GEM vs. GHYB
GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) are both exchange-traded funds - GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GHYB is a High Yield Bonds fund tracking the FTSE Goldman Sachs High Yield Corporate Bond Index. Both are passively managed. Over the past 5 years, GEM returned 7.67%/yr vs 4.02%/yr for GHYB. A 0.54 correlation means they provide meaningful diversification when combined. GEM charges 0.45%/yr vs 0.34%/yr for GHYB.
Performance
GEM vs. GHYB - Performance Comparison
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Returns By Period
In the year-to-date period, GEM achieves a 26.12% return, which is significantly higher than GHYB's 1.32% 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%
GHYB
- 1D
- 0.16%
- 1M
- 0.37%
- YTD
- 1.32%
- 6M
- 1.69%
- 1Y
- 6.90%
- 3Y*
- 8.66%
- 5Y*
- 4.02%
- 10Y*
- —
GEM vs. GHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 26.12% | 33.43% | 6.66% | 11.82% | -21.33% | -0.19% | 13.23% | 17.79% | -14.25% | 6.51% |
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 1.32% | 9.38% | 7.76% | 12.13% | -11.02% | 3.21% | 6.38% | 14.55% | -2.01% | 0.27% |
Correlation
The correlation between GEM and GHYB is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2017 | 0.54 |
The correlation between GEM and GHYB has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.
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Return for Risk
GEM vs. GHYB — Risk / Return Rank
GEM
GHYB
GEM vs. GHYB - 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 High Yield Corporate Bond ETF (GHYB). 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 | GHYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.38 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 2.59 | +1.21 |
| Martin ratioReturn relative to average drawdown | 14.69 | 11.85 | +2.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GEM | GHYB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 1.98 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.53 | -0.09 |
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 | 0.55 | -0.03 |
Drawdowns
GEM vs. GHYB - Drawdown Comparison
The maximum GEM drawdown since its inception was -37.02%, which is greater than GHYB's maximum drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for GEM and GHYB.
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Drawdown Indicators
| GEM | GHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.02% | -21.48% | -15.54% |
Max Drawdown (1Y)Largest decline over 1 year | -13.50% | -2.67% | -10.83% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -4.66% | -11.88% |
Max Drawdown (5Y)Largest decline over 5 years | -35.43% | -16.08% | -19.35% |
Max Drawdown (10Y)Largest decline over 10 years | -37.02% | — | — |
Current DrawdownCurrent decline from peak | -2.16% | -0.20% | -1.96% |
Average DrawdownAverage peak-to-trough decline | -12.01% | -2.57% | -9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 0.58% | +2.90% |
Volatility
GEM vs. GHYB - Volatility Comparison
Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 8.61% compared to Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) at 1.08%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than GHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEM | GHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.61% | 1.08% | +7.53% |
Volatility (6M)Calculated over the trailing 6-month period | 17.01% | 2.72% | +14.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.55% | 3.50% | +16.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.71% | 7.69% | +10.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.03% | 8.28% | +10.75% |
GEM vs. GHYB - Expense Ratio Comparison
GEM has a 0.45% expense ratio, which is higher than GHYB's 0.34% expense ratio.
Dividends
GEM vs. GHYB - Dividend Comparison
GEM's dividend yield for the trailing twelve months is around 1.83%, less than GHYB's 6.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 6.80% | 7.00% | 6.65% | 6.20% | 5.67% | 4.46% | 4.75% | 5.57% | 5.68% | 1.45% | 0.00% | 0.00% |
Frequently Asked Questions
GEM and GHYB have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEM has higher volatility (8.61%) compared to GHYB (1.08%). In terms of maximum drawdown, GEM dropped -37.02% vs GHYB's -21.48%.
On 5-year performance, GEM leads with 7.67% vs 4.02% for GHYB. On fees, GHYB is cheaper at 0.34% per year. On volatility, GHYB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GEM has performed better with a 7.67% return vs 4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GHYB is cheaper with a 0.34% expense ratio, compared with 0.45% for GEM.
GHYB has the higher dividend yield at 6.80%, compared with 1.83% for GEM.
GEM is categorized as Emerging Markets Equities, while GHYB is High Yield Bonds. GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index. Their fees differ too: 0.45% for GEM and 0.34% for GHYB.
GEM currently has the higher Sharpe Ratio (2.63 vs 1.98), 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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