JPEM vs. GEM

Last updated Jun 3, 2026

JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) and GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) are both Emerging Markets Equities funds - JPEM tracks the JPMorgan Diversified Factor Emerging Markets Equity Index while GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index. Both are passively managed. Over the past 10 years, JPEM returned 8.21%/yr vs 10.12%/yr for GEM. Their correlation of 0.90 suggests significant overlap in exposure. JPEM charges 0.44%/yr vs 0.45%/yr for GEM.

Performance

JPEM vs. GEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) 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, JPEM achieves a 8.58% return, which is significantly lower than GEM's 28.90% return. Over the past 10 years, JPEM has underperformed GEM with an annualized return of 8.21%, while GEM has yielded a comparatively higher 10.12% annualized return.

JPEM

• 1D: 1.10%
• 1M: 1.27%
• YTD: 8.58%
• 6M: 10.41%
• 1Y: 24.38%
• 3Y*: 14.26%
• 5Y*: 6.48%
• 10Y*: 8.21%

GEM

• 1D: 1.13%
• 1M: 10.80%
• YTD: 28.90%
• 6M: 32.01%
• 1Y: 56.69%
• 3Y*: 24.29%
• 5Y*: 8.32%
• 10Y*: 10.12%

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

JPEM vs. GEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	8.58%	22.90%	4.23%	11.01%	-9.03%	8.11%	-0.46%	16.21%	-10.55%	28.80%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	28.90%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-14.25%	36.43%

Correlation

The correlation between JPEM and GEM is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015	0.90

The correlation between JPEM and GEM has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

JPEM vs. GEM - Sectors Allocation Comparison

Sectors	JPEM	GEM
Financial Services	19.1%	34.0%
Industrials	13.1%	7.5%
Basic Materials	11.3%	8.7%
Consumer Cyclical	10.0%	13.0%
Utilities	9.2%	4.3%
Consumer Defensive	8.6%	4.2%
Communication Services	8.4%	4.5%
Energy	7.5%	1.3%
Technology	6.7%	14.1%
Healthcare	4.3%	5.4%
Real Estate	1.8%	1.5%

Return for Risk

JPEM vs. GEM — Risk / Return Rank

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

JPEM

JPEM Risk / Return Rank: 53
JPEM Sharpe Ratio Rank: 55
JPEM Sortino Ratio Rank: 54
JPEM Omega Ratio Rank: 57
JPEM Calmar Ratio Rank: 48
JPEM Martin Ratio Rank: 52

GEM

GEM Risk / Return Rank: 84
GEM Sharpe Ratio Rank: 87
GEM Sortino Ratio Rank: 84
GEM Omega Ratio Rank: 85
GEM Calmar Ratio Rank: 81
GEM Martin Ratio Rank: 82

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.

JPEM vs. GEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) 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.

	JPEM	GEM	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.93	-1.03
Sortino ratio Return per unit of downside risk	2.62	3.79	-1.17
Omega ratio Gain probability vs. loss probability	1.36	1.53	-0.17
Calmar ratio Return relative to maximum drawdown	2.39	4.28	-1.89
Martin ratio Return relative to average drawdown	9.00	16.61	-7.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPEM vs. GEM - Sharpe Ratio Comparison

The current JPEM Sharpe Ratio is 1.90, which is lower than the GEM Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of JPEM 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

	JPEM	GEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.93	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.47	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.53	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.53	-0.20

Drawdowns

JPEM vs. GEM - Drawdown Comparison

The maximum JPEM drawdown since its inception was -40.22%, which is greater than GEM's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for JPEM and GEM.

Drawdown Indicators

	JPEM	GEM	Difference
Max Drawdown Largest peak-to-trough decline	-40.22%	-37.02%	-3.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-13.50%	+3.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-16.54%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-21.57%	-35.43%	+13.86%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-37.02%	-3.20%
Current Drawdown Current decline from peak	-1.82%	0.00%	-1.82%
Average Drawdown Average peak-to-trough decline	-9.47%	-12.01%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	3.48%	-0.74%

Volatility

JPEM vs. GEM - Volatility Comparison

The current volatility for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) is 4.48%, while Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a volatility of 8.47%. This indicates that JPEM 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

	JPEM	GEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	8.47%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	16.92%	-5.78%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	19.47%	-6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	17.70%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	19.03%	-1.99%

JPEM vs. GEM - Expense Ratio Comparison

JPEM has a 0.44% expense ratio, which is lower than GEM's 0.45% expense ratio.

Dividends

JPEM vs. GEM - Dividend Comparison

JPEM's dividend yield for the trailing twelve months is around 4.34%, more than GEM's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.79%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.34%	4.65%	5.12%	4.46%	4.71%	4.40%	2.85%	3.47%	2.79%	2.14%	1.28%	3.22%

Frequently Asked Questions

Can I hold both JPEM and GEM in my portfolio?

JPEM and GEM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPEM or GEM?

GEM has higher volatility (8.47%) compared to JPEM (4.48%). In terms of maximum drawdown, JPEM dropped -40.22% vs GEM's -37.02%.

Which ETF is better, JPEM or GEM?

On 10-year performance, GEM leads with 10.12% vs 8.21% for JPEM. On fees, JPEM is cheaper at 0.44% per year. On volatility, JPEM has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPEM or GEM?

Over the 10-year period, GEM has performed better with a 10.12% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPEM or GEM?

JPEM is cheaper with a 0.44% expense ratio, compared with 0.45% for GEM.

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

JPEM has the higher dividend yield at 4.34%, compared with 1.79% for GEM.

What is the main difference between JPEM and GEM?

JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index, while GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index. They also come from different issuers: JPMorgan and Goldman Sachs. Their fees differ too: 0.44% for JPEM and 0.45% for GEM.

Which has better risk-adjusted returns?

GEM currently has the higher Sharpe Ratio (2.93 vs 1.90), 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.