GEM vs. GEMD
GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) are both exchange-traded funds - GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GEMD is a Emerging Markets Bonds fund tracking the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, GEM returned 18.77%/yr vs 7.29%/yr for GEMD. Their 0.46 correlation means their historical movements had little consistent relationship. GEM charges 0.45%/yr vs 0.39%/yr for GEMD.
Performance
GEM vs. GEMD - Performance Comparison
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Returns By Period
In the year-to-date period, GEM achieves a 17.80% return, which is significantly higher than GEMD's 0.66% return.
GEM
- 1D
- 0.72%
- 1M
- -2.35%
- 6M
- 8.93%
- YTD
- 17.80%
- 1Y
- 35.17%
- 3Y*
- 18.77%
- 5Y*
- 7.71%
- 10Y*
- 8.48%
- ALL TIME*
- 9.14%
GEMD
- 1D
- -0.01%
- 1M
- -1.75%
- 6M
- 0.26%
- YTD
- 0.66%
- 1Y
- 6.62%
- 3Y*
- 7.29%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.22M | $6.08M | $5.34M | |
| $98.79K | $107.77K | $129.61K |
GEM vs. GEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 17.80% | 33.43% | 6.66% | 11.82% | -22.11% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 0.66% | 13.67% | 3.31% | 8.51% | -15.70% |
Correlation
The correlation between GEM and GEMD is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.46 |
The correlation between GEM and GEMD has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.
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Return for Risk
GEM vs. GEMD — Risk / Return Rank
GEM
GEMD
GEM vs. GEMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD). 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 | GEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.23 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 1.51 | +1.03 |
| Martin ratioReturn relative to average drawdown | 7.58 | 6.01 | +1.57 |
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Drawdowns
GEM vs. GEMD - Drawdown Comparison
The maximum GEM drawdown since its inception was -37.02%, which is greater than GEMD's maximum drawdown of -24.56%. Use the drawdown chart below to compare losses from any high point for GEM and GEMD.
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Drawdown Indicators
| GEM | GEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.02% | -24.56% | -12.46% |
Max Drawdown (1Y)Largest decline over 1 year | -13.50% | -4.64% | -8.86% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -6.58% | -9.96% |
Max Drawdown (5Y)Largest decline over 5 years | -33.14% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.02% | — | — |
Current DrawdownCurrent decline from peak | -9.35% | -2.01% | -7.34% |
Average DrawdownAverage peak-to-trough decline | -11.93% | -7.91% | -4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.51% | 1.16% | +3.35% |
Volatility
GEM vs. GEMD - Volatility Comparison
Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 8.66% compared to Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) at 1.37%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than GEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEM | GEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.66% | 1.37% | +7.29% |
Volatility (6M)Calculated over the trailing 6-month period | 21.69% | 4.61% | +17.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.75% | 5.69% | +18.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.64% | 9.82% | +8.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.35% | 9.82% | +9.53% |
GEM vs. GEMD - Expense Ratio Comparison
GEM has a 0.45% expense ratio, which is higher than GEMD's 0.39% expense ratio.
Dividends
GEM vs. GEMD - Dividend Comparison
GEM's dividend yield for the trailing twelve months is around 1.95%, less than GEMD's 5.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1.95% | 2.30% | 2.58% | 2.97% | 2.96% | 3.00% | 1.63% | 3.13% | 2.08% | 1.81% | 1.98% | 0.25% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.30% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GEM and GEMD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEM has higher volatility (8.66%) compared to GEMD (1.37%). In terms of maximum drawdown, GEM dropped -37.02% vs GEMD's -24.56%.
On 3-year performance, GEM leads with 18.77% vs 7.29% for GEMD. On fees, GEMD is cheaper at 0.39% per year. On volatility, GEMD has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GEM has performed better with a 18.77% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GEMD is cheaper with a 0.39% expense ratio, compared with 0.45% for GEM.
GEMD has the higher dividend yield at 5.30%, compared with 1.95% for GEM.
GEM is categorized as Emerging Markets Equities, while GEMD is Emerging Markets Bonds. GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. Their fees differ too: 0.45% for GEM and 0.39% for GEMD.
GEM currently has the higher Sharpe Ratio (1.44 vs 1.23), 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.
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