GEMD vs. ^GSPC
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) is Emerging Markets Bonds fund tracking the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, GEMD returned 8.14%/yr vs 19.20%/yr for ^GSPC. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
GEMD vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, GEMD achieves a 2.26% return, which is significantly lower than ^GSPC's 7.60% return.
GEMD
- 1D
- -0.04%
- 1M
- 1.79%
- YTD
- 2.26%
- 6M
- 2.29%
- 1Y
- 10.81%
- 3Y*
- 8.14%
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
GEMD vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 2.26% | 13.67% | 3.31% | 8.51% | -15.70% |
^GSPC S&P 500 Index | 7.60% | 16.39% | 23.31% | 24.23% | -14.20% |
Correlation
The correlation between GEMD and ^GSPC is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.52 |
The correlation between GEMD and ^GSPC has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
GEMD vs. ^GSPC — Risk / Return Rank
GEMD
^GSPC
GEMD vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) and S&P 500 Index (^GSPC). 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.
| GEMD | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.32 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.46 | -0.12 |
| Martin ratioReturn relative to average drawdown | 9.83 | 10.92 | -1.09 |
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Drawdowns
GEMD vs. ^GSPC - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for GEMD and ^GSPC.
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Drawdown Indicators
| GEMD | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -56.78% | +32.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -9.10% | +4.46% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -18.90% | +11.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.42% | -3.21% | +2.79% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -10.71% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 2.04% | -0.94% |
Volatility
GEMD vs. ^GSPC - Volatility Comparison
The current volatility for Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) is 1.81%, while S&P 500 Index (^GSPC) has a volatility of 4.89%. This indicates that GEMD experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEMD | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 4.89% | -3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.59% | 9.93% | -5.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 12.57% | -6.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.92% | 17.00% | -7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.92% | 18.08% | -8.16% |
Frequently Asked Questions
GEMD and ^GSPC have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^GSPC has higher volatility (4.89%) compared to GEMD (1.81%). In terms of maximum drawdown, GEMD dropped -24.56% vs ^GSPC's -56.78%.
GEMD currently has the higher Sharpe Ratio (1.92 vs 1.78), 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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