GEM vs. VEXC

Last updated Jul 14, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. GEM charges 0.45%/yr vs 0.07%/yr for VEXC.

Performance

GEM vs. VEXC - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GEM having a 18.38% return and VEXC slightly higher at 18.87%.

GEM

• 1D: -3.47%
• 1M: -4.39%
• 6M: 12.13%
• YTD: 18.38%
• 1Y: 35.61%
• 3Y*: 19.30%
• 5Y*: 7.00%
• 10Y*: 8.54%

VEXC

• 1D: -1.96%
• 1M: 0.09%
• 6M: 14.90%
• YTD: 18.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GEM vs. VEXC - Yearly Performance Comparison

	2026 (YTD)	2025
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	18.38%	3.63%
VEXC Vanguard Emerging Markets Ex-China ETF	18.87%	4.50%

Correlation

The correlation between GEM and VEXC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.91

Return for Risk

GEM vs. VEXC — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 61
GEM Sharpe Ratio Rank: 59
GEM Sortino Ratio Rank: 54
GEM Omega Ratio Rank: 62
GEM Calmar Ratio Rank: 67
GEM Martin Ratio Rank: 64

VEXC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VEXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Vanguard Emerging Markets Ex-China ETF (VEXC). 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	VEXC	Difference
Sharpe ratio: Return per unit of total volatility	1.56	—	—
Sortino ratio: Return per unit of downside risk	2.08	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	9.17	—	—

Drawdowns

GEM vs. VEXC - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for GEM and VEXC.

Drawdown Indicators

	GEM	VEXC	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-12.42%	-24.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-8.91%	-4.77%	-4.14%
Average Drawdown Average peak-to-trough decline	-11.94%	-2.33%	-9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	—	—

Volatility

Volatility by Period

	GEM	VEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	20.20%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	20.20%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	20.20%	-0.95%

GEM vs. VEXC - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is higher than VEXC's 0.07% expense ratio.

Dividends

GEM vs. VEXC - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.94%, more than VEXC's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.94%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%
VEXC Vanguard Emerging Markets Ex-China ETF	1.45%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GEM and VEXC in my portfolio?

With a correlation of 0.91, GEM and VEXC 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 ETF is better, GEM or VEXC?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GEM or VEXC?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.45% for GEM.

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

GEM has the higher dividend yield at 1.94%, compared with 1.45% for VEXC.

What is the main difference between GEM and VEXC?

GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.45% for GEM and 0.07% for VEXC.