GEM vs. QLVE

Last updated Jun 24, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) are both exchange-traded funds - GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index, while QLVE is a Volatility Hedged Equity fund tracking the Northern Trust Emerging Markets Quality Low Volatility Index. Both are passively managed. Over the past 5 years, GEM returned 7.42%/yr vs 6.92%/yr for QLVE. Their correlation of 0.94 suggests significant overlap in exposure. GEM charges 0.45%/yr vs 0.40%/yr for QLVE.

Performance

GEM vs. QLVE - Performance Comparison

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

Returns By Period

In the year-to-date period, GEM achieves a 22.90% return, which is significantly higher than QLVE's 14.49% return.

GEM

• 1D: -5.43%
• 1M: 2.53%
• YTD: 22.90%
• 6M: 23.85%
• 1Y: 45.28%
• 3Y*: 22.41%
• 5Y*: 7.42%
• 10Y*: 9.90%

QLVE

• 1D: -4.20%
• 1M: 2.11%
• YTD: 14.49%
• 6M: 15.03%
• 1Y: 28.25%
• 3Y*: 17.13%
• 5Y*: 6.92%
• 10Y*: —

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

GEM vs. QLVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	22.90%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	5.96%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	14.49%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.77%

Correlation

The correlation between GEM and QLVE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.94

The correlation between GEM and QLVE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

GEM vs. QLVE - Sectors Allocation Comparison

Sectors	GEM	QLVE
Technology	43.5%	37.3%
Financial Services	18.6%	15.9%
Consumer Cyclical	8.2%	6.7%
Communication Services	6.4%	10.7%
Basic Materials	6.4%	3.4%
Industrials	5.6%	6.3%
Energy	3.0%	4.4%
Healthcare	2.9%	4.6%
Consumer Defensive	2.8%	6.2%
Utilities	1.8%	4.4%
Real Estate	0.8%	0.1%

Return for Risk

GEM vs. QLVE — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 68
GEM Sharpe Ratio Rank: 68
GEM Sortino Ratio Rank: 60
GEM Omega Ratio Rank: 70
GEM Calmar Ratio Rank: 71
GEM Martin Ratio Rank: 71

QLVE

QLVE Risk / Return Rank: 52
QLVE Sharpe Ratio Rank: 47
QLVE Sortino Ratio Rank: 47
QLVE Omega Ratio Rank: 55
QLVE Calmar Ratio Rank: 53
QLVE Martin Ratio Rank: 57

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. QLVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). 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	QLVE	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.55	+0.51
Sortino ratio: Return per unit of downside risk	2.64	2.18	+0.47
Omega ratio: Gain probability vs. loss probability	1.39	1.32	+0.07
Calmar ratio: Return relative to maximum drawdown	3.37	2.45	+0.93
Martin ratio: Return relative to average drawdown	12.44	9.37	+3.07

GEM vs. QLVE - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 2.05, which is higher than the QLVE Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of GEM and QLVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GEM vs. QLVE - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, which is greater than QLVE's maximum drawdown of -29.96%. Use the drawdown chart below to compare losses from any high point for GEM and QLVE.

Drawdown Indicators

	GEM	QLVE	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-29.96%	-7.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-11.60%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-13.29%	-3.25%
Max Drawdown (5Y) Largest decline over 5 years	-35.10%	-23.86%	-11.24%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-5.43%	-4.27%	-1.16%
Average Drawdown Average peak-to-trough decline	-11.97%	-8.26%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.02%	+0.63%

Volatility

GEM vs. QLVE - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 12.24% compared to FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) at 9.49%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than QLVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	QLVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.24%	9.49%	+2.75%
Volatility (6M) Calculated over the trailing 6-month period	20.13%	16.97%	+3.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	18.33%	+3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	13.97%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	16.04%	+3.17%

GEM vs. QLVE - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is higher than QLVE's 0.40% expense ratio.

Dividends

GEM vs. QLVE - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.87%, less than QLVE's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.87%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.64%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GEM and QLVE in my portfolio?

With a correlation of 0.93, GEM and QLVE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GEM or QLVE?

GEM has higher volatility (12.24%) compared to QLVE (9.49%). In terms of maximum drawdown, GEM dropped -37.02% vs QLVE's -29.96%.

Which ETF is better, GEM or QLVE?

On 5-year performance, GEM leads with 7.42% vs 6.92% for QLVE. On fees, QLVE is cheaper at 0.40% per year. On volatility, QLVE has been the lower-risk option at 9.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or QLVE?

Over the 5-year period, GEM has performed better with a 7.42% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or QLVE?

QLVE is cheaper with a 0.40% expense ratio, compared with 0.45% for GEM.

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

QLVE has the higher dividend yield at 2.64%, compared with 1.87% for GEM.

What is the main difference between GEM and QLVE?

GEM is categorized as Emerging Markets Equities, while QLVE is Volatility Hedged Equity. GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index. They also come from different issuers: Goldman Sachs and Northern Trust. Their fees differ too: 0.45% for GEM and 0.40% for QLVE.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.05 vs 1.55), 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.