GEMD vs. CBON
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both Emerging Markets Bonds funds - GEMD tracks the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net while CBON tracks the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 3 years, GEMD returned 8.37%/yr vs 5.05%/yr for CBON. At a 0.31 correlation, their price movements are largely independent. GEMD charges 0.39%/yr vs 0.50%/yr for CBON.
Performance
GEMD vs. CBON - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GEMD achieves a 1.64% return, which is significantly lower than CBON's 5.41% return.
GEMD
- 1D
- -0.41%
- 1M
- 1.17%
- YTD
- 1.64%
- 6M
- 1.49%
- 1Y
- 11.06%
- 3Y*
- 8.37%
- 5Y*
- —
- 10Y*
- —
CBON
- 1D
- 0.10%
- 1M
- 1.75%
- YTD
- 5.41%
- 6M
- 6.88%
- 1Y
- 9.26%
- 3Y*
- 5.05%
- 5Y*
- 2.03%
- 10Y*
- 2.93%
GEMD vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 1.64% | 13.67% | 3.31% | 8.51% | -15.70% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.41% | 5.46% | 1.85% | 2.92% | -9.25% |
Correlation
The correlation between GEMD and CBON is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.31 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GEMD vs. CBON — Risk / Return Rank
GEMD
CBON
GEMD vs. CBON - 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 VanEck Vectors ChinaAMC China Bond ETF (CBON). 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.
| GEMD | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.54 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 6.94 | -4.55 |
| Martin ratioReturn relative to average drawdown | 10.09 | 25.86 | -15.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GEMD | CBON | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 2.70 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.41 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.42 | -0.21 |
Drawdowns
GEMD vs. CBON - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for GEMD and CBON.
Loading charts...
Drawdown Indicators
| GEMD | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -14.13% | -10.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -1.34% | -3.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -4.56% | -3.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.13% | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.02% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -8.19% | -3.99% | -4.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.36% | +0.74% |
Volatility
GEMD vs. CBON - Volatility Comparison
Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) has a higher volatility of 1.84% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 0.91%. This indicates that GEMD's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GEMD | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 0.91% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 2.62% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.53% | 3.45% | +2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 4.93% | +5.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.95% | 5.58% | +4.37% |
GEMD vs. CBON - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is lower than CBON's 0.50% expense ratio.
Dividends
GEMD vs. CBON - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.69%, more than CBON's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.52% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.69% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GEMD and CBON have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEMD has higher volatility (1.84%) compared to CBON (0.91%). In terms of maximum drawdown, GEMD dropped -24.56% vs CBON's -14.13%.
On 3-year performance, GEMD leads with 8.37% vs 5.05% for CBON. On fees, GEMD is cheaper at 0.39% per year. On volatility, CBON has been the lower-risk option at 0.91%. 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 8.37% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GEMD is cheaper with a 0.39% expense ratio, compared with 0.50% for CBON.
GEMD has the higher dividend yield at 5.69%, compared with 1.52% for CBON.
GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: Goldman Sachs and VanEck. Their fees differ too: 0.39% for GEMD and 0.50% for CBON.
CBON currently has the higher Sharpe Ratio (2.70 vs 2.01), 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.
Find the right allocation for GEMD and CBON
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer