GEM vs. GSST
GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and GSST (Goldman Sachs Ultra Short Bond ETF) are both exchange-traded funds - GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GSST is a Ultrashort Bond fund actively managed by Goldman Sachs. GEM is passively managed, while GSST is actively managed. Over the past 5 years, GEM returned 7.91%/yr vs 3.75%/yr for GSST. At a 0.03 correlation, their price movements are largely independent. GEM charges 0.45%/yr vs 0.16%/yr for GSST.
Performance
GEM vs. GSST - Performance Comparison
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Returns By Period
In the year-to-date period, GEM achieves a 27.56% return, which is significantly higher than GSST's 1.55% return.
GEM
- 1D
- -1.04%
- 1M
- 9.44%
- YTD
- 27.56%
- 6M
- 30.41%
- 1Y
- 54.83%
- 3Y*
- 23.85%
- 5Y*
- 7.91%
- 10Y*
- 10.00%
GSST
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.55%
- 6M
- 1.88%
- 1Y
- 4.61%
- 3Y*
- 5.52%
- 5Y*
- 3.75%
- 10Y*
- —
GEM vs. GSST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 27.56% | 33.43% | 6.66% | 11.82% | -21.33% | -0.19% | 13.23% | 4.51% |
GSST Goldman Sachs Ultra Short Bond ETF | 1.55% | 5.20% | 6.01% | 6.08% | 0.13% | 0.05% | 1.74% | 2.65% |
Correlation
The correlation between GEM and GSST is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2019 | 0.03 |
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Return for Risk
GEM vs. GSST — Risk / Return Rank
GEM
GSST
GEM vs. GSST - 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 Ultra Short Bond ETF (GSST). 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 | GSST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.15 | ||
| Sortino ratioReturn per unit of downside risk | -12.90 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 3.94 | -2.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 29.99 | -25.91 |
| Martin ratioReturn relative to average drawdown | 15.81 | 185.54 | -169.73 |
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 | GSST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.82 | 7.98 | -5.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 5.99 | -5.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 3.78 | -3.26 |
Drawdowns
GEM vs. GSST - Drawdown Comparison
The maximum GEM drawdown since its inception was -37.02%, which is greater than GSST's maximum drawdown of -3.51%. Use the drawdown chart below to compare losses from any high point for GEM and GSST.
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Drawdown Indicators
| GEM | GSST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.02% | -3.51% | -33.51% |
Max Drawdown (1Y)Largest decline over 1 year | -13.50% | -0.15% | -13.35% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -0.25% | -16.29% |
Max Drawdown (5Y)Largest decline over 5 years | -35.43% | -1.19% | -34.24% |
Max Drawdown (10Y)Largest decline over 10 years | -37.02% | — | — |
Current DrawdownCurrent decline from peak | -1.04% | 0.00% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -12.01% | -0.16% | -11.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 0.02% | +3.46% |
Volatility
GEM vs. GSST - Volatility Comparison
Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 8.60% compared to Goldman Sachs Ultra Short Bond ETF (GSST) at 0.13%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than GSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEM | GSST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.60% | 0.13% | +8.47% |
Volatility (6M)Calculated over the trailing 6-month period | 16.96% | 0.41% | +16.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.51% | 0.58% | +18.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.70% | 0.63% | +17.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.03% | 0.86% | +18.17% |
GEM vs. GSST - Expense Ratio Comparison
GEM has a 0.45% expense ratio, which is higher than GSST's 0.16% expense ratio.
Dividends
GEM vs. GSST - Dividend Comparison
GEM's dividend yield for the trailing twelve months is around 1.80%, less than GSST's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1.80% | 2.30% | 2.58% | 2.97% | 2.96% | 3.00% | 1.63% | 3.13% | 2.08% | 1.81% | 1.98% | 0.25% |
GSST Goldman Sachs Ultra Short Bond ETF | 4.32% | 4.56% | 5.45% | 4.98% | 1.97% | 0.71% | 1.12% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GEM and GSST have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEM has higher volatility (8.60%) compared to GSST (0.13%). In terms of maximum drawdown, GEM dropped -37.02% vs GSST's -3.51%.
On 5-year performance, GEM leads with 7.91% vs 3.75% for GSST. On fees, GSST is cheaper at 0.16% per year. On volatility, GSST has been the lower-risk option at 0.13%. 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 7.91% return vs 3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSST is cheaper with a 0.16% expense ratio, compared with 0.45% for GEM.
GSST has the higher dividend yield at 4.32%, compared with 1.80% for GEM.
GEM is categorized as Emerging Markets Equities, while GSST is Ultrashort Bond. Their fees differ too: 0.45% for GEM and 0.16% for GSST.
GSST currently has the higher Sharpe Ratio (7.98 vs 2.82), 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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