GEMD vs. BWX
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and BWX (State Street SPDR Bloomberg International Treasury Bond ETF) are both exchange-traded funds - GEMD is a Emerging Markets Bonds fund tracking the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index. Both are passively managed. Over the past 3 years, GEMD returned 7.29%/yr vs 0.83%/yr for BWX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. GEMD charges 0.39%/yr vs 0.35%/yr for BWX.
Performance
GEMD vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, GEMD achieves a 0.66% return, which is significantly higher than BWX's -2.47% return.
GEMD
- 1D
- -0.01%
- 1M
- -1.75%
- 6M
- 0.26%
- YTD
- 0.66%
- 1Y
- 6.62%
- 3Y*
- 7.29%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.77%
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $98.79K | $107.77K | $129.61K |
GEMD vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 0.66% | 13.67% | 3.31% | 8.51% | -15.70% |
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -17.00% |
Correlation
The correlation between GEMD and BWX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.65 |
The correlation between GEMD and BWX has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.
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Return for Risk
GEMD vs. BWX — Risk / Return Rank
GEMD
BWX
GEMD vs. BWX - 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 State Street SPDR Bloomberg International Treasury Bond ETF (BWX). 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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.97 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | -0.24 | +1.75 |
| Martin ratioReturn relative to average drawdown | 6.01 | -0.48 | +6.48 |
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Drawdowns
GEMD vs. BWX - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for GEMD and BWX.
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Drawdown Indicators
| GEMD | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -34.05% | +9.49% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -6.53% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -6.58% | -10.22% | +3.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.78% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -2.01% | -24.42% | +22.41% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -10.17% | +2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 3.25% | -2.09% |
Volatility
GEMD vs. BWX - Volatility Comparison
The current volatility for Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) is 1.37%, while State Street SPDR Bloomberg International Treasury Bond ETF (BWX) has a volatility of 1.99%. This indicates that GEMD experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEMD | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.99% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.61% | 5.95% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 7.54% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.82% | 9.72% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.82% | 8.65% | +1.17% |
GEMD vs. BWX - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
GEMD vs. BWX - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.77%, more than BWX's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.30% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GEMD and BWX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.99%) compared to GEMD (1.37%). In terms of maximum drawdown, GEMD dropped -24.56% vs BWX's -34.05%.
On 3-year performance, GEMD leads with 7.29% vs 0.83% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, GEMD has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GEMD has performed better with a 7.29% return vs 0.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.39% for GEMD.
GEMD has the higher dividend yield at 5.30%, compared with 2.20% for BWX.
GEMD is categorized as Emerging Markets Bonds, while BWX is International Government Bonds. GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while BWX tracks Bloomberg Global Treasury ex-US Capped Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.39% for GEMD and 0.35% for BWX.
GEMD currently has the higher Sharpe Ratio (1.23 vs -0.21), 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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