Goldman Sachs ActiveBeta Emerging Markets… (GEM) Performance
GEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +14.2% since Dec 31, 2025
- 1 year
- +16.2% total return
- 5 years
- +7.1% a year
- 10 years
- +7.6% a year
- Since first price
- +8.6% a year since 2015
GEM trailing returns vs SPY, QQQ, AGG
| Period | GEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.2% | −8.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.6% | −3.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.5% | +0.5% | +7.8% | +8.4% | −1.5% |
| YTD | +14.2% | +14.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +16.2% | +13.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +80.9%+21.9%/yr | +71.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +40.7%+7.1%/yr | +25.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +108.9%+7.6%/yr | +66.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionSep 29, 2015 | +149.7%+8.6%/yr | +94.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GEM vs SPY
From Sep 29, 2015: GEM grew to $24,973, SPY to $48,324.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GEM returns by calendar year
7 of 10 full years positive. Best 2017 (+36.4%), worst 2022 (−21.3%). 2026 is year to date.
GEM annual returns table
| Year | GEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +14.2% | −13.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +33.4% | −14.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +6.7% | −9.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +11.8% | −11.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −21.3% | −31.4% | −18.2% | −32.6% | −13.0% |
| 2021 | −0.2% | −12.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +13.0% | −33.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +17.8% | −10.3% | +31.2% | +39.0% | +8.5% |
| 2018 | −14.2% | −25.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +36.4% | −5.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +8.8% | −9.7% | +12.0% | +7.1% | +2.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GEM largest drawdowns
Now 12.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −37.0% | Mar 23, 2020 | Dec 4, 2020 | 2.2 years | 2.9 years |
| Feb 17, 2021 | −36.2% | Oct 24, 2022 | Jul 16, 2025 | 1.7 years | 4.4 years |
| Oct 13, 2015 | −19.5% | Jan 21, 2016 | Jul 14, 2016 | 3 months | 9 months |
| Feb 25, 2026 | −13.5% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
| Jun 22, 2026 | −13.3% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GEM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +23.5% | +9.0% | +8.5% | +9.2% |
| Volatility (annualized) | 14.6% | 16.7% | 16.4% | 16.4% |
| Sharpe ratio | 1.23 | 0.39 | 0.44 | 0.49 |
| Sortino ratio | 2.27 | 0.63 | 0.68 | 0.78 |
| Best month | +11.6% | +14.5% | +14.5% | +14.5% |
| Worst month | −9.2% | −10.4% | −15.6% | −15.6% |
| Best 12 months | +52.9% | +52.9% | +53.4% | +53.4% |
| Worst 12 months | +6.7% | −29.3% | −29.3% | −29.3% |
| Positive months | 72% | 57% | 59% | 59% |
| Beta vs S&P 500 | 0.76 | 0.71 | 0.74 | — |
| Correlation with S&P 500 | 0.65 | 0.67 | 0.70 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 122 | −29.3% | +9.4% | +53.4% | 70% |
| 3-year (a year) | 98 | −6.3% | +4.8% | +24.2% | 73% |
| 5-year (a year) | 74 | −3.5% | +4.8% | +13.3% | 86% |
| 10-year (a year) | 14 | +7.0% | +8.4% | +10.0% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
GEM performance overview
Goldman Sachs ActiveBeta Emerging Markets… (GEM) returned +16.2% over the past year and +7.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +8.6% a year, turning $10,000 into about $24,973. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −37.0%, from Jan 26, 2018 to Mar 23, 2020, and it took 8 months to get back to the old high. GEM finished 7 of its 10 full calendar years with a gain; the best year was 2017 (+36.4%) and the worst 2022 (−21.3%). Volatility has been 16.4% a year.
Related: GEM chart, GEM holdings, GEM dividends. See the GEM overview for the latest quote and fund facts.
GEM performance FAQ
What is the GEM return over the past year?
GEM returned +16.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.6%.
What is the average annual return of GEM?
GEM has returned +7.1% a year over 5 years, +7.6% a year over 10 years, +8.6% a year since September 29, 2015 (total return, distributions reinvested).
How much would $10,000 invested in GEM be worth?
$10,000 invested in GEM at its first recorded close on September 29, 2015 would be worth about $24,973 on October 23, 2026 with distributions reinvested.
What was the worst year for GEM?
The worst calendar year was 2022, with a total return of −21.3%. The best was 2017 at +36.4%.
What is the biggest drawdown of GEM?
The largest peak-to-trough decline was −37.0% between January 26, 2018 and March 23, 2020. It recovered to the old high on December 4, 2020, 8 months after the bottom.
How volatile is GEM?
Over the past 3 years GEM had an annualized volatility of 14.6% and a Sharpe ratio of 1.23 (excess return over 1–3 month T-bills per unit of risk).