GHYB vs. GEM
GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) and GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) are both exchange-traded funds - GHYB is a High Yield Bonds fund tracking the FTSE Goldman Sachs High Yield Corporate Bond Index, while GEM is a Emerging Markets Equities fund tracking the Goldman Sachs ActiveBeta Emerging Markets Equity Index. Both are passively managed. Over the past 5 years, GHYB returned 3.95%/yr vs 7.42%/yr for GEM. A 0.54 correlation means they provide meaningful diversification when combined. GHYB charges 0.34%/yr vs 0.45%/yr for GEM.
Performance
GHYB vs. GEM - Performance Comparison
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Returns By Period
In the year-to-date period, GHYB achieves a 1.55% return, which is significantly lower than GEM's 22.90% return.
GHYB
- 1D
- -0.02%
- 1M
- 0.58%
- YTD
- 1.55%
- 6M
- 1.70%
- 1Y
- 6.43%
- 3Y*
- 8.96%
- 5Y*
- 3.95%
- 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%
GHYB vs. GEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 1.55% | 9.38% | 7.76% | 12.13% | -11.02% | 3.21% | 6.38% | 14.55% | -2.01% | 0.27% |
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 22.90% | 33.43% | 6.66% | 11.82% | -21.33% | -0.19% | 13.23% | 17.79% | -14.25% | 7.49% |
Correlation
The correlation between GHYB and GEM is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017 | 0.54 |
The correlation between GHYB and GEM has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.
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Return for Risk
GHYB vs. GEM — Risk / Return Rank
GHYB
GEM
GHYB vs. GEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) 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.
| GHYB | GEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.39 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.37 | -0.96 |
| Martin ratioReturn relative to average drawdown | 10.98 | 12.44 | -1.45 |
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Drawdowns
GHYB vs. GEM - Drawdown Comparison
The maximum GHYB drawdown since its inception was -21.48%, smaller than the maximum GEM drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for GHYB and GEM.
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Drawdown Indicators
| GHYB | GEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -37.02% | +15.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -13.50% | +10.83% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -16.54% | +11.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.08% | -35.10% | +19.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.02% | — |
Current DrawdownCurrent decline from peak | -0.10% | -5.43% | +5.33% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -11.97% | +9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 3.65% | -3.06% |
Volatility
GHYB vs. GEM - Volatility Comparison
The current volatility for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) is 0.93%, while Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a volatility of 12.24%. This indicates that GHYB 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
| GHYB | GEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 12.24% | -11.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 20.13% | -17.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 22.16% | -18.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 18.34% | -10.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.26% | 19.21% | -10.95% |
GHYB vs. GEM - Expense Ratio Comparison
GHYB has a 0.34% expense ratio, which is lower than GEM's 0.45% expense ratio.
Dividends
GHYB vs. GEM - Dividend Comparison
GHYB's dividend yield for the trailing twelve months is around 6.79%, 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% |
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 6.79% | 7.00% | 6.65% | 6.20% | 5.67% | 4.46% | 4.75% | 5.57% | 5.68% | 1.45% | 0.00% | 0.00% |
Frequently Asked Questions
GHYB and GEM have a correlation of 0.60, 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 GHYB (0.93%). In terms of maximum drawdown, GHYB dropped -21.48% vs GEM's -37.02%.
On 5-year performance, GEM leads with 7.42% vs 3.95% for GHYB. On fees, GHYB is cheaper at 0.34% per year. On volatility, GHYB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GEM has performed better with a 7.42% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GHYB is cheaper with a 0.34% expense ratio, compared with 0.45% for GEM.
GHYB has the higher dividend yield at 6.79%, compared with 1.87% for GEM.
GHYB is categorized as High Yield Bonds, while GEM is Emerging Markets Equities. GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index, while GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index. Their fees differ too: 0.34% for GHYB and 0.45% for GEM.
GEM currently has the higher Sharpe Ratio (2.05 vs 1.84), 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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