- Issuer
- Goldman Sachs
- Inception Date
- Oct 22, 2019
- Region
- Asia Pacific (China)
- Category
- Emerging Markets Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- FTSE Goldman Sachs China Government Bond Index
- Domicile
- Ireland
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
GASF.DE Performance Chart
Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) is up 8.0% since the beginning of the year. GASF.DE is currently trading at €50 per share. Investors who bought €1,000 worth of GASF.DE shares 5 years ago would now be looking at an investment worth €1,189.
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Returns By Period
Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) has returned 7.95% so far this year and 8.98% over the past 12 months.
Goldman Sachs Access China Government Bond UCITS ETF USD Inc
- 1D
- 0.06%
- 1M
- 1.40%
- 6M
- 6.61%
- YTD
- 7.95%
- 1Y
- 8.98%
- 3Y*
- 5.09%
- 5Y*
- 3.52%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.09%
- 1M
- 1.27%
- 6M
- 10.98%
- YTD
- 13.27%
- 1Y
- 22.64%
- 3Y*
- 18.04%
- 5Y*
- 12.49%
- 10Y*
- 12.92%
GASF.DE Monthly Returns History
Based on dividend-adjusted daily data since Oct 22, 2019, GASF.DE's average daily return is +0.01%, while the average monthly return is +0.21%. At this rate, an investment would double in approximately 27.5 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2021 with a return of +3.9%, while the worst month was Oct 2019 at -10.0%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 4 months.
On a daily basis, GASF.DE closed higher 52% of trading days. The best single day was Nov 4, 2020 with a return of +3.0%, while the worst single day was Oct 24, 2019 at -9.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.04% | 1.92% | 2.12% | -0.29% | 2.29% | 1.38% | 0.34% | 7.95% | |||||
| 2025 | 1.17% | -0.86% | -3.54% | -3.81% | 0.70% | -2.54% | 2.01% | -1.38% | -0.43% | 2.29% | -0.09% | -0.34% | -6.82% |
| 2024 | 2.13% | 0.85% | -0.37% | 1.21% | -1.07% | 1.81% | 0.41% | -0.32% | 0.54% | 1.44% | 2.04% | 1.74% | 10.85% |
| 2023 | 0.52% | -0.24% | -0.75% | -1.76% | 1.29% | -3.77% | 0.94% | 0.47% | 1.70% | -0.08% | -0.34% | -0.17% | -2.28% |
| 2022 | 2.07% | 0.27% | 0.84% | 1.05% | -1.76% | 2.13% | 2.48% | 0.18% | -1.17% | -2.57% | -2.21% | -0.22% | 0.91% |
| 2021 | 2.89% | -0.20% | 2.44% | -0.73% | 0.54% | 1.71% | 1.36% | 0.71% | 2.41% | 0.35% | 3.94% | 0.10% | 16.54% |
Benchmark Metrics
Goldman Sachs Access China Government Bond UCITS ETF USD Inc has an annualized alpha of 2.43%, beta of 0.06, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since October 22, 2019.
- This ETF captured 3.98% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -13.04%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.06 may look defensive, but with R2 of 0.02 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.02 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.43%
- Beta
- 0.06
- R²
- 0.02
- Upside Capture
- 3.98%
- Downside Capture
- -13.04%
Expense Ratio
GASF.DE has an expense ratio of 0.24%, which is considered low.
Return for Risk
Risk / Return Rank
GASF.DE ranks 70 for risk / return — better than 70% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) and compare them to S&P 500 Index.
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.
| GASF.DE | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 3.01 | -0.17 |
| Martin ratioReturn relative to average drawdown | 8.54 | 11.10 | -2.57 |
Dividends
Dividend History
Goldman Sachs Access China Government Bond UCITS ETF USD Inc provided a 1.98% dividend yield over the last twelve months, with an annual payout of €0.99 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | €0.99 | €1.10 | €1.20 | €1.25 | €1.36 | €1.22 | €0.89 |
Dividend yield | 1.98% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% |
Monthly Dividends
The table displays the monthly dividend distributions for Goldman Sachs Access China Government Bond UCITS ETF USD Inc. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | €0.00 | €0.48 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.48 | |||||
| 2025 | €0.00 | €0.59 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.51 | €0.00 | €0.00 | €0.00 | €0.00 | €1.10 |
| 2024 | €0.00 | €0.61 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.59 | €0.00 | €0.00 | €0.00 | €0.00 | €1.20 |
| 2023 | €0.00 | €0.64 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.60 | €0.00 | €0.00 | €0.00 | €0.00 | €1.25 |
| 2022 | €0.00 | €0.67 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.70 | €0.00 | €0.00 | €0.00 | €0.00 | €1.36 |
| 2021 | €0.00 | €0.00 | €0.60 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.62 | €0.00 | €0.00 | €0.00 | €1.22 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Goldman Sachs Access China Government Bond UCITS ETF USD Inc. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Goldman Sachs Access China Government Bond UCITS ETF USD Inc was 13.75%, occurring on Jul 19, 2023. Recovery took 365 trading sessions.
The current Goldman Sachs Access China Government Bond UCITS ETF USD Inc drawdown is 1.53%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-13.75%Jul 2023 | 1y 5d | 1y 5mo | 2y 5moJul 2022 - Dec 2024 | — |
-11.76%Aug 2020 | 9mo 16d | 1y 1mo | 1y 11moOct 2019 - Sep 2021 | — |
-11.00%Sep 2025 | 8mo 16d | — | 1y 6moJan 2025 - now | — |
-4.56%May 2022 | 2mo 20d | 1mo 11d | 4mo 1dMar 2022 - Jul 2022 | Bear market2022 |
-3.88%Feb 2022 | 10d | 22d | 1mo 2dJan 2022 - Mar 2022 | Bear market2022 |
Drawdown Indicators
| GASF.DE | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.75% | -51.17% | +37.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -7.57% | +4.17% |
Max Drawdown (3Y)Largest decline over 3 years | -11.00% | -23.99% | +12.99% |
Max Drawdown (5Y)Largest decline over 5 years | -13.75% | -23.99% | +10.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.42% | — |
Current DrawdownCurrent decline from peak | -1.53% | -0.52% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -6.06% | -8.90% | +2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 2.04% | -0.92% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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