- ISIN
- US38149W6637
- Delisting Date
- Jun 3, 2026
- Issuer
- Goldman Sachs
- Inception Date
- Mar 7, 2023
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg Goldman Sachs Community Municipal Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $10M
Share Price Chart
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Performance
GMUN Performance Chart
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Returns By Period
Goldman Sachs Community Municipal Bond ETF (GMUN) has returned -0.34% so far this year and 4.42% over the past 12 months.
Goldman Sachs Community Municipal Bond ETF
- 1D
- 0.00%
- 1M
- -0.20%
- YTD
- -0.34%
- 6M
- -0.18%
- 1Y
- 4.42%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
GMUN Monthly Returns History
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.96% | 1.03% | -2.42% | 0.89% | -0.72% | -0.03% | -0.34% | ||||||
| 2025 | 0.50% | 1.10% | -1.34% | -0.16% | 0.53% | 0.90% | 0.24% | 0.93% | 1.61% | 0.94% | 0.19% | 0.36% | 5.92% |
| 2024 | -0.53% | -0.04% | -0.31% | -0.89% | -0.65% | 1.01% | 1.09% | 0.87% | 0.76% | -1.15% | 1.16% | -0.97% | 0.31% |
| 2023 | 1.77% | -0.46% | -0.93% | 0.54% | 0.09% | -0.67% | -1.80% | -0.45% | 3.82% | 1.83% | 3.69% |
Benchmark Metrics
Goldman Sachs Community Municipal Bond ETF has an annualized alpha of 2.77%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since March 09, 2023.
- This ETF participated in 26.47% of S&P 500 Index downside but only 14.72% 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
- 2.77%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 14.72%
- Downside Capture
- 26.47%
Expense Ratio
GMUN has an expense ratio of 0.15%, which is considered low.
Return for Risk
Risk / Return Rank
GMUN ranks 56 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.
| GMUN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.37 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.78 | -1.04 |
| Martin ratioReturn relative to average drawdown | 5.36 | 12.44 | -7.08 |
Dividends
Dividend History
Goldman Sachs Community Municipal Bond ETF provided a 3.12% dividend yield over the last twelve months, with an annual payout of $1.56 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.56 | $1.49 | $1.59 | $1.11 |
Dividend yield | 3.12% | 2.94% | 3.22% | 2.20% |
Monthly Dividends
The table displays the monthly dividend distributions for Goldman Sachs Community Municipal Bond 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 | $0.14 | $0.12 | $0.14 | $0.13 | $0.12 | $0.66 | ||||||
| 2025 | $0.00 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.13 | $0.13 | $0.12 | $0.14 | $0.13 | $0.25 | $1.49 |
| 2024 | $0.00 | $0.26 | $0.11 | $0.11 | $0.13 | $0.12 | $0.11 | $0.13 | $0.12 | $0.14 | $0.12 | $0.24 | $1.59 |
| 2023 | $0.08 | $0.11 | $0.11 | $0.11 | $0.12 | $0.12 | $0.11 | $0.13 | $0.22 | $1.11 |
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 Community Municipal Bond 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 Community Municipal Bond ETF was 4.35%, occurring on Oct 6, 2023. Recovery took 42 trading sessions.
The current Goldman Sachs Community Municipal Bond ETF drawdown is 2.29%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -4.35%Oct 2023 | 5mo 26d | 2mo 1d | 7mo 27dApr 2023 - Dec 2023 |
2025 selloff2025 | -3.04%Apr 2025 | 1mo 9d | 2mo 22d | 4mo 1dMar 2025 - Jul 2025 |
2026 pullback2026 | -2.83%Mar 2026 | 24d | — | 3mo 23dMar 2026 - now |
2024 pullback2024 | -2.53%May 2024 | 5mo 3d | 2mo 4d | 7mo 7dDec 2023 - Aug 2024 |
2024 pullback2024 | -1.92%Nov 2024 | 1mo 5d | 28d | 2mo 3dOct 2024 - Dec 2024 |
Drawdown Indicators
| GMUN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -56.78% | +52.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -9.10% | +6.27% |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | -18.90% | +15.53% |
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 | -2.29% | -1.80% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -10.71% | +9.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 2.03% | -1.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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