Goldman Sachs Dynamic Municipal Income Fund (GSMIX)
The investment seeks a high level of current income that is exempt from regular federal income tax. The fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in fixed income securities issued by or on behalf of states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax. It may invest up to 100% of its net assets in private activity bonds, the interest on which may be a preference item for purposes of the federal alternative minimum tax.
Fund Info
US38141W8284
38141W828
Jul 19, 1993
$1,000
Expense Ratio
GSMIX features an expense ratio of 0.73%, falling within the medium range.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Goldman Sachs Dynamic Municipal Income Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
Goldman Sachs Dynamic Municipal Income Fund had a return of 0.41% year-to-date (YTD) and 3.56% in the last 12 months. Over the past 10 years, Goldman Sachs Dynamic Municipal Income Fund had an annualized return of 2.47%, while the S&P 500 had an annualized return of 11.29%, indicating that Goldman Sachs Dynamic Municipal Income Fund did not perform as well as the benchmark.
GSMIX
0.41%
0.81%
0.82%
3.56%
0.93%
2.47%
^GSPC (Benchmark)
4.22%
2.22%
9.51%
22.46%
12.74%
11.29%
Monthly Returns
The table below presents the monthly returns of GSMIX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.41% | 0.41% | |||||||||||
| 2024 | 0.15% | 0.25% | 0.27% | -0.77% | -0.05% | 1.53% | 0.80% | 0.60% | 1.05% | -1.14% | 1.32% | -1.01% | 3.02% |
| 2023 | 3.02% | -2.00% | 1.40% | 0.12% | -0.47% | 0.93% | 0.34% | -0.86% | -2.49% | -1.30% | 5.62% | 2.48% | 6.70% |
| 2022 | -2.41% | -0.71% | -2.79% | -2.75% | 1.11% | -2.14% | 2.61% | -1.87% | -3.70% | -0.93% | 4.30% | -0.02% | -9.20% |
| 2021 | 1.32% | -1.39% | 0.60% | 1.07% | 0.58% | 0.46% | 0.63% | -0.31% | -0.80% | -0.32% | 0.81% | 0.16% | 2.80% |
| 2020 | 1.64% | 1.30% | -7.25% | -1.99% | 3.02% | 2.42% | 2.06% | -0.06% | -0.13% | -0.18% | 1.91% | 1.22% | 3.57% |
| 2019 | 0.61% | 0.85% | 1.43% | 0.58% | 0.96% | 0.39% | 0.64% | 0.82% | -0.43% | 0.25% | 0.24% | 0.74% | 7.30% |
| 2018 | -0.14% | -0.29% | 0.63% | 0.24% | 1.27% | 0.48% | 0.49% | 0.29% | -0.42% | -0.85% | 0.61% | 0.49% | 2.83% |
| 2017 | 0.80% | 0.77% | 0.29% | 0.65% | 1.03% | -0.08% | 0.70% | 0.76% | -0.02% | -0.21% | -0.22% | 0.95% | 5.56% |
| 2016 | 0.61% | 0.03% | 0.55% | 0.73% | 0.72% | 1.73% | 0.14% | 0.38% | 0.01% | -0.86% | -3.72% | 0.87% | 1.07% |
| 2015 | 0.67% | -0.48% | -0.02% | -0.60% | -0.09% | -0.55% | 0.22% | 0.03% | 0.74% | 0.62% | 0.41% | 0.73% | 1.68% |
| 2014 | 2.00% | 1.54% | 0.51% | 1.02% | 1.98% | -0.27% | -0.20% | 1.64% | 0.42% | 0.55% | 0.22% | 0.35% | 10.16% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of GSMIX is 59, indicating average performance compared to other mutual funds on our website. Here’s a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Goldman Sachs Dynamic Municipal Income Fund (GSMIX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
Goldman Sachs Dynamic Municipal Income Fund provided a 3.30% dividend yield over the last twelve months, with an annual payout of $0.51 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.51 | $0.51 | $0.47 | $0.37 | $0.32 | $0.35 | $0.39 | $0.44 | $0.47 | $0.51 | $0.54 | $0.56 |
Dividend yield | 3.30% | 3.31% | 3.09% | 2.49% | 1.92% | 2.11% | 2.39% | 2.79% | 3.00% | 3.36% | 3.43% | 3.54% |
Monthly Dividends
The table displays the monthly dividend distributions for Goldman Sachs Dynamic Municipal Income Fund. 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.04 | $0.00 | $0.04 | ||||||||||
| 2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.51 |
| 2023 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.47 |
| 2022 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.37 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.32 |
| 2020 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.35 |
| 2019 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.39 |
| 2018 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.44 |
| 2017 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.47 |
| 2016 | $0.05 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.51 |
| 2015 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.54 |
| 2014 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.56 |
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.
Worst Drawdowns
The table below displays the maximum drawdowns of the Goldman Sachs Dynamic Municipal Income Fund. 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 Municipal Income Fund was 15.42%, occurring on Dec 16, 2008. Recovery took 176 trading sessions.
The current Goldman Sachs Dynamic Municipal Income Fund drawdown is 0.92%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -15.42% | Jan 24, 2008 | 227 | Dec 16, 2008 | 176 | Aug 28, 2009 | 403 |
| -14.19% | Mar 3, 2020 | 14 | Mar 20, 2020 | 184 | Dec 10, 2020 | 198 |
| -13.79% | Aug 6, 2021 | 308 | Oct 25, 2022 | 484 | Sep 30, 2024 | 792 |
| -11.2% | Feb 1, 1994 | 210 | Nov 21, 1994 | 121 | May 9, 1995 | 331 |
| -8.09% | May 6, 2013 | 88 | Sep 9, 2013 | 171 | May 14, 2014 | 259 |
Volatility
Volatility Chart
The current Goldman Sachs Dynamic Municipal Income Fund volatility is 0.91%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.