GSEE vs. DEM

Last updated Jul 14, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - GSEE tracks the Solactive GBS Emerging Markets Large & Mid Cap Index while DEM tracks the WisdomTree Emerging Markets Equity Income Index. Both are passively managed. Over the past 5 years, GSEE returned 6.59%/yr vs 9.77%/yr for DEM. Their correlation of 0.84 suggests significant overlap in exposure. GSEE charges 0.36%/yr vs 0.63%/yr for DEM.

Performance

GSEE vs. DEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and WisdomTree Emerging Markets Equity Income Fund (DEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEE achieves a 18.29% return, which is significantly higher than DEM's 16.70% return.

GSEE

• 1D: -3.50%
• 1M: -4.03%
• 6M: 11.63%
• YTD: 18.29%
• 1Y: 35.14%
• 3Y*: 18.81%
• 5Y*: 6.59%
• 10Y*: —

DEM

• 1D: -1.82%
• 1M: -2.61%
• 6M: 13.85%
• YTD: 16.70%
• 1Y: 22.03%
• 3Y*: 16.63%
• 5Y*: 9.77%
• 10Y*: 9.22%

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

GSEE vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	18.29%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%
DEM WisdomTree Emerging Markets Equity Income Fund	16.70%	21.29%	4.46%	20.93%	-10.43%	11.49%	25.25%

Correlation

The correlation between GSEE and DEM is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 15, 2020	0.84

The correlation between GSEE and DEM has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

GSEE vs. DEM - Sectors Allocation Comparison

Sectors	GSEE	DEM
Technology	43.0%	17.3%
Financial Services	17.1%	21.9%
Consumer Cyclical	8.7%	5.1%
Industrials	8.0%	9.7%
Communication Services	5.8%	3.0%
Basic Materials	5.6%	3.5%
Energy	3.4%	6.1%
Healthcare	2.8%	0.6%
Consumer Defensive	2.5%	5.8%
Utilities	2.1%	3.0%
Real Estate	1.1%	2.9%

Return for Risk

GSEE vs. DEM — Risk / Return Rank

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

GSEE

GSEE Risk / Return Rank: 61
GSEE Sharpe Ratio Rank: 58
GSEE Sortino Ratio Rank: 53
GSEE Omega Ratio Rank: 60
GSEE Calmar Ratio Rank: 68
GSEE Martin Ratio Rank: 65

DEM

DEM Risk / Return Rank: 60
DEM Sharpe Ratio Rank: 56
DEM Sortino Ratio Rank: 54
DEM Omega Ratio Rank: 55
DEM Calmar Ratio Rank: 70
DEM Martin Ratio Rank: 64

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.

GSEE vs. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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.

	GSEE	DEM	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.51	+0.03
Sortino ratio: Return per unit of downside risk	2.07	2.10	-0.03
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.70	2.80	-0.10
Martin ratio: Return relative to average drawdown	9.14	9.03	+0.10

GSEE vs. DEM - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 1.54, which is comparable to the DEM Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of GSEE and DEM, 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

GSEE vs. DEM - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, smaller than the maximum DEM drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for GSEE and DEM.

Drawdown Indicators

	GSEE	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-51.85%	+14.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-7.89%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-15.64%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	-27.18%	-5.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.79%	—
Current Drawdown Current decline from peak	-9.20%	-3.87%	-5.33%
Average Drawdown Average peak-to-trough decline	-14.56%	-12.84%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.45%	+1.41%

Volatility

GSEE vs. DEM - Volatility Comparison

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a higher volatility of 11.10% compared to WisdomTree Emerging Markets Equity Income Fund (DEM) at 5.76%. This indicates that GSEE's price experiences larger fluctuations and is considered to be riskier than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEE	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	5.76%	+5.34%
Volatility (6M) Calculated over the trailing 6-month period	20.86%	13.00%	+7.86%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	14.73%	+8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.03%	15.57%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	17.84%	+1.10%

GSEE vs. DEM - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is lower than DEM's 0.63% expense ratio.

Dividends

GSEE vs. DEM - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 2.14%, less than DEM's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	4.19%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	2.14%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSEE and DEM in my portfolio?

GSEE and DEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEE or DEM?

GSEE has higher volatility (11.10%) compared to DEM (5.76%). In terms of maximum drawdown, GSEE dropped -37.51% vs DEM's -51.85%.

Which ETF is better, GSEE or DEM?

On 5-year performance, DEM leads with 9.77% vs 6.59% for GSEE. On fees, GSEE is cheaper at 0.36% per year. On volatility, DEM has been the lower-risk option at 5.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEE or DEM?

Over the 5-year period, DEM has performed better with a 9.77% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEE or DEM?

GSEE is cheaper with a 0.36% expense ratio, compared with 0.63% for DEM.

Which ETF pays a higher dividend yield, GSEE or DEM?

DEM has the higher dividend yield at 4.19%, compared with 2.14% for GSEE.

What is the main difference between GSEE and DEM?

GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index, while DEM tracks WisdomTree Emerging Markets Equity Income Index. They also come from different issuers: Goldman Sachs and WisdomTree. Their fees differ too: 0.36% for GSEE and 0.63% for DEM.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (1.54 vs 1.51), 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.