GSEE vs. GEM

Last updated Jun 4, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) are both exchange-traded funds - GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap 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, GSEE returned 7.49%/yr vs 7.91%/yr for GEM. With a 0.97 correlation, they move nearly in lockstep. GSEE charges 0.36%/yr vs 0.45%/yr for GEM.

Performance

GSEE vs. GEM - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GSEE having a 27.44% return and GEM slightly higher at 27.56%.

GSEE

• 1D: -1.36%
• 1M: 8.70%
• YTD: 27.44%
• 6M: 30.18%
• 1Y: 54.30%
• 3Y*: 23.60%
• 5Y*: 7.49%
• 10Y*: —

GEM

• 1D: -1.04%
• 1M: 9.44%
• YTD: 27.56%
• 6M: 30.41%
• 1Y: 54.83%
• 3Y*: 23.85%
• 5Y*: 7.91%
• 10Y*: 10.00%

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

GSEE vs. GEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	27.56%	33.43%	6.66%	11.82%	-21.33%	-0.19%	40.78%

Correlation

The correlation between GSEE and GEM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.97

The correlation between GSEE and GEM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

GSEE vs. GEM - Sectors Allocation Comparison

Sectors	GSEE	GEM
Technology	36.0%	14.1%
Financial Services	18.8%	34.0%
Consumer Cyclical	9.7%	13.0%
Industrials	9.0%	7.5%
Communication Services	6.6%	4.5%
Basic Materials	6.3%	8.7%
Energy	4.0%	1.3%
Healthcare	3.1%	5.4%
Consumer Defensive	3.0%	4.2%
Utilities	2.3%	4.3%
Real Estate	1.2%	1.5%

Return for Risk

GSEE vs. GEM — Risk / Return Rank

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

GSEE

GSEE Risk / Return Rank: 82
GSEE Sharpe Ratio Rank: 84
GSEE Sortino Ratio Rank: 81
GSEE Omega Ratio Rank: 83
GSEE Calmar Ratio Rank: 80
GSEE Martin Ratio Rank: 81

GEM

GEM Risk / Return Rank: 82
GEM Sharpe Ratio Rank: 85
GEM Sortino Ratio Rank: 81
GEM Omega Ratio Rank: 83
GEM Calmar Ratio Rank: 79
GEM Martin Ratio Rank: 80

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. GEM - Risk-Adjusted Trends Comparison

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

	GSEE	GEM	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.82	-0.03
Sortino ratio: Return per unit of downside risk	3.63	3.68	-0.04
Omega ratio: Gain probability vs. loss probability	1.50	1.51	-0.01
Calmar ratio: Return relative to maximum drawdown	4.18	4.08	+0.10
Martin ratio: Return relative to average drawdown	16.02	15.81	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSEE vs. GEM - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 2.80, which is comparable to the GEM Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of GSEE and GEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSEE	GEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.82	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.45	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.53	+0.25

Drawdowns

GSEE vs. GEM - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, roughly equal to the maximum GEM drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for GSEE and GEM.

Drawdown Indicators

	GSEE	GEM	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-37.02%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-13.50%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-16.54%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-34.97%	-35.43%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.02%	—
Current Drawdown Current decline from peak	-1.36%	-1.04%	-0.32%
Average Drawdown Average peak-to-trough decline	-14.73%	-12.01%	-2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.48%	-0.08%

Volatility

GSEE vs. GEM - Volatility Comparison

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) have volatilities of 8.68% and 8.60%, 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.

Volatility by Period

	GSEE	GEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	8.60%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	16.96%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	19.51%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	17.70%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	19.03%	-0.64%

GSEE vs. GEM - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is lower than GEM's 0.45% expense ratio.

Dividends

GSEE vs. GEM - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 1.98%, more than GEM's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.80%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	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 GEM in my portfolio?

With a correlation of 0.96, GSEE and GEM 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.

Which is riskier, GSEE or GEM?

GSEE has higher volatility (8.68%) compared to GEM (8.60%). In terms of maximum drawdown, GSEE dropped -37.51% vs GEM's -37.02%.

Which ETF is better, GSEE or GEM?

On 5-year performance, GEM leads with 7.91% vs 7.49% for GSEE. On fees, GSEE is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEE or GEM?

Over the 5-year period, GEM has performed better with a 7.91% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEE or GEM?

GSEE is cheaper with a 0.36% expense ratio, compared with 0.45% for GEM.

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

GSEE has the higher dividend yield at 1.98%, compared with 1.80% for GEM.

What is the main difference between GSEE and GEM?

GSEE is categorized as Asia Pacific Equities, while GEM is Emerging Markets Equities. GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index, while GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index. Their fees differ too: 0.36% for GSEE and 0.45% for GEM.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.82 vs 2.80), 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.