GEM vs. USFR
GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, GEM returned 10.51%/yr vs 2.43%/yr for USFR. At a correlation of -0.01, they often move in opposite directions. GEM charges 0.45%/yr vs 0.15%/yr for USFR.
Performance
GEM vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, GEM achieves a 29.96% return, which is significantly higher than USFR's 1.78% return. Over the past 10 years, GEM has outperformed USFR with an annualized return of 10.51%, while USFR has yielded a comparatively lower 2.43% annualized return.
GEM
- 1D
- 0.52%
- 1M
- 8.42%
- YTD
- 29.96%
- 6M
- 31.86%
- 1Y
- 54.83%
- 3Y*
- 24.71%
- 5Y*
- 8.85%
- 10Y*
- 10.51%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
GEM vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 29.96% | 33.43% | 6.66% | 11.82% | -21.33% | -0.19% | 13.23% | 17.79% | -14.25% | 36.43% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between GEM and USFR is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2015 | -0.01 |
The correlation between GEM and USFR shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GEM vs. USFR — Risk / Return Rank
GEM
USFR
GEM vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.08 | ||
| Sortino ratioReturn per unit of downside risk | -46.60 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 13.24 | -11.77 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 200.29 | -196.21 |
| Martin ratioReturn relative to average drawdown | 15.13 | 775.73 | -760.61 |
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Drawdowns
GEM vs. USFR - Drawdown Comparison
The maximum GEM drawdown since its inception was -37.02%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for GEM and USFR.
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Drawdown Indicators
| GEM | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.02% | -1.36% | -35.66% |
Max Drawdown (1Y)Largest decline over 1 year | -13.50% | -0.02% | -13.48% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -0.06% | -16.48% |
Max Drawdown (5Y)Largest decline over 5 years | -35.10% | -0.18% | -34.92% |
Max Drawdown (10Y)Largest decline over 10 years | -37.02% | -0.80% | -36.22% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -11.97% | -0.15% | -11.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 0.01% | +3.63% |
Volatility
GEM vs. USFR - Volatility Comparison
Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 10.70% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEM | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 0.08% | +10.62% |
Volatility (6M)Calculated over the trailing 6-month period | 19.31% | 0.19% | +19.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.48% | 0.27% | +21.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 0.40% | +17.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 0.78% | +18.44% |
GEM vs. USFR - Expense Ratio Comparison
GEM has a 0.45% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
GEM vs. USFR - Dividend Comparison
GEM's dividend yield for the trailing twelve months is around 1.77%, less than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1.77% | 2.30% | 2.58% | 2.97% | 2.96% | 3.00% | 1.63% | 3.13% | 2.08% | 1.81% | 1.98% | 0.25% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
GEM and USFR have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEM has higher volatility (10.70%) compared to USFR (0.08%). In terms of maximum drawdown, GEM dropped -37.02% vs USFR's -1.36%.
On 10-year performance, GEM leads with 10.51% vs 2.43% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GEM has performed better with a 10.51% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.45% for GEM.
USFR has the higher dividend yield at 3.91%, compared with 1.77% for GEM.
GEM is categorized as Emerging Markets Equities, while USFR is Government Bonds. GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Goldman Sachs and WisdomTree. Their fees differ too: 0.45% for GEM and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 vs 2.57), 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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