GEMD vs. VWOB
GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both Emerging Markets Bonds funds - GEMD tracks the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net while VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 3 years, GEMD returned 7.29%/yr vs 8.10%/yr for VWOB. Their 0.95 correlation means they have historically moved very closely together. GEMD charges 0.39%/yr vs 0.15%/yr for VWOB.
Performance
GEMD vs. VWOB - Performance Comparison
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Returns By Period
In the year-to-date period, GEMD achieves a 0.66% return, which is significantly higher than VWOB's 0.51% return.
GEMD
- 1D
- -0.01%
- 1M
- -1.75%
- 6M
- 0.26%
- YTD
- 0.66%
- 1Y
- 6.62%
- 3Y*
- 7.29%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.77%
VWOB
- 1D
- -0.05%
- 1M
- -1.73%
- 6M
- 0.17%
- YTD
- 0.51%
- 1Y
- 6.22%
- 3Y*
- 8.10%
- 5Y*
- 1.67%
- 10Y*
- 3.04%
- ALL TIME*
- 3.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $98.79K | $107.77K | $129.61K | |
| $31.27M | $31.92M | $36.19M |
GEMD vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 0.66% | 13.67% | 3.31% | 8.51% | -15.70% |
VWOB Vanguard Emerging Markets Government Bond ETF | 0.51% | 13.49% | 5.20% | 10.68% | -13.28% |
Correlation
The correlation between GEMD and VWOB is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.95 |
The correlation between GEMD and VWOB has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
GEMD vs. VWOB — Risk / Return Rank
GEMD
VWOB
GEMD vs. VWOB - 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 Vanguard Emerging Markets Government Bond ETF (VWOB). 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 | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.47 | +0.04 |
| Martin ratioReturn relative to average drawdown | 6.01 | 5.83 | +0.17 |
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Drawdowns
GEMD vs. VWOB - Drawdown Comparison
The maximum GEMD drawdown since its inception was -24.56%, smaller than the maximum VWOB drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for GEMD and VWOB.
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Drawdown Indicators
| GEMD | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.56% | -26.98% | +2.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -4.48% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -6.58% | -6.65% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.98% | — |
Current DrawdownCurrent decline from peak | -2.01% | -1.97% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -4.75% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.12% | +0.04% |
Volatility
GEMD vs. VWOB - Volatility Comparison
Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) and Vanguard Emerging Markets Government Bond ETF (VWOB) have volatilities of 1.37% and 1.35%, 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 | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.35% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.61% | 4.48% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 5.31% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.82% | 9.20% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.82% | 9.34% | +0.48% |
GEMD vs. VWOB - Expense Ratio Comparison
GEMD has a 0.39% expense ratio, which is higher than VWOB's 0.15% expense ratio.
Dividends
GEMD vs. VWOB - Dividend Comparison
GEMD's dividend yield for the trailing twelve months is around 5.77%, less than VWOB's 5.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.30% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.34% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
With a correlation of 0.96, GEMD and VWOB 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.
GEMD has higher volatility (1.37%) compared to VWOB (1.35%). In terms of maximum drawdown, GEMD dropped -24.56% vs VWOB's -26.98%.
On 3-year performance, VWOB leads with 8.10% vs 7.29% for GEMD. On fees, VWOB is cheaper at 0.15% 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, VWOB has performed better with a 8.10% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 0.39% for GEMD.
VWOB has the higher dividend yield at 5.34%, compared with 5.30% for GEMD.
GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net, while VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.39% for GEMD and 0.15% for VWOB.
VWOB currently has the higher Sharpe Ratio (1.24 vs 1.23), 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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