GEM vs. GVIP

Last updated Jun 4, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and GVIP (Goldman Sachs Hedge Industry VIP ETF) are both exchange-traded funds - GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index. Both are passively managed. Over the past 5 years, GEM returned 7.91%/yr vs 12.90%/yr for GVIP. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.

Performance

GEM vs. GVIP - 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 Hedge Industry VIP ETF (GVIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GEM achieves a 27.56% return, which is significantly higher than GVIP's 16.17% 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%

GVIP

• 1D: -0.33%
• 1M: 6.71%
• YTD: 16.17%
• 6M: 18.08%
• 1Y: 36.94%
• 3Y*: 30.49%
• 5Y*: 12.90%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GEM vs. GVIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	27.56%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-14.25%	36.43%
GVIP Goldman Sachs Hedge Industry VIP ETF	16.17%	25.27%	29.82%	39.15%	-31.95%	11.86%	44.12%	30.21%	-6.85%	25.79%

Correlation

The correlation between GEM and GVIP is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 4, 2016	0.67

The correlation between GEM and GVIP shifts across timeframes, from 0.65 (3 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.

GEM vs. GVIP - Sectors Allocation Comparison

Sectors	GEM	GVIP
Financial Services	34.0%	15.8%
Technology	14.1%	38.6%
Consumer Cyclical	13.0%	8.0%
Basic Materials	8.7%	-
Industrials	7.5%	9.5%
Healthcare	5.4%	8.0%
Communication Services	4.5%	11.5%
Utilities	4.3%	8.4%
Consumer Defensive	4.2%	1.2%
Real Estate	1.5%	-
Energy	1.3%	-

Return for Risk

GEM vs. GVIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GEM

GEM Risk / Return Rank: 82
GEM Sharpe Ratio Rank: 85
GEM Sortino Ratio Rank: 81
GEM Omega Ratio Rank: 83
GEM Calmar Ratio Rank: 79
GEM Martin Ratio Rank: 80

GVIP

GVIP Risk / Return Rank: 58
GVIP Sharpe Ratio Rank: 59
GVIP Sortino Ratio Rank: 56
GVIP Omega Ratio Rank: 58
GVIP Calmar Ratio Rank: 54
GVIP Martin Ratio Rank: 64

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. GVIP - 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 Hedge Industry VIP ETF (GVIP). 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	GVIP	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.05	+0.78
Sortino ratio: Return per unit of downside risk	3.68	2.74	+0.94
Omega ratio: Gain probability vs. loss probability	1.51	1.36	+0.15
Calmar ratio: Return relative to maximum drawdown	4.08	2.71	+1.37
Martin ratio: Return relative to average drawdown	15.81	11.81	+4.00
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. GVIP - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 2.82, which is higher than the GVIP Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of GEM and GVIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GEM	GVIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	2.05	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.61	-0.16
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	0.82	-0.29

Drawdowns

GEM vs. GVIP - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, roughly equal to the maximum GVIP drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for GEM and GVIP.

Drawdown Indicators

	GEM	GVIP	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-37.09%	+0.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-13.67%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-23.29%	+6.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-37.09%	+1.66%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-1.04%	-0.33%	-0.71%
Average Drawdown Average peak-to-trough decline	-12.01%	-7.59%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.14%	+0.34%

Volatility

GEM vs. GVIP - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 8.60% compared to Goldman Sachs Hedge Industry VIP ETF (GVIP) at 5.42%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than GVIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	GVIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.60%	5.42%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	16.96%	14.47%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.51%	18.13%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	21.29%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.03%	21.65%	-2.62%

GEM vs. GVIP - Expense Ratio Comparison

Both GEM and GVIP have an expense ratio of 0.45%.

Dividends

GEM vs. GVIP - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.80%, more than GVIP's 0.29% 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%
GVIP Goldman Sachs Hedge Industry VIP ETF	0.29%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%	0.00%

Frequently Asked Questions

Can I hold both GEM and GVIP in my portfolio?

GEM and GVIP have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GEM or GVIP?

GEM has higher volatility (8.60%) compared to GVIP (5.42%). In terms of maximum drawdown, GEM dropped -37.02% vs GVIP's -37.09%.

Which ETF is better, GEM or GVIP?

On 5-year performance, GVIP leads with 12.90% vs 7.91% for GEM. Both ETFs have the same 0.45% expense ratio. On volatility, GVIP has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or GVIP?

Over the 5-year period, GVIP has performed better with a 12.90% return vs 7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or GVIP?

GEM and GVIP have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, GEM or GVIP?

GEM has the higher dividend yield at 1.80%, compared with 0.29% for GVIP.

What is the main difference between GEM and GVIP?

GEM is categorized as Emerging Markets Equities, while GVIP is Large Cap Growth Equities. GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while GVIP tracks Goldman Sachs Hedge Fund VIP Index.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.82 vs 2.05), 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.