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GEM vs. GSEE
Performance
Return for Risk
Dividends
Drawdowns
Volatility

GEM vs. GSEE

Last updated Apr 1, 2026

Compare and contrast key facts about Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE).

GEM and GSEE 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. GSEE is a passively managed fund by Goldman Sachs that tracks the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index. It was launched on May 12, 2020. Both GEM and GSEE 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. GSEE - Performance Comparison

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

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GEM vs. GSEE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GEM
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3.80%33.43%6.66%11.82%-21.33%-0.19%40.78%
GSEE
Goldman Sachs MarketBeta Emerging Markets Equity ETF		3.91%33.38%4.94%11.03%-19.57%-2.61%43.54%

Returns By Period

The year-to-date returns for both investments are quite close, with GEM having a 3.80% return and GSEE slightly higher at 3.91%.

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%

GSEE

1D
3.26%
1M
-8.99%
YTD
3.91%
6M
8.00%
1Y
32.92%
3Y*
15.76%
5Y*
3.96%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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Goldman Sachs ActiveBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Often compared with GEM:
GEM vs. VWOGEM vs. IEMGGEM vs. SPYGEM vs. JPEMGEM vs. SPEMGEM vs. SPMOGEM vs. SCHE
Often compared with GSEE:
GSEE vs. DFCEXGSEE vs. VOOGSEE vs. XCEMGSEE vs. BKEMGSEE vs. SPEMGSEE vs. IDMOGSEE vs. FTEC

GEM vs. GSEE - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is higher than GSEE's 0.36% expense ratio.

GEM
Goldman Sachs ActiveBeta Emerging Markets Equity ETF
GSEE
Goldman Sachs MarketBeta Emerging Markets Equity ETF

Return for Risk

GEM vs. GSEE — 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
GSEE
GSEE Risk / Return Rank: 8585
Overall Rank
GSEE Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
GSEE Sortino Ratio Rank: 8686
Sortino Ratio Rank
GSEE Omega Ratio Rank: 8484
Omega Ratio Rank
GSEE Calmar Ratio Rank: 8484
Calmar Ratio Rank
GSEE Martin Ratio Rank: 8484
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. GSEE - 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 MarketBeta Emerging Markets Equity ETF (GSEE). 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.

GEMGSEEDifference

Sharpe ratio

Return per unit of total volatility

1.70

1.69

0.00

Sortino ratio

Return per unit of downside risk

2.32

2.33

-0.01

Omega ratio

Gain probability vs. loss probability

1.33

1.33

0.00

Calmar ratio

Return relative to maximum drawdown

2.44

2.49

-0.05

Martin ratio

Return relative to average drawdown

9.52

9.61

-0.08

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. GSEE - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.70, which is comparable to the GSEE Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of GEM and GSEE, 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

GEMGSEEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.69

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

0.22

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.60

-0.17

Correlation

The correlation between GEM and GSEE is 0.97, 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. GSEE - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 2.22%, less than GSEE's 2.43% 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%
GSEE
Goldman Sachs MarketBeta Emerging Markets Equity ETF		2.43%2.53%2.79%3.07%3.05%6.10%2.41%0.00%0.00%0.00%0.00%0.00%

Drawdowns

GEM vs. GSEE - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, roughly equal to the maximum GSEE drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for GEM and GSEE.

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Drawdown Indicators

GEMGSEEDifference

Max Drawdown

Largest peak-to-trough decline

-37.02%

-37.51%

+0.49%

Max Drawdown (1Y)

Largest decline over 1 year

-13.50%

-13.05%

-0.45%

Max Drawdown (5Y)

Largest decline over 5 years

-35.50%

-35.06%

-0.44%

Max Drawdown (10Y)

Largest decline over 10 years

-37.02%

—

—

Current Drawdown

Current decline from peak

-10.45%

-10.22%

-0.23%

Average Drawdown

Average peak-to-trough decline

-12.17%

-15.10%

+2.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

3.38%

+0.07%

Volatility

GEM vs. GSEE - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) have volatilities of 10.14% and 9.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GEMGSEEDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.14%

9.92%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

14.56%

14.49%

+0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

19.68%

19.54%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.19%

17.72%

-0.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.80%

18.04%

+0.76%