GVIP vs. GEMD
GVIP (Goldman Sachs Hedge Industry VIP ETF) and GEMD (Goldman Sachs Access Emerging Markets USD Bond ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP 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, GVIP returned 29.99%/yr vs 8.14%/yr for GEMD. At a 0.49 correlation, their price movements are largely independent. GVIP charges 0.45%/yr vs 0.39%/yr for GEMD.
Performance
GVIP vs. GEMD - Performance Comparison
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Returns By Period
In the year-to-date period, GVIP achieves a 16.34% return, which is significantly higher than GEMD's 2.26% return.
GVIP
- 1D
- -6.01%
- 1M
- 3.42%
- YTD
- 16.34%
- 6M
- 15.67%
- 1Y
- 35.53%
- 3Y*
- 29.99%
- 5Y*
- 12.53%
- 10Y*
- —
GEMD
- 1D
- -0.04%
- 1M
- 1.79%
- YTD
- 2.26%
- 6M
- 2.29%
- 1Y
- 10.81%
- 3Y*
- 8.14%
- 5Y*
- —
- 10Y*
- —
GVIP vs. GEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 16.34% | 25.27% | 29.82% | 39.15% | -26.40% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 2.26% | 13.67% | 3.31% | 8.51% | -15.70% |
Correlation
The correlation between GVIP and GEMD is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022 | 0.49 |
The correlation between GVIP and GEMD has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.
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Return for Risk
GVIP vs. GEMD — Risk / Return Rank
GVIP
GEMD
GVIP vs. GEMD - 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 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.
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 | GEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.36 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.34 | +0.27 |
| Martin ratioReturn relative to average drawdown | 11.04 | 9.83 | +1.22 |
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Drawdowns
GVIP vs. GEMD - Drawdown Comparison
The maximum GVIP drawdown since its inception was -37.09%, which is greater than GEMD's maximum drawdown of -24.56%. Use the drawdown chart below to compare losses from any high point for GVIP and GEMD.
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Drawdown Indicators
| GVIP | GEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.09% | -24.56% | -12.53% |
Max Drawdown (1Y)Largest decline over 1 year | -13.67% | -4.64% | -9.03% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -7.69% | -15.60% |
Max Drawdown (5Y)Largest decline over 5 years | -37.09% | — | — |
Current DrawdownCurrent decline from peak | -6.01% | -0.42% | -5.59% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -8.09% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 1.10% | +2.13% |
Volatility
GVIP vs. GEMD - Volatility Comparison
Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 11.43% compared to Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) at 1.81%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier 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
| GVIP | GEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.43% | 1.81% | +9.62% |
Volatility (6M)Calculated over the trailing 6-month period | 17.87% | 4.59% | +13.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.01% | 5.67% | +15.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.83% | 9.92% | +11.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.87% | 9.92% | +11.95% |
GVIP vs. GEMD - Expense Ratio Comparison
GVIP has a 0.45% expense ratio, which is higher than GEMD's 0.39% expense ratio.
Dividends
GVIP vs. GEMD - Dividend Comparison
GVIP's dividend yield for the trailing twelve months is around 0.29%, less than GEMD's 5.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.65% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
GVIP and GEMD have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVIP has higher volatility (11.43%) compared to GEMD (1.81%). In terms of maximum drawdown, GVIP dropped -37.09% vs GEMD's -24.56%.
On 3-year performance, GVIP leads with 29.99% vs 8.14% for GEMD. On fees, GEMD is cheaper at 0.39% per year. On volatility, GEMD has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GVIP has performed better with a 29.99% return vs 8.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GEMD is cheaper with a 0.39% expense ratio, compared with 0.45% for GVIP.
GEMD has the higher dividend yield at 5.65%, compared with 0.29% for GVIP.
GVIP is categorized as Large Cap Growth Equities, while GEMD is Emerging Markets Bonds. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. Their fees differ too: 0.45% for GVIP and 0.39% for GEMD.
GEMD currently has the higher Sharpe Ratio (1.92 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.
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