GCAL vs. NVDW

Last updated Jun 4, 2026

GCAL (Goldman Sachs Dynamic California Municipal Income ETF) and NVDW (Roundhill ETF Trust Roundhill NVDA WeeklyPay ETF) are both exchange-traded funds - GCAL is a Municipal Bonds fund actively managed by Goldman Sachs, while NVDW is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, GCAL returned 6.88% vs 56.88% for NVDW. At a correlation of -0.03, they often move in opposite directions. GCAL charges 0.30%/yr vs 0.99%/yr for NVDW.

Performance

GCAL vs. NVDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic California Municipal Income ETF (GCAL) and Roundhill ETF Trust Roundhill NVDA WeeklyPay ETF (NVDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCAL achieves a 1.59% return, which is significantly lower than NVDW's 15.96% return.

GCAL

• 1D: -0.07%
• 1M: 0.69%
• YTD: 1.59%
• 6M: 2.03%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDW

• 1D: -4.20%
• 1M: 9.65%
• YTD: 15.96%
• 6M: 20.80%
• 1Y: 56.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAL vs. NVDW - Yearly Performance Comparison

	2026 (YTD)	2025
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.59%	5.29%
NVDW Roundhill ETF Trust Roundhill NVDA WeeklyPay ETF	15.96%	40.00%

Correlation

The correlation between GCAL and NVDW is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	-0.03

Return for Risk

GCAL vs. NVDW — Risk / Return Rank

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

GCAL

GCAL Risk / Return Rank: 78
GCAL Sharpe Ratio Rank: 86
GCAL Sortino Ratio Rank: 89
GCAL Omega Ratio Rank: 91
GCAL Calmar Ratio Rank: 63
GCAL Martin Ratio Rank: 63

NVDW

NVDW Risk / Return Rank: 38
NVDW Sharpe Ratio Rank: 38
NVDW Sortino Ratio Rank: 38
NVDW Omega Ratio Rank: 35
NVDW Calmar Ratio Rank: 45
NVDW Martin Ratio Rank: 35

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.

GCAL vs. NVDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic California Municipal Income ETF (GCAL) and Roundhill ETF Trust Roundhill NVDA WeeklyPay ETF (NVDW). 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.

	GCAL	NVDW	Difference
Sharpe ratio: Return per unit of total volatility	2.83	1.39	+1.44
Sortino ratio: Return per unit of downside risk	4.08	1.99	+2.09
Omega ratio: Gain probability vs. loss probability	1.59	1.24	+0.35
Calmar ratio: Return relative to maximum drawdown	3.08	2.24	+0.84
Martin ratio: Return relative to average drawdown	11.15	5.44	+5.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCAL vs. NVDW - Sharpe Ratio Comparison

The current GCAL Sharpe Ratio is 2.83, which is higher than the NVDW Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of GCAL and NVDW, 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

	GCAL	NVDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	1.39	+1.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.52	-0.34

Drawdowns

GCAL vs. NVDW - Drawdown Comparison

The maximum GCAL drawdown since its inception was -4.39%, smaller than the maximum NVDW drawdown of -25.54%. Use the drawdown chart below to compare losses from any high point for GCAL and NVDW.

Drawdown Indicators

	GCAL	NVDW	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-25.54%	+21.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-25.54%	+23.30%
Current Drawdown Current decline from peak	-0.32%	-10.65%	+10.33%
Average Drawdown Average peak-to-trough decline	-0.87%	-8.19%	+7.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	10.49%	-9.87%

Volatility

GCAL vs. NVDW - Volatility Comparison

The current volatility for Goldman Sachs Dynamic California Municipal Income ETF (GCAL) is 0.73%, while Roundhill ETF Trust Roundhill NVDA WeeklyPay ETF (NVDW) has a volatility of 15.04%. This indicates that GCAL experiences smaller price fluctuations and is considered to be less risky than NVDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCAL	NVDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	15.04%	-14.31%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	30.74%	-28.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.44%	41.15%	-38.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.63%	41.15%	-37.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	41.15%	-37.52%

GCAL vs. NVDW - Expense Ratio Comparison

GCAL has a 0.30% expense ratio, which is lower than NVDW's 0.99% expense ratio.

Dividends

GCAL vs. NVDW - Dividend Comparison

GCAL's dividend yield for the trailing twelve months is around 3.32%, less than NVDW's 58.16% yield.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.32%	3.06%	1.41%
NVDW Roundhill ETF Trust Roundhill NVDA WeeklyPay ETF	58.16%	38.94%	0.00%

Frequently Asked Questions

Can I hold both GCAL and NVDW in my portfolio?

GCAL and NVDW have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAL or NVDW?

NVDW has higher volatility (15.04%) compared to GCAL (0.73%). In terms of maximum drawdown, GCAL dropped -4.39% vs NVDW's -25.54%.

Which ETF is better, GCAL or NVDW?

On 1-year performance, NVDW leads with 56.88% vs 6.88% for GCAL. On fees, GCAL is cheaper at 0.30% per year. On volatility, GCAL has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCAL or NVDW?

Over the 1-year period, NVDW has performed better with a 56.88% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAL or NVDW?

GCAL is cheaper with a 0.30% expense ratio, compared with 0.99% for NVDW.

Which ETF pays a higher dividend yield, GCAL or NVDW?

NVDW has the higher dividend yield at 58.16%, compared with 3.32% for GCAL.

What is the main difference between GCAL and NVDW?

GCAL is categorized as Municipal Bonds, while NVDW is Derivative Income. They also come from different issuers: Goldman Sachs and Roundhill. Their fees differ too: 0.30% for GCAL and 0.99% for NVDW.

Which has better risk-adjusted returns?

GCAL currently has the higher Sharpe Ratio (2.83 vs 1.39), 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.