GBND vs. GVIP

Last updated Jul 17, 2026

GBND (Goldman Sachs Core Bond ETF) and GVIP (Goldman Sachs Hedge Industry VIP ETF) are both exchange-traded funds - GBND is a Intermediate Core Bond fund managed by Goldman Sachs, while GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index. Over the past year, GBND returned 4.56% vs 25.84% for GVIP. At a 0.25 correlation, their price movements are largely independent. GBND charges 0.25%/yr vs 0.45%/yr for GVIP.

Performance

GBND vs. GVIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Core Bond ETF (GBND) and Goldman Sachs Hedge Industry VIP ETF (GVIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBND achieves a 0.17% return, which is significantly lower than GVIP's 12.32% return.

GBND

• 1D: 0.02%
• 1M: -0.50%
• 6M: -0.12%
• YTD: 0.17%
• 1Y: 4.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GVIP

• 1D: -2.55%
• 1M: -3.96%
• 6M: 9.31%
• YTD: 12.32%
• 1Y: 25.84%
• 3Y*: 25.82%
• 5Y*: 12.08%
• 10Y*: —

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

GBND vs. GVIP - Yearly Performance Comparison

	2026 (YTD)	2025
GBND Goldman Sachs Core Bond ETF	0.17%	3.68%
GVIP Goldman Sachs Hedge Industry VIP ETF	12.32%	15.38%

Correlation

The correlation between GBND and GVIP is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.25

Return for Risk

GBND vs. GVIP — Risk / Return Rank

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

GBND

GBND Risk / Return Rank: 41
GBND Sharpe Ratio Rank: 44
GBND Sortino Ratio Rank: 44
GBND Omega Ratio Rank: 42
GBND Calmar Ratio Rank: 40
GBND Martin Ratio Rank: 37

GVIP

GVIP Risk / Return Rank: 43
GVIP Sharpe Ratio Rank: 40
GVIP Sortino Ratio Rank: 37
GVIP Omega Ratio Rank: 40
GVIP Calmar Ratio Rank: 46
GVIP Martin Ratio Rank: 53

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.

GBND vs. GVIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Core Bond ETF (GBND) and Goldman Sachs Hedge Industry VIP ETF (GVIP). 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.

	GBND	GVIP	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.18	+0.08
Sortino ratio: Return per unit of downside risk	1.85	1.65	+0.20
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.66	1.90	-0.24
Martin ratio: Return relative to average drawdown	4.62	7.28	-2.66

GBND vs. GVIP - Sharpe Ratio Comparison

The current GBND Sharpe Ratio is 1.26, which is comparable to the GVIP Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of GBND and GVIP, 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

GBND vs. GVIP - Drawdown Comparison

The maximum GBND drawdown since its inception was -2.76%, smaller than the maximum GVIP drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for GBND and GVIP.

Drawdown Indicators

	GBND	GVIP	Difference
Max Drawdown Largest peak-to-trough decline	-2.76%	-37.09%	+34.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-13.67%	+10.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.09%	—
Current Drawdown Current decline from peak	-1.56%	-9.26%	+7.70%
Average Drawdown Average peak-to-trough decline	-0.71%	-7.55%	+6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	3.56%	-2.57%

Volatility

GBND vs. GVIP - Volatility Comparison

The current volatility for Goldman Sachs Core Bond ETF (GBND) is 0.99%, while Goldman Sachs Hedge Industry VIP ETF (GVIP) has a volatility of 10.63%. This indicates that GBND experiences smaller price fluctuations and is considered to be less risky than GVIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBND	GVIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	10.63%	-9.64%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	18.91%	-16.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.63%	21.95%	-18.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	22.02%	-18.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	21.92%	-18.28%

GBND vs. GVIP - Expense Ratio Comparison

GBND has a 0.25% expense ratio, which is lower than GVIP's 0.45% expense ratio.

Dividends

GBND vs. GVIP - Dividend Comparison

GBND's dividend yield for the trailing twelve months is around 3.84%, more than GVIP's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GBND Goldman Sachs Core Bond ETF	3.84%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GVIP Goldman Sachs Hedge Industry VIP ETF	0.30%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%

Frequently Asked Questions

Can I hold both GBND and GVIP in my portfolio?

GBND and GVIP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBND or GVIP?

GVIP has higher volatility (10.63%) compared to GBND (0.99%). In terms of maximum drawdown, GBND dropped -2.76% vs GVIP's -37.09%.

Which ETF is better, GBND or GVIP?

On 1-year performance, GVIP leads with 25.84% vs 4.56% for GBND. On fees, GBND is cheaper at 0.25% per year. On volatility, GBND has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBND or GVIP?

Over the 1-year period, GVIP has performed better with a 25.84% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBND or GVIP?

GBND is cheaper with a 0.25% expense ratio, compared with 0.45% for GVIP.

Which ETF pays a higher dividend yield, GBND or GVIP?

GBND has the higher dividend yield at 3.84%, compared with 0.30% for GVIP.

What is the main difference between GBND and GVIP?

GBND is categorized as Intermediate Core Bond, while GVIP is Large Cap Growth Equities. Their fees differ too: 0.25% for GBND and 0.45% for GVIP.

Which has better risk-adjusted returns?

GBND currently has the higher Sharpe Ratio (1.26 vs 1.18), 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.