GEMD vs. USOY

Last updated Jun 4, 2026

GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and USOY (Defiance Oil Enhanced Options Income 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 USOY is a Derivative Income fund actively managed by Defiance. GEMD is passively managed, while USOY is actively managed. Over the past year, GEMD returned 11.06% vs 57.29% for USOY. At a correlation of -0.19, they often move in opposite directions. GEMD charges 0.39%/yr vs 1.22%/yr for USOY.

Performance

GEMD vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GEMD achieves a 1.64% return, which is significantly lower than USOY's 62.18% return.

GEMD

• 1D: -0.41%
• 1M: 1.17%
• YTD: 1.64%
• 6M: 1.49%
• 1Y: 11.06%
• 3Y*: 8.37%
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GEMD vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF	1.64%	13.67%	2.30%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between GEMD and USOY is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.19

The correlation between GEMD and USOY shifts across timeframes, from -0.37 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GEMD vs. USOY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GEMD

GEMD Risk / Return Rank: 59
GEMD Sharpe Ratio Rank: 60
GEMD Sortino Ratio Rank: 64
GEMD Omega Ratio Rank: 64
GEMD Calmar Ratio Rank: 49
GEMD Martin Ratio Rank: 58

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GEMD vs. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.89	+0.12
Sortino ratio: Return per unit of downside risk	2.95	2.30	+0.65
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.39	4.03	-1.64
Martin ratio: Return relative to average drawdown	10.09	7.74	+2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GEMD vs. USOY - Sharpe Ratio Comparison

The current GEMD Sharpe Ratio is 2.01, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of GEMD and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GEMD	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.89	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.99	-0.78

Drawdowns

GEMD vs. USOY - Drawdown Comparison

The maximum GEMD drawdown since its inception was -24.56%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for GEMD and USOY.

Drawdown Indicators

	GEMD	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-24.56%	-17.46%	-7.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.64%	-14.29%	+9.65%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	—	—
Current Drawdown Current decline from peak	-0.43%	-5.11%	+4.68%
Average Drawdown Average peak-to-trough decline	-8.19%	-6.47%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	7.42%	-6.32%

Volatility

GEMD vs. USOY - Volatility Comparison

The current volatility for Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) is 1.84%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that GEMD experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEMD	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	11.62%	-9.78%
Volatility (6M) Calculated over the trailing 6-month period	4.40%	27.18%	-22.78%
Volatility (1Y) Calculated over the trailing 1-year period	5.53%	30.44%	-24.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.95%	26.13%	-16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	26.13%	-16.18%

GEMD vs. USOY - Expense Ratio Comparison

GEMD has a 0.39% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

GEMD vs. USOY - Dividend Comparison

GEMD's dividend yield for the trailing twelve months is around 5.69%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF	5.69%	6.32%	5.79%	5.70%	5.42%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GEMD and USOY in my portfolio?

GEMD and USOY have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GEMD or USOY?

USOY has higher volatility (11.62%) compared to GEMD (1.84%). In terms of maximum drawdown, GEMD dropped -24.56% vs USOY's -17.46%.

Which ETF is better, GEMD or USOY?

On 1-year performance, USOY leads with 57.29% vs 11.06% for GEMD. On fees, GEMD is cheaper at 0.39% 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.

Which ETF has performed better, GEMD or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEMD or USOY?

GEMD is cheaper with a 0.39% expense ratio, compared with 1.22% for USOY.

Which ETF pays a higher dividend yield, GEMD or USOY?

USOY has the higher dividend yield at 54.16%, compared with 5.69% for GEMD.

What is the main difference between GEMD and USOY?

GEMD is categorized as Emerging Markets Bonds, while USOY is Derivative Income. They also come from different issuers: Goldman Sachs and Defiance. Their fees differ too: 0.39% for GEMD and 1.22% for USOY.

Which has better risk-adjusted returns?

GEMD currently has the higher Sharpe Ratio (2.01 vs 1.89), 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.