FOVL vs. GUMI

Last updated Jul 17, 2026

FOVL (iShares Focused Value Factor ETF) and GUMI (Goldman Sachs Ultra Short Municipal Income ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while GUMI is a Municipal Bonds fund actively managed by Goldman Sachs. FOVL is passively managed, while GUMI is actively managed. At a correlation of -0.10, they often move in opposite directions. FOVL charges 0.25%/yr vs 0.16%/yr for GUMI.

Performance

FOVL vs. GUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GUMI

• 1D: 0.05%
• 1M: 0.24%
• 6M: 1.28%
• YTD: 1.48%
• 1Y: 2.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FOVL vs. GUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	12.16%
GUMI Goldman Sachs Ultra Short Municipal Income ETF	1.48%	3.39%	1.57%

Correlation

The correlation between FOVL and GUMI is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.10

The correlation between FOVL and GUMI shifts across timeframes, from -0.20 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FOVL vs. GUMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FOVL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GUMI

GUMI Risk / Return Rank: 96
GUMI Sharpe Ratio Rank: 94
GUMI Sortino Ratio Rank: 96
GUMI Omega Ratio Rank: 95
GUMI Calmar Ratio Rank: 97
GUMI Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FOVL vs. GUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	FOVL	GUMI	Difference
Sharpe ratio: Return per unit of total volatility	—	2.80	—
Sortino ratio: Return per unit of downside risk	—	4.56	—
Omega ratio: Gain probability vs. loss probability	—	1.61	—
Calmar ratio: Return relative to maximum drawdown	—	8.33	—
Martin ratio: Return relative to average drawdown	—	36.12	—

Drawdowns

Drawdown Indicators

	FOVL	GUMI	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.48%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.36%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.05%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	FOVL	GUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.06%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.97%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.97%	—

FOVL vs. GUMI - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is higher than GUMI's 0.16% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FOVL vs. GUMI - Dividend Comparison

FOVL has not paid dividends to shareholders, while GUMI's dividend yield for the trailing twelve months is around 2.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FOVL iShares Focused Value Factor ETF	0.00%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.73%	2.95%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOVL and GUMI in my portfolio?

FOVL and GUMI have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FOVL or GUMI?

On fees, GUMI is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or GUMI?

GUMI is cheaper with a 0.16% expense ratio, compared with 0.25% for FOVL.

Which ETF pays a higher dividend yield, FOVL or GUMI?

GUMI has the higher dividend yield at 2.73%, compared with 0.00% for FOVL.

What is the main difference between FOVL and GUMI?

FOVL is categorized as Mid Cap Value Equities, while GUMI is Municipal Bonds. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.25% for FOVL and 0.16% for GUMI.