GAPIX vs. GICIX

Last updated Jun 3, 2026

GAPIX (Goldman Sachs Dynamic Global Equity Fund) and GICIX (Goldman Sachs International Small Cap Insights Fund) are both mutual funds - GAPIX 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, GAPIX returned 13.53%/yr vs 9.96%/yr for GICIX. Their correlation of 0.86 suggests significant overlap in exposure. GAPIX charges 0.19%/yr vs 0.87%/yr for GICIX.

Performance

GAPIX vs. GICIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic Global Equity Fund (GAPIX) 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, GAPIX achieves a 12.45% return, which is significantly lower than GICIX's 14.59% return. Over the past 10 years, GAPIX has outperformed GICIX with an annualized return of 13.53%, while GICIX has yielded a comparatively lower 9.96% annualized return.

GAPIX

• 1D: 0.39%
• 1M: 5.09%
• YTD: 12.45%
• 6M: 13.91%
• 1Y: 30.97%
• 3Y*: 23.07%
• 5Y*: 12.06%
• 10Y*: 13.53%

GICIX

• 1D: -0.70%
• 1M: 4.45%
• YTD: 14.59%
• 6M: 18.66%
• 1Y: 33.32%
• 3Y*: 23.46%
• 5Y*: 9.60%
• 10Y*: 9.96%

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

GAPIX vs. GICIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAPIX Goldman Sachs Dynamic Global Equity Fund	12.45%	21.72%	24.35%	20.67%	-18.97%	20.53%	13.61%	31.78%	-11.06%	26.49%
GICIX Goldman Sachs International Small Cap Insights Fund	14.59%	42.83%	5.57%	15.11%	-18.53%	13.03%	7.69%	21.59%	-18.80%	33.05%

Correlation

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

Return for Risk

GAPIX vs. GICIX — Risk / Return Rank

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

GAPIX

GAPIX Risk / Return Rank: 68
GAPIX Sharpe Ratio Rank: 71
GAPIX Sortino Ratio Rank: 63
GAPIX Omega Ratio Rank: 63
GAPIX Calmar Ratio Rank: 67
GAPIX Martin Ratio Rank: 74

GICIX

GICIX Risk / Return Rank: 56
GICIX Sharpe Ratio Rank: 63
GICIX Sortino Ratio Rank: 58
GICIX Omega Ratio Rank: 59
GICIX Calmar Ratio Rank: 51
GICIX Martin Ratio Rank: 50

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.

GAPIX vs. GICIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic Global Equity Fund (GAPIX) 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.

	GAPIX	GICIX	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.34	+0.11
Sortino ratio Return per unit of downside risk	3.33	3.23	+0.11
Omega ratio Gain probability vs. loss probability	1.44	1.43	+0.02
Calmar ratio Return relative to maximum drawdown	3.16	2.74	+0.42
Martin ratio Return relative to average drawdown	14.07	10.31	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAPIX vs. GICIX - Sharpe Ratio Comparison

The current GAPIX Sharpe Ratio is 2.45, which is comparable to the GICIX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of GAPIX 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

	GAPIX	GICIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.34	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.58	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.60	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.41	+0.02

Drawdowns

GAPIX vs. GICIX - Drawdown Comparison

The maximum GAPIX drawdown since its inception was -58.36%, roughly equal to the maximum GICIX drawdown of -56.71%. Use the drawdown chart below to compare losses from any high point for GAPIX and GICIX.

Drawdown Indicators

	GAPIX	GICIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.36%	-56.71%	-1.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-13.39%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-13.39%	-4.92%
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%	-0.86%	+0.86%
Average Drawdown Average peak-to-trough decline	-11.37%	-10.94%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	3.56%	-1.27%

Volatility

GAPIX vs. GICIX - Volatility Comparison

The current volatility for Goldman Sachs Dynamic Global Equity Fund (GAPIX) is 3.79%, while Goldman Sachs International Small Cap Insights Fund (GICIX) has a volatility of 4.45%. This indicates that GAPIX 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

	GAPIX	GICIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	4.45%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	12.71%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	15.31%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	16.54%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	16.80%	+1.23%

GAPIX vs. GICIX - Expense Ratio Comparison

GAPIX has a 0.19% expense ratio, which is lower than GICIX's 0.87% expense ratio.

Dividends

GAPIX vs. GICIX - Dividend Comparison

GAPIX's dividend yield for the trailing twelve months is around 12.88%, more than GICIX's 7.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAPIX Goldman Sachs Dynamic Global Equity Fund	12.88%	14.49%	14.79%	5.27%	6.66%	12.60%	2.64%	10.09%	2.88%	2.33%	1.56%	1.39%
GICIX Goldman Sachs International Small Cap Insights Fund	7.06%	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 GAPIX and GICIX in my portfolio?

GAPIX 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, GAPIX or GICIX?

GICIX has higher volatility (4.45%) compared to GAPIX (3.79%). In terms of maximum drawdown, GAPIX dropped -58.36% vs GICIX's -56.71%.

Which has better risk-adjusted returns?

GAPIX currently has the higher Sharpe Ratio (2.45 vs 2.34), 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.