GEMD vs. EBND
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both Emerging Markets Bonds funds - GEMD tracks the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net while EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 3 years, GEMD returned 8.37%/yr vs 5.59%/yr for EBND. A 0.68 correlation means they provide meaningful diversification when combined. GEMD charges 0.39%/yr vs 0.30%/yr for EBND.
Performance
GEMD vs. EBND - Performance Comparison
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Returns By Period
In the year-to-date period, GEMD achieves a 1.64% return, which is significantly higher than EBND's -0.23% return.
GEMD
- 1D
- -0.41%
- 1M
- 1.17%
- YTD
- 1.64%
- 6M
- 1.49%
- 1Y
- 11.06%
- 3Y*
- 8.37%
- 5Y*
- —
- 10Y*
- —
EBND
- 1D
- -0.57%
- 1M
- 0.59%
- YTD
- -0.23%
- 6M
- 0.63%
- 1Y
- 5.78%
- 3Y*
- 5.59%
- 5Y*
- 0.03%
- 10Y*
- 1.72%
GEMD vs. EBND - 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% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | -0.23% | 15.83% | -2.70% | 9.02% | -12.31% |
Correlation
The correlation between GEMD and EBND is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.68 |
The correlation between GEMD and EBND has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.
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Return for Risk
GEMD vs. EBND — Risk / Return Rank
GEMD
EBND
GEMD vs. EBND - 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 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). 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 | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.16 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 0.88 | +1.52 |
| Martin ratioReturn relative to average drawdown | 10.09 | 2.93 | +7.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GEMD | EBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 0.84 | +1.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.00 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.10 | +0.11 |
Drawdowns
GEMD vs. EBND - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum EBND drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for GEMD and EBND.
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Drawdown Indicators
| GEMD | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -29.51% | +4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -6.63% | +1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -9.25% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.50% | — |
Current DrawdownCurrent decline from peak | -0.43% | -3.24% | +2.81% |
Average DrawdownAverage peak-to-trough decline | -8.19% | -10.87% | +2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.98% | -0.88% |
Volatility
GEMD vs. EBND - Volatility Comparison
The current volatility for Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) is 1.84%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 2.35%. This indicates that GEMD experiences smaller price fluctuations and is considered to be less risky than EBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEMD | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 2.35% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 5.94% | -1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.53% | 6.92% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 8.98% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.95% | 9.19% | +0.76% |
GEMD vs. EBND - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is higher than EBND's 0.30% expense ratio.
Dividends
GEMD vs. EBND - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.69%, less than EBND's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.83% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% |
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% |
Frequently Asked Questions
GEMD and EBND have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.35%) compared to GEMD (1.84%). In terms of maximum drawdown, GEMD dropped -24.56% vs EBND's -29.51%.
On 3-year performance, GEMD leads with 8.37% vs 5.59% for EBND. On fees, EBND is cheaper at 0.30% per year. On volatility, GEMD has been the lower-risk option at 1.84%. 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 5.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.39% for GEMD.
EBND has the higher dividend yield at 5.83%, compared with 5.69% for GEMD.
GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.39% for GEMD and 0.30% for EBND.
GEMD currently has the higher Sharpe Ratio (2.01 vs 0.84), 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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