Goldman Sachs Access Emerging Markets USD… (GEMD) Performance
GEMD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.2% since Dec 31, 2025
- 1 year
- +0.4% total return
- 3 years
- +8.8% a year
- Since first price
- +1.3% a year since 2022
GEMD trailing returns vs AGG, TLT, SPY
| Period | GEMD total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −0.5% | −1.0% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.8% | −3.3% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.2% | −5.1% | −1.5% | −3.8% | +7.8% |
| YTD | −1.2% | −5.4% | −1.0% | −3.4% | +12.3% |
| 1 year | +0.4% | −5.2% | −1.1% | −6.9% | +14.4% |
| 3 years | +28.8%+8.8%/yr | +7.5% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionFeb 17, 2022 | +6.1%+1.3%/yr | −19.5% | — | — | — |
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: GEMD vs AGG
From Feb 17, 2022: GEMD grew to $10,613, AGG to $10,269.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GEMD returns by calendar year
3 of 3 full years positive. Best 2025 (+13.7%), worst 2024 (+3.3%). 2026 is year to date.
GEMD annual returns table
| Year | GEMD | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.2% | −5.4% | −1.0% | −3.4% | +12.3% |
| 2025 | +13.7% | −4.5% | +7.2% | +4.3% | +17.7% |
| 2024 | +3.3% | −4.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +8.5% | −8.7% | +5.7% | +2.8% | +26.2% |
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.
GEMD largest drawdowns
Now 3.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 17, 2022 | −24.6% | Oct 20, 2022 | Jun 30, 2025 | 8 months | 3.4 years |
| Jun 29, 2026 | −5.4% | Oct 1, 2026 | not yet | 3 months | 4 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
GEMD risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +7.6% | +2.3% |
| Volatility (annualized) | 7.4% | 10.2% |
| Sharpe ratio | 0.44 | -0.12 |
| Sortino ratio | 0.66 | -0.16 |
| Best month | +5.5% | +10.0% |
| Worst month | −3.7% | −6.6% |
| Best 12 months | +17.7% | +17.7% |
| Worst 12 months | +0.5% | −10.1% |
| Positive months | 72% | 64% |
| Beta vs S&P 500 | 0.41 | — |
| Correlation with S&P 500 | 0.69 | — |
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.
GEMD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 45 | −10.1% | +6.8% | +17.7% | 89% |
| 3-year (a year) | 21 | +1.1% | +7.6% | +11.4% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
GEMD performance overview
Goldman Sachs Access Emerging Markets USD… (GEMD) returned +0.4% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +1.3% a year, turning $10,000 into about $10,613. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −24.6%, from Feb 17, 2022 to Oct 20, 2022, and it took 2.7 years to get back to the old high. GEMD finished 3 of its 3 full calendar years with a gain; the best year was 2025 (+13.7%) and the worst 2024 (+3.3%). Volatility has been 10.2% a year.
Related: GEMD chart, GEMD dividends, GEMD bond profile. See the GEMD overview for the latest quote and fund facts.
GEMD performance FAQ
What is the GEMD return over the past year?
GEMD returned +0.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.2%.
How much would $10,000 invested in GEMD be worth?
$10,000 invested in GEMD at its first recorded close on February 17, 2022 would be worth about $10,613 on October 23, 2026 with distributions reinvested.
What was the worst year for GEMD?
The worst calendar year was 2024, with a total return of +3.3%. The best was 2025 at +13.7%.
What is the biggest drawdown of GEMD?
The largest peak-to-trough decline was −24.6% between February 17, 2022 and October 20, 2022. It recovered to the old high on June 30, 2025, 2.7 years after the bottom.
How volatile is GEMD?
Over the past 3 years GEMD had an annualized volatility of 7.4% and a Sharpe ratio of 0.44 (excess return over 1–3 month T-bills per unit of risk).