GCAL vs. SLJY

Last updated Jun 24, 2026

GCAL (Goldman Sachs Dynamic California Municipal Income ETF) and SLJY (Amplify SILJ Covered Call ETF) are both exchange-traded funds - GCAL is a Municipal Bonds fund actively managed by Goldman Sachs, while SLJY is a Derivative Income fund actively managed by Amplify. Both are actively managed. At a 0.16 correlation, their price movements are largely independent. GCAL charges 0.30%/yr vs 0.75%/yr for SLJY.

Performance

GCAL vs. SLJY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic California Municipal Income ETF (GCAL) and Amplify SILJ Covered Call ETF (SLJY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCAL achieves a 1.77% return, which is significantly higher than SLJY's -4.62% return.

GCAL

• 1D: -0.04%
• 1M: 1.13%
• YTD: 1.77%
• 6M: 1.99%
• 1Y: 6.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SLJY

• 1D: -4.03%
• 1M: -10.47%
• YTD: -4.62%
• 6M: -7.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAL vs. SLJY - Yearly Performance Comparison

	2026 (YTD)	2025
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.77%	3.97%
SLJY Amplify SILJ Covered Call ETF	-4.62%	42.11%

Correlation

The correlation between GCAL and SLJY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.16

Return for Risk

GCAL vs. SLJY — Risk / Return Rank

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

GCAL

GCAL Risk / Return Rank: 79
GCAL Sharpe Ratio Rank: 89
GCAL Sortino Ratio Rank: 91
GCAL Omega Ratio Rank: 92
GCAL Calmar Ratio Rank: 63
GCAL Martin Ratio Rank: 63

SLJY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SLJY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic California Municipal Income ETF (GCAL) and Amplify SILJ Covered Call ETF (SLJY). 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.

	GCAL	SLJY	Difference
Sharpe ratio: Return per unit of total volatility	2.65	—	—
Sortino ratio: Return per unit of downside risk	3.81	—	—
Omega ratio: Gain probability vs. loss probability	1.55	—	—
Calmar ratio: Return relative to maximum drawdown	2.87	—	—
Martin ratio: Return relative to average drawdown	10.35	—	—

Drawdowns

GCAL vs. SLJY - Drawdown Comparison

The maximum GCAL drawdown since its inception was -4.39%, smaller than the maximum SLJY drawdown of -32.40%. Use the drawdown chart below to compare losses from any high point for GCAL and SLJY.

Drawdown Indicators

	GCAL	SLJY	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-32.40%	+28.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	—	—
Current Drawdown Current decline from peak	-0.13%	-30.62%	+30.49%
Average Drawdown Average peak-to-trough decline	-0.85%	-10.64%	+9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	—	—

Volatility

Volatility by Period

	GCAL	SLJY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.43%	50.39%	-47.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	50.39%	-46.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	50.39%	-46.79%

GCAL vs. SLJY - Expense Ratio Comparison

GCAL has a 0.30% expense ratio, which is lower than SLJY's 0.75% expense ratio.

Dividends

GCAL vs. SLJY - Dividend Comparison

GCAL's dividend yield for the trailing twelve months is around 3.31%, less than SLJY's 18.88% yield.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.31%	3.06%	1.41%
SLJY Amplify SILJ Covered Call ETF	18.88%	6.26%	0.00%

Frequently Asked Questions

Can I hold both GCAL and SLJY in my portfolio?

GCAL and SLJY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCAL or SLJY?

On fees, GCAL is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCAL or SLJY?

GCAL is cheaper with a 0.30% expense ratio, compared with 0.75% for SLJY.

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

SLJY has the higher dividend yield at 18.88%, compared with 3.31% for GCAL.

What is the main difference between GCAL and SLJY?

GCAL is categorized as Municipal Bonds, while SLJY is Derivative Income. They also come from different issuers: Goldman Sachs and Amplify. Their fees differ too: 0.30% for GCAL and 0.75% for SLJY.