GEM vs. EMOP

Last updated Jul 14, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and EMOP (AB Emerging Markets Opportunities ETF) are both Emerging Markets Equities funds. GEM is passively managed, while EMOP is actively managed. Over the past year, GEM returned 35.61% vs 39.59% for EMOP. With a 0.96 correlation, they move nearly in lockstep. GEM charges 0.45%/yr vs 0.70%/yr for EMOP.

Performance

GEM vs. EMOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and AB Emerging Markets Opportunities ETF (EMOP). 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 EMOP's 22.87% 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%

EMOP

• 1D: -3.20%
• 1M: -5.10%
• 6M: 15.53%
• YTD: 22.87%
• 1Y: 39.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GEM vs. EMOP - Yearly Performance Comparison

	2026 (YTD)	2025
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	18.38%	18.33%
EMOP AB Emerging Markets Opportunities ETF	22.87%	16.48%

Correlation

The correlation between GEM and EMOP 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 (All Time) Calculated using the full available price history since Jun 18, 2025	0.96

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

GEM vs. EMOP - Sectors Allocation Comparison

Sectors	GEM	EMOP
Technology	43.5%	45.9%
Financial Services	18.6%	15.4%
Consumer Cyclical	8.2%	8.5%
Communication Services	6.4%	3.0%
Basic Materials	6.4%	2.3%
Industrials	5.6%	6.0%
Energy	3.0%	7.9%
Healthcare	2.9%	3.5%
Consumer Defensive	2.8%	5.0%
Utilities	1.8%	2.8%
Real Estate	0.8%	2.4%

Return for Risk

GEM vs. EMOP — 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

EMOP

EMOP Risk / Return Rank: 71
EMOP Sharpe Ratio Rank: 70
EMOP Sortino Ratio Rank: 63
EMOP Omega Ratio Rank: 71
EMOP Calmar Ratio Rank: 75
EMOP Martin Ratio Rank: 75

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. EMOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and AB Emerging Markets Opportunities ETF (EMOP). 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	EMOP	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.79	-0.22
Sortino ratio: Return per unit of downside risk	2.08	2.34	-0.25
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.65	3.09	-0.44
Martin ratio: Return relative to average drawdown	9.17	10.96	-1.79

GEM vs. EMOP - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.56, which is comparable to the EMOP Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of GEM and EMOP, 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. EMOP - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, which is greater than EMOP's maximum drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for GEM and EMOP.

Drawdown Indicators

	GEM	EMOP	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-12.88%	-24.14%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-12.88%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-8.91%	-8.03%	-0.88%
Average Drawdown Average peak-to-trough decline	-11.94%	-2.14%	-9.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.62%	+0.27%

Volatility

GEM vs. EMOP - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 10.78% compared to AB Emerging Markets Opportunities ETF (EMOP) at 9.75%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than EMOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	EMOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	9.75%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	20.92%	20.20%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	22.29%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	21.87%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	21.87%	-2.62%

GEM vs. EMOP - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is lower than EMOP's 0.70% expense ratio.

Dividends

GEM vs. EMOP - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.94%, more than EMOP's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMOP AB Emerging Markets Opportunities ETF	1.20%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	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 EMOP in my portfolio?

With a correlation of 0.96, GEM and EMOP 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 EMOP?

GEM has higher volatility (10.78%) compared to EMOP (9.75%). In terms of maximum drawdown, GEM dropped -37.02% vs EMOP's -12.88%.

Which ETF is better, GEM or EMOP?

On 1-year performance, EMOP leads with 39.59% vs 35.61% for GEM. On fees, GEM is cheaper at 0.45% per year. On volatility, EMOP has been the lower-risk option at 9.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or EMOP?

Over the 1-year period, EMOP has performed better with a 39.59% return vs 35.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or EMOP?

GEM is cheaper with a 0.45% expense ratio, compared with 0.70% for EMOP.

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

GEM has the higher dividend yield at 1.94%, compared with 1.20% for EMOP.

What is the main difference between GEM and EMOP?

They also come from different issuers: Goldman Sachs and AllianceBernstein. Their fees differ too: 0.45% for GEM and 0.70% for EMOP.

Which has better risk-adjusted returns?

EMOP currently has the higher Sharpe Ratio (1.79 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.