GEMD vs. EMHY
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both Emerging Markets Bonds funds - GEMD tracks the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net while EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 3 years, GEMD returned 8.37%/yr vs 13.15%/yr for EMHY. Their correlation of 0.90 suggests significant overlap in exposure. GEMD charges 0.39%/yr vs 0.50%/yr for EMHY.
Performance
GEMD vs. EMHY - Performance Comparison
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Returns By Period
In the year-to-date period, GEMD achieves a 1.64% return, which is significantly lower than EMHY's 2.80% return.
GEMD
- 1D
- -0.41%
- 1M
- 1.17%
- YTD
- 1.64%
- 6M
- 1.49%
- 1Y
- 11.06%
- 3Y*
- 8.37%
- 5Y*
- —
- 10Y*
- —
EMHY
- 1D
- -0.37%
- 1M
- 1.38%
- YTD
- 2.80%
- 6M
- 3.49%
- 1Y
- 12.96%
- 3Y*
- 13.15%
- 5Y*
- 4.25%
- 10Y*
- 4.73%
GEMD vs. EMHY - 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% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2.80% | 13.70% | 11.97% | 11.47% | -9.47% |
Correlation
The correlation between GEMD and EMHY is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.90 |
The correlation between GEMD and EMHY has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
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Return for Risk
GEMD vs. EMHY — Risk / Return Rank
GEMD
EMHY
GEMD vs. EMHY - 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 iShares J.P. Morgan EM High Yield Bond ETF (EMHY). 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 | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.47 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 3.00 | -0.61 |
| Martin ratioReturn relative to average drawdown | 10.09 | 13.63 | -3.54 |
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 | EMHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 2.30 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.50 | -0.29 |
Drawdowns
GEMD vs. EMHY - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for GEMD and EMHY.
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Drawdown Indicators
| GEMD | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -30.11% | +5.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -4.34% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -5.95% | -1.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.11% | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.37% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -8.19% | -4.90% | -3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.95% | +0.15% |
Volatility
GEMD vs. EMHY - Volatility Comparison
Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) has a higher volatility of 1.84% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.66%. This indicates that GEMD's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEMD | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.66% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 4.31% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.53% | 5.65% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 9.10% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.95% | 10.66% | -0.71% |
GEMD vs. EMHY - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is lower than EMHY's 0.50% expense ratio.
Dividends
GEMD vs. EMHY - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.69%, less than EMHY's 6.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.41% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
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 EMHY have a correlation of 0.89, 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 EMHY (1.66%). In terms of maximum drawdown, GEMD dropped -24.56% vs EMHY's -30.11%.
On 3-year performance, EMHY leads with 13.15% vs 8.37% for GEMD. On fees, GEMD is cheaper at 0.39% per year. On volatility, EMHY has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMHY has performed better with a 13.15% return vs 8.37%. 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 EMHY.
EMHY has the higher dividend yield at 6.41%, compared with 5.69% for GEMD.
GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.39% for GEMD and 0.50% for EMHY.
EMHY currently has the higher Sharpe Ratio (2.30 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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