- Issuer
- Goldman Sachs
- Inception Date
- Jul 23, 2024
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $172M
Share Price Chart
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Performance
GCAL Performance Chart
Goldman Sachs Dynamic California Municipal Income ETF (GCAL) is up 1.7% since the beginning of the year. GCAL is currently trading at $51 per share.
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Returns By Period
Goldman Sachs Dynamic California Municipal Income ETF (GCAL) has returned 1.66% so far this year and 7.03% over the past 12 months.
Goldman Sachs Dynamic California Municipal Income ETF
- 1D
- 0.26%
- 1M
- 0.68%
- YTD
- 1.66%
- 6M
- 2.26%
- 1Y
- 7.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
GCAL Monthly Returns History
Based on dividend-adjusted daily data since Jul 25, 2024, GCAL's average daily return is +0.02%, while the average monthly return is +0.33%. At this rate, an investment would double in approximately 17.5 years.
Historically, 79% of months were positive and 21% were negative. The best month was Sep 2025 with a return of +2.0%, while the worst month was Mar 2026 at -1.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 2 months.
On a daily basis, GCAL closed higher 57% of trading days. The best single day was Apr 14, 2025 with a return of +1.1%, while the worst single day was Apr 7, 2025 at -1.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.72% | 1.18% | -1.78% | 0.88% | 0.35% | 0.32% | 1.66% | ||||||
| 2025 | 0.43% | 1.32% | -1.42% | -0.85% | 0.10% | 0.72% | 0.02% | 0.65% | 2.02% | 0.95% | 0.38% | 0.25% | 4.60% |
| 2024 | 0.43% | 0.85% | 1.08% | -1.05% | 1.25% | -0.89% | 1.65% |
Benchmark Metrics
Goldman Sachs Dynamic California Municipal Income ETF has an annualized alpha of 4.18%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since July 26, 2024.
- This ETF participated in 20.62% of S&P 500 Index downside but only 18.12% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.01 may look defensive, but with R2 of 0.00 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 0.00 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
- 4.18%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 18.12%
- Downside Capture
- 20.62%
Expense Ratio
GCAL has an expense ratio of 0.30%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GCAL ranks 78 for risk / return — better than 78% 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 Dynamic California Municipal Income ETF (GCAL) and compare them to S&P 500 Index.
| GCAL | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.90 | 2.39 | +0.51 |
Sortino ratioReturn per unit of downside risk | 4.17 | 3.25 | +0.92 |
Omega ratioGain probability vs. loss probability | 1.61 | 1.43 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 3.15 | 3.11 | +0.04 |
Martin ratioReturn relative to average drawdown | 11.41 | 14.38 | -2.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Goldman Sachs Dynamic California Municipal Income ETF provided a 3.32% dividend yield over the last twelve months, with an annual payout of $1.69 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $1.69 | $1.56 | $0.71 |
Dividend yield | 3.32% | 3.06% | 1.41% |
Monthly Dividends
The table displays the monthly dividend distributions for Goldman Sachs Dynamic California Municipal Income ETF. 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 | $0.15 | $0.14 | $0.16 | $0.15 | $0.15 | $0.76 | ||||||
| 2025 | $0.00 | $0.13 | $0.10 | $0.14 | $0.11 | $0.13 | $0.13 | $0.06 | $0.14 | $0.16 | $0.15 | $0.30 | $1.56 |
| 2024 | $0.16 | $0.15 | $0.13 | $0.27 | $0.71 |
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 Dynamic California Municipal Income ETF. 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 Dynamic California Municipal Income ETF was 4.39%, occurring on Apr 11, 2025. Recovery took 101 trading sessions.
The current Goldman Sachs Dynamic California Municipal Income ETF drawdown is 0.25%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -4.39%Apr 2025 | 1mo 8d | 5mo | 6mo 8dMar 2025 - Sep 2025 |
2026 pullback2026 | -2.24%Mar 2026 | 24d | — | 3mo 3dMar 2026 - now |
2024 pullback2024 | -1.97%Dec 2024 | 14d | 2mo 8d | 2mo 22dDec 2024 - Feb 2025 |
2024 pullback2024 | -1.92%Nov 2024 | 1mo 5d | 26d | 2mo 1dOct 2024 - Dec 2024 |
2024 pullback2024 | -0.80%Aug 2024 | 2d | 27d | 29dAug 2024 - Sep 2024 |
Drawdown Indicators
| GCAL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.39% | -56.78% | +52.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -9.10% | +6.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.25% | 0.00% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -0.87% | -10.72% | +9.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 1.97% | -1.35% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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