GACA.DE vs. GASF.DE

Last updated Jul 16, 2026

GACA.DE (Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.)) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both exchange-traded funds - GACA.DE is a Large Cap Blend Equities fund tracking the Goldman Sachs ActiveBeta US Large Cap Equity, while GASF.DE is a Emerging Markets Bonds fund tracking the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, GACA.DE returned 12.60%/yr vs 3.52%/yr for GASF.DE. At a 0.16 correlation, their price movements are largely independent. GACA.DE charges 0.14%/yr vs 0.24%/yr for GASF.DE.

Performance

GACA.DE vs. GASF.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.) (GACA.DE) and Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GACA.DE achieves a 12.91% return, which is significantly higher than GASF.DE's 7.95% return.

GACA.DE

• 1D: -0.17%
• 1M: 1.01%
• 6M: 11.74%
• YTD: 12.91%
• 1Y: 20.60%
• 3Y*: 18.22%
• 5Y*: 12.60%
• 10Y*: —

GASF.DE

• 1D: 0.06%
• 1M: 1.40%
• 6M: 6.61%
• YTD: 7.95%
• 1Y: 8.98%
• 3Y*: 5.09%
• 5Y*: 3.52%
• 10Y*: —

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

GACA.DE vs. GASF.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GACA.DE Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.)	12.91%	3.94%	29.59%	21.02%	-14.66%	38.65%	7.34%	7.09%
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc	7.95%	-6.82%	10.85%	-2.28%	0.91%	16.54%	-0.76%	-8.22%

Correlation

The correlation between GACA.DE and GASF.DE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019	0.16

The correlation between GACA.DE and GASF.DE shifts across timeframes, from 0.11 (5 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GACA.DE vs. GASF.DE — Risk / Return Rank

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

GACA.DE

GACA.DE Risk / Return Rank: 56
GACA.DE Sharpe Ratio Rank: 55
GACA.DE Sortino Ratio Rank: 55
GACA.DE Omega Ratio Rank: 54
GACA.DE Calmar Ratio Rank: 57
GACA.DE Martin Ratio Rank: 58

GASF.DE

GASF.DE Risk / Return Rank: 69
GASF.DE Sharpe Ratio Rank: 69
GASF.DE Sortino Ratio Rank: 74
GASF.DE Omega Ratio Rank: 72
GASF.DE Calmar Ratio Rank: 70
GASF.DE Martin Ratio Rank: 60

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.

GACA.DE vs. GASF.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.) (GACA.DE) and Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE). 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.

	GACA.DE	GASF.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.81	-0.28
Sortino ratio: Return per unit of downside risk	2.19	2.68	-0.49
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.35	2.84	-0.49
Martin ratio: Return relative to average drawdown	8.25	8.54	-0.29

GACA.DE vs. GASF.DE - Sharpe Ratio Comparison

The current GACA.DE Sharpe Ratio is 1.54, which is comparable to the GASF.DE Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of GACA.DE and GASF.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GACA.DE vs. GASF.DE - Drawdown Comparison

The maximum GACA.DE drawdown since its inception was -33.49%, which is greater than GASF.DE's maximum drawdown of -13.75%. Use the drawdown chart below to compare losses from any high point for GACA.DE and GASF.DE.

Drawdown Indicators

	GACA.DE	GASF.DE	Difference
Max Drawdown Largest peak-to-trough decline	-33.49%	-13.75%	-19.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-3.40%	-5.35%
Max Drawdown (3Y) Largest decline over 3 years	-23.68%	-11.00%	-12.68%
Max Drawdown (5Y) Largest decline over 5 years	-23.68%	-13.75%	-9.93%
Current Drawdown Current decline from peak	-1.24%	-1.53%	+0.29%
Average Drawdown Average peak-to-trough decline	-5.19%	-6.06%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.12%	+1.37%

Volatility

GACA.DE vs. GASF.DE - Volatility Comparison

Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.) (GACA.DE) has a higher volatility of 3.53% compared to Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) at 1.48%. This indicates that GACA.DE's price experiences larger fluctuations and is considered to be riskier than GASF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GACA.DE	GASF.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	1.48%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	3.45%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	13.34%	5.35%	+7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	6.68%	+8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.56%	7.71%	+9.85%

GACA.DE vs. GASF.DE - Expense Ratio Comparison

GACA.DE has a 0.14% expense ratio, which is lower than GASF.DE's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GACA.DE vs. GASF.DE - Dividend Comparison

GACA.DE has not paid dividends to shareholders, while GASF.DE's dividend yield for the trailing twelve months is around 1.98%.

Position	TTM	2025	2024	2023	2022	2021	2020
GACA.DE Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc	1.98%	2.36%	2.35%	2.63%	2.73%	2.40%	1.99%

Frequently Asked Questions

Can I hold both GACA.DE and GASF.DE in my portfolio?

GACA.DE and GASF.DE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GACA.DE or GASF.DE?

On fees, GACA.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GACA.DE or GASF.DE?

GACA.DE is cheaper with a 0.14% expense ratio, compared with 0.24% for GASF.DE.

What is the main difference between GACA.DE and GASF.DE?

GACA.DE is categorized as Large Cap Blend Equities, while GASF.DE is Emerging Markets Bonds. GACA.DE tracks Goldman Sachs ActiveBeta US Large Cap Equity, while GASF.DE tracks FTSE Goldman Sachs China Government Bond Index. Their fees differ too: 0.14% for GACA.DE and 0.24% for GASF.DE.