GEM vs SPY
Comparison between Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed GEM, delivering a return of +13.3% compared to +7.6%
GEM vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
GEM
$1.20B
Winner
SPY
$652B
Expense Ratio
GEM
0.35%
Winner
SPY
0.09%
Max Drawdown
Winner
GEM
40.21%
SPY
56.47%
Sharpe Ratio
Winner
GEM
2.29
SPY
2.07
5Y Beta
Winner
GEM
0.77
SPY
1.00
P/E Ratio
GEM
N/A
SPY
28.24
Forward P/E
GEM
N/A
SPY
21.85
5Y Dividends CAGR
Winner
GEM
18.99%
SPY
5.43%
5Y EPS CAGR
GEM
N/A
SPY
25.79%
Debt to Equity
GEM
N/A
SPY
22.35%
P/S Ratio
GEM
N/A
SPY
3.55
P/B Ratio
GEM
N/A
SPY
5.29
GEM vs SPY - Holdings Comparison
GEM and SPY have 1 common holdings. Overlap is 0.00%
GEM's top 25 holdings weight is 40.35%. SPY's top 25 holdings weight is 51.32%.
| Rank | GEM | SPY |
|---|---|---|
| #1 | n/a (n/a) - 14.21% | NVIDIA CORP (NVDA) - 8.45% |
| #2 | SAMSUNG ELECTRONICS CO LTD (n/a) - 5.92% | APPLE INC (AAPL) - 6.48% |
| #3 | SK HYNIX INC (n/a) - 4.06% | MICROSOFT CORP (MSFT) - 5.20% |
| #4 | TENCENT HOLDINGS LTD (n/a) - 3.15% | AMAZON.COM INC (AMZN) - 4.14% |
| #5 | n/a (n/a) - 2.13% | ALPHABET INC CLASS A (GOOGL) - 3.32% |
| #6 | GOLDMAN SACHS FS TREASURY OBLIGS INSTL (FTOXX) - 1.16% | BROADCOM INC (AVGO) - 3.09% |
| #7 | MEDIATEK INC (n/a) - 0.97% | ALPHABET INC CLASS C (GOOG) - 2.65% |
| #8 | DELTA ELECTRONICS INC (n/a) - 0.88% | META PLATFORMS INC CLASS A (META) - 2.40% |
| #9 | CHINA CONSTRUCTION BANK CORP CLASS H (n/a) - 0.86% | TESLA INC (TSLA) - 1.73% |
| #10 | n/a (n/a) - 0.83% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.43% |
| #11 | n/a (n/a) - 0.73% | JPMORGAN CHASE & CO (JPM) - 1.37% |
| #12 | ISHARES MSCI MALAYSIA ETF (EWM) - 0.62% | ELI LILLY AND CO (LLY) - 1.13% |
| #13 | HDFC BANK LTD (n/a) - 0.61% | EXXON MOBIL CORP (XOM) - 1.03% |
| #14 | ICICI BANK LTD (n/a) - 0.54% | MICRON TECHNOLOGY INC (MU) - 0.93% |
| #15 | RELIANCE INDUSTRIES LTD (n/a) - 0.50% | WALMART INC (WMT) - 0.91% |
| #16 | PDD HOLDINGS INC ADR (PDD) - 0.46% | JOHNSON & JOHNSON (JNJ) - 0.90% |
| #17 | n/a (n/a) - 0.45% | ADVANCED MICRO DEVICES INC (AMD) - 0.86% |
| #18 | n/a (n/a) - 0.44% | VISA INC CLASS A (V) - 0.85% |
| #19 | HON HAI PRECISION INDUSTRY CO LTD (n/a) - 0.43% | COSTCO WHOLESALE CORP (COST) - 0.72% |
| #20 | XIAOMI CORP CLASS B (n/a) - 0.40% | MASTERCARD INC CLASS A (MA) - 0.67% |
| #21 | REALTEK SEMICONDUCTOR CORP (n/a) - 0.20% | INTEL CORP (INTC) - 0.65% |
| #22 | PKO BANK POLSKI SA (n/a) - 0.20% | NETFLIX INC (NFLX) - 0.64% |
| #23 | BB SEGURIDADE PARTICIPACOES SA (n/a) - 0.20% | CATERPILLAR INC (CAT) - 0.62% |
| #24 | FIRSTRAND LTD (n/a) - 0.20% | CHEVRON CORP (CVX) - 0.58% |
| #25 | MTN GROUP LTD (n/a) - 0.20% | PROCTER & GAMBLE CO (PG) - 0.57% |
| Total Holdings | 709 | 505 |
GEM vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
GEM
+11.59%
SPY
+9.11%
3M
Winner
GEM
+11.32%
SPY
+6.59%
6M
Winner
GEM
+25.95%
SPY
+10.56%
1Y
Winner
GEM
+55.06%
SPY
+32.04%
5Y(CAGR)
GEM
+7.59%
Winner
SPY
+13.35%
10Y(CAGR)
GEM
+10.10%
Winner
SPY
+15.49%
Max(CAGR)
Winner
GEM
+9.81%
SPY
+8.50%
GEM vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GEM | SPY |
|---|---|---|
| 2026 | +20.54% | +8.27% |
| 2025 | +33.75% | +18.00% |
| 2024 | +7.92% | +25.59% |
| 2023 | +10.95% | +26.72% |
| 2022 | -21.72% | -18.64% |
| 2021 | -0.75% | +30.52% |
| 2020 | +11.23% | +17.28% |
| 2019 | +17.26% | +31.09% |
| 2018 | -15.62% | -5.24% |
| 2017 | +35.16% | +20.78% |
| 2016 | +12.61% | +13.59% |
| 2015 | +2.95% | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
GEM vs SPY Drawdown Comparison
The maximum drawdown for GEM was -37.01%, occurring on Mar 23, 2020. Recovery took 720 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
| Rank | GEM | SPY |
|---|---|---|
| #1 | -37.01% Jan 26, 2018 - Dec 4, 2020 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -36.24% Feb 17, 2021 - Jul 16, 2025 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -19.70% Oct 13, 2015 - Jul 14, 2016 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -13.50% Feb 25, 2026 - Apr 17, 2026 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -9.68% Sep 6, 2016 - Feb 9, 2017 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -5.20% Jan 21, 2021 - Feb 9, 2021 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -5.13% Nov 22, 2017 - Dec 29, 2017 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -4.73% Oct 29, 2025 - Dec 30, 2025 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -4.25% Oct 6, 2025 - Oct 20, 2025 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -3.50% May 16, 2017 - Jun 8, 2017 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -3.47% Jan 28, 2026 - Feb 9, 2026 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -3.45% Aug 15, 2016 - Sep 6, 2016 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -3.33% Sep 19, 2017 - Oct 5, 2017 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -3.27% Jul 23, 2025 - Aug 12, 2025 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -3.20% Feb 22, 2017 - Mar 15, 2017 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between GEM and SPY is 0.84 which considered as a strong positive correlation - the stocks tend to move together.
0.84
-101
Dividend Comparison (1999 - 2026)
GEM vs SPY dividend yield comparison.
| Year | GEM | SPY |
|---|---|---|
| 2026 | 0.00% | 0.24% |
| 2025 | 2.30% | 1.07% |
| 2024 | 2.58% | 1.21% |
| 2023 | 2.97% | 1.40% |
| 2022 | 2.96% | 1.65% |
| 2021 | 3.00% | 1.20% |
| 2020 | 1.63% | 1.52% |
| 2019 | 3.13% | 1.75% |
| 2018 | 2.08% | 2.04% |
| 2017 | 1.81% | 1.80% |
| 2016 | 1.98% | 2.03% |
| 2015 | 0.25% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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