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GEM vs. FEM
Performance
Return for Risk
Dividends
Drawdowns
Volatility

GEM vs. FEM

Last updated Apr 1, 2026

Compare and contrast key facts about Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and First Trust Emerging Markets AlphaDEX Fund (FEM).

GEM and FEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GEM is a passively managed fund by Goldman Sachs that tracks the performance of the Goldman Sachs ActiveBeta Emerging Markets Equity Index. It was launched on Sep 29, 2015. FEM is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Index. It was launched on Apr 18, 2011. Both GEM and FEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GEM vs. FEM - Performance Comparison

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

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GEM vs. FEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GEM
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3.80%33.43%6.66%11.82%-21.33%-0.19%13.23%17.79%-14.25%36.43%
FEM
First Trust Emerging Markets AlphaDEX Fund		9.64%28.36%3.01%10.84%-14.24%7.40%-1.68%20.55%-15.51%41.05%

Returns By Period

In the year-to-date period, GEM achieves a 3.80% return, which is significantly lower than FEM's 9.64% return. Over the past 10 years, GEM has underperformed FEM with an annualized return of 7.72%, while FEM has yielded a comparatively higher 8.47% annualized return.

GEM

1D
3.52%
1M
-9.22%
YTD
3.80%
6M
8.54%
1Y
33.24%
3Y*
15.80%
5Y*
4.48%
10Y*
7.72%

FEM

1D
1.40%
1M
-4.37%
YTD
9.64%
6M
11.51%
1Y
35.39%
3Y*
16.74%
5Y*
6.92%
10Y*
8.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

First Trust Emerging Markets AlphaDEX Fund

Often compared with GEM:
GEM vs. VWOGEM vs. IEMGGEM vs. SPYGEM vs. JPEMGEM vs. SPMOGEM vs. SPEMGEM vs. SCHE
Often compared with FEM:
FEM vs. FPADXFEM vs. RFEMFEM vs. IQQE.DEFEM vs. VWOFEM vs. AVEMFEM vs. SPEMFEM vs. FDEM

GEM vs. FEM - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is lower than FEM's 0.80% expense ratio.

FEM
First Trust Emerging Markets AlphaDEX Fund
GEM
Goldman Sachs ActiveBeta Emerging Markets Equity ETF

Return for Risk

GEM vs. FEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GEM
GEM Risk / Return Rank: 8585
Overall Rank
GEM Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
GEM Sortino Ratio Rank: 8686
Sortino Ratio Rank
GEM Omega Ratio Rank: 8585
Omega Ratio Rank
GEM Calmar Ratio Rank: 8484
Calmar Ratio Rank
GEM Martin Ratio Rank: 8484
Martin Ratio Rank
FEM
FEM Risk / Return Rank: 8888
Overall Rank
FEM Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
FEM Sortino Ratio Rank: 8787
Sortino Ratio Rank
FEM Omega Ratio Rank: 8888
Omega Ratio Rank
FEM Calmar Ratio Rank: 8787
Calmar Ratio Rank
FEM Martin Ratio Rank: 9292
Martin Ratio Rank
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. FEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and First Trust Emerging Markets AlphaDEX Fund (FEM). 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.

GEMFEMDifference

Sharpe ratio

Return per unit of total volatility

1.70

1.85

-0.15

Sortino ratio

Return per unit of downside risk

2.32

2.34

-0.03

Omega ratio

Gain probability vs. loss probability

1.33

1.36

-0.03

Calmar ratio

Return relative to maximum drawdown

2.44

2.66

-0.22

Martin ratio

Return relative to average drawdown

9.52

12.54

-3.02

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. FEM - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.70, which is comparable to the FEM Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GEM and FEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

GEMFEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.85

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

0.38

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.41

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.16

+0.27

Correlation

The correlation between GEM and FEM is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GEM vs. FEM - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 2.22%, less than FEM's 2.84% yield.

TTM20252024202320222021202020192018201720162015
GEM
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		2.22%2.30%2.58%2.97%2.96%3.00%1.63%3.13%2.08%1.81%1.98%0.25%
FEM
First Trust Emerging Markets AlphaDEX Fund		2.84%3.13%3.66%4.96%6.15%4.15%2.68%3.31%3.52%2.45%2.25%3.61%

Drawdowns

GEM vs. FEM - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, smaller than the maximum FEM drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for GEM and FEM.

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Drawdown Indicators

GEMFEMDifference

Max Drawdown

Largest peak-to-trough decline

-37.02%

-46.23%

+9.21%

Max Drawdown (1Y)

Largest decline over 1 year

-13.50%

-13.19%

-0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-35.50%

-31.72%

-3.78%

Max Drawdown (10Y)

Largest decline over 10 years

-37.02%

-46.23%

+9.21%

Current Drawdown

Current decline from peak

-10.45%

-5.40%

-5.05%

Average Drawdown

Average peak-to-trough decline

-12.17%

-15.20%

+3.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

2.79%

+0.66%

Volatility

GEM vs. FEM - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 10.14% compared to First Trust Emerging Markets AlphaDEX Fund (FEM) at 8.51%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than FEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GEMFEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.14%

8.51%

+1.63%

Volatility (6M)

Calculated over the trailing 6-month period

14.56%

13.64%

+0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

19.68%

19.24%

+0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.19%

18.21%

-1.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.80%

20.95%

-2.15%