GEMD vs. EMHC
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds - GEMD tracks the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net while EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, GEMD returned 8.37%/yr vs 8.74%/yr for EMHC. Their correlation of 0.95 suggests significant overlap in exposure. GEMD charges 0.39%/yr vs 0.23%/yr for EMHC.
Performance
GEMD vs. EMHC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with GEMD having a 1.64% return and EMHC slightly lower at 1.57%.
GEMD
- 1D
- -0.41%
- 1M
- 1.17%
- YTD
- 1.64%
- 6M
- 1.49%
- 1Y
- 11.06%
- 3Y*
- 8.37%
- 5Y*
- —
- 10Y*
- —
EMHC
- 1D
- -0.32%
- 1M
- 1.13%
- YTD
- 1.57%
- 6M
- 1.74%
- 1Y
- 11.54%
- 3Y*
- 8.74%
- 5Y*
- 1.55%
- 10Y*
- —
GEMD vs. EMHC - 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% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.57% | 14.07% | 3.52% | 10.06% | -13.07% |
Correlation
The correlation between GEMD and EMHC is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.95 |
The correlation between GEMD and EMHC has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
GEMD vs. EMHC — Risk / Return Rank
GEMD
EMHC
GEMD vs. EMHC - 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 Emerging Markets USD Bond ETF (EMHC). 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 | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.41 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.65 | -0.26 |
| Martin ratioReturn relative to average drawdown | 10.09 | 11.09 | -1.00 |
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 | EMHC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 2.14 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.22 | -0.01 |
Drawdowns
GEMD vs. EMHC - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum EMHC drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for GEMD and EMHC.
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Drawdown Indicators
| GEMD | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -28.03% | +3.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -4.37% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -7.67% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.03% | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.32% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -8.19% | -9.91% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.04% | +0.06% |
Volatility
GEMD vs. EMHC - Volatility Comparison
Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) have volatilities of 1.84% and 1.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEMD | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.89% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 4.16% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.53% | 5.43% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 9.06% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.95% | 8.96% | +0.99% |
GEMD vs. EMHC - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is higher than EMHC's 0.23% expense ratio.
Dividends
GEMD vs. EMHC - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.69%, less than EMHC's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.11% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.69% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, GEMD and EMHC 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.
EMHC has higher volatility (1.89%) compared to GEMD (1.84%). In terms of maximum drawdown, GEMD dropped -24.56% vs EMHC's -28.03%.
On 3-year performance, EMHC leads with 8.74% vs 8.37% for GEMD. On fees, EMHC is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMHC has performed better with a 8.74% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHC is cheaper with a 0.23% expense ratio, compared with 0.39% for GEMD.
EMHC has the higher dividend yield at 6.11%, compared with 5.69% for GEMD.
GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.39% for GEMD and 0.23% for EMHC.
EMHC currently has the higher Sharpe Ratio (2.14 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.
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