GVIP vs. GEM

Last updated Jun 24, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP 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, GVIP returned 12.53%/yr vs 7.42%/yr for GEM. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.

Performance

GVIP vs. GEM - Performance Comparison

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

Returns By Period

In the year-to-date period, GVIP achieves a 16.34% return, which is significantly lower than GEM's 22.90% return.

GVIP

• 1D: -6.01%
• 1M: 3.42%
• YTD: 16.34%
• 6M: 15.67%
• 1Y: 35.53%
• 3Y*: 29.99%
• 5Y*: 12.53%
• 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%

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

GVIP vs. GEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVIP Goldman Sachs Hedge Industry VIP ETF	16.34%	25.27%	29.82%	39.15%	-31.95%	11.86%	44.12%	30.21%	-6.85%	25.79%
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%	36.43%

Correlation

The correlation between GVIP and GEM is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016	0.68

The correlation between GVIP and GEM shifts across timeframes, from 0.66 (3 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

GVIP vs. GEM - Sectors Allocation Comparison

Sectors	GVIP	GEM
Technology	34.8%	43.5%
Financial Services	16.0%	18.6%
Communication Services	13.7%	6.4%
Industrials	11.0%	5.6%
Consumer Cyclical	10.0%	8.2%
Healthcare	8.2%	2.9%
Utilities	6.3%	1.8%
Consumer Defensive	1.2%	2.8%
Basic Materials	-	6.4%
Energy	-	3.0%
Real Estate	-	0.8%

Return for Risk

GVIP vs. GEM — Risk / Return Rank

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

GVIP

GVIP Risk / Return Rank: 54
GVIP Sharpe Ratio Rank: 52
GVIP Sortino Ratio Rank: 47
GVIP Omega Ratio Rank: 51
GVIP Calmar Ratio Rank: 56
GVIP Martin Ratio Rank: 64

GEM

GEM Risk / Return Rank: 68
GEM Sharpe Ratio Rank: 68
GEM Sortino Ratio Rank: 60
GEM Omega Ratio Rank: 70
GEM Calmar Ratio Rank: 71
GEM Martin Ratio Rank: 71

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.

GVIP vs. GEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) 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.

	GVIP	GEM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.05	-0.35
Sortino ratio: Return per unit of downside risk	2.26	2.64	-0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.61	3.37	-0.76
Martin ratio: Return relative to average drawdown	11.04	12.44	-1.39

GVIP vs. GEM - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 1.70, which is comparable to the GEM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of GVIP 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.

Drawdowns

GVIP vs. GEM - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, roughly equal to the maximum GEM drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for GVIP and GEM.

Drawdown Indicators

	GVIP	GEM	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-37.02%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	-13.50%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	-16.54%	-6.75%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-35.10%	-1.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.02%	—
Current Drawdown Current decline from peak	-6.01%	-5.43%	-0.58%
Average Drawdown Average peak-to-trough decline	-7.56%	-11.97%	+4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.65%	-0.42%

Volatility

GVIP vs. GEM - Volatility Comparison

The current volatility for Goldman Sachs Hedge Industry VIP ETF (GVIP) is 11.43%, while Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a volatility of 12.24%. This indicates that GVIP 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.

Volatility by Period

	GVIP	GEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.43%	12.24%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	20.13%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	21.01%	22.16%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.83%	18.34%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	19.21%	+2.66%

GVIP vs. GEM - Expense Ratio Comparison

Both GVIP and GEM have an expense ratio of 0.45%.

Dividends

GVIP vs. GEM - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.29%, less 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%
GVIP Goldman Sachs Hedge Industry VIP ETF	0.29%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%	0.00%

Frequently Asked Questions

Can I hold both GVIP and GEM in my portfolio?

GVIP and GEM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVIP or GEM?

GEM has higher volatility (12.24%) compared to GVIP (11.43%). In terms of maximum drawdown, GVIP dropped -37.09% vs GEM's -37.02%.

Which ETF is better, GVIP or GEM?

On 5-year performance, GVIP leads with 12.53% vs 7.42% for GEM. Both ETFs have the same 0.45% expense ratio. On volatility, GVIP has been the lower-risk option at 11.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or GEM?

Over the 5-year period, GVIP has performed better with a 12.53% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or GEM?

GVIP and GEM have the same expense ratio: 0.45% per year.

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

GEM has the higher dividend yield at 1.87%, compared with 0.29% for GVIP.

What is the main difference between GVIP and GEM?

GVIP is categorized as Large Cap Growth Equities, while GEM is Emerging Markets Equities. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.05 vs 1.70), 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.