GHYB vs. GEMD
GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) and GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) are both exchange-traded funds - GHYB is a High Yield Bonds fund tracking the FTSE Goldman Sachs High Yield Corporate Bond Index, while GEMD is a Emerging Markets Bonds fund tracking the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, GHYB returned 8.66%/yr vs 8.42%/yr for GEMD. A 0.73 correlation means they provide meaningful diversification when combined. GHYB charges 0.34%/yr vs 0.39%/yr for GEMD.
Performance
GHYB vs. GEMD - Performance Comparison
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Returns By Period
In the year-to-date period, GHYB achieves a 1.32% return, which is significantly lower than GEMD's 2.01% return.
GHYB
- 1D
- 0.16%
- 1M
- 0.37%
- YTD
- 1.32%
- 6M
- 1.69%
- 1Y
- 6.90%
- 3Y*
- 8.66%
- 5Y*
- 4.02%
- 10Y*
- —
GEMD
- 1D
- 0.37%
- 1M
- 1.24%
- YTD
- 2.01%
- 6M
- 2.04%
- 1Y
- 11.11%
- 3Y*
- 8.42%
- 5Y*
- —
- 10Y*
- —
GHYB vs. GEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 1.32% | 9.38% | 7.76% | 12.13% | -6.77% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 2.01% | 13.67% | 3.31% | 8.51% | -15.70% |
Correlation
The correlation between GHYB and GEMD is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.73 |
The correlation between GHYB and GEMD has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
GHYB vs. GEMD — Risk / Return Rank
GHYB
GEMD
GHYB vs. GEMD - 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 Access Emerging Markets USD Bond ETF (GEMD). 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.
| GHYB | GEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.40 | +0.19 |
| Martin ratioReturn relative to average drawdown | 11.85 | 10.14 | +1.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GHYB | GEMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 2.02 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.22 | +0.33 |
Drawdowns
GHYB vs. GEMD - Drawdown Comparison
The maximum GHYB drawdown since its inception was -21.48%, smaller than the maximum GEMD drawdown of -24.56%. Use the drawdown chart below to compare losses from any high point for GHYB and GEMD.
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Drawdown Indicators
| GHYB | GEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -24.56% | +3.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -4.64% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -7.69% | +3.03% |
Max Drawdown (5Y)Largest decline over 5 years | -16.08% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.06% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -8.18% | +5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 1.10% | -0.52% |
Volatility
GHYB vs. GEMD - Volatility Comparison
The current volatility for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) is 1.08%, while Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) has a volatility of 1.85%. This indicates that GHYB experiences smaller price fluctuations and is considered to be less risky than GEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYB | GEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 1.85% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 4.39% | -1.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 5.52% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.69% | 9.95% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.28% | 9.95% | -1.67% |
GHYB vs. GEMD - Expense Ratio Comparison
GHYB has a 0.34% expense ratio, which is lower than GEMD's 0.39% expense ratio.
Dividends
GHYB vs. GEMD - Dividend Comparison
GHYB's dividend yield for the trailing twelve months is around 6.80%, more than GEMD's 5.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.67% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GHYB Goldman Sachs Access High Yield Corporate Bond ETF | 6.80% | 7.00% | 6.65% | 6.20% | 5.67% | 4.46% | 4.75% | 5.57% | 5.68% | 1.45% |
Frequently Asked Questions
GHYB and GEMD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEMD has higher volatility (1.85%) compared to GHYB (1.08%). In terms of maximum drawdown, GHYB dropped -21.48% vs GEMD's -24.56%.
On 3-year performance, GHYB leads with 8.66% vs 8.42% for GEMD. On fees, GHYB is cheaper at 0.34% per year. On volatility, GHYB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GHYB has performed better with a 8.66% return vs 8.42%. 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 0.39% for GEMD.
GHYB has the higher dividend yield at 6.80%, compared with 5.67% for GEMD.
GHYB is categorized as High Yield Bonds, while GEMD is Emerging Markets Bonds. GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index, while GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. Their fees differ too: 0.34% for GHYB and 0.39% for GEMD.
GEMD currently has the higher Sharpe Ratio (2.02 vs 1.98), 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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