GEMIX vs. SPY

Last updated Jun 25, 2026

GEMIX (Goldman Sachs Emerging Markets Equity Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - GEMIX is a Emerging Markets Diversified fund managed by Goldman Sachs, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GEMIX returned 10.66%/yr vs 15.53%/yr for SPY. A 0.64 correlation means they provide meaningful diversification when combined. GEMIX charges 1.00%/yr vs 0.09%/yr for SPY.

Performance

GEMIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Emerging Markets Equity Fund (GEMIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GEMIX achieves a 27.26% return, which is significantly higher than SPY's 8.10% return. Over the past 10 years, GEMIX has underperformed SPY with an annualized return of 10.66%, while SPY has yielded a comparatively higher 15.53% annualized return.

GEMIX

• 1D: -5.64%
• 1M: 2.46%
• YTD: 27.26%
• 6M: 28.23%
• 1Y: 50.17%
• 3Y*: 23.60%
• 5Y*: 4.46%
• 10Y*: 10.66%

SPY

• 1D: -0.05%
• 1M: -1.41%
• YTD: 8.10%
• 6M: 6.77%
• 1Y: 22.18%
• 3Y*: 20.66%
• 5Y*: 12.96%
• 10Y*: 15.53%

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

GEMIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GEMIX Goldman Sachs Emerging Markets Equity Fund	27.26%	32.84%	9.10%	6.63%	-30.01%	-2.48%	30.98%	26.06%	-20.60%	48.32%
SPY State Street SPDR S&P 500 ETF	8.10%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GEMIX and SPY is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.64

The correlation between GEMIX and SPY has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

GEMIX vs. SPY — Risk / Return Rank

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

GEMIX

GEMIX Risk / Return Rank: 82
GEMIX Sharpe Ratio Rank: 84
GEMIX Sortino Ratio Rank: 66
GEMIX Omega Ratio Rank: 82
GEMIX Calmar Ratio Rank: 89
GEMIX Martin Ratio Rank: 88

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

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.

GEMIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Emerging Markets Equity Fund (GEMIX) and State Street SPDR S&P 500 ETF (SPY). 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.

	GEMIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.79	+0.63
Sortino ratio: Return per unit of downside risk	2.91	2.45	+0.47
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	4.03	2.51	+1.53
Martin ratio: Return relative to average drawdown	14.94	11.15	+3.79

GEMIX vs. SPY - Sharpe Ratio Comparison

The current GEMIX Sharpe Ratio is 2.42, which is higher than the SPY Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of GEMIX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GEMIX vs. SPY - Drawdown Comparison

The maximum GEMIX drawdown since its inception was -68.46%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GEMIX and SPY.

Drawdown Indicators

	GEMIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-68.46%	-55.19%	-13.27%
Max Drawdown (1Y) Largest decline over 1 year	-13.65%	-8.88%	-4.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.46%	-18.76%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-44.71%	-24.50%	-20.21%
Max Drawdown (10Y) Largest decline over 10 years	-47.24%	-33.72%	-13.52%
Current Drawdown Current decline from peak	-5.64%	-3.22%	-2.42%
Average Drawdown Average peak-to-trough decline	-19.67%	-9.03%	-10.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	1.99%	+1.68%

Volatility

GEMIX vs. SPY - Volatility Comparison

Goldman Sachs Emerging Markets Equity Fund (GEMIX) has a higher volatility of 13.16% compared to State Street SPDR S&P 500 ETF (SPY) at 4.85%. This indicates that GEMIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEMIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.16%	4.85%	+8.31%
Volatility (6M) Calculated over the trailing 6-month period	20.68%	9.81%	+10.87%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	12.47%	+10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.44%	17.15%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	17.95%	+0.47%

GEMIX vs. SPY - Expense Ratio Comparison

GEMIX has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GEMIX vs. SPY - Dividend Comparison

GEMIX's dividend yield for the trailing twelve months is around 0.61%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEMIX Goldman Sachs Emerging Markets Equity Fund	0.61%	0.78%	1.09%	1.33%	0.22%	0.95%	0.31%	1.09%	0.79%	0.88%	1.09%	0.10%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GEMIX and SPY in my portfolio?

GEMIX and SPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GEMIX or SPY?

GEMIX has higher volatility (13.16%) compared to SPY (4.85%). In terms of maximum drawdown, GEMIX dropped -68.46% vs SPY's -55.19%.

Which has better risk-adjusted returns?

GEMIX currently has the higher Sharpe Ratio (2.42 vs 1.79), 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.