GEMD vs. GEM
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and GEM (Goldman Sachs ActiveBeta Emerging Markets Equity 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 GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index. Both are passively managed. Over the past 3 years, GEMD returned 8.14%/yr vs 22.41%/yr for GEM. At a 0.46 correlation, their price movements are largely independent. GEMD charges 0.39%/yr vs 0.45%/yr for GEM.
Performance
GEMD vs. GEM - Performance Comparison
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Returns By Period
In the year-to-date period, GEMD achieves a 2.26% return, which is significantly lower than GEM's 22.90% return.
GEMD
- 1D
- -0.04%
- 1M
- 1.79%
- YTD
- 2.26%
- 6M
- 2.29%
- 1Y
- 10.81%
- 3Y*
- 8.14%
- 5Y*
- —
- 10Y*
- —
GEM
- 1D
- -5.43%
- 1M
- 2.53%
- YTD
- 22.90%
- 6M
- 23.85%
- 1Y
- 45.28%
- 3Y*
- 22.41%
- 5Y*
- 7.42%
- 10Y*
- 9.90%
GEMD vs. GEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 2.26% | 13.67% | 3.31% | 8.51% | -15.70% |
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 22.90% | 33.43% | 6.66% | 11.82% | -22.11% |
Correlation
The correlation between GEMD and GEM is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.46 |
The correlation between GEMD and GEM has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
GEMD vs. GEM — Risk / Return Rank
GEMD
GEM
GEMD vs. GEM - 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 Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM). 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 | GEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 3.37 | -1.03 |
| Martin ratioReturn relative to average drawdown | 9.83 | 12.44 | -2.61 |
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Drawdowns
GEMD vs. GEM - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum GEM drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for GEMD and GEM.
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Drawdown Indicators
| GEMD | GEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -37.02% | +12.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -13.50% | +8.86% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -16.54% | +8.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.10% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.02% | — |
Current DrawdownCurrent decline from peak | -0.42% | -5.43% | +5.01% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -11.97% | +3.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 3.65% | -2.55% |
Volatility
GEMD vs. GEM - Volatility Comparison
The current volatility for Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) is 1.81%, while Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a volatility of 12.24%. This indicates that GEMD experiences smaller price fluctuations and is considered to be less risky than GEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GEMD | GEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 12.24% | -10.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.59% | 20.13% | -15.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 22.16% | -16.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.92% | 18.34% | -8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.92% | 19.21% | -9.29% |
GEMD vs. GEM - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is lower than GEM's 0.45% expense ratio.
Dividends
GEMD vs. GEM - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.65%, more than GEM's 1.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1.87% | 2.30% | 2.58% | 2.97% | 2.96% | 3.00% | 1.63% | 3.13% | 2.08% | 1.81% | 1.98% | 0.25% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.65% | 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 GEM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEM has higher volatility (12.24%) compared to GEMD (1.81%). In terms of maximum drawdown, GEMD dropped -24.56% vs GEM's -37.02%.
On 3-year performance, GEM leads with 22.41% vs 8.14% for GEMD. On fees, GEMD is cheaper at 0.39% per year. On volatility, GEMD has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GEM has performed better with a 22.41% return vs 8.14%. 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 0.45% for GEM.
GEMD has the higher dividend yield at 5.65%, compared with 1.87% for GEM.
GEMD is categorized as Emerging Markets Bonds, while GEM is Emerging Markets Equities. GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index. Their fees differ too: 0.39% for GEMD and 0.45% for GEM.
GEM currently has the higher Sharpe Ratio (2.05 vs 1.92), 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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