GAPAX vs. GICIX

Last updated Jun 3, 2026

GAPAX (Goldman Sachs Dynamic Global Equity Fund Class A) and GICIX (Goldman Sachs International Small Cap Insights Fund) are both mutual funds - GAPAX is a Global Equities fund managed by Goldman Sachs, while GICIX is a Foreign Small & Mid Cap Equities fund managed by Goldman Sachs. Over the past 10 years, GAPAX returned 13.13%/yr vs 9.94%/yr for GICIX. Their correlation of 0.86 suggests significant overlap in exposure. GAPAX charges 0.89%/yr vs 0.87%/yr for GICIX.

Performance

GAPAX vs. GICIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic Global Equity Fund Class A (GAPAX) and Goldman Sachs International Small Cap Insights Fund (GICIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAPAX achieves a 12.32% return, which is significantly lower than GICIX's 14.40% return. Over the past 10 years, GAPAX has outperformed GICIX with an annualized return of 13.13%, while GICIX has yielded a comparatively lower 9.94% annualized return.

GAPAX

• 1D: 0.39%
• 1M: 5.12%
• YTD: 12.32%
• 6M: 13.72%
• 1Y: 30.54%
• 3Y*: 22.69%
• 5Y*: 11.70%
• 10Y*: 13.13%

GICIX

• 1D: -0.16%
• 1M: 4.64%
• YTD: 14.40%
• 6M: 17.91%
• 1Y: 34.09%
• 3Y*: 23.39%
• 5Y*: 9.70%
• 10Y*: 9.94%

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

GAPAX vs. GICIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAPAX Goldman Sachs Dynamic Global Equity Fund Class A	12.32%	21.27%	24.08%	20.25%	-19.30%	20.10%	13.19%	31.33%	-11.39%	25.97%
GICIX Goldman Sachs International Small Cap Insights Fund	14.40%	42.83%	5.57%	15.11%	-18.53%	13.03%	7.69%	21.59%	-18.80%	33.05%

Correlation

The correlation between GAPAX and GICIX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	0.86

The correlation between GAPAX and GICIX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

Return for Risk

GAPAX vs. GICIX — Risk / Return Rank

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

GAPAX

GAPAX Risk / Return Rank: 66
GAPAX Sharpe Ratio Rank: 69
GAPAX Sortino Ratio Rank: 61
GAPAX Omega Ratio Rank: 62
GAPAX Calmar Ratio Rank: 64
GAPAX Martin Ratio Rank: 73

GICIX

GICIX Risk / Return Rank: 50
GICIX Sharpe Ratio Rank: 55
GICIX Sortino Ratio Rank: 52
GICIX Omega Ratio Rank: 53
GICIX Calmar Ratio Rank: 44
GICIX Martin Ratio Rank: 44

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.

GAPAX vs. GICIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic Global Equity Fund Class A (GAPAX) and Goldman Sachs International Small Cap Insights Fund (GICIX). 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.

	GAPAX	GICIX	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.20	+0.22
Sortino ratio Return per unit of downside risk	3.29	3.04	+0.25
Omega ratio Gain probability vs. loss probability	1.44	1.40	+0.03
Calmar ratio Return relative to maximum drawdown	3.10	2.50	+0.60
Martin ratio Return relative to average drawdown	13.82	9.35	+4.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAPAX vs. GICIX - Sharpe Ratio Comparison

The current GAPAX Sharpe Ratio is 2.42, which is comparable to the GICIX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of GAPAX and GICIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GAPAX	GICIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.20	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.59	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.59	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.41	-0.01

Drawdowns

GAPAX vs. GICIX - Drawdown Comparison

The maximum GAPAX drawdown since its inception was -58.88%, roughly equal to the maximum GICIX drawdown of -56.71%. Use the drawdown chart below to compare losses from any high point for GAPAX and GICIX.

Drawdown Indicators

	GAPAX	GICIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.88%	-56.71%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.28%	-13.39%	+3.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.34%	-13.39%	-4.95%
Max Drawdown (5Y) Largest decline over 5 years	-31.13%	-34.53%	+3.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.31%	-43.84%	+7.53%
Current Drawdown Current decline from peak	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-11.83%	-10.93%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	3.56%	-1.26%

Volatility

GAPAX vs. GICIX - Volatility Comparison

The current volatility for Goldman Sachs Dynamic Global Equity Fund Class A (GAPAX) is 3.85%, while Goldman Sachs International Small Cap Insights Fund (GICIX) has a volatility of 4.40%. This indicates that GAPAX experiences smaller price fluctuations and is considered to be less risky than GICIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAPAX	GICIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	4.40%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	12.68%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	15.28%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	16.54%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	16.80%	+1.20%

GAPAX vs. GICIX - Expense Ratio Comparison

GAPAX has a 0.89% expense ratio, which is higher than GICIX's 0.87% expense ratio.

Dividends

GAPAX vs. GICIX - Dividend Comparison

GAPAX's dividend yield for the trailing twelve months is around 12.86%, more than GICIX's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAPAX Goldman Sachs Dynamic Global Equity Fund Class A	12.86%	14.45%	14.69%	5.01%	6.35%	12.40%	2.34%	9.86%	2.64%	1.96%	1.16%	0.97%
GICIX Goldman Sachs International Small Cap Insights Fund	7.07%	8.08%	4.77%	3.04%	3.10%	3.39%	1.87%	3.47%	1.68%	8.29%	2.79%	1.69%

Frequently Asked Questions

Can I hold both GAPAX and GICIX in my portfolio?

GAPAX and GICIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAPAX or GICIX?

GICIX has higher volatility (4.40%) compared to GAPAX (3.85%). In terms of maximum drawdown, GAPAX dropped -58.88% vs GICIX's -56.71%.

Which has better risk-adjusted returns?

GAPAX currently has the higher Sharpe Ratio (2.42 vs 2.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.