - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.94%, more than EMCS's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	1.52%	1.66%	0.67%	3.07%	2.26%	1.46%	1.40%	3.56%	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 EMCS in my portfolio?

With a correlation of 0.97, GEM and EMCS 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 EMCS?

EMCS has higher volatility (12.31%) compared to GEM (10.78%). In terms of maximum drawdown, GEM dropped -37.02% vs EMCS's -44.86%.

Which ETF is better, GEM or EMCS?

On 5-year performance, EMCS leads with 7.01% vs 7.00% for GEM. On fees, EMCS is cheaper at 0.15% per year. On volatility, GEM has been the lower-risk option at 10.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or EMCS?

Over the 5-year period, EMCS has performed better with a 7.01% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or EMCS?

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

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

GEM has the higher dividend yield at 1.94%, compared with 1.52% for EMCS.

What is the main difference between GEM and EMCS?

GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while EMCS tracks MSCI Emerging Markets Climate Select Index. They also come from different issuers: Goldman Sachs and Xtrackers. Their fees differ too: 0.45% for GEM and 0.15% for EMCS.

Which has better risk-adjusted returns?

EMCS currently has the higher Sharpe Ratio (1.71 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.